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Moyers - CSI bailout and real journalism

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  • Moyers - CSI bailout and real journalism

    The most recent Bill Moyers' Journal picked up on a couple of recent sandbox topics so I thought I'd post the opinions here. I found both - Black's take on the status of our economic failure and Goodman/Greenwald's take on the status of our failed media - to be really compelling. Have a look if you're interested in either of these subjects.

    William K Black on the CSI bailout
    WILLIAM K. BLACK: Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it's going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they're allowing all the banks to report that they're not only solvent, but fully capitalized. Both statements can't be true. It can't be that they need $2 trillion, because they have masses losses, and that they're fine.

    These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed, not because...

    BILL MOYERS: What do you mean?

    WILLIAM K. BLACK: Well, Geithner has, was one of our nation's top regulators, during the entire subprime scandal, that I just described. He took absolutely no effective action. He gave no warning. He did nothing in response to the FBI warning that there was an epidemic of fraud. All this pig in the poke stuff happened under him. So, in his phrase about legacy assets. Well he's a failed legacy regulator.
    And so, we have to lie to the people to create confidence. And it doesn't work. You will cause your recession to continue and continue." And the Japanese call it the lost decade. That was the result. So, now we get in trouble, and what do we do? We adopt the Japanese approach of lying about the assets. And you know what? It's working just as well as it did in Japan.

    BILL MOYERS: Yeah. Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?

    WILLIAM K. BLACK: Absolutely.
    Amy Goodman and Glenn Grenwald, receivers of the first 'Izzy Award' for independent media:
    "I think the way the media works is they show the spectrum of opinion between the Democrats and the Republicans in Washington. Often that is very narrow. But the fact is, the majority of Americans fall outside of that opinion." -Amy Goodman

    "It's not even some sort of Machiavellian or conspiratorial effort, sometimes, to exclude certain opinions. It's actually the fact that reporters — and media stars — and corporate and establishment journalists are so embedded into the establishment...That they're so completely insular and out of touch from what public opinion actually is. And polls show that huge numbers of issues and positions that are held by large numbers of Americans are ones that are virtually never heard in our media discussions." - Glenn Greenwald
    I found Greenwald's discussion of the late Tim Russert to be especially compelling - saying that Russert's testimony during the Libby/Plame trials amounted to that of a 'propagandist' - that the mainstream media is so embedded in Washington and government affairs that they have become far to insulated from the public.

    Transcripts and video are here.

  • #2
    Re: Moyers - CSI bailout and real journalism

    Nice find!
    Dude, seriously, WHAT handkerchief?

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