Banksters Take Us to the Brink

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Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone.

An article in the current issue of Rolling Stone chronicles “The Fallen: The  Sharp, Sudden Decline of America’s Middle Class” and describes a handful of middle class men and women made homeless, forced to live out of their cars in church parking lots in Southern California.

One of them, Janis Adkins, drove a van filled with her belongings to Santa Barbara, where she panhandled at an intersection with a sign reading, “I’d Rather Be Working — Hire Me If You Have a Job.” Once upon a time she had a successful plant nursery business in Utah that annually grossed $300,000. But two years after the nation’s financial meltdown her sales had dropped by fifty percent and the value of her land plunged even more. She tried to refinance but four banks turned her down flat. “Everyone was talking about bailouts,” Adkins told reporter Jeff Tietz. “I said, ‘I’m not asking for a bailout, I’m asking you to work with me.’ They look at you, no expression on their faces, saying, ‘There’s nothing we can do.’”

“Nothing we can do.” And yet it was banks like these who helped get people like Janis Adkins into such desperate jams in the first place. When faced with their own financial catastrophes, all those big-time bankers came running to the government and taxpayers for those aforementioned bailouts worth hundreds of billions of dollars, then scooped up big bonuses and perks for themselves, and went back to business as usual.

And what a business! You’ve most likely been hearing about the newest scandal in banking, centering on Barclays Bank in Great Britain and something called Libor. That stands for London Interbank Offered Rate, and involves a group of bankers who set a daily interest rate affecting trillions of dollars of transactions around the world. Your home mortgage, your college debt, your credit card fees; all of these could have been affected by Libor.

Former Barclays Chief Executive Bob Diamond after giving evidence to the Treasury Select Committee in London Wednesday July 4, 2012. (AP Photo/Lefteris Pitarakis)

Now you would think the rates would be set by market forces, right?  Aren’t they what makes the world go ‘round?  But it turns out some of those insiders were manipulating the index for their own gain, to make their banks look better off during the financial crisis, lower their borrowing costs, and raise their profits — by cheating.  Picking our pockets and lining theirs.

The Economist describes it as “the rotten heart of finance.” Here are some of the e-mails that have come to light: A banker in on the fix writes another, “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger.” One employee after being asked to submit false information, answered: “Always happy to help.” And another, recruiting a colleague in the fix, wrote: “If you know how to keep a secret, I’ll bring you in on it.”

Caught with its hand in the cookie jar, Barclay’s agreed to pay nearly half a billion in fines to British and American authorities, and as many as 20 other megabanks  are under investigation, including Deutsche Bank, Citigroup, UBS,  HSBC, and JPMorgan Chase. As one MIT authority on finance told CNN, “This dwarfs by orders of magnitude any financial scams in the history of markets.”

In the middle of this mess is an American named Bob Diamond. He was the CEO of Barclays and the man behind Barclays’ takeover of what was left of Lehman Brothers when, at the height of the financial crisis in 2008, Lehman filed for the largest bankruptcy in U.S. history. His goal was to make Barclays a global investment powerhouse but his enormous salary — his net worth has been estimated at $165 million — and unrepentant defense of the financial industry’s behavior led one British government official to describe him as “the unacceptable face of banking.” Diamond did wind up apologizing for Barclay’s role in the Libor interest rate scandal, even offering to forfeit his annual bonus — last year he received one worth more than $4 million. But in the end, under pressure from stockholders and public opinion, he was forced to resign.

Meanwhile, the ripples from the scandal continue to spread. The New York Times reports that the city of Baltimore, stricken by financial losses and layoffs, is in the midst of a court battle against the banks that set the Libor index and that, “Now cities, states and municipal agencies nationwide, including Massachusetts, Nassau County on Long Island, and California’s public pension system, are looking at whether they suffered similar losses and are weighing legal action…

“American municipalities have been among the first to claim losses from the supposed rate-rigging, because many of them borrow money through investment vehicles that directly derive their value from Libor. Peter Shapiro, who advises Baltimore and other cities on their use of these investments, said that ‘about 75 percent of major cities have contracts linked to this.’”

What’s more, indications are that government agencies like the Bank of England and the British treasury also may have been involved, or at least looked the other way, raising questions whether other government agencies – including our own Federal Reserve — may have played a role. That remains for the investigators to find out but according to The Washington Post, the Federal Reserve Bank of New York said “it had received word as early as 2007 from the British bank Barclays about problems” with Libor.

“In testimony last week before the British Parliament, former Barclays chief executive Robert E. Diamond said the bank had repeatedly brought to the attention of U.S. regulators  — as well as U.K. regulators — the problems that the bank was experiencing in the Libor market… He said the bank’s warnings to regulators that Libor was artificially low did not lead to action. Barclays’ regulator in the United States is the Federal Reserve Bank of New York, which was run at the time by current Treasury Secretary Timothy F. Geithner.”

This week the Senate Banking Committee asked for meetings with the principals involved and the House Financial Services Committee sent a letter to the New York Fed asking for transcripts of a dozen phone calls with Barclays executives.

But how far will inquiries go, especially when both American political parties are so beholden to high finance for cash? Just hours after Bob Diamond’s resignation, Mitt Romney’s campaign announced that, sadly, the disgraced financier would no longer be hosting one of two Romney fundraising events for American expatriates being held in London later this month. But no worries. The Boston Globe notes that “still among those hosting the events is Patrick Durkin, a registered lobbyist for Barclays… Durkin, who has been a top Romney bundler, is one of seven chairs for the reception and among the 13 co-chairs for the dinner.”

“Others involved in hosting the events are Dwight Poler, managing director at the European branch of Bain Capital, the firm Romney founded; Raj Bhattacharyya, managing director at Deutsche Bank; and Dan Bricken, a managing director at Wells Fargo Securities.”

Each guest at the dinner event will pay between $25,000 and $75,000 for the opportunity to sup with the Republican presidential nominee.

The non-partisan Center for Responsive Politics ( reports that through the end of May, Bob Diamond and other Barclays employees had donated nearly a quarter of a million dollars to the Romney campaign, and of course, the entire securities and investment industry has been a major donor to the Republican — more than any other. They’re giving to President Obama, too; just not as much, although they’re Number 3 on the list of top ten interest groups sending cash to the president and the Democratic National Committee.

And you wonder why the banksters still roam free, like gunslingers in a Wild West town without a sheriff.

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  • Kent Dills

    Financial Crime Bosses To Suffer Cranial Losses!
    In light of current economic facts,We need to amend the Patriot ActsTo cover financial crimesIn these desperate timesAnd give derivative pirates the Axe!
    This economic demolition was intentionalCreated by banking products unconventionalHuge bonuses for the bossesThen they socialize the lossesManipulating markets in ways indefensible
    Let us expand the definition of “terror”:Include those who profit from banking error.If you commit financial crimeYou’ll do Guantanamo time,No longer will the people be last debt bearer.
    And for those who engineered this Debt Machine,Who were compensated at rates truly obscene,We’ll hold a trial fairIn a televised public squareAnd then introduce them to Madame Guillotine!

  • Kent Dills
  • Mona

    Greenspan should be hung for advocating deregulation.   all the bankers should be run out of town, made to wear scarlet letters and replaced by humans who have been evaluated for having good psychological development.  enough of the sociopaths!

  • Pselgee

    Both parties take bribes from banks, more so the republicans, but definitely not exclusively. 
    Will either party promise to reinstate the regulation of the banking institution? 
     Will either candidate bring industry home by eliminating tax loopholes for companies that outsource? 
    With our industry gone abroad and massive imports from China, our debt to China can only increase.  Is Free Trade a sucker deal that will sink the US?
    Was there some secret deal that Nixon and Kissinger made with China that makes us kiss our economy good-by?
     Do you really think that it took BP all summer to plug a hole in the ocean floor, or do you think that their objective was to complete that well and to hell with the marine life lost and consequences of billions barrels of oil left on the gulf floor?
    Is the republican cry against ObamaCare really in protest of their own bill, or do you think that they are really upset that they lost income from the 40 year threat to pass that health care bill?
    Nothing can be done for the country in Congress because the seats are filled with criminals taking bribes.  The Constitution states that grounds for impeachment are “Accepting Bribery, Treason, and Other High Crimes Against the State.”  Is that not what we have here?
    This mess needs to be cleaned up. 
    Republicans will not do it.
    Democrats can not do it with Republicans blocking every bill.
    Is Obama committed to reparing the damage? 
    If so, then he need a democratic congress, not that republican do nothing congress uselessly filling seats.

  • Pselgee

    I have to remove my account from Chase.  I need to find a bank that did not get bail outs.

  • Anonymous

    People would be better informed about the Libor, had they regularly watched the now retired Paul Kangis (sp?) on the daily market report on PBS.  He frequently reported the Libor average — which encouraged me to get myself educated about it.

    But I wonder now if the reason why he felt it necessary to report the Libor average indicated that he had suspicions about it.

    I miss his style of reporting.  He’s one of those enthusiastic capitalists that even a Leftie like me doesn’t feel obliged to resent. 

  • Jeanne DeFlorio

    We have been forced to live in a system that rewards the rich and penalizes the poor.  Not only that but we must continue to pay taxes, even taxes on unemployment benefits which was already taxed coming out of our pay.  I pay taxes for a government that does nothing to support its people…it operates by going to fake wars that cost trillions on national debt, tries every trick to not pay veterans benefits and kills innocent people.  The same government wants to control abortions, but occupies other countries for oil and kills its civilians.  Set up a revolving door Federal Reserve of cronies who will not prosecute crook, and allows for citizens to be incarcerated for offenses against the patriot act which is against our own Constitution.  

  • Robertpurcell244

    Dear Mr. Moyers,
    There are two classes in this country now, rich one and the poor one. The government is now the entity making the middle class, by disability payments and now Obama’s ease on the 1996 welfare reform act. We destroyed the Unions who helped the middle class by  Supply Side Economics and what are we left with, a president who is going to win an election by throwing a few crumbs to a few people who can’t get jobs or who don’t want jobs. This was done in Germany not long ago, by a man who promised just free bread.
    If we don’t act soon the United States will be a third rate power with 3/4 of the government budget going to transfer payments and 1/4 for military spending.

    Where are the men and women of yesteryear, Franklin Roosevelt, Eleanor Roosevelt, Walter Ruether even Ross Perot. Is there no voice in the wilderness, no one to say and do the right course for this country.

     It is very sad when our Olympic Team is outfitted by  damn China, are we blind, are we dumb or are we so self righteous that we think this is a passing phase.
    I am looking for The Person to at the very least speak up and open our eyes and ears to the truth. But all we receive is cheap speeches of years gone by and other speeches by a person who is all about the job not the United States.

                                                                                                       I remain 

  • Edie

    Fantastic interview with Sheila Bair who has for years tried to do the right things and was prevented from doing so by larry summers an robert rubin in the Clinton Admin. She is correct on what needed to be done and still does and I am happy that she is still actively pursuing her ideas now. She should be advising Pres. Obama. Thanks for having her on your show.

    Your commentary Bill Moyers is always instructive and much appreciated.

  • Barb

    Sheila Bair – a republican I actually like.  Thank you for having her on.  And the discussion about GM seeds.  I truly did not realize it is as widespread as it is.  You show continues to educate, surprise, and  then leave me furiously angry at the governement for failing to rein in the nastiness of big business.

  • Kmtominey

    I suggest that after breaking up the holding companies into little pieces each with its own regulator we require all financial products to be evaluated by an independent committee for appropriateness with the ranking to be publicly available on a website.  Members should include Paul Volcker, Brooksley Born and Sheila Bair for starts.

    If the republicans under Reagan had listened to Paul  Volcker when they started to dismantle Glass-Steagal and to Brooksley Born (instead of Robert Rubin and Larry Summers) about regulating derivatives under Clinton, and the few voices (including the FBI) about fraudulent practices in the mortgage industry the nation would be better off.

    Sheila Bair is a real republican; the rest of this bunch I don’t know what to call them but Dwight Eisenhauer, NIxon, Ford, Reagan, Bush 41 would not know who these people are.

  • Gregory Johnson

    Good Idea Kmtominey, obviously, the economy of Britain is different from that of Amerca and so on, so using the libor around the world is probably not a good idea.

  • Della M Prevele

    People, including myself, are getting so fed up with the scandals, corruptions, etc. going on right in our faces, daring us to do anything about it and so far, nothing seems to happen.  Yes, I know, “contact your Congress person”… hopefully everyone is/has been doing this, including myself.  You get a form letter back and you know in your heart they are bending to the whims and big money lobbyists and are doing very little to nothing to help us.  I wish more people would have some good ideas instead of telling us the problems about doing what we as a public can do about this outrage.  Along with this,
    I am totally sick and tired of the “war on drugs” joke.  It is a joke, everyone knows it is a joke, yet the DEA keeps spending money trying to kill the drug trade while the drug trade continues to kill more and more people.  HELLO? 
    And with everyone coming to the States illegally while politicans rant on about stopping it; it keeps getting worse.  I don’t blame the people trying to escape their situations in their corrupt countries but frankly, we have become like them so the boat is getting so full in the scheme of things, we are all going to drown.

    If anyone has any practical ideas about my concerns, I would appreciate them.  And please don’t tell me to stop listening to the news, to let God help us, because I really don’t think that is the answer although too many are doing this right now because of the helplessness they feel. 

  • Christina Marlowe

    Read this:

    Mission Accomplished: The Reagan Occupation and the Destruction of the American Middle Class

    by David Michael Green | June 25, 2010 
    Eighty years ago, something occurred in America that was never supposed to happen. An aristocrat came to the presidency and engineered a policy revolution that created a broad and prosperous middle class where it had not existed as such before.

    To do this, Franklin Roosevelt and his party had to rewrite the existing rules of wealth redistribution in the United States such that the traditionally fantastically wealthy overclass (which had grown even fatter as the industrialism of the prior century concentrated wealth yet further) would become merely tremendously wealthy from that point forward, in order to leave enough for others to live a decent life.

    Needless to say, this rankled the country club set, but, remarkably, they more or less made peace with this development during the early decades of the post-war era, and largely cooperated with the new economic order. So did their political representatives. The Eisenhower administration was the first chance after twenty years of the New Deal to dismantle the newly created American welfare state, and Ike not only refused to take that opportunity, but famously labeled those in his party who wanted to as “stupid”.

    If Eisenhower, in his gray suit, black-and-white photos and de rigueur businessman’s hat from the era seems quaint today, so does his political restraint. By the 1980s that was ancient history, and remains so to this day, including through (and via) two Democratic presidencies now.

    If Americans understood the real ambitions of Ronald Reagan and his puppeteers, and if they knew the degree to which the supposed patriotism of those folks extended beyond falsity and into the far darker waters of being an irritating irrelevance put on purely for show, then they would not only stop seeing Reagan as some sort of national hero, but would also understand that he instead launched a process far more equivalent to an invasion and occupation of this country.

    The goal of the right – which cares about America about as much as it does about Burkina Faso – has been to restore the economic order last seen under Herbert Hoover, in which a tiny minority possess vast sums of wealth and there is (therefore) essentially no remaining middle class. It is nothing short of a breathtaking display of a world class greed, worthy of the ages.

    It has also been a work of strategic genius (in much the same way one might appreciate the Germans’ engineering prowess in figuring out the logistics of how to mass murder ten or twelve million civilians in a year or two), one which has drawn upon deep psychological insights, absolutely sociopathic amoralism, and clever tactics that have all simultaneously pushed in the same direction. In plain English, they hired some politicians of hit-man level moral integrity, who then marshaled fear, insecurity, hate and deceit into a witch’s brew of self-destruction that would prove highly attractive to a large segment of the population already sinking from the effects of a global economic order rebalancing after decades of post-war American dominance.

    Of course, you couldn’t just come right out and say, “Vote for me and I’ll give your money to people so rich they can’t even imagine what they’ll do with it (but they still demand to have it anyhow)”, so slightly more subtle tactics had to be employed. It is telling that the most honest thing Barack Obama ever said was when he thought there were no microphones in the room. But he was right when, at a presidential fundraiser in San Francisco he told the wine and cheese set that the right uses guns, god and gays (I would add Gaddafis) to scare people out of their money. I’ll believe that Republicans are serious about protecting heterosexual marriage on the day that you can’t find half of them prowling the gay bars of DC every night (and you don’t even want to know what the other half are into).

    This bait-and-switch tactic worked perfectly well whenever it was applied. It didn’t hurt that the regressive Billy-Bobs who vote for these folks are as dumb as a tree. With bags of hammers for leaves. But stupid is really only the facilitating quality, and often one that is neither present nor required. What really drives this stuff is fear. If you can turn that into a loathing of fur’ners, fags, bitches, blackies and brownies, you got their vote. Then you can do what you really set out to accomplish in the first place. George W. Bush’s 2004 campaign was the paradigmatic example. All year he talked about jamming through a constitutional amendment to ban gay marriage. Big priority. Urgent national issue. The religitarded across America just about peed themselves, they were so excited. Then he gets elected and is brazen enough to announce that there’ll be no such effort, after all, and that his signature legislative initiative will be an attempt to hand over the fat Social Security pot of money to Goldman Sachs. The redneck dolts with their Bush/Cheney ’04 bumper-stickers didn’t know what to think. So, of course, they just didn’t.

    Meanwhile, to say that this kleptocratic revolution worked really well is only untrue by means of the verb tense employed. It is still working really well. And the final leg of Reagan’s March to the Sea is now upon us. Chunks of middle class body parts have been hacked off, bit by bit, over the decades, ’til there’s little remaining anymore. Remember how they told us that ‘free trade’ wouldn’t decimate our jobs, our unions and our bargaining power? Is that why little old ladies serve Happy Meals at McDonald’s all across the country, assuming they’re lucky enough to get that job? Remember how they said that massive tax cuts for the wealthy would be ‘revenue neutral’ and would jump-start the economy? Which is confusing since the national debt doubled under George W. Bush, and then he proceeded to hand us the worst economy since the Great Depression. Remember how they told us that we needed to slash wasteful government spending on benefits? Now that we’ve become the ones who need those, they’re gone. Remember when they said that government is our enemy and corporations should be free to do whatever they want? You know, like spill oil or trade derivatives?

    There’s another little trick that is about to become especially prominent in the coming years. When Reagan came to office and began his “voodoo economics” project of nearly quadrupling the national debt, after having promised to cut it instead, many people were puzzled by this. Personally, I figured that they just did the math and realized that in the real world (where governments sometimes live but campaigns rarely do) something simply had to give. If you slash tax revenues and massively increase military spending, guess what’s gonna happen to your budget? Others, however, saw a more nefarious game being played, and perhaps they were right. This is the idea that they intentionally ran up deficits so large that the national government would be forced to do what it otherwise would not, which is to slash spending on popular entitlements and other social programs.

    Whether or not the conspiracy was real, it is the case that the federal government is running humongous deficits every year, which pile up further on the massive national debt. And it is also the case that we are now hearing a rising chorus on the right – especially from the tea party know-nothings – about slashing government spending as the top priority for Washington. Even though, according to the principles of Keynesian economics, this is the last thing we should be doing during a recession.

    And, of course, something tells me that as the pinch is increasingly felt, the call for cuts won’t be in the domain of military spending, even though our allocation there is obscenely out of proportion to any imaginable threat in the world, and is roughly equal to what almost the entire rest of the world spends on defense – that’s one country equal to almost two hundred others, combined. I’m also guessing that we won’t be raising taxes on the wealthiest Americans either, even though they pay far less than they did in the pre-Reagan era, when the country was generally very prosperous, and even though they often pay a lower percentage in taxes than the secretaries and janitors who work for them. No, we can’t touch those folks.

    Instead, the intense pressure now will be to finish the job of eviscerating the middle class and transferring every last nickel of their wealth to the oligarchs who fancy themselves masters of the universe. Unemployment insurance, for example. Never mind that we have ten percent official unemployment and closer to twenty percent in reality, or that whole cities like Detroit are being wiped out. The Republican minority in the Senate, along with the Democratic “moderates” there, are now refusing to extend expiring unemployment benefits (which are already a pittance when they exist). Nine hundred thousand laid-off workers have thus lost their meager sub-subsistence benefits, and that number will grow to more than a million-and-a-half in a few days now. Guess why. Because regressive senators – including John Kerry and Maria Cantwell – are holding unemployment insurance extensions hostage to protecting a loophole that allows wealthy fund managers to be taxed on their profits at an obscenely low percentage rate. How’s that for national priorities? How’s that for compassionate conservatism?

    Next, inevitably, will come entitlements. Indeed, most of the states in the union are already heading that way, cutting pensions for employees. Not to mention certain low priority areas like education, which is getting slashed from California to New York. How long can it be before Medicare and Social Security are put on the chopping block? And why? Because we have our priorities good and straight, pal: a morbidly bloated military and pathetically low tax rates for the wealthiest among us comes first. Then, if we could somehow do it for free I suppose we could allow decent education, or health care, or retirement with dignity for our elders. But, of course, since that can’t be done without cost, those things must go.

    The other strategic initiative now reaching fruition during the right’s three decade-long campaign to massively redistribute wealth in this country – literally, the crime of the century – is the evisceration of the state. This must be done (or, more accurately, it must be done in some respects but absolutely not in others) because the state is the only force capable of standing up to the power of concentrated wealth, and because the state sets the very rules by which such wealth either is or isn’t concentrated. It also must be done because the state nominally speaks for the public and the public interest, as against the private interest.

    Since Reagan, regressive puppet politicians have been spouting anti-state rhetoric and sarcastic venom with increasing intensity. Saint Ron of Hypocrisy told us that government was the problem, not the solution, seemingly without noticing the irony of his massive military build-up or the government-enforced restrictions the right favors on everything from abortion to gay marriage to euthanasia. Now, as gutted and corrupted regulatory institutions have permitted massively harmful meltdowns ranging from Wall Street to coal mines to oil wells, we are forced to listen to sermons from those on the right about the incompetence of government. Well, yeah. If in fact you staff government regulatory bodies with industry shills who are explicitly ordered not to actually, er, regulate, and if you legislate away their power to effectively do so anyhow, and if you pulverize conscientious whistleblowers to within an inch of their lives, then guess what? That little bit of government will in fact be incompetent. In fact, it will be nearly as bad at the competence thing as, say, all the big banks on Wall Street (which had to be rescued by the, uh, government), or all the big auto companies in Detroit (ditto), or British Petroleum, or Enron, or the savings-and-loan industry, or…

    And so, despite the astonishing illogic of it all, the American people now clamor for more harm to be brought upon themselves and more of their money to be looted for the further enrichment of the wealthiest one-tenth of one percent of the population. It certainly doesn’t help that the supposed “party of the people” is every bit as much a part of the problem as anyone else, and arguably far more so given the extra measure of disingenuousness involved. From NAFTA to WTO to welfare ‘reform’ to the Telecommunications Bill, Wall Street never had better friend in the White House than Bill Clinton. That is, until Barack Obama simply outright changed the address of Goldman Sachs’ headquarters to 1600 Pennsylvania Avenue. As we speak, the president and his party in Congress are busy gutting meaningful ‘reform’ of the shamelessly gluttonous finance industry, just as their masters have ordered them to do. And if you think Obama’s bad now, wait until after November. Like Clinton in 1994, he will take the trouncing he’s about to receive in the election as a signal to move even further to the right.

    And thus the Reagan Occupation inches closer yet to a full-blown “mission accomplished”. The middle class is on its knees and shrinking fast. Unions have been broken into irrelevance. Government, supposedly an agent of the public interest, has become a complete tool of those it is meant to monitor. Both political parties are fully owned by the oligarchy. The public has been brainwashed into seeing its allies as enemies and its enemies as allies. We have been drained of hope that any actor on the horizon can come to our rescue.

    Bad policy choices by self-serving politicians? Would that ’twere only thus.

    We are occupied.

  • Kathie Brobeck

    wonder what their severance pay will be?

  • Darahk1

    Thank you, Christina.  Glad to see at least two other people understand the real Reagan Revolution and what it pre-saged.

  • Thomas Spalding

     try a credit union

  • Anonymous

    I highly recommend listening to the videos/lectures of a group in England called Positive Money. What we all don’t realize, and what their main argument is, is that since money became digital in the 70’s,  the banks have been given carte blanche to create money every time they lend it out. In other words, banks don’t use already deposited cash to back up their loans. They add the amount loaned to the borrower’s bank account. In GB the relationship between real money and digital debt is 3% to 97% -the 3% is the real money. The debt in the system of  a nation has next to nothing to do with personal debt and everything to do with speculative money activity, and other after cash shenangans.

  • Nancy

    I am sickened, as always. 

  • Guillotine

    The reason for the illegal immigrants coming to the US is because they are almost all going to an existing job.  The financiers killed the economies in their countries through “Free Trade” treaties and left them without jobs.  Second the same financiers outsourced YOUR jobs.  The illegals are cheap (with an emphasis on cheap) labor and will do jobs for pennies on the dollar, and can be fired, overworked or abused on whim.  The “perfect” employee.  The rich people who hire them get all the benefits, but are held blameless.  The object is really cheap disposable labor, and a great advantage is that they can be blamed for all your ills – the perfect scapegoats for your owners.  

    Want to get rid of illegals??  Run sting operations that target the people who hire them, and throw them in jail without bail till their trial comes up.  There will be no illegal jobs in less than a week.  

    The scapegoating is the big issue to make sure that you don’t see that the owners have outsourced your jobs, and will soon put themselves as middlemen in (to get richer) to run your soon-to-be privatized social security, and medicare.  You Lose!

  • Albert

    Like Gunslingers in a Wild West Town without a Sheriff..   That is what bribery (lobbying) can do.   And Congress stops funding the investigation into derivative trading , but slam the olympics for China made uniforms..   They are so out of touch they actually think their out of date tactics will still work to divert our attention to the facts.   Sorry Congress we are not stupid or ignorant to your games anymore.    Your insider trading and bribery days will soon be over.

  • Albert

    GO BILL MOYERS THE PAUL REVERE OF OUR TIME..   GO MAN GO !!!   ONE MAN CAN MAKE A DIFFERENCE, and you have the edge !!    Unearth these crooks and criminals.  They took funding from PBS away because PBS would not serve them and their propaganda media machine.

  • Jeff Joseph

    Thanks Bill for all you do…
    Romney Obama Congress all are owned by Wall St. Vote a strict non Incumbent ticket. With a Republican Pres and Senate  Democratic House we will have Gridlock which is infinitely better than letting any one party have full control, 2 or 3 election cycles of that will get the money out of politics maybe .

  • UnlikelyHistorian

    Kudos to Christina, truth revealed indeed!

    When Reagan entered office, the US was appr 1 trillion dollars in debt,… this had taken over 200 years. When he left office, the US was appr 4 trillion dollars in debt. My home could appear to be in very good shape if I also agreed to accumulate 4 times the debt it already had. Now the “Chickens are coming home” to roost indeed

    Thomas Jefferson spoke truth when he talked about the Tree of Liberty needing watering

  • Jail banksters

    How long does it take for the SFO to act and start sending these crooks to jail?

  • DoTheRighThing

    I just have one question. Why isn’t Bob Diamond in jail next to Bernie Madoff? This, my friends is what’s wrong with America.