Reich writes:
If you haven’t yet seen “The Big Short” – directed and co-written by Adam McKay, based on the non-fiction prize-winning book by Michael Lewis about the housing and credit bubble that triggered the Great Recession — I recommend you do so.
Not only is the movie an enjoyable (if that’s the right word) way to understand how the big banks screwed millions of Americans out of their homes, savings, and jobs – and then got bailed out by taxpayers. It’s also a lesson in why they’re on the way to doing all this again – and how their political power continues to erode laws designed to prevent another crisis and to shield their executives from any accountability.
Most importantly, the movie shows why Bernie Sanders’s plan to break up the biggest banks and reinstate the Glass-Steagall Act (separating investment from commercial banking) is necessary – and why Hillary Clinton’s more modest plan is inadequate.
Of course, he might just think the movie is named after him.
For more on the film,see:
Unfortunately This is True: The Commie Theme in 'The Big Short'
and
The Big Short: An Almost Great Movie
-RW
I think libertarians and Austrians should think of themselves as a high school gang. Our opponents are another gang. The other gang has purposefully set fire to the chemistry lab. Our gang provides a very detailed and accurate accounting of the evidence of the fire, as does the other gang. Except the other gang blames us for the fire.
ReplyDeleteSo being rather effete, our gang congratulates the other gang for getting most of the story right instead of beating the crap out of them for a) committing arson; b) lying about it; and c) blaming us. We act like this apparently because we don’t want to appear too arrogant.
Why aren’t we winning this debate?
I blame it all on our freekin' kindergarten teachers who incessantly nagged us "to share". The first cut is the deepest.
Deletemore like misdirection...the sharing flows up...as in organized crime....you guys focus on the crumbs(little people) while the guys on top stuff themselves with free triple decker sandwiches.
ReplyDeleteIncisive criticism of the plutocratic objectives and effects of the Federal Reserve comes tonight from U.S. Sen. Rand Paul and the New York Sun.
In commentary in Time magazine headlined "The Fed Is Crippling America," Paul writes that after rescuing investment banks by purchasing their rotten assets, the Fed has been paying banks generally a bonus not to lend to the public. Paul concludes that the Fed should be audited. His commentary is posted at Time here:
http://time.com/4170969/sen-rand-paul-audit-the-fed/
The Sun, also advocating an audit of the Fed, notes the Fed's attempt to gain still more control over the financial markets while resisting oversight by Congress. The Sun's commentary is headlined "A Gander at the Fed":
http://www.nysun.com/editorials/a-gander-at-the-fed/89412/