I encourage everyone to watch the video of Bill Moyers Journal on PBS from Friday, October 9, 2009, where Simon Johnson and Rep. Marcy Kaptur from Toledo, Ohio talk about what has happened with the banking and financial crisis since 2008. The link for the video is here (no embed code offered).
Kaptur minces no words. Homeowners should squat on their properties, and not be treated like chattel. She talked about the foreclosed property next to her house, where the bank sold the note to a speculator in South Carolina who wanted to dump it for an absurd price. “Possession is nine points of the law.” She also said that Geithner wants to keep power in the New York Fed and away from the other Feds. They talked about the repeal of Glass-Steagall in 1999. Johnson said that investment bankers fully expected about 25% if these subprime mortgages to go under, but they didn’t see that housing prices themselves would go down.
Tonight, Oct. 16, Moyers interviewed Mark Danner on Obama’s handling of foreign affairs. Danner said that President Bush had essentially declared “soft martial law” after 9/11, with the unsupervised wiretappings and the extreme renditions. (It didn’t affect Internet speech as it could have, given the early concerns about possible steganography.) He said that Obama, with his race and middle name, actually represents an existential undermining of Al Qaeda and Osama bin Laden’s ideology.
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