The United States and much of the world underwent an historic financial crises at the tail end of the 21st century's first decade. Most of the problems arose out of questionable decisions made by banks and large investment firms.
There were calls for increased regulation of the financial industry in the wake of the downfall. The government began to make it seem that those who caused so many innocent people to lose everything would face justice.
This episode of the award winning Bill Moyers show includes interviews with two men who believe that not much has changed with the way Wall Street conducts business. The first interview is with none other than Paul Volcker, former Chair of the Federal Reserve Board (1979 to 1987) and head of the Obama Administration's Economic Recovery program.
Viewers receive the insider knowledge of this leader for whom Congress named the law to prevent banks from doing high-risk trading with consumer deposits. This Volcker Rule remains largely ignored, viewers learn. The government bailed out the investment banks, contends Volcker, and now allows them to continue receiving protection as regular banks; meanwhile, they still gamble with the money of working Americans.
The second interview, with author Carne Ross, continues with the theme of lack of governmental protections for consumers. Ross explains that average people must realize they are on their own. It is their responsibility to force Washington and Wall Street to act responsibly.
Moyers & Company: Gambling with Your Money
- ISBN: 978-1-62102-985-4
- Run Time: 57 Minutes
- Copyright Date: 2012