Bill Moyers is Back!

 

Bill Moyers and Moyers & Company is back highlighting important political, social and pressing issues that affect us all.   The following video is from the show: Bill Moyers: Occupy a Cause.

What’s the common cause behind Occupy protesters?

The Moyers & Company team visited the Occupy Wall Street site several times between October and December in 2011 — visits that reveal real faces, real people, and a true common cause. In this premiere Bill Moyers Essay, Bill talks about their anger — not at the concept of wealth itself, but at the crony capitalists who resort to tricks, loopholes, and hard, cold cash for politicians to make sure insiders prosper… and then pull up the ladder behind them.

Bill Moyers on Occupy Wall Street from BillMoyers.com on Vimeo.

Bill Moyers also explores how America’s vast inequality didn’t just happen, it’s been politically engineered. Watch the Bill Moyers' interview with Jacob Hacker and Paul Pierson about their book Winner-Take-All Politics: How Washington Made the Rich Richer--and Turned Its Back on the Middle Class.

Jacob Hacker & Paul Pierson on Winner Take All Politics from BillMoyers.com on Vimeo.

No to Socialsm, Yes to Corporatocracy!

The Tea Bag Movement, the Republican Party and the right-wing pundits are all claiming that Obama and the Democrats are socialists. Let's call these groups the 'anti-socialists.' They believe that Obama wants government ownership of everything. They claim that people should be able to control their own destinies, their own economic choices and their own health care. They are against government regulation and against social assistance. But, what history has shown is that without sufficient regulation, society becomes very unbalanced.

For example, in the 19th century the Robber Barons took advantage of an unregulated banking and commercial system. They amassed enormous personal wealth. In response to the Great Depression of 1929, Congress enacted banking regulations in 1933 known as the Glass–Steagall Act which introduced banking reforms. It wasn't until 1999, that certain provisions that prohibited a bank holding company from owning other financial companies were repealed by the Gramm–Leach–Bliley Act.

It was the Glass-Steagall Act that prohibited any one institution from consolidating an investment bank, a commercial bank, and an insurance company into one entity. The Gramm-Leach-Bliley Act then allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate. A bi-partisan congress passed the Gramm–Leach–Bliley Act and President Clinton signed it into law.

Recently, President Bill Clinton said that even before the repeal of Glass-Steagall the principles of the legislation had been breached. "Clinton said he regretted not trying to regulate derivatives."

“On derivatives, yeah I think they were wrong and I think I was wrong to take [their advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency.” [...]

Clinton said he regretted not trying to regulate derivatives, but that Republicans would have stood in the way. “Now, I think if I had tried to regulate them because the Republicans were the majority in the Congress, they would have stopped it. But I wish I should have been caught trying. I mean, that was a mistake I made.”

That brings us to today.

During a recent interview on Bill Moyers Journal with economists James Kwak and Simon Johnson, Bill Moyers discussed with his guests the devastating financial crisis of '08. The discussion focused on "whether the financial powers are more profitable, and more resistant to regulation than ever."

Bill Moyers: Let me get to the blunt conclusion you reach in your book. You say that two years after the devastating financial crisis of '08 our country is still at the mercy of an oligarchy that is bigger, more profitable, and more resistant to regulation than ever. Correct?

Simon Johnson: Absolutely correct, Bill. The big banks became stronger as a result of the bailout. That may seem extraordinary, but it's really true. They're turning that increased economic clout into more political power. And they're using that political power to go out and take the same sort of risks that got us into disaster in September 2008.

Bill Moyers: And your definition of oligarchy is?

Simon Johnson: Oligarchy is just- it's a very simple, straightforward idea from Aristotle. It's political power based on economic power. And it's the rise of the banks in economic terms, which we document at length, that it'd turn into political power. And they then feed that back into more deregulation, more opportunities to go out and take reckless risks and-- and capture huge amounts of money.

Bill Moyers: And you say that these this oligarchy consists of six megabanks. What are the six banks?

James Kwak: They are Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.

Bill Moyers: And you write that they control 60 percent of our gross national product?

James Kwak: They have assets equivalent to 60 percent of our gross national product. And to put this in perspective, in the mid-1990s, these six banks or their predecessors, since there have been a lot of mergers, had less than 20 percent. Their assets were less than 20 percent of the gross national product.

Bill Moyers: And what's the threat from an oligarchy of this size and scale?

Simon Johnson: They can distort the system, Bill. They can change the rules of the game to favor themselves. And unfortunately, the way it works in modern finance is when the rules favor you, you go out and you take a lot of risk. And you blow up from time to time, because it's not your problem. When it blows up, it's the taxpayer and it's the government that has to sort it out.

Bill Moyers: So, you're not kidding when you say it's an oligarchy?

James Kwak: Exactly. I think that in particular, we can see how the oligarchy has actually become more powerful in the last since the financial crisis. If we look at the way they've behaved in Washington. For example, they've been spending more than $1 million per day lobbying Congress and fighting financial reform. I think that's for some time, the financial sector got its way in Washington through the power of ideology, through the power of persuasion. And in the last year and a half, we've seen the gloves come off. They are fighting as hard as they can to stop reform.

Simon Johnson: I know people react a little negatively when you use this term for the United States. But it means political power derived from economic power. That's what we're looking at here. It's disproportionate, it's unfair, it is very unproductive, by the way. Undermines business in this society. And it's an oligarchy like we see in other countries.

Today, six banks control 60% of the Gross National Product (GNP) which according to Simon Johnson and James Kwak is considered an oligarchy.

This brings us back to the 'anti-socialists.' They are extremely fearful. They rant and rave that President Obama wants the federal government to own all means of production. Although they accept their medicare payments and social security checks, they have railed against the recent health care legislation even though it is an insurance company for-profit health care plan.

What is the anti-socialist position on the issue of economics and banking regulation? Are the anti-socialists content with an oligarchy of our banking industry? Are they ranting and raving, yelling and screaming, demonstrating against the corporate oligarchy (corporatocracy) of banking? Are they outraged that only 6 banks own 60% of GNP?

Sarah Palin:

Palin apparently thinks that the solution to our economic mess in the United States is less government regulation rather than more to rein the bankers and Wall Street in for their bad behavior.

Tea Party:

This movement is against stronger regulation. As Republicans softened their stance against the financial regulation bill, tea partyers reacted by lashing out against the GOP.

GOP Conservatives:

For conservatives the best bank regulation is no regulation. Conservatives, of course, think we need less regulation, not more.

Judging from the rallies on Wall Street yesterday, the capitalists haven't bought into the GOP talking points about socialism quite to the extent of the Glenn Beck/Rush Limbaugh crowd of modern day Know Nothings. But if you think the conservatives dig in on healthcare reform, just watch them on financial reform-- the real line in the sand for the representatives of institutionalized Greed and Selfishness.

After foot (and knuckle) dragging all year, the GOP was left out of the final legislation entirely-- although far, far too many of their reactionary demands were met as Dodd and the Democrats compromised with good sense for no reason, unless currying favor with the banksters is considered reasonable in Inside the Beltway Democratic circles. Yesterday the Senate Banking Committee approved Dodd's financial overhaul legislation 13-10, without a single Republican vote.

The 10 crooked, bribe-taking handmaidens of the Wall Street banks who have vowed to throw themselves under the bus of progress are Richard Shelby (R-AL- $5,213,130), Robert Bennett (R-UT- $2,354,767), Jim Bunning (R-KY- $2,580,305), Mike Crapo (R-ID- $1,728,513), Bob Corker (R-TN- $3,058,330), Jim DeMint (R-SC- $2,463,860), David Diapers Vitter (R-LA- $2,083,149), Mike Johanns (R-NE- $687,621), Kay Bailey Hutchison (R-TX- $4,702,438) and Judd Gregg (R-NH- $1,077,149).

Dodd says his bill will end taxpayer-funded bailouts of companies supposedly "too big to fail," regulate-- for the first time-- the multitrillion-dollar derivatives market, and bring long-overdue consumer protection to financial products. The Republicans have watered down the most important aspects of real reform and are expected to filibuster the eventual bill, no matter how weak and crappy the Democrats make it to please them. Sound familiar?

WATCH Fox News explain the Republican position.

Are you confused yet? Totally. The Fox News guy says that there are already enough laws on the books to handle every economic situation. Both he and Professor Bill Black seem to be blaming the economic situation on both Obama, Geithner and the Democrats. But on April 3, 2009, Bill Black was interviewed by Bill Moyers. Here is what he had to say. Click HERE to watch the program.

BILL MOYERS: If I wanted to go looking for the parties to this, with a good bird dog, where would you send me? WILLIAM K. BLACK: Well, that's exactly what hasn't happened. We haven't looked, all right? The Bush Administration essentially got rid of regulation, so if nobody was looking, you were able to do this with impunity and that's exactly what happened. Where would you look? You'd look at the specialty lenders. The lenders that did almost all of their work in the sub-prime and what's called Alt-A, liars' loans.

The anti-socialists want small government, individual liberty, and free markets. They don't want any banking regulation. They don't want government control. Yet, what we now have is a corporate oligarchy which controls our economic system and inhibits individual freedoms and free markets.

The right-wing motto has now become: No to Socialism, Yes to Corporatocracy!

The old Washington shell game. Lobbyist out, lobbyist in.

That is why the lobbyist always wins!!!

The following is an excerpt from the transcript of PBS's Bill Moyers Journal.

One year ago, right about now, The economy keeled over, like an overstuffed sow.

First Bush, then Barack had to fix things at once. We had to shape up those banks and their high wire stunts.

But banks bought up banks, gladly too big to fail And sent millions to Congress so their views would prevail.

Now bonuses are back and phony finances abound, But all must be well, there's a market rebound.

Executives to bankers have wallets quite blubbery... And, oh by the way, it's a jobless recovery.

Bill Moyers: Polls show the overwhelming majority of Americans favor a non-profit alternative -- like Medicare -- that would give the private health insurance industry some competition. But if so many Americans and the President himself want that public option, how come we're not getting one?

Because, the medicine has been poisoned from day one, in part because of that same revolving door that Congresswoman Marcy Kaptur (D-OH)and Simon Johnson (former Chief Economist at the International Monetary Fund) were just talking about. Movers and shakers rotate between government and the lucrative private sector at a speed so dizzying they forget who they're working for.

Sen. Baucus:Our plan does not include a public option.

Moyers: Take a close look at that woman sitting behind Montana Senator Max Baucus. He's the Democrat who's the Chairman of the Finance Committee. Liz Fowler is her name. And now get this. She used to work for WellPoint, the largest health insurer in the country. She was Vice President of Public Policy. And now she's working for the very committee with the most power to give her old company and the entire industry exactly what they want: higher profits, and no competition from alternative non-profit coverage that could lower costs and premiums.

I'm not making this up. Here's another little eye-opener. The woman who was Baucus' top health advisor before he hired Liz Fowler? Her name is Michelle Easton. Why did she leave the Committee? To go to work -- where else? -- at a firm representing the same company Liz Fowler worked for WellPoint. As a lobbyist.

It's the old Washington shell game. Lobbyist out, lobbyist in. And it's why they always win.

They've been plowing this ground for years, but with the broad legislative agenda of the Obama White House, it's more fertile than ever. The health insurance industry alone has six lobbyists for every member of Congress, and more than 500 of them are former congressional staff members.

Just to be certain Congress sticks with the program, they've been showering megabucks all over Capitol Hill. From the beginning, they wanted to make sure that the bill that comes out of the Finance Committee next week puts for-profit health insurance companies first, by forcing the uninsured to buy medical policies from them. Money not only talks, it writes the prescriptions.

In just the last few months, the health care industry has spent 380 million dollars on lobbying, advertising and campaign contributions. And a million and a half of it went to -- don't hold your breath -- Finance Committee Chairman Baucus, who said he saw "a lot to like" in two proposed public options but voted "no."

Sen. Baucus: My job is to put together a bill that gets 60 votes. Now I can count and no one has been able to show me how we can count up to 60 votes with a public option in the bill.

Moyers: Of course not. They can't get 60 votes. Not when the people who want a public alternative can't possibly scrape up the millions of dollars Baucus has received from the health sector during his political career.

Over the last two decades, the current members of the Senate Finance Committee - you're looking at them -- have collected nearly 50 million dollars from the health sector. A long-term investment that's now paying off like a busted slot machine.

Not that we should be surprised. A century ago, muckraking journalists reported that large corporations and other wealthy interests virtually owned the Senate, using bribery, fraud, and sometimes blackmail to get their way. Jokes were made about the Senator from Union Pacific or the Senator from Standard Oil.

This fellow in particular was out to break their grip. His name was David Graham Phillips, and one day in 1906, readers of Cosmopoilitan Magazine opened its March issue to discover the first of nine articles by Phillips titled "The Treason of the Senate."

He wrote: "Treason is a strong word, but not too strong, rather too weak, to characterize the situation in which the Senate is the eager, resourceful, indefatigable agent of interests as hostile to the American people as any invading army could be…"

The public outrage provoked by Phillips and other muckrakers contributed to the passage of the Constitutional amendment providing for the direct election of Senators, who until then were elected by easily bought-off state legislators.

Of course, like water seeking its own level, big money finds its way around every obstacle, and was soon up to its old tricks, filling the pockets of friendly politicians. Today none dare call it treason. So how about calling it what it is: a friendly takeover of government. A leveraged buyout of democracy.

Outrageous? You bet. But don't just get mad. Get busy.

The Patient is the Grass

...Getting Trampled On

How do you deliver care in a profit driven system? That is the real question!!!!

From Bill Moyers Journal: MONEY DRIVEN MEDICINE

August 28, 2009

The film MONEY-DRIVEN MEDICINE reveals how a profit-hungry "medical-industrial complex" has turned health care into a system where millions are squandered on unnecessary tests, unproven and sometimes unwanted procedures and overpriced prescription drugs.

In this broadcast we will share with you a film based on Maggie Mahar's work. The book and the film couldn't be more timely as our country wrestles with what to do about money-driven medicine.

MAGGIE MAHAR: It's interesting how hospitals advertise. Who would make a decision about where to have their baby or where to be treated for cancer based on an ad they saw on TV?

Hospitals are not advertising to the patient. Hospitals are advertising to doctors. Hospitals don't have patients, doctors have patients. And hospitals want doctors to bring their well-healed, well-insured patients to that hospital.

Hospitals have engaged in, what many call, a "medical arms race".

Typically, 4 or 5 hospitals within a 5 mile, 10 mile, 15 mile radius will all buy the same technology because they're competing with each other.

One time Dr. Donald Berwick called a hospital in Texas and said, "We've heard you have a very good procedure for treating a particular disease. We'd like to learn more about your protocol so other hospitals can use it." And the hospital said, "We can't tell you that. It's a competitive advantage in our market that we're better at treating this disease and it is very lucrative. So this is proprietary information."

The patient isn't the center of a collaboration. The patient is the victim of a competition. There's a saying in Swahili, "When the elephants fight the grass is trampled." The patient is essentially the grass.

A physician takes an oath to put his patient's interests ahead of his own. A corporation is legally bound to put its shareholders' interests first. And this is part of the inherent conflict between health care as a business, part of our economy, and health care as a public good and part of our society. Health care has become a growth industry. That means higher health care bills. That means more and more middle class people cannot afford health care in this country

BILL MOYERS: MONEY-DRIVEN MEDICINE, a film produced by Alex Gibney, Peter Bull and Chris Matonti; directed by Andy Fredericks; and based on Maggie Mahar's book of the same name.

Take a look at this recent cover of BUSINESS WEEK. Reporters Chad Terhune and Keith Epstein write that the CEO's of the giant insurance companies should be smiling - their lobbyists have already won. Quote: "no matter what specifics emerge in the voluminous bill Congress may send to President Obama this fall, the insurance industry will emerge more profitable."

And remember that television ad Barack Obama made as a candidate for president?

BARACK OBAMA: The pharmaceutical industry wrote into the prescription drug plan that Medicare could not negotiate with drug companies. And you know what, the chairman of the committee who pushed the law through went to work for the pharmaceutical industry making $2 million a year. Imagine that. That's an example of the same old game-playing in Washington. I don't want to learn how to play the game better. I want to put an end to the game-playing.

BILL MOYERS: Now look at this recent story in the LOS ANGELES TIMES. Lo and behold, since the election, the pharmaceutical industry's $2 million dollars a year superstar lobbyist Billy Tauzin has morphed into President Obama's pal. Tauzin says the President has promised not to pressure the drug companies to negotiate with the government for lower drug prices and has agreed not to allow cheaper drugs to be imported from Canada or Europe - contrary to the position taken by candidate Obama…

Each of these stories illuminates the scarlet thread that runs through Maggie Mahar's book - the story of how today's market-driven medical system gives Wall Street investors life and death control over our health care, turning medicine into a profit machine instead of a social service to meet human need. That's the conflict at the heart of next month's showdown in Washington.

I'm Bill Moyers. See you next time.

"The Select Few"

Bill Moyers and Michael Winship have "Some Choice Words For "The Select Few" and they tell it like it is.

If you want to know what really matters in Washington, don't go to Capitol Hill for one of those hearings, or pay attention to those staged White House "town meetings.” They’re just for show. What really happens – the serious business of Washington – happens in the shadows, out of sight, off the record. Only occasionally – and usually only because someone high up stumbles -- do we get a glimpse of just how pervasive the corruption has become.

Case in point: Katharine Weymouth, the publisher of THE WASHINGTON POST – one of the most powerful people in DC – invited top officials from the White House, the Cabinet and Congress to her home for an intimate, off-the-record dinner to discuss health care reform with some of her reporters and editors covering the story.

But CEO’s and lobbyists from the health care industry were invited, too, provided they forked over $25,000 a head – or up to a quarter of a million if they want to sponsor a whole series of these cozy get-togethers. And what is the inducement offered? Nothing less, the invitation read, than “an exclusive opportunity to participate in the health-care reform debate among the select few who will get it done.”

The invitation reminds the CEO’s and lobbyists that they will be buying access to “those powerful few in business and policy making who are forwarding, legislating and reporting on the issues…

"Spirited? Yes. Confrontational? No." The invitation promises this private, intimate and off-the-record dinner is an extension “of THE WASHINGTON POST brand of journalistic inquiry into the issues, a unique opportunity for stakeholders to hear and be heard.”

Let that sink in. In this case, the “stakeholders” in health care reform do not include the rabble – the folks across the country who actually need quality health care but can’t afford it. If any of them showed up at the kitchen door on the night of this little soiree, the bouncer would drop kick them beyond the Beltway.

No, before you can cross the threshold to reach “the select few who will actually get it done,” you must first cross the palm of some outstretched hand. The WASHINGTON POST dinner was canceled after a copy of the invite was leaked to the Web site Politico.com, by a health care lobbyist, of all people. The paper said it was a misunderstanding – the document was a draft that had been mailed out prematurely by its marketing department. There’s noblesse oblige for you – blame it on the hired help.

In any case, it was enough to give us a glimpse into how things really work in Washington – a clear insight into why there is such a great disconnect between democracy and government today, between Washington and the rest of the country.

What do the American people really think?

According to one poll after another, a majority of Americans not only want a public option in health care, they also think that growing inequality is bad for the country, that corporations have too much power over policy, that money in politics is the root of all evil, that working families and poor communities need and deserve public support if the market system fails to generate shared prosperity.

But when the insiders in Washington have finished tearing worthy intentions apart and devouring flesh from bone, none of these reforms happen. “Oh,” they say, “it’s all about compromise. All in the nature of the give-and-take-negotiating of a representative democracy.”

That, people, is bull – the basic nutrient of Washington’s high and mighty.

It’s not about compromise. It’s not about what the public wants. It’s about money – the golden ticket to “the select few who actually get it done.”

What happens when money is more important than basic needs?

It's happening to health care as well. Even the pro-business magazine THE ECONOMIST says America has the worst system in the developed world, controlled by executives who are not held to account and investors whose primary goal is raising share price and increasing profit – while wasting $450 billion dollars in redundant administrative costs and leaving nearly 50 million uninsured.

Enter "the select few who actually get it done." Three out of four of the big health care firms lobbying on Capitol Hill have former members of Congress or government staff members on the payroll – more than 350 of them – and they’re all fighting hard to prevent a public plan, at a rate in excess of $1.4 million a day.

Health care policy has become insider heaven. Even Nancy-Ann DeParle, the White House health reform director, served on the boards of several major health care corporations.

President Obama has pushed hard for a public option but many fear he’s wavering, and just this week his chief of staff Rahm Emanuel – the insider del tutti insiders – indicated that a public plan just might be negotiable, ready for reengineering, no doubt, by “the select few who actually get it done.”

That’s how it works. And it works that way because we let it. The game goes on and the insiders keep dealing themselves winning hands. Nothing will change – nothing – until the money lenders are tossed out of the temple, the ATM’s are wrested from the marble halls, and we tear down the sign they’ve placed on government – the one that reads, “For Sale.”

The Torture Debate

Torture is a topic that is being debated by politicians, pundits and the public. The following excerpt is from an article by Bill Moyers and Michael Winship regarding torture titled, Everyone Should See "Torturing Democracy."

In all the recent debate over torture, many of our Beltway pundits and politicians have twisted themselves into verbal contortions to avoid using the word at all. [...] No political party would dare make torture a cornerstone of its rejuvenation if people really understood what it is. And lest we forget, we're not just talking about waterboarding, itself a trivializing euphemism for drowning.

If we want to know what torture is, and what it does to human beings, we have to look at it squarely, without flinching. That's just

what a powerful and important film, seen by far too few Americans, does. "Torturing Democracy" was written and produced by one of America's outstanding documentary reporters, Sherry Jones. (Excerpts from the film are being shown on the current edition of Bill Moyers Journal on PBS - check local listings, or go to the program's web site at www.pbs.org/moyers, where you can be linked to the entire 90-minute documentary.)[...]

As the editors of The Christian Century magazine wrote this week, "Convening a truth commission on torture would b e embarrassing to the US in the short term, but in the long run it would demonstrate the strength of American democracy and confirm the nation's adherence to the rule of law.... Understandably, [the president] wants to turn the page on torture. But Americans should not turn the page until they know what is written on it."

The debate will continue as long as those who support torture continue to use fear, panic, ignorance and patriotism as their basis of justification.

Liars' Loans

The video below is an interview from Bill Moyer's Journal on April 3, 2009.

The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout.

William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything.

Now an Associate Professor of Economics and Law at the University of Missouri, William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of "liars' loans" — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it.

And while there is no law against liars' loans, Black points out that there are, "many laws against fraud, and liars' loans are fraudulent. [...] They involve deceit, which is the essence of fraud."

WATCH:

Read Full Transcript HERE.