Elizabeth Warren On NOW: "And Frankly, At That Point, We're All Just Working For The Big Banks"

[WillyT]

If you missed PBS's NOW this weekend, you really should give it a watch online.

This is MUST SEE Video: http://www.pbs.org/now/shows/546/index.html

The above quote happens at the conclusion of the piece, but the whole thing is excellent... and frightening.

:wow:

If this lady resigns her post anytime soon, it's time to start lookin for another country to live in.

:shrug:

[Toucano]

1. Thank you.

Truly chilling and yet it pisses me off at the same time.

[WillyT]

4. You Are Quite Welcome, And You Are Right...

if this woman, who's heading the congressional oversight for the bailout money, is exasperated, it is definitely not a good sign.

And yeah, it pisses me off too.

NOT the change I voted for.

:banghead:

[ihavenobias]

2. K & R n/t

[WillyT]

7. Hey Tom...

Did you get my PM ???

:hi:

[Lorien]

3. K & R nt

[Sinti]

5. "that point" is right now

every dime in your economy (every dime you earn and spend) is borrowed at interest from some big bank.

[TexasObserver]

6. Elizabeth Warren should be running fiscal and monetary policy.

[pansypoo53219]

8. thanks.

i missed this weeks, and was gonna look for it.

[WillyT]

14. You Are Quite Welcome !!!

:hi:

[Lyric]

9. Financial politics has never been my area of expertise, but these two things

really stick out to me.

First, that credit card companies can raise the repayment interest rate on money that you previously borrowed under a different rate. Since I've never had a credit card, that was shocking to me. Does Obama's new law fix that?

Second, that there's been no adjustment to the foreclosure assistance programs now that the problem has changed. Sub-primes aren't the issue anymore--unemployment is--and people with normal mortgages are going under without any help available for them. The foreclosures destroy neighborhood home values, which in turn can put people who were previously fine "under water" because their home is worth far less when it's surrounded by empty foreclosed houses. Is anything being done in this regard?

[Wounded Bear]

10. Sadly, I think the answers are NO and NO...

The credit card bill really didn't address rates, at least in the cap sense. It maybe helps a little.

You're right about the foreclosures, too. The real issue now seems to be about jobs. Ain't none.

[MountainLaurel]

11. I love Elizabeth Warren

There's a great profile of her in a recent issue of either Mother Jones or The Atlantic.

[closeupready]

12. She is a gem. No question.

n/t

[Octafish]

13. Work?

Slaving.

[WillyT]

15. Kick !!!

:kick:

[WillyT]

16. Second To Last Kick From Me, LOL !!!

:evilgrin:

:silly:

[WillyT]

21. Last Kick... G'Night !!!

:hi:

[Toucano]

17. Kick.

I really hope more people will see this.

[leftstreet]

18. K&R

[bridgit]

19. I like her

:kick:

[Liberal_in_LA]

20. Thanks for posting... I'm going to watch it.

[Toucano]

22. One more kick. n/t

[Toucano]

23. Alright, so maybe one more.

I think at least 1,000 people should see this on DU.

:shrug:

[WillyT]

24. LOL... Thank You !!!

:yourock:

:hi:

[Toucano]

25. It's just so important!

And so clearly explained!

Think I'll add the transcript for those who are unable to watch the video.

I really want 1,000 DUers to see this. LOL!

My goals are so modest! :)

[Toucano]

26. ****** TRANSCRIPT AVAILABLE ***********

http://www.pbs.org/now/shows/546/transcript.html

<snip>
WARREN: Well, we did make one big change. And that is we now know that the government will race in to rescue large financial institutions. And this is really important because it has changed the whole economic market. The part that has changed is that now we see the government as either an explicit or an implicit guarantor of huge parts, big, of the big part of the financial institution's system. And that means pricing is distorted. And it means we live in a world of moral hazard, squared.

<snip>

HINOJOSA: All right, so, people are hearing that now that DOW is over 10 thousand, that—for example, Goldman Sachs now has a bonus pool of $16 billion. And so, there's a kind of rah rah, things are looking good again? We're also at ten percent unemployment. So, what's happening here?

WARREN: Well, those are actually two pieces of the same puzzle. Things are looking good at the top because they have fabulous guarantees, because we have pumped literally hundreds of billions of dollars into these largest institutions. And if that's not enough, we guaranteed them. Even after they left Tarp they have guarantees. And for those within Tarp, Citibank right now is sitting on a $300 billion guarantee from the American taxpayer. Of course their stock is up. Why wouldn't their stock be up? Look at the message here. The—the problem is the rest of us, the real economy, what's happening with unemployment, what's happening with foreclosures, whether or not we really have a plan, and frankly—whether or not our government is behind the rest of us, rather than seeing us as someone who will pay the bill for those other guys. Are we working on government plans and—and—and government ideas to support the middle class, the working class, to support the real families in America?


more at link!

[WillyT]

28. Thank You !!! - The Part That Got To Me...

<snip>

HINOJOSA: And when you say that, I just keep saying, "Well, what do you wanna—what needs to happen Elizabeth?" What needs to—I mean, do Americans need to take to the streets and say, "Change the regulations and change the rules"? Is that really gonna happen?

WARREN: You know, I—I hate to say it. I know something like regulatory reform sounds so boring that I may fall asleep when I say it. But the reality is, congress is about to write the rules of our economic system that will guide us for the next 50 years. If they get it right, we're good. If they get it wrong, the country we knew will be gone.

HINOJOSA: And so, what do you want our viewers—what should they be doing?

WARREN: They need to be on their—representatives in congress, their senators. This is democracy. And if we, the people, don't insist that those—who are in Washington, represent us, then they'll go back to the same rules that benefit the same large financial institutions. And frankly, at that point, then we're all just working for the big banks.

<snip>

Same Link.

:mad:

[Toucano]

29. We need to get her to say that on "60 Minutes".

Not enough people are hearing this and contacting their representatives.

[Nikki Stone1]

27. .

.

[Lilith Velkor]

30. !