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carried his long-time l_a_ times columnist
he's editor in chief of truth figure he's got a new book out that's called
the great american stick up how reagan republicans and clinton democrats
enriched a wall street
main street
ob robber wildly enters
retired
expects zero again ***
is that the son of a format
but we go to robert on msnbc little while ago that so i would say that now
you've i want to start off what was i think what is one of the most
interesting parts the book which is
you call people like robert rubin lawrence summers inherent paulson first
who work for clinton
whatever works for a bomb on and and of course a report some work for bush
you call them super bill
that that strong language good that you really think they're villas in the sense
that they knew what they were doing
and indeed it anyway
and
you know i i am not uh... shrink or anything i mean i just know that there
were people in real time like roughly born who was sort of the heroine of my
book really that pete history who've
was appointed by clinton to be head of the commodity futures trading commission
she was uh... purse woman editor of the stamp it lor review sheet worker most
prestigious washington law firms and she represented banks and big companies
and she knew a great deal more
and rubin greenspan and summers combined about the things
and i know that she founded the lawn mowed doesn't over a dozen times in
congressional testimony
and at what they did it instead of listening to this woman who tried to
shut her up forrester basically out of the administration chewing renewed
and they passed a really onerous peaceful
legislation the commodity futures modernization act which prevented not
only her agency from regulating derivatives
but a cabin titled reinforce
agency
and any existing law exempted the derivatives
together what i was called for
legal certainty
and uh... against anyway regulation or any regulatory body
so either you willfully stupid about the thing
or you were tricking the collating doled out by the wall street lubbock
again psychiatrist would have to
figure that one out
but the fact is we judge came to rewarded for hurting the interests of
the economy in a very profound way you would not have had that meltdown
if not to that legislation
roberts is xx
uh... you understand whether we want to play you have to understand that the
court would not only that
and these reversal political allowing
the merger would be stupid to prudhoe bay
robert rubin then went back to you come from goldman tax
and then he went to work for citigroup and fifty million a year was going
through the whole sub-prime all day
nightmare he was there when they were a major corporate in this we had a bail
out that banquet
forty five billion directly under another three hundred billion toxic
assets
summers while he was the driving or bamaca eight million dollars room
hedge fund to put speaking for you've got a hundred thirty-five thousand
from coleman sax do you think that that they had to be felt like bribery and
what were you know who confronted thirty five thousand barrels speech
bias robert analyzers all that night ok sought
norm than i think that they were really believe in the heart of hearts that they
did do a damn thing on the lippo i mean that's what people is going market rate
for speech under thirty-five those laws of course i got that
as you know i am was the treasury secretary of course citibank wasn't
really fifteen million dollars a year of connecticut question and i mean it would
mean what right do we get them to criticize republican
you know i mean come on twitter it'll all depend on their although i did
anybody about you want me to get another job writing if you want me to do that
much but i mean attractive matted to pull it off we would be
scream appear by product this is the results are in all of your
misunderstanding website
acquit agree more with i think these guys of
botched it in the worst possible way either totally guilty i think what you
say by the end of the clinton missed reaches one hundred percent true i say
the same and i catch
help from so-called progressives or just
people or if it in love with the democratic party so i'm not talking
about any of that and i'm actually it trite
did into
why things aren't getting fixed right so
i don't know if this keeps up also hold out so today
all bomber was in it uh... it was on
c_n_b_c_ awhile though wall street hedge fund guy hope rally with the school with
him got up and said you know why you keep beating up wall street like opinion
right and then have mike bloomberg who i think is a resolve and other respects it
comes out and says look you know a lot of my friends who are rich here in new
york in-wall work on wall street et cetera they don't mind paying a little
higher taxes they've signed up for that when they voted for obama but they don't
like being vilified so that might bring your
robert because i think
it nobody got the lesson nobody learned a damn thing like they think what they
did was
perfectly ok and that were being unreasonable by saying
you know what maybe you should be taken those bill isn't really is it
well you know you got a contradiction
port their behavior
date you know i view which p_r_ machinery they have the mass media i
mean i can tell you that you know what the plumbers and ruled that a lot of the
new york times for example center
reasonable discussion in this country right
had editorials at the time glass steagle
you don't have a lot of time for me to read from put but
you know i quote the editorial and that they had on april eighth nineteen ninety
eight one graphical reversed we had a regulatory system that work for six
decades
and franklin delano roosevelt great you know when i was great to have a
president of any party
implement the pink to prevent another depression
uh... separate uh...
vetoed investment banking commercial banks from her junior activities once
opposed
represent the ritual we don't know what to do any other invalid deposits of
ordinary people that are insured
and you know that was the merger between city
travelers that was put together on the clinton after the bank that rubin went
to work for me credible uphill
benefiting from your own legislation but
given the new york talked editorialize
and think of it
suitor one stroke they have template demolish the creasing unnecessary war
built during the depression
separate commercial background that's about it and then the reporting the same
thing that came to finance single day with a single bold merger pending
legislation congress sweep away
depression a restriction on the financial certainly has been given a
study unexpected dorchester pathogens
this kind of language so you know these guys up with the culture where you give
a contribution to the harlem dance group where you tonight liberal abounding
things
and you're off the hook up
but i don't get out of my job you know i don't work for them
i could get some of them by the way i could contribute money to obama i mean i
gave him five hundred bucks about thirty-six hours before elections which
i was afraid he would lose and i'm still happy he won
i think it's been a good thing for the country and i have been on white male
president these two guys
he'll have some good guy who could have accomplished a good thing comes just
wrote a book like anybody else trying to occur
the speakers some of the pain back out there and i don't want to leave it to
the tea party people to be the only one photograph of that
you know i just sort of conflict that contrary indomitable
a family but work has been lost okay can't read what you know if you we have
eleven million mortgages under water we have another four million they've
already been a lot of people and for how did you talked earlier about fifty
million people
at what they're not gonna get what your capital
that's not kidding around you go to riverside california coastal shelter
plague or they were around downtown washington all you are taking on a tour
the neighborhood
you know and i think the people i love the lost everything
you know and that of course it even trucks to everyone because even if the
only house outright it's worth less than it was in that what you're going to take
a look at the interview retirement so little but this is not a made up a
comment that i worked because if you can see accounting
you have to get consumption back on what happened and that the economy whole
annual selling price quote an incredible amount of damages you save maybe until a
final payment on time
once again your myself so i don't understand why i like your show i like
you know so i'd want to get it right telling you what they're saying pcf so
you know they're covering their tracks was your respect that
ourselves
here's what i'm drowning or john robert here he is the editor-in-chief of truth
date and just wrote the book to grade the great american start is run dry
weather load if the people in power certainly opponents are you know to the
u_n_ every single part of 'em
uh... wholly owned subsidiary wall street united reso now end
npr democrats like obama was a really fix-it he hires their summers who's
probably as you point out one of if not the most guilty democrat not algun tree
for this financial collapse
deals going on
you happy to the point where the people of the one st don't even understand alot
what is the problem with the big deal
why is everybody dot blot or why are publicly will go fine if you have this
such a consensus that nothing wrong really happen
how do we fight again said how do we overheard how do we have people realize
was really happy to be paying know what happened where people leaving tibet
yahoo dot ok commodity portland garbage
and an art and i admired for corporate if you have a copy on page one
george bush is in the white house she turned to and reported quickly after all
to come over from goldman tax rates
and george bush plaintively efforts
quote how did that happen
close quote okay
that all-important book
postal right
you with the humbling question to someone from the financial fact into the
air afterall we were the ones responsible
so you just tell that to be tried on wall street
don't give you know felt they were here this guy made two hole
you know obama
followed exactly what you would still be purged his bailed you out there to the
president has to trillion dollars of your toxic assets
which we catch basin etc
taken off your book
you still holding a whole bunch of this juncture become housing looks like a
might make a revival you tampa back on the market you depressed
the prices and henry paulson wrote
afterall we we're the ones responsible
okay
so so if you know this is what it was built occasion they got everything they
wanted from from the so-called
new regulations the only thing that might have a little by either the
consumer
agency we can't even get a little bit warren to be there
which he wrote that she could become kind of advice her window dressing
you know so
uh... what's julia roberts at least six or prosciutto fights everything look i
would love to to be able
from time to time to come yet because i think
you guys represents an alternative to the tea party ok
uh... you know but obama doesn't present alternative and that's why the democrats
are in trouble right now you know
occasionally headed over to echo in my book i quote the speech that obama gave
in people
talk about the location
the speech he gave the people of all wait could be you
kim i book on it and i think i've got the whole speech in there
wiki lay that out just a way i did on the shore ready ok
point to correct those we are going to put that back
when i had when i have an intellectual disagreement with the bomber
you know he understood that now what
weathers you could help them right that speech a reporter where you got it from
but he understood food laid it out you know
then something happened
you know how in the world a man who gave that speech then turned to his summers
who if it is the guy he was targeting really it
and other disciples of rule but number two because it was the head of the new
york said
at that time he was the one that presided over the george w_ bush handout
and that you know he's now are treasury secretary
uh... so you know you think it really questioned heard their adept about the
money
the role of money the power of wall street uh... wall street's
xxxxxxxxxxxxxxx looks at the edge of meets yeah xxxxxxxxxxxxxxxxx yahoos fine
right instantly right so what what
already because if we do that again if we want for overwhelming change again
next based on experience that most of us get sucked and and do the same exact
please a school motorboat but we have to do with the content it yeah
and they're all really what have you had a bill of rights if they were some
people would have known you know me
mister washington interprets and you know i think we still need to put on
specific language in hearing you know
we can't just trust the good guys and you know some but have to win a
democratically sidi
be that boy if it can't be entitled to know that story or you just got to speak
truth to power and not be overwhelmed by it
and uh... eyewitness scary thing is if we lose our boy we leave it to the tea
party to be the only voiced about rage in populism out there that's what
happening and he's got to playing it dangerously hypocritical game the tea
party people
they're basically leading wall street off the hook they're blaming the whole
uh... in or bailout of wall street on the democrats which is wrong
and but we don't we have not we're not touch with the pain out there
that's that's really the problem
you know with wit and i don't know what obama was doing but from day one
he should have gotten into every other issue kristi what about at live with
that much and health care anyway
and afghanistan of course is told districts cloths
plop them system
well a see i think you know paper-based power except money
and we can't just because somebody looked like they don't come from their
richest most powerful
people that they're going to be independent and they're not yugos
you know that what we can chat on the proprietor you know i teach competent
you know what what what do we keep the correct answer it and you know
uh... we we don't have we don't really have serious class divisions in this
country with other nonsense if you look at what happened
from from really from clinton on
we've had a widening division we've had a very hard to pinpoint deborah book up
really roche in a of middle-class we've had an increase in poverty
and that we have more
eyes of a high rate of of uh... power people in poverty
between the working age of eighteen point sixty five that we did a sixty
four
we point out all of the game plan
that we had uh... and and and and and and uh...
so when you know when it we have to talking to me we have to start looking
clearly
we have to be in touch with you know what's really happening to people and
not surrender it too
of the sporty populists on the right thing and i think that's what you would
like your u_s_ should represent and and also its inspection for people
like myself who uh... what to expect that length about what's that hillary
clinton wanted a white house dinner in front of a whole bunch of people have
alternately the words
but i would have paper column and the whole world construction you know i
think the whole world
because while i was defending the clinton administration with there being
attacked over the monocle went in the stain on the ground bubble but you know
so okay
in alaska
uh... i uh... and the temptation to enhance wonderful let me right more
columns you like
but you know i what i was writing this book i i i had covered the sprinklers
working for the other times i was covering those hearings pellets appalled
by that i was appalled by the telecommunications act which you know
really and sensible regulation
diversification jumped appalled by it
the welfare clock or welfare reform which end of the federal poverty program
you know but basically what the long with the lesser evil idea and i was
referring to a very uh... upset about the right wing attacks on clinton on the
personal basis blah-blah-blah
sarcophagus in doing the research for this book
i'd just really criticize myself after what goodness funeral you just you know
and for whatever i wrote a diplomatic
i wasn't open up and it bothers me and and uh... you know
we should assume coming we should have challenge it when it happened
and they were very few people
on force would feingold senator congresswoman feel which is now in
trouble ironically even though he was the one
who really stood against this bill with most forcefully
but rather from south dakota's dropping out
and marquee from last year he was against it
you know uh... when it was happening they found that there will be very few
the only eight senators who voted against a reversal glass legal
while other problems and we got a rap song singer somebody else ironically
words are the republicans party person an excitement
but look by a final thought on this is
but we could get a clip of evan bye
just a couple of days ago
pieces of wire a i talked to fink said these tax cuts and
what waldheim anybody else if they if we don't get these tax cuts meaning that
everybody talks to make sold two hundred two thousand out right the problem is
the people in power it's the sea in new york they live in a bubble
and they've been robert see the pain you see they'll see the pain i see
businesses all but the rich people with
norma sense of
you know
entitlement right it's so ironic that they criticize entitlement spending
because they have this trend
reading the size of a titled if u interview prep that bubble a little bit
give subsidies a lot of info flying
why or why
and on for so it only people that are bombers listened to
is those guys
and you know do you have to do
we have no we have to figure out a way
pop that bottle until we popped up bubble these guys are going to continue
go down the road wong wrote on two week crash and that last crash looks like a
comedy compared to what's coming up next you got it
alright great american regret that the people don't do that would put a carton
and that's what the book is about is called the great american cigarettes by
robert citron thanks a lot of its records