Wall StreetNationalize?

Bill Moyers interviews Robert Johnson on the current state of the economy and the Obama Administration’s approach to the “meltdown.” Mr. Johnson is a former chief economist for the Senate Banking Committee, and he offers calm, rational perspectives on what he thinks the problems are, and on what the best probable solutions would be. I’m pleased that he draws a distinction between the different usages of the word “nationalization,” which, of course, is an incendiary word conservatives like to seize upon as part of their scare campaign against President Obama and the Democrats. He points out that FDIC-style restructuring of insolvent institutions is hardly a move toward socialism or communism — as others have also tried to point out in the face of the deafening cacophony of Hannity-esque and Limbaughian scare tactics. As I’ve said many times before, I think our economic woes boil down to a basic, systemic problem of superstitious faith in and desire for boundless economic growth. This is an impossibility, particularly as long as population continues to increase rather than stabilizing at a healthy equilibrium. I hope you enjoy this discussion and find it informative.

-EAB

Part I

Part II

49 Responses to “Restructuring vs Nationalization”

  1. bilkoviete says:

    Nope. I believe it happens in the US as well. ludacris. Especially the banks that are under the “help” of the government now….*cough* Bank of America *cough*…and many more. *cough* Capital One *cough*…..anyway…

  2. Google’s earnings show that the mounting worries about another global recession haven’t shaken the Internet’s search and leader so far.
    File – In this Nov. 18, 2010 file photo, a magnifying glass is used to illustrate an excerpt from the Top Internet Service Goggle Maps, recorded in Bremen, Germany. Google Inc., releases financial results Thursday, Oct. 13, 2011, after the market close.

  3. barbexopul smanie says:

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  4. Peter is always right, maybe not tomorrow or next week because market in the term is irrational, but we look at 1 or 2 or 5 years down the road, Peter is always right ! It’s pointless debating Peter

  5. dahl lovicht says:

    It is obvious that we cannot legislate morality but does that mean that we should throw out all attempts at being a moral society?? As a nation we need to find a basis for what can be considered “moral” and what and that basis (for this historically Christian nation) should be the Bible, if we do not do this then questions of what is properly moral becomes subjective and we must throw out the concept of “morality” altogether and I am sure you do not want that.

  6. 75% Commission! Earn Up To $100,000 Within The Next 12 Months Cleaning Out Foreclosed Homes. Recession Proof Business! No Experience Necessary! Take Advantage Of The Foreclosure

  7. lohman shaheelaha says:

    As a result of these shocks, by 1988 per capita GDP had fallen to half its preRevolution peak reached in 1976.
    8
    From the viewpoint of the national economy, the
    extent of economic decline is breathtaking, especially considering the rapid pace of
    growth that it reversed (Fig. 1). Reversals of of this magnitude in such a period are rare in modern history. Fluctuations in personal incomes and consumption
    appear to have less dramatic. According to national income data in Fig. 1, private
    consumption grew at 4.5% between 1960–1977, which is about 2 percentage points
    less than GDP per capita, but was down by only 23% in 1988 compared to its peak
    in 1977. A decline of similar magnitude is observed in Fig. 2 in average household
    income and expenditures which are calculated from the survey data I use in this
    study.
    9
    With the end of the war in 1988, the economy a long period of reconstruction and recovery. By 2005, GDP per capita was back to its peak level of the 1970s.
    Per capita consumption more than recovered its pre-revolution level, having grown
    at 4.6% per year during 1997–2005. A brief oil boom in 1990–1991 helped jolt the
    economy but economic mismanagement, which caused a balance of payments crisis
    and compression in 1993, resulted in 3 years of near zero growth during 1992–
    1995 (see Fig. 1 and Pesaran [29])

  8. mancs dalin says:

    B4 u diagnose yourself with depression or low self-esteem, 1st make sure that u r not in fact, just surrounded by assholes

  9. marriedeme says:

    BREAKING NEWS: Thousands of children stormed PBS and are now occupying Sesame Street. They’re protesting against the letter Q & the 8!

  10. i saw beauty and the geek and antm too
    joe was a really stupid guy, and he always talked too much 😀

  11. lol darren has to be the greatest pranker of all time because he literally made sumones worst nightmare come to life and even if it wuz fake people like me believe it and laugh at sumthing fake (which i dont think it is) and it that way hes pranking us lol so fake or real hes deffitnetly pranking sumone, the question remaining its……WHO?

  12. ive been listening to for a VERY long time ,but hearing version is a nice change and it doesnt sound bad or anything compared to other Kaito versions ive heard .

  13. It’s the morning of the 2012 Iowa caucuses, and Rand Paul sounds like a Bill Moyers “daisy” ad against Goldwater in 1964…

  14. Well, lets maybe not leave this that long. @Zombie_Phil I see that Phantom is on till the 22nd of April!!

  15. misa gabl says:

    I love remix, and I think Mary & Max is a beautiful film. However, I did not hear this song from either of those. I heard it as I was falling asleep on my Arcade Fire pandora station [very random] and when the strings entered in, I swear my skipped a beat and I momentarily stopped breathing. Melodramatic, but completely amazing, and this has been my favorite song since.

  16. dcs sammaznah says:

    Come with us and tell the NY Fed and the SEC, FDIC and OCC to enforce a strong Volcker Rule! Don’t cave to the banks!

  17. BTW Jesse is right:

    Audiences
    This video is most popular with:
    Gender Age
    Male 13-17
    Male 18-24
    Male 25-34

  18. Oh holy jesus, Ryan has been Meltdown City lately, both at home and school. We think it’s a delayed reaction to the last 8 months.

  19. Managing Editor, Digital News – Arlington, VA –> Managing Editor, Digital News Join the PBS NewsHour with Jim Lehrer! MANAGING EDITOR, DIGITAL NEWS The PBS NewsHour is seeking a Managing Editor to oversee the NewsHours website, newshour.pbs.org; o… Learn more here:

  20. She’s scared because she can feel that the end is near and she wants someone to pull her out of depression but everyone left!

  21. bohdad flugfell says:

    Warren Buffett today: “the auto bailout is one of the best things to happen to the economy”. Expect to hear Obama tout that one.

  22. wingoh meld says:

    Makeup Meltdown: Ok, it is summer in Florida…heat index has soared to 112 degrees.! It is scorching even in the …

  23. BC boat sales rise from recession’s depths: The owner of The Boat Centre in Horseshoe Bay said the yacht, a twin…

  24. rod papert says:

    Make a dream come true for the inspirational. Let’s get AD Lane in the worldwide rankings! <3 Indie films xx

  25. Got the green light on the biggest retainer of my career today. “If you build it, they will come”. Forget the “recession”,

  26. maurosser tow says:

    What Happens Now in the South China Sea?
    the Diplomat
    EBG6NYSM4VCJ. Although the meltdown of the ASEAN foreign ministers’ meeting in Phnom Penh last week seemed like an unmitigated disaster, and already has resulted in a flurry of press coverage blasting the organization, the situation in the South China …
    and more »

  27. Bill Moyers and Chris Hedges: How Whole Regions of America Have Been Destroyed in the Name of Profits | | AlterNet

  28. kaspeathih matsassell says:

    I have learned the best cure for depression is forgiveness & doing random good deeds & acts of kindness to others.

  29. New Castle is a community — trying hard to recover from factory closures and a stubborn recession — that could use some inspiration.

  30. hillonestr reder says:

    No ones gonna take the real zombie apocalypse seriously if people keep dressing up like fake zombies every year and walking around downtown

  31. “Masturbating, as well as dancing or even singing are all proven ways to reduce stress and depression faced by humans!”

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  33. great piece with Bill Moyers on your book Righteous Mind but UVA being a big college football school? Very confused.

  34. Rep. Jesse L. Jackson Jr., who is battling bipolar depression, has not campaigned and has been absent from the House since early June. But he is expected to be a shoo-in for reelection.
    CHICAGO — Battling mental illness and personal financial troubles, Rep. Jesse L. Jackson Jr. (D-Ill.) is a heavy favorite for reelection Nov. 6 despite a surreal campaign from which he has been absent for almost four months.

  35. baeverstil ost says:

    Lol is a media magnet – To all who has ever told him no – idiots! – death by hair dryer

  36. Zambia recorded increased contribution to GDP via copper mining nationalization prior to oil crisis. Why not the same for others?

  37. pfaniewson giam says:

    Lol you better tell ur friend to be careful. When I make her meltdown I’m just gonna laugh w/ no sympathy

  38. yusutkoria says:

    It really is!! I love coming down there to visit! I was actually born in Hugo and went to pre-k in Moyers!

  39. Nevertheless, he’s been warning of a possible crisis in 2013 for some time and is not backing off from that call as the date approaches. In this Bloomberg interview, Roubini describes why a meltdown next year would be even worse than what we saw in 2008. Notice how he ducks the question of safe havens. He also discusses t …
    Melvina Boroski liked Roubini Warns a Crisis in 2013 Would Be Worse Than 2008 « naked capitalism on 20 July 2012 (5 months ago).

  40. The headlines, press conferences and presidential praise that accompanied the February announcement of a $25 billion legal settlement over egregious foreclosure practices have long since subsided. But for one veteran banking regulator in a newly leased, 18th-floor office in downtown Raleigh, N.C., the work is only beginnin …
    Kizzie Solhjem liked Joseph Smith Jr., monitor of banks after settlement, faces a daunting task on 18 April 2012 (8 months ago).

  41. Nothing wrong with our economy that threatening a global economic meltdown and pretending to repeal Obamacare for the 34th t …

  42. wee holchi says:

    A wintry burst of weather hit businesses and travellers across Britain for a day yesterday, threatening an unprecedented “triple-dip” recession that could knock the government’s economic plans off track. …

  43. can we just skip this whole thing and go to the where i have a really awesome job and spend all my time tr …

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  45. I’m sympathetic to the argument that excess leverage was a problem in the financial crisis, but I don’t see it the primal cause of the recession. Instead, leverage iss a magnifier that makes things much, much worse when problems occur:…

  46. lol they are. I mean make me vomit because they’re both disgusting eeewwwww….. But I expect a good laugh and meltdown :p

  47. ruthwersin says:

    Now that iTunes has let us see the rest of the episodes for season 3 of before viewers, I feel so super special.

  48. merrishitt says:

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