After the horrendous economic implosion of last year, we were promised that increased regulation and oversight would be put in place, that the financial sector would be reformed to eliminate the reckless behavior and predatory lending that sparked the crisis in the first place. Over a year later, nothing has changed. The Treasury Department, the Congress, and the Federal Reserve have done next to nothing to fix the root of the corruption, even after unloading truckloads of taxpayer dollars on Wall Street. Very little has improved in the housing industry, unemployment, or for ordinary Americans in general; meanwhile, Wall Street has already resumed risky behavior – including a huge investment by Goldman Sachs in the Chinese automotive industry. This Bill Moyers Journal segment, featuring International Monetary Fund chief economist Simon Johnson and U.S. Representative Marcy Kaptur (D-OH), delves into the current state of the relationship between Washington and Wall Street, and the rise of “Lemon Socialism”.
Filed under: Economics, Politics | Tagged: Bailouts, Bill Moyers, Blackrock, Congress, Depression, Economic Crisis, Federal Reserve, Foreclosure, Goldman Sachs, Government, International Monetary Fund, Lemon Socialism, Marcy Kaptur, PBS, Recession, Simon Johnson, Treasury Department, Wall Street, Washington
