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Spitzer: ‘Wall Street Failed This Nation’

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Posted on May 13, 2009

Everyone’s favorite client No. 9 is making the rounds of the cable news shows and is actually dropping some interesting takes on the economy and Wall Street regulation. Check out his two-part interview with Rachel Maddow.

(h/t The Huffington Post)


Part 1:

Part 2:


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By samosamo, May 23, 2009 at 2:53 pm Link to this comment

By Alex Martin, May 22 at 4:45 pm

You should really try to read William Black’s ‘The Best Way to Rob a Band is to Own One’(reading that is about as depressing as Klein’s ‘Shock Doctrine), or maybe just google ‘william black control fraud’ and see just how low down fucking crooked CEO’s and upper management have gamed the system starting back with the S&L scandal in the 80s which these ponzi schemes continue to thrive on to this very day. Here’s a link:

And everyday that goes by with little or no effort to agressively go after these crooks then this kind of criminal behavior becomes ever more the accepted way to ‘do business’.

About the only good I see in this is that if there are enough bright, honest and aggressive people out there then this would create huge jobs market to investigate the ‘new way of doing buiness’ after all, we only have our own country and economy to save.

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By Alex Martin, May 22, 2009 at 1:45 pm Link to this comment
(Unregistered commenter)

How about the idea that Wall Street and Mainstreet behaved equally wrong.  Wall Street execs knew there were regulators.  If the regulators were not doing their job then Wall St was assuming, their behavior was not totally wrong.  The profits might be a bit ill gotten, but if no one is saying no, then take advantage of the situation, and make money while it’s possible. 
Similarly, many on main street (who were not that savy) knew that they couldn’t afford houses that they wanted to buy but were enticed to buy because the banks didn’t say no and they thought their income would eventually rise to the point where the house would be affordable.  The folks on Main Street thought, take advantage of the option while it’s available.
The problem was with the regulators and the systems that were set up that encouraged more profits and more houses sold regardless of whether it was prudent.  Who and what developed and permitted these systems and regulatory behaviors?  The main culprit in all of it is the national mindset that we can get a quick and easy buck, no matter if it sounds too good to be true.  We have stopped taking responsibility for our own actions and have avoided limits to our behavior.  Bigger is not always better, “Plastics” is not the future, boring banking behavior may not be sexy but it is sustainable.
Stop pointing fingers at others and look for ways that you contributed to the mindset, make changes in your own community, and keep a wary eye out for scams and overly risky behavior in our financial systems.

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By AbuMubarak, May 15, 2009 at 3:52 am Link to this comment

For this man to show his face amongst civilization within the next two hundred years is a testimonial of how we no longer have shame of immoral conduct.

Eliot Spitzer, Dick Morris, Jesse Jackson, et al should themselves be ashamed, and society should shun them…........but alas, in the days of post-Jerry Springer, nothing surprises us. 

Next thing is we get lectures from pedophiles about our morality.

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By BlueEagle, May 14, 2009 at 11:00 pm Link to this comment

The Assassination of New York Governor Eliot Spitzer

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By hidflect, May 14, 2009 at 7:12 am Link to this comment
(Unregistered commenter)

He’s done his penance… now put him to work, dammit!

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By samosamo, May 13, 2009 at 4:48 pm Link to this comment

By don knutsen, May 13 at 6:44 pm

You’re right, wall st. couldn’t have done it without as crooked or more crooked people in washington to ‘lend a helping hand’ making the whole thing a ‘joint’ effort and dual complicity.
Still if spizter had not been caught and quit, he may have been able to at least raise the alarm earlier, but alas, to no avail as washington or any of the infected oversight and regulatory groups would not have reacted any different.

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By don knutsen, May 13, 2009 at 3:44 pm Link to this comment
(Unregistered commenter)

Bullshit - Wall Street didn’t fail this nation. The greed-heads of Wall Street took advantage, as any good capitalist would have, of the fact that our goverment had no intention of performing its role in overseeing how Wall St., the banks and the Insurance giant AIG conducted their buisness. There were agencies a part of this goverment whose only reason to exist was to protect the american people from exactly what took place. Under this last administration there were no competant individuals in charge, they had been replaced by loyal bushites told to look the other way at the least or to help in the graft. Every agency during the Bush / Cheney regiem was turned into an example of incompetance and corruption. Unfortunately they had plenty of help from both sides of the isle all the way. Republican Phil Graham removed the last of the obstacles that were still in place in the form of regulation and Bill Clinton signed the bill. Our current VP signed onto the change in credit card rules favoring the banks at the expense of the people. But lets quit blaming those evil money changers of Wall St alone…they did was was completely understandable given a goverment that didn’t understand its role in protecting the consumers anymore. We elect representitives to speak for us all, but we don’t bother to tell them how we want them to vote. But the lobbyists for those firms, they certainly make their needs known.

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By samosamo, May 13, 2009 at 3:24 pm Link to this comment

Too bad he ‘screwed’ up like that because he would have been a very important part of obama’s cabinet IF obama had the balls to select him, a whole lot better than holder for sure.

But that is ‘what if’ or ‘should have’ and so would a frog’s ass not hit the ground if he had wings.

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