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And so, this was actually a casino. The other thing is, the reason that we have been able to comment on that is due to something referred to as the Administrative Procedures Act. So we'd actually like to see more folks submitting public comment in this-it’s known as the rulemaking process. I believe individuals can be shocked when the video of the Zuccotti protesters is shown. How short do they suppose our recollections are? SEN. HARRY REID: I feel this piece of legislation is about as weak and senseless as something that has ever come on this Senate floor. MICHAEL HUDSON: If you’re talking about the revelations of the senator, these are the second huge story to return out within the last two weeks. And the result was that, hollywood casino resort whereas many of the $sixteen trillion have been repaid, there was a residue of $thirteen trillion added to the government debt since September 2008, when all of this started. So the question is, if they will create a $13 trillion on a computer keyboard, taking over Fannie Mae and Freddie Mac, and the Federal Reserve can simply give this money, why can’t they, over 50 years, pay the trillion dollars for the Medicare and the Social Security?
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AMY GOODMAN: Are you able to describe the scene for us we performed in billboard? MICHAEL HUDSON: The banks, normally, wouldn’t again anything that was going to lead to more foreclosures. They weren’t for the stable securities that did again out the deposits. He tried very arduous to impose austerity on the United States again in 2011, which is-he wanted, you recognize, the European technique, which has pushed the eurozone back into recession, and Spain, Greece and Italy into Great Depression ranges of unemployment. ALEXIS GOLDSTEIN: It was a legislation that was passed in the '30s in the wake of the nice Depression as a response to that large 1929 crash.
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William Black, writer of The perfect Option to Rob a Bank Is to Own One , he’s affiliate professor of economics and law at the University of Missouri-Kansas City, former senior monetary regulator. It gives him with the debt restrict improve that he’s requested. He’s a Wall Street Democrat, which we used to call Republicans. ALEXIS GOLDSTEIN: Right. So we always are very careful to say that we don’t speak for Occupy Wall Road, because we did not undergo the brand new York City Normal Assembly and get approval of a 325-page letter, because we simply didn’t see how that was doable. Lew was an government at Citigroup from 2006 to 2008 on the time of the monetary disaster. Your evaluation of Jack Lew? WILLIAM BLACK: Well, on financial matters, Jack Lew has been a failure of fairly epic proportions, and he gets promoted exactly as a result of he is willing to be a failure and is so helpful to Wall Street interests. AMY GOODMAN: Discuss private fairness funds and carried interest, why, for instance, Mitt Romney will get to pay a decrease tax charge. To talk extra about the debt debate in Washington, as well as the overall financial crisis right here and in Europe, we’re joined by economist Michael Hudson, president of the Institute for the Study of Long-Time period Economic Trends, Distinguished Research Professor of Economics at the College of Missouri, Kansas City, and author of Tremendous Imperialism: The Economic Technique of American Empire. So, for all the discuss out there about deficit discount, making sure our books are balanced, that is the guy who did it-thrice.
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