Saturday, January 28, 2012

Moyers & Company Show 103: How power and influence helped big banks rewrite the rules of our economy. on Vimeo

Moyers & Company Show 103: How power and influence helped big banks rewrite the rules of our economy. on Vimeo

Moyers & Company Show 103: How power and influence helped big banks rewrite the rules of our economy. from BillMoyers.com on Vimeo.


Big banks are rewriting the rules of our economy to the exclusive benefit of their own bottom line. But how did our political and financial class shift the benefits of the economy to the very top, while saddling us with greater debt and tearing new holes in the safety net? This weekend on Moyers & Company (check your local listings), Bill Moyers talks with former Citigroup Chairman John Reed and former Senator Byron Dorgan to explore a momentous instance: how the mid-90s merger of Citicorp and Travelers Group and a friendly Presidential pen -- brought down the Glass-Steagall Act, a crucial firewall between banks and investment firms which had protected consumers from financial calamity since the aftermath of the Great Depression. In effect, says Moyers, they put the watchdog to sleep.

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