Bad Money – Bill Moyer Interview

Posted: September 30th, 2008 by: h-2

Another good one, an interview with Kevin Phillips, author of Bad Money: RECKLESS FINANCE, FAILED POLITICS, AND THE GLOBAL CRISIS OF AMERICAN CAPITALISM.

Like the previous links, this one is somewhat refreshing, because the author is an ex-Nixon White House person, who I think fairly accurately notes the serious problems with both the Democratic and Republican parties in the USA.

BILL MOYERS: So you have it — for this disaster has bipartisan parentage.


BILL MOYERS: But yet you say it’s come to an end. You say there’ll be no pretense any longer that the financial system is supreme.

KEVIN PHILLIPS: Oh, there may be a pretense in some quarters. I mean, obviously people who were doing the bailouts are saying how important it is that we don’t rock or endanger the financial system. Some would say to the contrary that the best thing we could do would be to put its failings out there and let the making cure it.

Like so many he sees things fairly clearly, but also, sadly understands that it is now too late. The bubble has to burst, and pumping in hundreds of billions of dollars to keep it inflated, and to keep debt holders buying more, is just not going do anything but make it worse.

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