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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:19 |
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COMING UP NEXT BOOK TV PRESENTS AFTER WORDS, AN HOURLONG DISCUSSION BETWEEN THE HOST AND THE AUTHOR... |
| 00:00:58 |
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LET ME BEGIN BY THANKING C-SPAN FOR THE OPPORTUNITY OF INTERVIEWING NOMI PRINS WHO IS THE AUTHOR OF... |
| 00:01:26 |
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THINGS YOU VERY MUCH, AND THEY DO FOR TAKING THE TIME TO BE HERE AS WELL TODAY, SENATOR. |
| 00:01:35 |
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LET'S BEGIN WITH A THAT A BIT OF BACKGROUND. WHERE WERE YOU BORN? WHAT HAPPENED IN YOUR LIFE TO END... |
| 00:01:51 |
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I WAS BORN IN UPSTATE NEW YORK. MY FATHER HAD AT ONE POINT BEEN A PROFESSOR. HE WAS VERY MUCH WITH... |
| 00:02:56 |
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NINETEEN. |
| 00:02:58 |
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YES, I WAS. I STARTED THERE DOING A LOT OF ANALYSIS AND COMPUTER WORK. |
| 00:03:04 |
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WHAT WAS IT LIKE? OTHER THAN THE PARTIES. |
| 00:03:08 |
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I WAS THE OLDEST CHILD IN THE FAMILY. I THINK THAT MIGHT HAVE HAD SOMETHING TO DO WITH IT. A SENSE... |
| 00:03:55 |
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LET ME ASK YOU THIS. YOU READ THE BOOK AS BEING IN THE BELLY OF THE BEAST. WHAT IMPACT ON YOUR VIEWS... |
| 00:04:11 |
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I WORKED THERE FOR TWO YEARS. IT WAS THE END OF MY CAREER FROM WALL STREET. I EJECTED MYSELF FROM... |
| 00:04:21 |
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I WAS OVER IN LONDON. THERE FOR SEVEN YEARS. THAT WAS REALLY A LOT OF THE WORKOUT WAS DOING. |
| 00:04:36 |
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SO WHAT IMPACT ON YOUR EXPERIENCE? YOU WERE ON THE INSIDE. |
| 00:04:46 |
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THERE IS SUCH A TREMENDOUSLY COMPETITIVE ENVIRONMENT. IN WALL STREET IT IS ALMOST LIKE YOU COME IN... |
| 00:05:50 |
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LET ME ASK YOU A QUESTION. IT IS ON THE MINDS OF MARION'S OF AMERICANS. RIGHT NOW WE ARE IN THE MOST... |
| 00:06:32 |
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IT WAS ABSOLUTELY PREDICTABLE FOR A LOT OF REASONS. THAT MENTALITY. THE REASON THIS CRISIS HAPPENED... |
| 00:07:51 |
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YOU KNOW WHAT, MOST PEOPLE WHEN THEY WENT TO SCHOOL AND YOU LEARNED ABOUT ECONOMICS, MAYBE THEY SELL... |
| 00:08:13 |
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THEY PRODUCE ASSETS THAT DOLLY HAVE VALUE BECAUSE THEY CHOOSE TO SAY THEY HAVE VALUE. IT ABSOLUTELY... |
| 00:09:22 |
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SO AT THAT TIME WHEN OUR MANUFACTURING ABILITY IS DECLINING, WE LOST MILLIONS OF GOOD MANUFACTURING... |
| 00:09:48 |
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IT IS NOT USEFUL TO THE ORDINARY PERSON. YOU LIGGETT A COMPANY LIKE LIKE GOLDMAN SACHS. THEY PAY... |
| 00:10:23 |
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IT LOOKS LIKE WE ARE INVOLVED IN TWO SEPARATE WORLDS. SOMETHING LIKE 40 PERCENT OF THE PROFITS IN... |
| 00:10:52 |
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OF COURSE IN NEW YORK CITY IT IS AN OUTSTANDING NUMBER BECAUSE IT IS NOT PREDICATED. THERE ARE ALL... |
| 00:11:31 |
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I REMEMBER, BACK IN MY STATE PEOPLE ARE REALLY STRUGGLING. PEOPLE ARE LOSING THEIR JOBS. THEIR INCOME... |
| 00:12:09 |
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BECAUSE FOR THEM IT WAS GREAT, AND THAT'S THE PROBLEM. 2006 WAS THE RECORD YEAR OF BONUSES ON WALL... |
| 00:13:31 |
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MY END OF THE STREET, HEARING THESE GUYS TALK IT IS LIKE THERE LIVING IN ANOTHER WORLD. YOU HAVE BERNANKE... |
| 00:13:54 |
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I DON'T THINK THEY WERE LOOKING AT THE DATA. IF THEY WERE THEY WERE CHOOSING TO IGNORE IT OR ACT OPTIMISTIC... |
| 00:14:35 |
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HE ALMOST MAKE IT. |
| 00:14:36 |
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HE ALMOST MADE IT. |
| 00:14:37 |
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IF IT HAD HAPPENED IN THE BEGINNING OF TWO DOZEN NINE IT |
| 00:14:42 |
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TALK. WALL STREET SPENT $5 MILLION PRESSURING CONGRESS THROUGH LOBBYING AND CAMPAIGN CONTRIBUTIONS... |
| 00:15:15 |
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THE REPEAL WAS THE CATALYST FOR WHAT ULTIMATELY BECAME THE COLLAPSE. THEY WERE ALL PREDICATED ON THE... |
| 00:15:38 |
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AT THINK YOU ALSO SAID ALL THE THINGS THAT WILL HAPPEN TO CONSUMERS. IT DID HAPPEN. ALL OF THE WARNING... |
| 00:16:29 |
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DURING THOSE YEARS AND AFTER EVERYBODY ROLLED OUT THE RED CARPET, THE PHILOSOPHY THAT THE BEST THING... |
| 00:17:53 |
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THERE HAS NOT BEEN A CHANGE IN ANY OF THE REGULATIONS THAT COME ON TO THE FINANCIAL WORLD. UNFORTUNATELY.... |
| 00:18:03 |
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LOVE ME BACK THAT UP. A HE HAS SPEAK AS AN INDEPENDENT. WOULD YOU ARE ESSENTIALLY SAYING, ARE YOU... |
| 00:18:23 |
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IT SEEMS LIKE ONE OF THE LEAST PARTISAN THINGS IN WASHINGTON. IF YOU LOOK AT JUST THE SHEER REGULATION... |
| 00:18:46 |
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AND THE SECRETARY OF THE TREASURY. |
| 00:18:48 |
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THE SECRETARY OF THE TREASURY WHO HAPPENS TO HAVE ALSO BEEN ECHOES CEO OF GOLDMAN SACHS. THAT IS A... |
| 00:19:08 |
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WHEN I WAS THERE HE WAS HEAD OF THE GOLDMAN SACHS. BECAME TREASURY SECRETARY. BUT OF COURSE A DEMOCRAT.... |
| 00:20:14 |
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LET ME MENTION SOMETHING HERE. LAST YEAR I HAD BEN BERNANKE CAME BEFORE THE BUDGET COMMITTEE. THIS... |
| 00:21:23 |
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I KNOW. IT WAS ASTONISHING. AT THE SAME MOMENT OR A FEW MINUTES LATER HE SAID IT WOULD ACTUALLY BE... |
| 00:22:46 |
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THAT IS EXACTLY WHAT HE DID SAY. WE TOOK THAT CONCEPT OF THE NEED FOR TRANSPARENCY TO THE FLOOR OF... |
| 00:23:17 |
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EXACTLY. BUT I'LL TELL YOU ONE THING, THE YARD IS EXTENDING MORE MONEY AND HAD MORE OPEN PLANS TO... |
| 00:23:44 |
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TO KNOWS ABOUT THIS? |
| 00:23:46 |
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SOME OF IT IS A CLAUSE THAT PUBLIC. NOT WHAT COLLATERAL HAS BEEN POSTED. THAT WE ARE TRYING TO GET... |
| 00:24:09 |
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YOU COULD DO IT. |
| 00:24:13 |
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YOU CAN'T DO IT NORMALLY. WHAT DID YOU SPEND? WHERE DID THESE BANDITS TO BACK THERE IS NO REPORT THAT... |
| 00:24:23 |
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I'M GOING TO PUT YOU ON THE SPOT. BASED ON HIS RECORD DO YOU THINK PRESIDENT OBAMA REAPPOINTING BERNANKE... |
| 00:24:47 |
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MADE A LOT OF MISTAKES. LEADING UP TO IT IN TERMS OF NOT LOOKING AT THE INFORMATION. THERE WERE ECONOMIST... |
| 00:26:06 |
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IF YOU ARE NOT ONE OF THOSE FOLKS WHO SAY THANK GOD THE DECISIVE ACTION, THE BAILOUT, WERE OVER THE... |
| 00:26:15 |
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RIEDEL DARICA, FOR SOME BANKS BECAUSE OF THE FEDERAL CAPITAL THEY CAN USE TO GO BACK INTO TRADING... |
| 00:26:52 |
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AS WE SPEAK, PRESIDENT OBAMA HAS INDICATED THAT THOSE FINANCIAL INSTITUTIONS THAT HAVE BEEN BUILT... |
| 00:27:29 |
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THEY FEEL INCREDIBLY RIDICULOUSLY IN TITLE. THEY GO BACK TO THEIR OFFICES. GREAT, CRISIS AVERTED,... |
| 00:28:03 |
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AGAIN AS AN ELECTED OFFICIAL PEOPLE SOMETIMES CRITICIZE APPROPRIATELY PEOPLE IN CONGRESS LIVING INSIDE... |
| 00:28:21 |
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THEY DON'T CARE BECAUSE NOTHING HAS HAPPENED TO THEM. YOU KNOW, THE RAGE IN THE RIGHTEOUS RAGE OF... |
| 00:28:44 |
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WE ARE GOING TO TAKE A BREAK WITH NOMI PRINS HIS EXCELLENT BOOK, "IT TAKES A PILLAGE," EXPLAINS THE... |
| 00:28:59 |
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AFTER WORDS AND SEVERAL OTHER C-SPAN PROGRAMS ARE AVAILABLE FOR DOWNLO AS PODCASTS. MORE WITH NOMI... |
| 00:30:11 |
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WE ARE CONTINUING OUR DISCUSSION WITH NOMI PRINS WHO IS THE AUTHOR OF "IT TAKES A PILLAGE." NOMI... |
| 00:31:07 |
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FOR ONE THING WALL STREET HAS A TIGHTER CONNECTION TO PEOPLE IN WASHINGTON AND MUCH MORE MONEY TO... |
| 00:31:26 |
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LET ME JUST MENTION THIS WHICH TO ME IS KIND OF A SOUND BOARD. YOU MIGHT HAVE THOUGHT THAT THE PEOPLE... |
| 00:31:49 |
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THERE IS NO CONTRITION, NO CONNECTIVITY TO THE REST OF THE COUNTRY BECAUSE HONESTLY THE PEOPLE THAT... |
| 00:32:24 |
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YOU SAID THIS IS EXACTLY TRUE, TO BE CLEAR I VOTED AGAINST THE BAYLOCK COME UP BUT THE LINE WAS, THIS... |
| 00:32:43 |
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NOT ONLY DO I NOT AGREE WITH ANY OF THE NUMBERS WE HAVE SHOWN THAT HAVE LEGITIMATELY INDICATED THAT... |
| 00:34:12 |
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YES AND NATIONAL UNEMPLOYMENT WAS 5.8% PROCEEDING THAT PERIOD OF THE CRISIS LAST FALL AND NOW IS ALMOST... |
| 00:34:40 |
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ALRIGHT, WHAT DO WE DO? WHAT DO WE DO TO CREATE FINANCIAL INSTITUTIONS THAT ARE PART OF THE UNITED... |
| 00:35:08 |
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FIRST OF ALL WE HAVE TO LOOK AT THE MONEY GIVEN TO THE SYSTEM BECAUSE WE DIDN'T PUT, THE GOVERNMENT... |
| 00:36:23 |
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USE THE WORD ACCOUNTABILITY. ON WALL STREET THAT IS A FOUR-LETTER WORD. |
| 00:36:31 |
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IT WILL NEVER COME OPENLY. HE IS NOT GOING TO COME TO WASHINGTON AND BE LIKE DO YOU KNOW WHAT WE ARE... |
| 00:36:59 |
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YEAH. |
| 00:37:01 |
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WITH PARTICULARLY BECAUSE THEY HAVE HAD PUBLIC ASSISTANCE. IT SHOULD BE EASIER NOW TO ASK MORE OF... |
| 00:37:16 |
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I THINK ONE OF THINGS AS A SENATOR I HEAR A LOT ABOUT PEOPLE, LITERALLY CAN'T UNDERSTAND HOW THEY... |
| 00:37:38 |
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IT IS THESE ON CREDIT CARDS. IT IS THESE ARBITRATE THESE THAT GET SLAPPED ON CHECKING ACCOUNTS AND... |
| 00:37:51 |
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EXPLAIN FOR A MOMENT, I'M NOT SURE ALL THE VIEWERS KNOW WHAT SCHOLASTICAL IS ABOUT. |
| 00:37:57 |
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IN 1929 WE HAD A TREMENDOUS STOCK MARKET CRASH IN THE UNITED STATES FOLLOWED BY THE GREAT DEPRESSION... |
| 00:39:29 |
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THE TAXPAYERS AND NOT GOING TO BILL UBOT WHEN YOU FAIL. |
| 00:39:32 |
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RIGHT AND THAT WAS JUST A LOGICAL AND THE FDIC WON'T BE THERE TO ENSURE YOUR DEBT WHICH IS WHAT THEY... |
| 00:39:56 |
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FOR YEARS BEFORE THE REPEAL ROBERT RUBIN WAS TALKING ABOUT THIS NOTION THAT WE COULD BE COMPETITIVE... |
| 00:40:24 |
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SO THE CONGRESS REPEALED GLASS-STEAGALL. WHAT WAS THE IMMEDIATE RESULT? |
| 00:40:29 |
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THERE WERE MARCHERS THAT PRECEDED GLASS-STEAGALL SUCH AS BEN TRAVELERS. THERE WAS AN IDEA WHERE INSURANCE... |
| 00:41:18 |
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THAT FIXES TO THE ISSUE OF TOO BIG TO FAIL. TOO BIG TO FAIL MEANS THAT, IF A HUGE FINANCIAL INSTITUTION... |
| 00:41:56 |
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I THINK WE SHOULD BE GOING BACK TO A CURRENT GLASS-STEAGALL. WE SHOULD BE SEPARATING THESE BANKS... |
| 00:43:08 |
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IF PEOPLE WANT TO SPECULATE THEY CAN SPECULATE THAT THEY ARE ON THEIR OWN. WHEN AND IF BANKS WANT... |
| 00:43:23 |
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THAT MAKES SO MUCH SENSE BECAUSE NOT ONLY PIGGYBACKING THEM UP, YOU KNOW EXACTLY WHAT YOU ARE DEALING... |
| 00:43:43 |
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I CONCUR WITH THAT. |
| 00:43:44 |
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TO SOME EXTENT IT IS NOT AS COMPLICATED AS IT IS MADE OUT TO BE BUT IT IS CERTAINLY ARCANE TO ANYBODY... |
| 00:44:00 |
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LET ME SWITCH GEARS FOR A MOMENT. THE AVERAGE AMERICAN AFTER THE BAILOUT WANTED TO UNDERSTAND HOW... |
| 00:44:36 |
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1932 PECORA WAS SET TO UNDERGO AN INVESTIGATION OF PREDOMINANTLY THE BANKS BY THE SENATE BANKING COMMITTEE,... |
| 00:44:59 |
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JPMorgan AND THESE OTHERS. |
| 00:45:01 |
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JPMorgan AND HE BASICALLY REALLY CAMERA THEM TO EXPLAIN EXACTLY WHAT THEIR PRACTICES WERE COMMON AND... |
| 00:46:06 |
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THAT IS A GOOD THING TO DO. SOME OF THESE GUYS IT NOT BEEN IN FRONT OF VARIOUS COMMITTEES TALKING... |
| 00:46:17 |
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THE BONUS IS OUR EGREGIOUS PARTICULARLY NOW AFTER THE CRISIS WITH FEDERAL FUNDING BENEATH THEM BUT... |
| 00:46:33 |
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EVEN IN ADDITION TO THAT THE AMERICAN PEOPLE ARE OWED AN EXPLANATION OF WHAT HAPPENED AND THEN THE... |
| 00:46:54 |
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ABSOLUTELY BECAUSE ONE OF THE THINGS THAT CONTRIBUTED TO THEM BEING ABLE TO CREATE THESE ASSETS OUT... |
| 00:47:36 |
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LET ME ASK ANOTHER QUESTION, CHANGING HERE AGAIN A LITTLE BIT. THERE IS GROWING I THINK INTEREST IN... |
| 00:48:01 |
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HE CONTROLS THE ABILITY TO CREATE MONEY AND THAT IS A VERY POWERFUL ABILITY. |
| 00:48:07 |
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TALKING LITTLE BIT ABOUT THE FED. HOW DOES SOMEONE LIKE THE CHAIRMAN OF THE FED GET OUT OF THIS-ALL... |
| 00:48:40 |
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ALSO SUBSIDIZE THE MUCH OF THE PRIVATE SECTOR AND RESIDE IN WASHINGTON. TO A LARGE EXTENT THE FED... |
| 00:49:32 |
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| 00:49:35 |
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THERE IS THE 12 FEDERAL RESERVE BANKS. THEY ARE APPOINTED, BASICALLY PEOPLE ARE APPOINTED AND FOR... |
| 00:50:16 |
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IT IS AN ENORMOUS CONFLICT OF INTEREST. |
| 00:50:20 |
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FROM DAY ONE THE FED WAS A CONFLICT OF INTEREST. THEIR RELATIONSHIP IS THE NEW YORK FED IS THE MOST... |
| 00:50:48 |
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HOW DO, IN YOUR JUDGMENT, THESE GUYS WITH SO MUCH POWER PLANE LITERALLY BUT TRILLIONS OF DOLLARS,... |
| 00:51:17 |
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I THINK TO SOME EXTENT, AND YOU ARE DIFFERENT BUT AT THE TIME I THINK THERE WAS AN IDEA OF THE ECONOMY... |
| 00:51:59 |
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BERTHOUD U.N. MCDADE DEMOCRATIC SOCIETY WHERE PUBLIC'S OFFICIALS ARE SUPPOSED TO BE HELD TO ACCOUNTABILITY... |
| 00:52:07 |
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I THINK WHAT WE HAVE SEEN OUT OF THE SCENARIO IN PARTICULAR IS THAT THE FED SHOULD NOT BE WHEN SORT... |
| 00:52:36 |
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IT IS ALMOST LIKE A SHELL GAME. THERE ARE GREAT THINGS LITERALLY ON THE FLOOR OF THE SENATE THAT ... |
| 00:53:20 |
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WHERE WE ARE RAPIDLY RUNNING OUT OF TIME BUT THIS IS A FASCINATING DISCUSSION AND I'M GLAD YOU ARE... |
| 00:53:43 |
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FIRST THING I THINK THEY SHOULD HAVE A REAL DEBATE OF THIS IDEA OVER TOO BIG TO FAIL. BY SIMPLY INCREASING... |
| 00:54:18 |
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WE ARE RUNNING OUT OF TIME BUT THE MAIN POINT YOU HAVE MADE TODAY, ALONG WITH MANY GOOD IMPORTANT... |
| 00:54:48 |
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EXACTLY AND MEEKHAM MAKE IT UP TO THEM. PRESIDENT OBAMA'S TALKING ABOUT RAISING SMALL BUSINESS LOAN... |
| 00:55:09 |
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ON THAT NOTE, LET ME THANK |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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Sanders, Bernard
U.S. Senator [I] Vermont
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