Charlie Rose

esantoro  06/21/2009 05:50 PM Report

When thinking about the current economic situation, I can't help but think that race plays a significant factor, yet no one is connecting that dot.

The 1965 Immigration Act opened up immigration for low wage workers to satisfy a growing service sector that was quickly replacing manufacturing as the largest segment of the economy. At the same time that immigration, which had been curtailed since 1925, started to increase, U.S. leadership started creating a two-tiered economy: One for the capitalists and one for the remaining 90 percent of us (including capitalists making less than several million a year).

Last night I watched _Anchors Away_ with Sinatra and Kelly, and it struck me. When the over-60 leadership in this country think of America, they think of an America they pine for, an America that is represented in such a film as _Anchors Away_: Good white kids who deserve to be part of the community, thus a higher tax rate is acceptable in that perceived reality.

The problem is that today's America is reluctant to face the reality of what America is. America today is much the same as it was in the late 40's with one caveat: America in the 40's and 50's was able to ignore the existence of its non-Caucasian population. And when it does acknowledge that population, as it does with Los Angeles Hispanics in _Anchors Away_, it does so in pejorative ways. In the film, poverty in the Hispanic community is treated as quaint, something that gives color to the area and raises the standard of living of Caucasian Americans by comparison, but a sense of political and economic representation is nowhere near the ballpark.

In pining for that white-washed America that _Anchors Away_ represents, the over-60 leadership in this country, fail to recognize economic realities of America as a whole, economic realities that circumscribe a large swath of America that includes Americans of all ethnic backgrounds, hence the election of President Obama, whose campaign rhetoric spoke directly and dearly to that large segment of America that feels its interests have not been represented in government policies for a very long time.

As long as the aging leadership in this country have a misguided view of what America is and is becoming, it will indirectly erect policies that are harmful to the country as a whole. The narrowly understood ideology of supply-side economics and global capitalism allows this leadership to be ignorant of American realities and mislead by a very peculiar and extremely effective system of American propaganda.

Another film that allows for an interesting line of interpretation is _Mission to

Mars_. On one hand it is a throw-away film that is the equivalent of fast-food. However, the film offers up something else, most likely unintentionally. It is this: A society where women and blacks can now perform the roles of the WASP males (scientists, explorers, doctors, lawyers, politicians, etc.) is sterile and no longer of interest to and deserving of the attention of the male WASP hero. Thus, he must abandon that society for a different one, one where, according to his own understanding, he can feel on top again.

This issue is the one we constantly dance around, failing to place it front and center. When we do talk about race, we do it in a very superficial way, a way that disconnects the discussion from what what exactly America is. This is the conversation from which we cowardly back away, and we do so at the peril of the country. This is also how we all pay a dear price for the history of slavery and racial equality. As long as we equate overcoming racial issues with acts of reluctant charity, we will fail to see how such ignorance brings down the entire country. We still fail to see how slavery and racism debase both the disadvantaged and the advantaged.

Racial tension is so firmly woven into the American fabric that we are unable to see its subtle repercussions, beyond the superficially obvious. We so so at our own peril, as we walk the plank blindfolded.

IRISH  06/20/2009 05:52 PM Report

Fabulous interview including Michael Lewis' economic experience in the early 90s "Liars Poker" which was mandated reading for all those MBAs in the Clinton years.Taking up on Lewis and several prior comments,America has to take off their ideological blinders and see the reality of the economic circumstances. The taxpayer should not kiss ass to the wealthy on Wall Street. Tax cuts? Nonsense! Hell the best economic times in USA had as top tax rate of over 70% of earned income.

esantoro  06/19/2009 06:56 AM Report

Enjoyed this interview, as well as _Liar's Poker_. Regarding finance, it's always nice to hear from someone with inside information who speaks with a desire to arrive at a truth that stands up to scrutiny rather than from ideological talking points that are understood only superficially.

tartufe  06/18/2009 10:02 AM Report

Cogent post balder. The "strong interest money from Wall Street" you speak of boils down to what will prove to be our ultimate nemesis - under the guise of being our savior - namely, the Military-Industrial Oligarchy. Their current "sustain-all-conflicts" for fun and profit campaign is to establish alleged needs to stay in Iraq and extend the Af-Pak chaos ad infinitum. N. Korea and Somalia a convenient standby should (god forbid) peace break out.

Obama is irrelevant.

balder  06/17/2009 09:36 PM Report

Its always nice to listen to people who dispell the myths and give an honest insight to the world.

Lewis tells what is going on behind the fasad and reveal some embarrasing truths about his own emotions as a father as well how much political power Wall Street has got even with the president of the United States.

Thx to the live stream on the internet from C-Span i have been observing american politics from Scandinavia for some years, and realised after i while that the Iraq war could only be explained by the strong money interest from Wall Street.

To me, only a few people in the american media speaks the truth about the Iraq war. One of them is Bob Woodward. Another guy is Thomas Ricks. The rest seams to be using some talking point memos they have got from an ideoloical Think Tank.

Its very refreshing to listen to people like Michael Lewis who can speak so independently without being constrained by whoever gives them the pay check.

Thanks to Charlie Rose for this very good interview!

tartufe  06/17/2009 01:20 PM Report

Agree - down to earth impressive. Nearly bought his book - re finance but recanted. Have too many haven't read; depressed by the ones I have. He's sharp DESPITE his degree in ec's.

REMant  06/17/2009 12:47 PM Report

I think he is certainly right, that parent's should look in themselves for the problems they see in their kids. Overall seems a very sensible guy. Glad to see that somebody else thinks so too. Surprise, he actually has a degree in economics.