Charlie Rose

SharkswithfrikingLazers  11/20/2011 03:37 AM Report

Larry Summers comes off very, very, very badly in this film. Charles even comments on the DVD that there will be no dinner shared between the two anytime soon.

So why is Larry Summers still on the forefront? Why does someone who is so wrong, and was a leader in deregulating us to crisis--squashing others who got in his way--still get to tell us what is the right thing for the economy?

robert_CT  04/12/2011 01:24 PM Report

yes great interview but I am surprised Rose would allow Ferguson's face to see the light of day. Rose is a card carrying member of the plutocracy. Just watch one of his softball interviews with John Mack, Pete Peterson et al. In any event Ferguson did a real public service with his film. His overall storyline was very accurate and informative, although the references to cocaine and prostitutes, while undoubtedly true to some extent, were a bit gratuitous.

SirD  03/02/2011 02:51 PM Report

Wow, great interview, so refreshing to hear someone on a corporate-backed outlet (bloomberg) say something controversial and true. Keep up the good work.

poolblue3  12/24/2010 10:01 PM Report

Ask Mr. Rose

How can you interview Charles Ferguson RE Inside Job and :

1. No mention why Ed Liddy left the board of directors of Goldman Sachs to take the CEO job at AIG for one dollar per yr in compensation and remained just long enough to payoff GSachs billions in counter party claims on CDS that bought from AIG. 2. NO mention of GAAP changes from FASB that Jan 07. These changes required holders of MBS mortgage paper to Mark to Market. No mention of the marks ABX Index was a collection of 22 thinly traded CDS used as a proxy. Goldman Sachs months ago paid SEC $550M for manipulating with JP Paulson who made $6 Billion in 07 and 08 shorting the market on the Abacus CDO. JP Paulson along with Hank Paulson, X CEO of Goldman then Secy US Treasury right hand man at Goldman Sachs was JC Flowers. JC bought IndyMac 4th largest bank failure in US history with JP Paulson. They changed banks name to OneWest. Bring FASB to be accountable and ask Mr. Ferguson who financed this film.

poolblue3  12/24/2010 10:00 PM Report

Ask Mr. Rose

How can you interview Charles Ferguson RE Inside Job and :

1. No mention why Ed Liddy left the board of directors of Goldman Sachs to take the CEO job at AIG for one dollar per yr in compensation and remained just long enough to payoff GSachs billions in counter party claims on CDS that bought from AIG. 2. NO mention of GAAP changes from FASB that Jan 07. These changes required holders of MBS mortgage paper to Mark to Market. No mention of the marks ABX Index was a collection of 22 thinly traded CDS used as a proxy. Goldman Sachs months ago paid SEC $550M for manipulating with JP Paulson who made $6 Billion in 07 and 08 shorting the market on the Abacus CDO. JP Paulson along with Hank Paulson, X CEO of Goldman then Secy US Treasury right hand man at Goldman Sachs was JC Flowers. JC bought IndyMac 4th largest bank failure in US history with JP Paulson. They changed banks name to OneWest. Bring FASB to be accountable and ask Mr. Ferguson who financed this film.

gfmcginnis  12/03/2010 10:55 PM Report

Charlie,

Charlie, You failed to ask Charles Ferguson an important question. If "Hank" Paulson had let bad-bank Bear Stearns fail, would Lehman and AIG have put their house in order?" At the very least they should have tested Moral Hazard theory when the first bad-bank failed. This may have saved our nation from the meltdown. George McGinnis

PlanckB  12/02/2010 10:26 PM Report

Not sure why you think Obama has any discretion in any of this. He is as bought and owned by Donors as much as any other Pol who ever went through there. The whole movie about the paradox about how all this can go on in this so called "democracy". History shows us what happens when Presidents go after these Donors. Or, violates their instructions. JFK got done for refusing to send our boys to get the Plantations back for some Boston Brahmin families, New Yorkers, and Brown Brothers Harriman partners with dynastic land in Cuba (i.e. Prescott Bush in case you don't get the innuendo). Along with some then newly arrived Fat Cats newly resident in Miami! You need to read Russ Baker "Family of Secrets", study the footnotes, review the same declassified documents, and then you might not have the same answers about why Obama isn't making real changes here. We need real courageous journos about all this, cause Ferguson is right. This is really bad. This is like a Civil Rights or Anti-Vietnam War movement we're gonna' need here to right this, but we're going to look a little deeper at the real paradoxes and the facts of history now declassified. SCOTUS needs outing too for sitting on hands under robes while 98% lose their property to the Top 2%. We can forget civil rights on this one. This is property rights which that SCOTUS is not defending equally! They are subordinating the property rights of 98% to those of 2% or even 1%/ That 2nd % will get screwed by them too a few more turns of that Bubble Bust market dial! It always rises to the top with every Bubble Bust cycle. Top 2% only have about $10M average each!

JohnGelles  12/02/2010 02:22 PM Report

REMant posted on the 30th:

"The Keynesians believe, in the usual liberal way, that rewarding misconduct will somehow make everyone happy. They blame others' cupidity, not their own. As long as people can expect bailouts and eventual inflation it only makes sense to cease investment, and stop working. All in all, I think his understanding of events and personalities and their import very good. Two thumbs up!"

I'm still trying to find a good place to bring this discussion to its best avenue for future action.

REM can be accepted for his last two words: "Thumbs up" for 'Inside Job' and its documentary film maker Charles Ferguson and Charlie Rose, as well.

But REM is way off on 'rewarding misconduct to make us happy' as what Keynesians old or new ever propose. We Keynesians propose a real look at money (spending, investing, saving, power, etc.).

Money can be used -- just as Ferguson implies Pecora II cab be used.

What REM remains blind to is that money can motivate people to work to produce THE THINGS we desperately need, including JOBS, ORGANIZATIONS, INVENTIONS, INNOVATIONS, POLICING TO PREVENT FRAUD, and even, reflexively, MORE MONEY ITSELF.

Think of all the crap about money for SS pensions and hospital care: it's all about the money--when the problem is the THINGS pensioners need ans WILL BUY and the HOSPITALS, EQUIPMENT, STAFF AND SUPPLIES that supply the physical care.

We will have the fruits of automation, robotics, and full employment of young people to do what they do best and of old people to do IN RETIREMENT what they may prefer to sleep and less honorable use of their time before death.

What about it Charlie Rose? Why do we never hear on your show something about the real world? Why everything about the mess we keep making for lack of a good connection between income and production, between our future as it ought to unfold and our future if all remain as blind as a bunch of bats?

JohnGelles  12/02/2010 09:49 AM Report

The truth is that all the fraud in the world, with regard to claims on property that investors around the world may hold, AFTER the fraudulent games come to rest, cannot have had more effect than to have stolen wealth and cost jobs.

So the American banksters, brokers, insurers, and politicians sit tight, hoping to keep what they still have and waiting to see what the rest of the world will do about the wealth and jobs in question.

If Europe, Japan, Russia, China, India and Brazil have been victimized, WHAT ARE THEY DOING ABOUT IT?

If Americans are poorer by one-third of the capital they recently had (say in 2007 or you pick a better date), and poorer by 20 million jobs (or you pick a closer number to jobs lost since January, 2007), WHAT SHOULD WE DO ABOUT IT?

These are the questions that put Pecora II in its utilitarian place.

As important as this movie is to the theory of moral hazard, and the need to make an example of law-breakers, what counts now is JOBS, JOBS, JOBS and WAGES in comparison to fair wages and the median standard of living.

Keynesian theories on EMPLOYMENT AND JOBS tell us how to create them overnight: use money and contracts to get everyone who wants to work away from despair and into full employment jobs including self-employment via microloans.

Keynesian theories on INTEREST AND MONEY tell us how to protect money from deflation and inflation: regulate interest in a narrow band below usury and not below zero. Usury is below twice the rate of growth.

..... ..... for DEFLATION, use QUANTITATIVE EASING and cancel all national taxes until deflation is over.

..... ..... for INFLATION, use high interest on savings to reduce demand and prices; cut deferable government spending and collect new taxes to reduce money in circulation and prices; invest in factories and similar ways to increase the supply of necessities to reduce prices; revalue and re-issue new money with fewer ending zero's as old too-soft currency is retired.

The time to punish immoral behavior may be at hand. But it should not be allowed to delay mobilization of the economy by the current administration responsible for full employment and national security--these two perpetual responsibilities cannot be dumped on an unelectable market forces that exist only in the eyes of beholders. Nations that budget for less than full employment are budgeting for wage-slavery. In the age of automation and Asian modernization, such belief in market fundamentalism must be exposed for the poison it is.

JohnGelles  12/02/2010 02:30 AM Report

"Inside" job implies there has been an "outside" set of factors that either government or critics outside government are emphasizing more than is justified by what happened.

"It's time to clean house." is a comment among the comments here that sums up the movie.

From Wikipedia: In 1939 Ferdinand Pecora published a memoir that recounted details of the investigations, Wall Street Under Oath. Pecora wrote: "Bitterly hostile was Wall Street to the enactment of the regulatory legislation." As to disclosure rules, he stated that "Had there been full disclosure of what was being done in furtherance of these schemes, they could not long have survived the fierce light of publicity and criticism. Legal chicanery and pitch darkness were the banker's stoutest allies."

So the bottom line is that Charles Ferguson is right. We urgently need Pecora II.

But that is the bottom line for "Inside Job".

The outside job is the only one that speed recovery. That is the one that is pitting Keynes against the world. Keynes saw how money could save the world ahead of world war -- the method actually employed.

Against is arrayed the whole trading world -- caught in a liquidity trap that only Bernanke and myself (and a few thousand others we do not hear out loud) have the right ideas about.

galynn548  12/01/2010 06:07 AM Report

It was very refreshing to hear what appeared to be the truth. Is there a transcript of this interview? I want very much to share it with people I know.

rose4me  12/01/2010 12:07 AM Report

Greed was the vechicle used by all during this period,be it, Wall Street executive or homeowner, who took advantage (opportunity) of the system. But, it was those on top who started the ball rolling and stole the most money throughout this timespan-the homeowner just went for the ride!

Nevertheless, greed fueld the day; The homeowner's share (money) on this "ripping-off" of America was the lower end of the todem-pole. I guess you can call it: A trickle down system.

rose4me  11/30/2010 11:49 PM Report

Very refreshing to hear the truth. The previous commentator is a joke for claiming if fraud did exist in Wall Street, the culprits would have already been arrested.

Money/power has always found a way to escape punishment.

The bottom line: Look at our economy and tell me who has benefited from it? There's the answer!...AND THIS IN NO JOKE!

This interview is very refreshing to hear the truth and should be used to enlighten every single VOTER to see where our country is going and what we need to do.

DavLev  11/30/2010 10:00 PM Report

After watching this interview, I played a DVD? I had rented, about a group of mercenaries who are assigned

a mission in a Latin American country. There is a lot of violence..expected from the several stars, including a bit part by our gov. The movie should have been called Rambo 8.

The interviewee reminds me of this movie, lots of hot thetoric and virtually no substance..just many words in a movie that has to be nothing more than a joke.

If the dozens of persons involved with all those investment banks on and off Wall Street, warranted criminal investigations, they would have been in jail by now.

Even the famous Goldman Sachs, used by the SEC for their witch hunt and find someone to blame, for crimeless financial transactions, was only slapped on the wrist.

Comparing Enron, which is not a bank, is apples and oranges.

The interviewee never once described an actual crime by

anyone. Why not? He accuses Barny Frank of being a politician. Obamna is also a politician..as are everyone in the government. Government is politics.

There were regulations..which were not enforced by the SEC or Justice Department. Perhaps if Obama decides to give COL increases to voternmentemployeesm, they might work with a little more effort and enthusiams..and hire the best and brightest. who, heretofore have gone into the financial world.

And I say, good for them.

Capitalism has flaws..as does socialism and other isms. In the US, recessions come and go.

The blame should really be with two sections of our country, the first, people who should be renting and not buying, and not using their equity as a piggy bank. Homes

are NOT investments, but residences.

The second group were those banks which packaged the mortgages, and sold them in a bundle..to others who did the same thing.

The bankers did what the public demanded..low interest loans and availability of private residences.

The fact that Obama is inexperienced is irrelevant.

I voted for someone with experience, named John McCaina.

Last Nov we started to take the country back..and thwart

its move towards socialism.

I have to ask, when the homes were going up in value,

and then sold at huge capital gains..why was no one crying.

I personally know people who purchased their homes for 125,000 and sold them years later for 800,000, moving to Las Vegas to enjoy the spoils of everyones greed.

This is not about criminal activity, its about greed.

anne4444  11/30/2010 09:05 PM Report

I will definitely watch this movie, and get myself some education. At end we all suffered from this economic collapse.

Please forget… “the secret to success is knowing who to blame for the failure”. It may not work again in the future.

robdverity  11/30/2010 05:43 PM Report

And none of the financial scumbags have been put on trial. Eric Holder where are you?

Most any injustice in the world can be traced back to the egregious greed of US bankers and banking; from preemptive wars-for-profit, to subprime loans and the associated devious financial instruments (CDOs, CDSs, purloined ratings, yadda, yadda), and drug cartel money laundering (Mexico, Japan et al).

Our country is capsizing largely because of our financial institutions. Our venal system's for sale to the highest bidder. Like the Romans, the Mayans the Khmer we will not prevail as well. But the financial too-clever-by-half wise-guys will go down in their gold-trimmed yachts nonetheless.

The Paulson's (Hank and Wendy) bought a $30+ million island to laugh up their sleeves on - when they're not on their yacht. Along with Sandy Weil and Robert Rubin of Citibank et al. They started the class-warfare; let's answer the call. Anarchists arise!

HisClarionCall  11/30/2010 03:34 PM Report

Oh Slim really, playing the racist card is no excuse. Obama is the man who is supposed to be on watch. Are you telling me that we should have expected less from a black president than a white one, simply because of the color of his skin? If that is the case, he is not qualified for the job and he should do the honorable thing and step down for the greater good. Mr. Ferguson did not imply that Obama was single-handedly responsible for the resolution of this problem, but correctly stated that Obama AND his administration has done nothing. What do you suggest? That we wait two more years for a white president to be elected before doing anything? Come on.

For a man that speaks as eloquently as Obama, he could have rallied the American people behind him on this one, but he hasn't, not one iota.

I watched Mr. Ferguson's movie in Memphis on opening night. I was a bit taken aback that in a primarily black city, not one black person could make it to that movie.

I'm thankful that Mr. Ferguson is doing his part in raising the awareness of this financial crisis in the USA. I hope that others are listening and that we all respond appropriately, unlike the leadership that we have elected. It's time to clean house.

Slim  11/30/2010 02:36 PM Report

Apparently all things bad in the white world lead to Barack Obama. Now we learn from a so called white liberal, that Barack, single handedly, should have defeated the Wall Street elites and their monied congressional allies, the Republicans, the rascist blue dog Democrats and finally the no spine, other fearing white liberals that make up this anti-Obama cabal. Their greatest wish, and fear, is that Barack might somehow accomplish that change in our society, vanquishing for a beleageured white electorate, all the demons threatening their existance, while leaving untouched and unexamined the corrupt underbelly of our society that enables their own undeserved priviledge. Suggesting that any man, especially a black one in this rascist asylum, has the power to single handedly effect this change, is ludicrous.

REMant  11/30/2010 12:02 PM Report

We have sentimentalized and trivialized humanity to such an extent that no one will believe anyone can be as nasty as we generally are. This story, itself, is really about self-deception and the failure to apply perfectly known, sound principles rather than misprision. AIG was the conduit for Helicopter Ben's bailout "insurance," while Lehman was viewed as having no such systemic importance. Credit markets, however, should have been allowed to work things out all by themselves and this spending has just postponed the day of reckoning, allowing firms to continue to hoard. The Keynesians believe, in the usual liberal way, that rewarding misconduct will somehow make everyone happy. They blame others' cupidity, not their own. As long as ppl can expect bailouts and eventual inflation it only makes sense to cease investment, and stop working. All in all, I think his understanding of events and personalities and their import very good. Two thumbs up!

Ricardo_Amaral  11/30/2010 11:02 AM Report

Wall Street engineered the collapse of the economic system of the United States over a period of many years, and they got away with it.

The number one campaign contributions during Barack Obama campaign for president in 2008 came from Wall Street.

In another words Barack Obama has been in the pocket of Wall Street all along, and you could see it right from the time when he chose his cabinet and close circle of advisers that included Timothy Geithner, and Larry Summers.

Why the Obama administration is not investigating the close connection and constant communications between Lloyd C. Blankfein, Chairman and Chief Executive Officer of “Goldman Sachs the Pillage People” and Hank Paulson during the days when we saw the demise of Lehman Brothers?

Why these scoundrels did not try to save Lehman Brothers?

Hank Paulson was one of the main culprits who helped create securities that was nothing more than a scam to rip off people from around the world when he was the Chairman and Chief Executive Officer of “Goldman Sachs the Pillage People”.

If the Obama administration had any spine they would be investigating all these scoundrels from Wall Street and the best way to start the clean-up job is to concentrate on the actions of Hank Paulson, Lloyd C. Blankfein and the “Goldman Sachs the Pillage People” network of thieves.

Goldman Sachs is it a Cancer or just a Parasite of the US financial system?

http://www.elitetrader.com/vb/showthread.php?s=&threadid=195957

Here is what I wrote in one of my articles published in April 2010 on Brazzil magazine:

“...And if you don't believe me that the US economic system is in deep trouble and beyond repair, then you don't need to look any further than what has transpired in the United States since the financial meltdown of 2008. The US financial system ended up in intensive care, and almost died a quick death. And what has happened in the United States since then regarding any efforts by Congress to try to fix the problems that caused the collapse of the US and global financial system in 2008?

As usual, Americans learned nothing from these past fiascos, and if anything the problems are becoming even bigger today with much bigger surviving financial institutions that are fighting very hard against any government regulation of their business, and they use their powerful lobbying connections to fight very hard to keep things as they were before the last financial meltdown.

How dumb can you be? And next time, when the coming collapse and financial meltdown become a reality once again, then the safety net of the US government won't be there. This time around Wall Street has exhausted the financial resources of the United States.

Remember, since the Wall Street bailouts of 2008, the scoundrels of Wall Street have consistently been milking all the US government resources to the bone, and they also have been putting in place a structure for another major US government bailout of Wall Street in the future - for US taxpayers to pay for the bets that went sour for Wall Street.

When it comes to forms of corruption, in Brazil they still have a crude and old system and they use terms that include: bribery, extortion, cronyism, nepotism, patronage, graft, and embezzlement. In contrast, the United States has a much more polished and sophisticated corruption system called lobbying. And the American lobbying system works in a very efficient way by buying favors directly from the politicians through campaign contributions. 

US Economic and Financial System Is Incapable of Meaningful Change”

*****

In a nutshell: Here is where Barack Obama has to start his efforts to come back for 2012, and also if he wants to regain US credibility around the world regarding the future prospects of the US economy.

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