Moyers & Company

Season 1 Episode 10

Moyers & Company: Gambling with Your Money

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Aired Unknown Apr 06, 2012 on
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Moyers & Company: Gambling with Your Money
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You'd think after such a calamitous economic fall, there'd be a strong consensus on reinforcing the protections that keep us out of harm's way. But in some powerful corners, the opposite is happening. Business and political forces, including hordes of mercenary lobbyists, are working hard to diminish or destroy these protections. One of the biggest bull's-eyes is on the Volcker Rule, a section of the Dodd-Frank Law that aims to keep the banks in which you deposit your money from gambling it on their own -- sometimes risky -- investments. Bill talks with the namesake of the Volcker Rule -- Paul Volcker, who served two terms as Chairman of the Board of Governors of the Federal Reserve System from 1979-1987 and currently heads President Obama's Economic Recovery Advisory Board. Volcker contends the rule aims to end conflicts of interest between bankers and their customers. He suggests that former investment companies like Goldman Sachs and Morgan Stanley, which sought banking licenses during the economic crisis in order to access federal protection against failing, should now turn in in those licenses if they want to do speculative trading. If all that disillusions you about government, know you aren't entirely powerless to create change. So says Bill's second guest, Carne Ross. Once the rising star of British diplomacy and now a global activist, Ross' book The Leaderless Revolution outlines ways to create alternative systems of governance and commerce.moreless
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