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Thursday, May 14, 2009

149 - Cutting Through Right-Wing Spin About Who's To Blame For The Financial Crisis

[from the transcript]

Imagine you're the ultimate right-winger, one of Wall Street's Masters of the Universe. You've made make huge profits by engaging in reckless financial behavior. Your irresponsible actions have brought the world's financial system to the brink of collapse. You then grab hundreds of billions, if not trillions of dollars more, as the government tries to stabilize and repair the system.

Finally, to top it all off, you largely succeed in blaming the entire mess on a liberal gay congressman and a federal law designed to help the poor.

Liberals, gays, the poor. Three right-wing bugaboos.

This is a right-winger's fantasy dream.

And it seems like it's coming true for them.

In order to counter all the right-wing spin and outright lies about the causes of the global financial crisis and the best remedies for it, you have to see the entire picture. Put everything in context.

Let me sketch for you an overall framework, and then afterwards, I'll detail each of its pieces.

The framework has two major parts.

There's what I call the trigger, and what I call the ultimate cause.

The trigger part was the bursting of the housing bubble and countless mortgages, many subprime, going bust.

The ultimate cause was the so-called securitization of those mortgages through complex financial instruments called derivatives.

The securitization through derivatives was what made the housing collapse system-threatening and global in scope.

The right likes to focus only on the housing-mortgage element. And even for that, they mis-assign blame.

As you'll see, with both the housing-mortgage trigger, and the securitization-derivatives ultimate cause, the villain is the right-wing deregulation frenzy during the Clinton and Bush administrations.

[Please listen to the podcast for the details, and to hear choice clips from Sean Hannity, Rush Limbaugh, Dick Morris and Pat Buchanan...]

(PS: Right-wingers, if you want to write in to me, fine, but at least do me the courtesy of listening to the podcast first. Please don't respond just on the basis of the brief preview above. Thanks!!)

#149 Transcript
#149 Transcript as a Word document
#149 Sources

Jack Clark 7:57 PM [+]
Post #4079463825803150136

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Great podcast - a must listen to
Jack Clark documents the right's wars on the poor, civil liberties, the right of workers to organize at work and obtain a decent working wage and work conditions, and against other countries who refuse to accept American domination. Jack provides all the sources so that you can see for yourself how the right is out to enrich itself at the expense of everyone else. Great job, Jack!
Submitted By: magyarbill
awesome show
Clark always backs up his statements against the right wing with fact and data, which gives him all the more credibility. As conglomerate media controlled by politics clouds the mainstream news media, Jack Clark, along with NPR and Democracy Now! have become my primary news source. Awesome podcast!
Submitted By: jgates118
In-Depth, Meaty, Hardcore Knowledge
This podcast is not just entertainment, humor, chimp-bashing, or gee-whiz recap of the weeks events. Instead, it hits hard and in-depth on the world economic situation and how right-wing policies impact the poor and less advantaged all over the world. He examines Americas support of the World Bank, IMF,multinational corporations, etc., and connects the dots. This is a podcast for grown-ups. He gives good reasons why the right wing is NOT living up to its precious Bible, without putting down the Bible. As a Jesus-loving Christian and moderate Democrat, I respect this podcast for its subject matter. The grown-up manner of the speaker is just icing on the cake. He IS funny, but hes not trying to be, he just has a deadpan delivery but doesnt have to make jokes to make it interesting. The facts make it interesting and devastating.
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A Breath of Fresh Air
Jack Clarks Blast the Right podcast is truly a breath of fresh air when it comes to political commentary. Jack is not like some commentators who simply climb on their soap box and state their own opinions as fact. Instead, Jack welcomes competent challenges to his way of thinking, and with logical analysis and sound research, debunks the lies, distortions, and self-deceptions of the right wing. I strongly recommend Blast the Right for people who seek the truth and care more about the long term health and well-being of the whole citizenry than the short term personal gain advocated by modern conservatives. Listen as Jack carefully shows how the high-sounding "God and country" rhetoric of the right wing is really just a smokescreen for policies that ultimately lead only to the increased misery, suffering, and death of the less fortunate for the particular benefit of the wealthy and the well-connected. And, if you find yourself in agreement, return to Podcast Alley to place your vote! Thanks!
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