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10 Years After The Lehman Brothers Collapse, Here鈥檚 Where We Stand | Velshi & Ruhle | MSNBC - YouTube
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this week I remember well marks 10 years
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since the fall of Lehman Brothers and
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the beginning of the worst financial
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crisis and the deepest economic
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recession our country has seen in
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decades it was September 2008 when Hank
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Paulson then Secretary of Treasury and
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Ben Bernanke chairman of the Federal
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Reserve announced to congressional
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leaders that a 700 billion dollar bank
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bailout bailout was needed to save our
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financial system from a complete
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collapse the market of course rebounded
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and unemployment is that historic lows
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today but has anything fundamentally
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changed are we still at risk of that
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kind of massive massive system-wide
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collapse joining me now my old friend
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Felix Salmon chief financial
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correspondent
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Axios and the author of the upcoming
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newsletter Axios edge and back with me
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Eddie Glaude and PJ O'Rourke author of
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none of my business a book about
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business investment and the politics
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behind it all right Felix to you markets
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have recovered unemployment is down
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there is this sense that everything is
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great but everything is great for big
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business and for the stock market those
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who were truly punished in the financial
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crisis those who are on the wrong side
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of the subprime crisis and lost their
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homes their lives aren't back there are
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some of the people who led the push to
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elect president wrong absolutely the
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call it bottom 60% of America the vast
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majority of people in America they might
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have jobs now but they don't have money
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they haven't recovered their assets a
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lot of them owned homes and they lock
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still have don't own homes want to own
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homes and the recovery has been the
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recovery of the 1% so it hasn't worked
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for most Americans
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PJ what does all this mean politically
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because it was President Obama who in
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his last State of the Union address
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talked about the great financial
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recovery and many people said what
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recovery it left me out and those people
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pushed against Obama they pushed against
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Hillary Clinton and elected President
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Trump who moved forward to Wall Street
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deregulation massive tax cuts which have
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only boosted the market and now the
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president loves to talk about the
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markets well you're gonna get the same
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angry frustrated response from people no
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matter who's
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charge and I think we'll see it
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beginning in the midterm elections we're
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going to be trading one bag of snakes
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for another that Trump's populism is
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still not affecting people's bottom line
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for most people and I think they're
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going to trade it for Marxist nonsense
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front front from the radical left of the
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Democratic Party and that'll be a
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disaster too and probably there's no way
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to avoid disaster here no matter who we
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elected because we're setting ourselves
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up for another big crash it won't be in
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the banking system we fixed the banking
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system but now we have massive debt huge
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doubt I mean just student loans alone
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takes the banking system because just
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like the subprime crisis the student
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debt crisis is right around the corner
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and now we've said let's get rid of
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dodd-frank let's get rid of the Volcker
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Rule and you could say you don't like
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how they were implemented or the wording
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was too long but the spirit of
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regulation was to protect people and now
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we're having a deregulation Jamboree
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every single derivation doesn't really
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protect me what protects people's
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transparency what protects people is
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honesty and there's a limit to how much
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of that you can regulate we probably do
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more right here in the news media when
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we're behaving ourselves for the good of
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the economy than any amount of federal
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regulation I mean you got federal
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regulation is conducted by some guys
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just out of law school some some folks
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just out of law school and arrayed
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against them are million dollar loss
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okay this is also the issue regulators
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are little guys who show up in in
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polyester suits and a clipboard trying
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to set rules for people who make tens of
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millions of dollars but right now we are
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in this mindset that if you deregulate
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everyone wins
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you know I this is not my wheelhouse but
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I do know one thing
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folks are greedy folks have been greedy
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always said you don't have to be a
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Republican or a Democrat it's Youman
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nature people are greedy but you know
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good so greed
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the overarching value since the economic
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collapse and riving that economic
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collapse greed and and and so whether I
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don't actually believe think you
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actually believe that people
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self-regulating being honest for the you
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know being honest and true and decent
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will be a sufficient response to the
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fact that you have rich people who have
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been fleecing the country and everyday
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ordinary people working their behinds
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off and seeing just modest uptick in
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their wages and can't make ends meet and
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so unless we named it for what it is and
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that is you have some rich folk who are
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just like wanting to be unfettered in
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the pursuit of profit and figuring out
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that we need to actually have a
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different set of values and we're going
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to wind up here to need to come in right
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now and we distribute some of that
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wealth from the ridge to everyone else
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and that's don't forget that day while
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the rich are ripping off the poor if the
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shoe were on the other foot as it would
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be under Marxism the poor would be right
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out there ripping off well mainly each
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other because there aren't enough rich
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people to go around as Margaret Thatcher
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said sooner or later you run out of
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other people's money alright feel it's
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quickly the PJs point transparency would
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fix everything
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you only get transparency if you put
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some rules in place you or not I mean I
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was in the investment banking industry
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the night before Lehman collapse I was
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standing on the West Side Highway
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begging for someone to babysit my child
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because my husband and I both had to go
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to work to figure out every line item in
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our bank's exposures to Lehman banks are
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not going to innately be transparent
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unless you force them to why would they
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correct and bank regulation as you said
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it's actually much stronger now than it
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used to be at both the national level
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and the international level and that's
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helpful and we are not you got guys like
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Gary Cohn saying we need to deregulate
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you know banks have never been in such
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good shape they're in such good shape
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because we forced them to hold more
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money in reserves so they don't go to
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the Fed to say bail me out and that and
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that international level of like money
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that they have to hold equity that they
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have to hold that's not going anywhere
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whatever
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ericone once that's we don't need to
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worry about another banking crisis we do
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need to worry about the markets crashing
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we do need to worry about student loans
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we do need to worry about the emerging
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markets it's a no shortage of things to
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worry about we need to worry about a
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hurricane but we don't need to worry
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about thanks not right now
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hey there I'm Chris Hayes from MSNBC
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