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This picture,

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truly one of the most
unusual ever filmed,

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contains scenes which
under no circumstances ...

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should be viewed by anyone
with a heart condition ...

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or anyone who is easily upset.

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We urgently recommend ...

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that if you are such a person
or the parent ...

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of a young or impressionable child
now in attendance,

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that you and the child
leave the auditorium.

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♪ Louie Louie, whoa baby ♪

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♪ I gotta go now ♪

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♪ Louie Louie, whoa baby ♪

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♪ I really gotta go now ♪

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♪ The Communist world
is fallin' apart ♪

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♪ The capitalists
are just breakin' hearts ♪

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♪ Money is the reason to be ♪

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♪ It makes me just
wanna sing Louie Louie ♪

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♪ Louie Louie, whoa baby ♪

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♪ I gotta go now ♪

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♪ Louie Louie, whoa baby ♪

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♪ I really gotta go now ♪

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♪ Some say it will,
some say it won't ♪

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♪ Now you see it,
now you don't ♪

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♪ We spent all our money
on a disaster movie ♪

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♪ It makes me wanna sing
Louie Louie ♪

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♪ Louie Louie, whoa baby ♪

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♪ I gotta go now ♪

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♪ Louie Louie, whoa baby ♪

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♪ I really gotta go now ♪

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♪ Oh, let's give it
to 'em right now. ♪

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Rome was the largest
and the most beautiful city ...

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of the ancient world.

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The magnificent facade
of the empire, however,

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could not conceal
the seeds of decay,

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the unhealthy dependence
of the economy on slaves,

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the disparity between
rich and poor.

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Behind the splendor
of the Forum ...

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were vast areas
of crowded slums.

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Escape from the slums was difficult
for there were few jobs available ...

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and practically none
for the unskilled.

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To keep idle citizens entertained
and out of mischief,

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frequent games and spectacles
were held at public expense.

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At first, only chariot races
were sponsored.

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But by the reign of Trajan,

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brutal combat to the death
had become popular.

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Earlier in Rome's history,

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elected representatives
exercised the power.

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But by now, every 
function of government ...

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had been absorbed
by the emperor ...

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who was above the law
and ruled by decree.

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That a people as civilized
as the Romans,

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with the most humane
system of law ever devised,

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could tolerate the violation
of human beings ...

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00:03:49,139 --> 00:03:51,073
is astonishing.

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This imbalance and the 
irresponsible behavior ...

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of public officials would 
become major reasons ...

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for Rome's eventual decline.

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I wonder how future 
civilizations will view our society.

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Will they judge us by this?

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♪ He's a cat flushin' a toilet ♪

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♪ He's a cat flushin' a toilet,
he's a cat flushin' a toilet ♪

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♪ He's a cat flushin' a toilet. ♪

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Or will they judge us by this?

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Do you see the sheriff's car?

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Yeah, right there.
The sheriff ― that's the first car.

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- No ―
- There he is.

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Three, four, five, six ...

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Seven.

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- Give me the phone.
- It's on this ―

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it's on the c ―
it's on the couch.

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All right, that's as close
as I can get, Dad.

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Don't stand in front 
of the door, Dad.

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Get out from the ―

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Hey, Sheriff, Robert
inside the house here.

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 They're trying to beat
the back door in, Dad.

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There are four of us in here.
They're beating on the door.

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We're not gonna resist,
but you will have to come ...

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in the house on your own.

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But there are four souls
in this house.

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Dad, don't stand
in front of the door.

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Do not.

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Another witness.

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Tell your name to the camera.

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- I'm David Phillips.
- Chris Collins.

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And Audra Collins.

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- And this is America?
- H-huh.

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This is America, folks,
what you're watching right here.

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- Sheriff's office.
- Yeah, we know.

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- Okay, y'all have to come out, please.
- All right.

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We cannot act like this ―
this is just something that's okay.

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And so this is new.

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They've never come out
and boarded up our house ...

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after they've evicted the person ...

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and threw their furniture
in the dumpster.

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So they're letting us know ...

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that they are stepping it up,

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boarding up somebody's house.

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This has been my family home.
This is my parents' house.

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I've lived here for 41 years.

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This is the only home
I've ever really lived in.

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This is the only ― this will always
be home to me, no matter what.

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- I'm a carpenter.
- There you go.

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- Sandra, they're leaving.
- Let them leave.

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- I'm a carpenter. So what?
- That's all I am.

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- Well, people pay their bills.
- This could happen to you.

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- That's right.
- So why do you think I'm doing it?

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I don't have to be happy about this,
but that's what I do.

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That's all I'm saying is that
maybe you can make another choice.

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- That's all we're saying.
- That's no reason for ...

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You're a working-class person.

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... people here to get upset
and almost get themselves hurt.

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We ain't gonna get hurt.

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Are you threatening us?

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Y'all gonna get on out of here.
You might end up even getting hurt.

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Talking about us getting hurt,
you might get hurt.

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There's gonna be
some kind of a rebellion ...

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between the people
that have nothing ...

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and the people that's got it all.

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I don't understand.

120
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There's no in-between no more.

121
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There's the people 
that's got it all ...

122
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and the people that have nothing.

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We gotta get this stuff out of 
the house and packed up ...

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and be out of here
in about 30 days ...

125
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even though we don't
have a place to go.

126
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Oh.

127
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We designed this house.

128
00:08:26,616 --> 00:08:30,643
The property that it's on
was my family farm.

129
00:08:32,923 --> 00:08:37,917
So I've lost a piece
of my heritage with this.

130
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Why do you do this
to the hard-working people?

131
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Why do you take everything?

132
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You take everything
away from them.

133
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We're just middle-class,
hard-working people ...

134
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trying to make a living.

135
00:09:01,351 --> 00:09:04,218
Just trying to survive.

136
00:09:07,757 --> 00:09:09,850
An old Browning.

137
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My pistol,

138
00:09:14,130 --> 00:09:17,827
my dad's pistol, my pistol.

139
00:09:19,703 --> 00:09:22,263
Sheriff's department.

140
00:09:22,305 --> 00:09:24,500
It's supposed to be 30 days.

141
00:09:24,541 --> 00:09:26,634
I got 30 days to get my stuff out.

142
00:09:26,676 --> 00:09:29,236
- That's what the guy told me.
- No.

143
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What?

144
00:09:31,281 --> 00:09:34,114
It's currently scheduled for today.

145
00:09:34,150 --> 00:09:35,674
But ...

146
00:09:35,719 --> 00:09:38,017
The paper's telling us
that we are due ...

147
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to do an eviction here
today at 9:00 AM.

148
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Huh, shoot.

149
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Well, he's surprised too.

150
00:09:47,597 --> 00:09:49,758
The house is gone.

151
00:09:49,799 --> 00:09:51,323
That cop told me that the house ...

152
00:09:51,368 --> 00:09:53,632
has already been sold
to somebody else.

153
00:09:53,670 --> 00:09:56,867
So we don't own the house 
no more, somebody else does.

154
00:09:58,208 --> 00:10:01,177
This is capitalism,

155
00:10:01,211 --> 00:10:04,840
a system of taking and giving ―

156
00:10:04,881 --> 00:10:07,406
mostly taking.

157
00:10:07,450 --> 00:10:09,350
The only thing we didn't know ...

158
00:10:09,386 --> 00:10:12,583
was when the revolt would begin.

159
00:10:12,622 --> 00:10:14,783
Everything, we've tried everything ...

160
00:10:14,824 --> 00:10:16,451
except robbing a bank.

161
00:10:16,493 --> 00:10:19,121
I'm thinking about
maybe doing that.

162
00:10:19,162 --> 00:10:22,996
You know, that's one way somebody 
could get their money back.

163
00:10:23,033 --> 00:10:25,092
If they did it ―
they did it to me,

164
00:10:25,135 --> 00:10:27,604
I don't know why
I can't do it to them.

165
00:10:31,541 --> 00:10:33,736
This is my second Hyundai Sonata.

166
00:10:33,777 --> 00:10:35,244
I'll probably get a 
new car next year.

167
00:10:35,278 --> 00:10:37,007
And when I do, it'll 
probably be another Sonata.

168
00:10:37,047 --> 00:10:38,605
You know, I'm not a car guy.

169
00:10:38,648 --> 00:10:40,411
If I can go in there
and steal a condo ...

170
00:10:40,450 --> 00:10:42,941
for the equivalent of what
a Mercedes would cost ...

171
00:10:42,986 --> 00:10:45,454
or a Bentley would cost,
I'm all about that.

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00:10:46,456 --> 00:10:48,356
Meet Peter Zalewski,

173
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Florida's up-and-coming
real estate whiz.

174
00:10:50,794 --> 00:10:52,318
Here we go.

175
00:10:52,362 --> 00:10:55,923
He calls his real estate 
company Condo Vultures.

176
00:10:55,966 --> 00:10:57,627
We have a very good sign.

177
00:10:57,667 --> 00:10:59,191
You have the final notice
of eviction.

178
00:10:59,235 --> 00:11:01,226
So you can see this person
was basically thrown out ...

179
00:11:01,271 --> 00:11:03,102
by the police department.

180
00:11:03,139 --> 00:11:05,073
Welcome.

181
00:11:06,376 --> 00:11:08,003
Peter deals exclusively

182
00:11:08,044 --> 00:11:10,308
with clients who buy up
foreclosed homes ...

183
00:11:10,347 --> 00:11:12,781
and then resell them at a profit.

184
00:11:12,816 --> 00:11:15,444
It's gonna be about
830 square feet or so ...

185
00:11:15,485 --> 00:11:17,612
At the end of the day, the 
only people who are buying ...

186
00:11:17,654 --> 00:11:19,713
are primarily individuals
that we represent ...

187
00:11:19,756 --> 00:11:22,224
Today it's on the market
for $66,000.

188
00:11:22,258 --> 00:11:24,522
... which are basically bottom 
feeders who are going in there.

189
00:11:24,561 --> 00:11:26,426
They have no compassion,
no sensitivity.

190
00:11:26,463 --> 00:11:29,227
They're running purely off numbers
They're coming in all cash,

191
00:11:29,265 --> 00:11:31,665
and they're looking to slit
any single seller's throat ...

192
00:11:31,701 --> 00:11:33,794
regardless of what
their situation is.

193
00:11:33,837 --> 00:11:36,135
So people always ask,
'What's 25c on the dollar?'

194
00:11:36,172 --> 00:11:37,935
This is it.
This is what you're gonna get.

195
00:11:37,974 --> 00:11:41,171
The vulture basically represents
a bottom feeder ...

196
00:11:41,211 --> 00:11:44,476
that goes in there
and cleans off a carcass.

197
00:11:44,514 --> 00:11:47,039
Because they're dealing with so 
many different germs and situations,

198
00:11:47,083 --> 00:11:49,381
they'll have to vomit on themselves
and there's some sort ...

199
00:11:49,419 --> 00:11:51,353
of cleansing process that occurs.

200
00:11:51,388 --> 00:11:53,253
The vultures
aren't actually killing,

201
00:11:53,289 --> 00:11:55,052
they're the ones
doing the clean-up.

202
00:11:55,091 --> 00:11:56,581
Which bank you want?
Bank of America?

203
00:11:56,626 --> 00:11:58,491
What we do is we tap into data ...

204
00:11:58,528 --> 00:12:00,120
and boom, voila.

205
00:12:00,163 --> 00:12:03,530
Here we got 3,400 foreclosing
by Bank of America.

206
00:12:03,566 --> 00:12:05,033
Gotta love it.

207
00:12:05,068 --> 00:12:07,593
As we collect data,
it's giving us ...

208
00:12:07,637 --> 00:12:10,367
the insight into the battlefield,

209
00:12:10,407 --> 00:12:13,774
almost like a drone that flies over 
the battleground in Afghanistan ...

210
00:12:13,810 --> 00:12:16,779
or in Pakistan or in Iraq.

211
00:12:16,813 --> 00:12:18,974
The current asking price is 355.

212
00:12:19,015 --> 00:12:21,074
Again, it was purchased for 840.

213
00:12:21,117 --> 00:12:23,415
A little bit of a discount.
You're gonna have two ...

214
00:12:23,453 --> 00:12:25,546
Our people are using that 
data to be able to go in ...

215
00:12:25,588 --> 00:12:28,580
and try to steal properties,
legally and ethically,

216
00:12:28,625 --> 00:12:30,650
but take them at the bare-bone
bottom price.

217
00:12:30,693 --> 00:12:32,661
It's all about taking right now.

218
00:12:32,695 --> 00:12:35,596
Look at the ― look at the roof ―
completely gone and missing.

219
00:12:35,632 --> 00:12:38,100
We haven't had a hurricane
in five years.

220
00:12:40,203 --> 00:12:42,728
Welcome to the housing crash,
Miami style.

221
00:12:42,772 --> 00:12:44,467
So this ― 
this is what capitalism is ...

222
00:12:44,507 --> 00:12:46,668
and this is why the information
is so critical.

223
00:12:46,709 --> 00:12:48,267
We go in there,
we alert them to it,

224
00:12:48,311 --> 00:12:49,801
and if they like it, you know ―

225
00:12:51,848 --> 00:12:53,281
- Look at the window.
- Look at that.

226
00:12:53,316 --> 00:12:55,079
Looks like the house
next door was on fire.

227
00:12:55,118 --> 00:12:56,983
This is straight up capitalism.

228
00:12:57,020 --> 00:12:59,511
- Fire damage. │- I wonder if 
somebody was living there ...

229
00:12:59,556 --> 00:13:01,547
Everybody's got
this desire to go in there ...

230
00:13:01,591 --> 00:13:04,025
and take advantage
of others' misfortunes.

231
00:13:04,060 --> 00:13:05,186
Somebody asked me,

232
00:13:05,228 --> 00:13:07,389
'What's the difference between
you and a real vulture?'

233
00:13:07,430 --> 00:13:10,263
I said, 'It's very simple.
I don't vomit on myself.'

234
00:13:12,635 --> 00:13:15,695
Our topic today: What is capitalism?

235
00:13:15,738 --> 00:13:16,898
Capitalism?

236
00:13:16,940 --> 00:13:19,408
Well, why should there be
any question about it?

237
00:13:19,442 --> 00:13:22,900
Hasn't it given us the highest
standard of living in the world?

238
00:13:22,946 --> 00:13:25,676
We're free to try to make a profit,

239
00:13:25,715 --> 00:13:28,013
to just get by, or to fail.

240
00:13:28,051 --> 00:13:30,042
That's what capitalism is:

241
00:13:30,086 --> 00:13:32,577
a system of free enterprise.

242
00:13:32,622 --> 00:13:34,920
Now tell us what
'free enterprise' means.

243
00:13:36,192 --> 00:13:38,592
I went to see
my friend Wally Shawn,

244
00:13:38,628 --> 00:13:40,823
a playwright and sometimes actor.

245
00:13:40,864 --> 00:13:42,388
Inconceivable!

246
00:13:42,432 --> 00:13:45,663
But Wally also studied
history and politics ...

247
00:13:45,702 --> 00:13:48,569
and even a little
elementary economics.

248
00:13:48,605 --> 00:13:52,871
Free enterprise
is a form of words ...

249
00:13:52,909 --> 00:13:55,639
that is intended to 
conjure up in your mind ...

250
00:13:55,678 --> 00:14:00,615
a little town with different shops.

251
00:14:00,650 --> 00:14:03,585
And the guy who runs
the best shop ...

252
00:14:03,620 --> 00:14:06,111
has the most customers.

253
00:14:06,156 --> 00:14:08,556
There is the basis
of the capitalistic system:

254
00:14:08,591 --> 00:14:10,183
the profit motive.

255
00:14:10,226 --> 00:14:13,059
He's in business to make money.

256
00:14:13,096 --> 00:14:15,564
The original theory 
of capitalism ...

257
00:14:15,598 --> 00:14:18,590
is that it's a very clever way ...

258
00:14:18,635 --> 00:14:23,004
of society voting on what goods ...

259
00:14:23,039 --> 00:14:25,439
it wants made.

260
00:14:25,475 --> 00:14:27,306
What do you use this for?

261
00:14:27,343 --> 00:14:31,177
That's ― I could use that for 
practically everything I ever do.

262
00:14:31,214 --> 00:14:34,877
You know, society votes.

263
00:14:34,918 --> 00:14:37,182
They like the way this guy

264
00:14:37,220 --> 00:14:39,916
makes ice cream.

265
00:14:39,956 --> 00:14:41,583
But the other guy,

266
00:14:41,624 --> 00:14:44,957
they don't like
his ice cream that much ...

267
00:14:44,994 --> 00:14:49,863
and they don't buy it,
so it fades out.

268
00:14:49,899 --> 00:14:52,527
It's on me.
That is a good fit.

269
00:14:52,569 --> 00:14:56,903
The basic law of life
is that if you have things,

270
00:14:56,940 --> 00:15:00,307
you can easily get more things.

271
00:15:00,343 --> 00:15:03,335
Very quickly, one guy can have ...

272
00:15:03,379 --> 00:15:06,075
five times more
than anybody else.

273
00:15:06,115 --> 00:15:08,515
- Free enterprise.
- Competition.

274
00:15:08,551 --> 00:15:10,018
The profit motive.

275
00:15:12,021 --> 00:15:14,922
My dad, an assembly-line
worker at General Motors,

276
00:15:14,958 --> 00:15:16,619
bought and paid for our house ...

277
00:15:16,659 --> 00:15:20,322
before I graduated
from kindergarten.

278
00:15:20,363 --> 00:15:23,491
We had a new car
every three years.

279
00:15:25,535 --> 00:15:28,368
We went to New York
every other summer.

280
00:15:28,404 --> 00:15:31,373
That's me on Wall Street.

281
00:15:31,407 --> 00:15:33,307
And that's me
directing my first movie ...

282
00:15:33,343 --> 00:15:34,867
at the World's Fair.

283
00:15:34,911 --> 00:15:38,938
We went to Catholic schools,
we lived a good life.

284
00:15:40,717 --> 00:15:44,050
If this was capitalism,
I loved it ...

285
00:15:44,087 --> 00:15:46,555
and so did everyone else.

286
00:15:46,589 --> 00:15:50,582
During these years
a lot of people got rich ...

287
00:15:50,627 --> 00:15:54,620
and they had to pay
a top tax rate of 90%.

288
00:15:54,664 --> 00:15:56,757
90%?

289
00:15:56,799 --> 00:15:58,630
Yep.

290
00:15:58,668 --> 00:16:03,230
But they still got to live
like Bogie and Bacall.

291
00:16:03,273 --> 00:16:05,605
And what did we do
with all their money?

292
00:16:05,642 --> 00:16:08,406
We built damns, bridges,

293
00:16:08,444 --> 00:16:12,244
interstate highways,
schools, hospitals.

294
00:16:12,282 --> 00:16:14,716
We even sent a guy to the moon.

295
00:16:14,751 --> 00:16:17,151
Things seemed to be going
in the right direction.

296
00:16:17,186 --> 00:16:20,246
Dad had a secure job
and Mom could work ...

297
00:16:20,290 --> 00:16:22,724
if she wanted,
but didn't have to.

298
00:16:22,759 --> 00:16:26,661
Middle-class families only 
needed one income to survive.

299
00:16:26,696 --> 00:16:29,961
Our union family had
free health care and free dental.

300
00:16:29,999 --> 00:16:33,457
The kids could go to college
without getting a loan from a bank.

301
00:16:33,503 --> 00:16:37,132
Dad had four weeks
paid vacation every summer.

302
00:16:37,173 --> 00:16:41,007
Most people had
a savings account and little debt.

303
00:16:41,044 --> 00:16:44,810
And Dad's pension was set aside
where no one could touch it.

304
00:16:44,847 --> 00:16:48,840
It would be there for him
when he retired.

305
00:16:48,885 --> 00:16:52,946
We got all of this because our 
main industrial competition ...

306
00:16:52,989 --> 00:16:55,514
had been reduced to rubble.

307
00:16:55,558 --> 00:16:58,220
Here's what the German
car industry looked like.

308
00:16:58,261 --> 00:17:01,697
And here's the Japanese
auto industry.

309
00:17:01,731 --> 00:17:03,824
I guess you could say
it's easy to be number one ...

310
00:17:03,866 --> 00:17:06,801
when you have no competition.

311
00:17:06,836 --> 00:17:09,396
Yes, of course
not everything was perfect.

312
00:17:09,439 --> 00:17:11,339
We didn't mind having to put up ...

313
00:17:11,374 --> 00:17:14,309
with a little bit of this
and a little bit of that ...

314
00:17:16,913 --> 00:17:19,541
just as long as we could be
middle-class.

315
00:17:21,884 --> 00:17:25,581
And we could count on our kids
having it better than we had it.

316
00:17:25,621 --> 00:17:28,954
It sounded like
a good deal to us.

317
00:17:28,991 --> 00:17:33,155
Capitalism ― no one
ever had it so good.

318
00:17:41,037 --> 00:17:43,062
And then, right when
we were in the middle ...

319
00:17:43,106 --> 00:17:46,542
of this big love affair
with capitalism ...

320
00:17:46,542 --> 00:17:49,010
The ABC Sunday Night 
Movie 'The Gambler'

321
00:17:49,045 --> 00:17:50,706
will continue in its entirety ...

322
00:17:50,747 --> 00:17:54,342
following this live report
from ABC News.

323
00:17:54,384 --> 00:17:59,253
We are at a turning point
in our history.

324
00:17:59,288 --> 00:18:01,552
Along came Debbie Downer.

325
00:18:01,591 --> 00:18:05,357
Too many of us now
tend to worship ...

326
00:18:05,395 --> 00:18:09,798
self-indulgence
and consumption.

327
00:18:09,832 --> 00:18:13,825
Human identity
is no longer defined ...

328
00:18:13,870 --> 00:18:17,601
by what one does,

329
00:18:17,640 --> 00:18:20,507
but by what one owns.

330
00:18:20,543 --> 00:18:22,204
This is not a message ...

331
00:18:22,245 --> 00:18:25,806
of happiness or reassurance,

332
00:18:25,848 --> 00:18:28,078
but it is the truth ...

333
00:18:28,117 --> 00:18:30,108
and it is a warning.

334
00:18:30,153 --> 00:18:32,121
Wow, what a bummer.

335
00:18:32,155 --> 00:18:35,283
It was time to bring
a new sheriff to town ...

336
00:18:36,459 --> 00:18:38,927
... one who knew how to act
like a president.

337
00:18:38,961 --> 00:18:42,624
He knew how to handle workers
who wanted a better wage.

338
00:18:44,967 --> 00:18:47,902
All right, mister, I guess you win.

339
00:18:47,937 --> 00:18:49,427
Or these annoying feminists ...

340
00:18:49,472 --> 00:18:52,236
whining about their
Equal Rights Amendment.

341
00:18:52,275 --> 00:18:54,743
Well, I can change that in a hurry.

342
00:18:56,446 --> 00:19:00,246
A man who knew
how to get the job done.

343
00:19:00,283 --> 00:19:03,810
Ronald Reagan
came out of the B movies ...

344
00:19:03,853 --> 00:19:08,017
to become the most famous
corporate spokesman of the 1950s.

345
00:19:08,057 --> 00:19:10,753
It's a transistor radio too.
Weighs only a few ounces.

346
00:19:10,793 --> 00:19:12,226
You can slip it
right into your pocket.

347
00:19:12,261 --> 00:19:14,627
Boraxo waterless hand cleaner
really cleans up for us.

348
00:19:14,664 --> 00:19:16,598
He had found his calling ...

349
00:19:16,632 --> 00:19:19,567
and Wall Street
had found their man.

350
00:19:19,602 --> 00:19:22,662
You see, the banks and corporations
had a simple plan:

351
00:19:22,705 --> 00:19:26,072
to remake America to serve them.

352
00:19:26,108 --> 00:19:27,700
But to pull it off would require ...

353
00:19:27,743 --> 00:19:30,769
electing a spokesmodel
for president.

354
00:19:30,813 --> 00:19:35,011
And on November 4th, 1980,
that's what we did.

355
00:19:35,051 --> 00:19:36,882
... that I will faithfully execute ...

356
00:19:36,919 --> 00:19:39,114
the office of President
of the United States.

357
00:19:39,155 --> 00:19:41,350
Ronald Ronald Ronald ...

358
00:19:41,390 --> 00:19:43,620
Thank you.

359
00:19:43,659 --> 00:19:46,389
It was an historic moment ...

360
00:19:46,429 --> 00:19:49,193
because now corporate America
and Wall Street ...

361
00:19:49,232 --> 00:19:52,224
were in almost complete control.

362
00:19:52,268 --> 00:19:54,964
See that guy standing
next to the president?

363
00:19:55,004 --> 00:19:57,871
You know, the one
that looks like a butler?

364
00:19:57,907 --> 00:20:00,273
His name was Don Regan,

365
00:20:00,309 --> 00:20:02,573
the Chairman of Merrill Lynch,

366
00:20:02,612 --> 00:20:07,140
the richest and biggest
retail brokerage firm in the world.

367
00:20:07,183 --> 00:20:10,152
He took the key position
of Treasury Secretary ...

368
00:20:10,186 --> 00:20:14,054
so he could enact the tax cuts
that the rich wanted.

369
00:20:14,090 --> 00:20:16,388
Regan then became
White House Chief of Staff ...

370
00:20:16,425 --> 00:20:19,986
as the president started to fade.

371
00:20:20,029 --> 00:20:23,157
Then they should give the president
what 43 governors have,

372
00:20:23,199 --> 00:20:25,667
a line-item veto.

373
00:20:25,701 --> 00:20:27,862
And ...

374
00:20:27,904 --> 00:20:31,965
- You're gonna have to speed it up.
- Oh.

375
00:20:32,008 --> 00:20:35,171
Who tells the president
to speed it up?

376
00:20:35,211 --> 00:20:39,045
The man from Merrill Lynch,
that's who.

377
00:20:39,081 --> 00:20:43,541
Things in America would never
be the same again.

378
00:20:43,586 --> 00:20:47,022
The country would now be run
like a corporation.

379
00:20:47,056 --> 00:20:49,149
We're going to turn the bull loose.

380
00:20:52,595 --> 00:20:56,190
And four years later,
when Reagan ran for re-election,

381
00:20:56,232 --> 00:20:59,668
it was all smiley faces
and happy talk.

382
00:20:59,702 --> 00:21:02,227
I really feel that we're gonna
be better off in the long run.

383
00:21:02,271 --> 00:21:05,206
We're on the upward swing ...

384
00:21:05,241 --> 00:21:08,768
and the factories are working
much stronger than before.

385
00:21:08,811 --> 00:21:11,211
We're back on top.

386
00:21:14,750 --> 00:21:17,116
Actually, what 
Reagan presided over ...

387
00:21:17,153 --> 00:21:21,715
was the wholesale dismantling
of our industrial infrastructure.

388
00:21:21,757 --> 00:21:25,591
This was not done to save money
or remain competitive,

389
00:21:25,628 --> 00:21:27,687
as companies back then
were already posting ...

390
00:21:27,730 --> 00:21:31,131
record earnings in the billions.

391
00:21:31,167 --> 00:21:34,898
No, it was done
for short-term profits ...

392
00:21:39,008 --> 00:21:41,909
and to destroy the unions.

393
00:21:41,944 --> 00:21:45,038
Millions of people
were thrown out of work ...

394
00:21:45,081 --> 00:21:48,414
and the remaining workers
were told to work twice as hard.

395
00:21:49,885 --> 00:21:53,343
But wages for working people
remained frozen.

396
00:21:55,257 --> 00:21:58,090
The richest Americans had 
their top income tax rate ...

397
00:21:58,127 --> 00:22:01,062
cut in half.

398
00:22:02,898 --> 00:22:05,992
Instead of being paid
a decent wage,

399
00:22:06,035 --> 00:22:08,799
we were encouraged
to live on borrowed money ...

400
00:22:08,838 --> 00:22:12,899
until our household debt
was nearly 100% of the GDP.

401
00:22:12,942 --> 00:22:16,105
There was an explosion
of personal bankruptcies.

402
00:22:16,145 --> 00:22:20,013
We found it necessary to lock up
millions of our citizens.

403
00:22:20,049 --> 00:22:22,347
Sales of antidepressants
skyrocketed ...

404
00:22:22,385 --> 00:22:24,979
as insurance and pharmaceutical 
company greed ...

405
00:22:25,021 --> 00:22:28,218
pushed the cost
of healthcare up and up.

406
00:22:28,257 --> 00:22:31,784
All of this was great news
for the stock market ...

407
00:22:31,827 --> 00:22:34,887
and for America's CEOs.

408
00:22:39,902 --> 00:22:41,597
Half of Flint was now receiving ...

409
00:22:41,637 --> 00:22:44,800
some form of government welfare.

410
00:22:44,840 --> 00:22:46,705
During the end of the Reagan years,

411
00:22:46,742 --> 00:22:49,973
I made my first movie about what 
had happened to the country ...

412
00:22:50,012 --> 00:22:53,470
and specifically to my hometown
of Flint, Michigan,

413
00:22:53,516 --> 00:22:56,747
the birthplace of General Motors.

414
00:22:56,786 --> 00:23:00,654
GM was posting profits
of over $4 billion ...

415
00:23:00,690 --> 00:23:02,681
while at the same 
time eliminating ...

416
00:23:02,725 --> 00:23:05,489
tens of thousands of jobs.

417
00:23:05,528 --> 00:23:09,464
I went to see GM's chief lobbyist
in Flint, Mr. Tom Kay,

418
00:23:09,498 --> 00:23:12,695
to ask him why
this was happening.

419
00:23:12,735 --> 00:23:15,727
General Motors wouldn't be doing
anybody any service ...

420
00:23:15,771 --> 00:23:17,238
if it goes bankrupt.

421
00:23:17,273 --> 00:23:19,036
It has to do what it has to do ...

422
00:23:19,075 --> 00:23:22,272
in order to stay competitive
in today's economic climate.

423
00:23:22,311 --> 00:23:26,372
Even if that means
eliminating 18,000 jobs?

424
00:23:26,415 --> 00:23:29,384
Even if it means
eliminating 20,000 jobs.

425
00:23:29,418 --> 00:23:31,716
- Or 30,000?
- Whatever.

426
00:23:31,754 --> 00:23:36,316
- How about all the jobs here in Flint?
- It could feasibly happen.

427
00:23:36,358 --> 00:23:38,918
And it did.

428
00:23:38,961 --> 00:23:41,759
Nearly all the jobs 
were eliminated ...

429
00:23:41,797 --> 00:23:44,561
and GM went bankrupt.

430
00:23:46,368 --> 00:23:49,997
Perhaps more distressing was the 
fact that the rest of America ...

431
00:23:50,039 --> 00:23:54,169
was now starting to resemble
Flint, Michigan.

432
00:23:54,210 --> 00:23:58,374
But there were some cities that 
still took pride in their greatness.

433
00:23:58,414 --> 00:24:00,177
♪ Cleveland ♪

434
00:24:00,216 --> 00:24:02,707
♪ Come on down
to Cleveland Town, everyone ♪

435
00:24:02,752 --> 00:24:05,653
♪ Come and look
at both of our buildings ♪

436
00:24:05,688 --> 00:24:08,486
♪ Here's the place where
there used to be industry ♪

437
00:24:08,524 --> 00:24:11,357
♪ This train is carrying jobs
out of Cleveland ♪

438
00:24:11,393 --> 00:24:14,385
♪ See the sun almost
three times a year ♪

439
00:24:14,430 --> 00:24:17,194
♪ This guy has at least two DUls ♪

440
00:24:17,233 --> 00:24:20,168
♪ Our economy's
based on LeBron James ♪

441
00:24:20,202 --> 00:24:23,035
♪ Buy a house
for the price of a VCR ♪

442
00:24:23,072 --> 00:24:25,768
♪ Our main export
is crippling depression ♪

443
00:24:25,808 --> 00:24:28,777
♪ We're so retarded
that we think this is art ♪

444
00:24:28,811 --> 00:24:33,441
♪ It could be worse, though,
at least we're not Detroit ♪

445
00:24:33,482 --> 00:24:35,677
♪ We're not Detroit. ♪

446
00:24:35,718 --> 00:24:39,415
No, they're not Detroit.

447
00:24:39,455 --> 00:24:42,083
For 20 years I tried
to warn GM and others ...

448
00:24:42,124 --> 00:24:45,787
that this day was coming,
but to no avail.

449
00:24:45,828 --> 00:24:48,092
Maybe now they'd listen.

450
00:24:48,130 --> 00:24:50,564
So I went down to the headquarters
of General Motors ...

451
00:24:50,599 --> 00:24:54,262
one last time to share
some of my ideas.

452
00:24:54,303 --> 00:24:56,464
You don't have permission.
You can't film here.

453
00:24:56,505 --> 00:24:57,494
Huh?

454
00:24:57,540 --> 00:24:59,337
You don't have permission
from General Motors.

455
00:24:59,375 --> 00:25:01,969
- You can't film here.
- I'm just going up to see the chairman.

456
00:25:02,011 --> 00:25:04,002
No, sir.
No, sir.

457
00:25:04,046 --> 00:25:06,276
You know, I've been doing this
for, like, 20 years.

458
00:25:06,315 --> 00:25:07,805
I understand, sir.

459
00:25:07,850 --> 00:25:11,342
And I have not been let into 
this building for 20 years,

460
00:25:11,387 --> 00:25:15,050
and I think it's about time
someone just let me in ...

461
00:25:15,090 --> 00:25:16,717
and let me talk to them.

462
00:25:16,759 --> 00:25:18,624
I've got some good ideas.

463
00:25:18,661 --> 00:25:23,098
4-7 to 7-6 Bravo Area Alpha.

464
00:25:23,132 --> 00:25:25,532
Go ahead.

465
00:25:25,568 --> 00:25:28,799
It's Michael Moore here
to see the chairman.

466
00:25:31,106 --> 00:25:33,631
Repeat that.

467
00:25:33,676 --> 00:25:35,769
It's the filmmaker
Mr. Michael Moore.

468
00:25:35,811 --> 00:25:37,802
He's here to see the chairman.

469
00:25:39,048 --> 00:25:40,640
- Gentlemen.
- Yes.

470
00:25:40,683 --> 00:25:43,083
You need to get prior permission.
You cannot film here, okay?

471
00:25:43,118 --> 00:25:45,848
But if I can't go in and get 
permission, what am I supposed to do?

472
00:25:45,888 --> 00:25:48,379
I guess they're right.
Breaking up is hard to do.

473
00:25:48,424 --> 00:25:50,722
Stop that. Don't do that.
Just go in the building.

474
00:25:50,759 --> 00:25:53,455
For 35 years,
GM made more money ...

475
00:25:53,495 --> 00:25:55,588
than any other corporation.

476
00:25:55,631 --> 00:25:57,223
But eventually, Germany and Japan ...

477
00:25:57,266 --> 00:26:00,064
rebuilt their car industry
and produced vehicles ...

478
00:26:00,102 --> 00:26:03,128
that were safer than ours,
more fuel efficient ...

479
00:26:03,172 --> 00:26:05,333
and rarely, if ever, broke down.

480
00:26:08,444 --> 00:26:12,813
In Germany, unions help hire and 
fire the board of directors ...

481
00:26:12,848 --> 00:26:16,249
so the workers have a say
in what's going on.

482
00:26:19,121 --> 00:26:21,112
You see, the people
of Japan and Germany ...

483
00:26:21,390 --> 00:26:24,826
fight to make sure that even their 
conservative political leaders ...

484
00:26:24,860 --> 00:26:26,987
don't destroy their middle class.

485
00:26:31,333 --> 00:26:33,961
So where exactly
are we right now?

486
00:26:34,003 --> 00:26:38,565
On the day that General Motors
declared Chapter 11 bankruptcy,

487
00:26:38,607 --> 00:26:42,043
I went with my dad to visit
the AC Spark Plug plant ...

488
00:26:42,077 --> 00:26:44,671
where he had worked
for over 30 years.

489
00:26:44,713 --> 00:26:48,376
- So you worked actually right here.
- You'd have to go ―

490
00:26:48,417 --> 00:26:52,217
they had a ramp that took you
up over that, just beyond that ...

491
00:26:52,254 --> 00:26:53,778
- Just beyond that space there?
- Yeah.

492
00:26:53,822 --> 00:26:55,813
- And then the factory was 
all over there? │- Yeah.

493
00:26:55,858 --> 00:26:58,258
The whole complex
is, like, two miles long.

494
00:26:58,294 --> 00:27:00,626
I remember Mom bringing
us kids in to pick you up.

495
00:27:00,663 --> 00:27:02,563
- 2:30 every day.
- Yeah, uh-huh.

496
00:27:02,598 --> 00:27:05,624
You'd walk out of there,
right over in there in fact.

497
00:27:05,668 --> 00:27:07,636
And we'd be waiting
in the car for you ...

498
00:27:07,670 --> 00:27:10,161
and we'd see you
come down the ramp.

499
00:27:10,205 --> 00:27:13,800
We got real excited
every time we saw you.

500
00:27:13,842 --> 00:27:16,333
I was there 33½ years.

501
00:27:16,378 --> 00:27:18,437
- 33½ years?
- Uh-huh.

502
00:27:18,480 --> 00:27:21,278
What's your best memory 
here, being here, working here?

503
00:27:21,317 --> 00:27:24,480
My best memory?
I think the people.

504
00:27:24,520 --> 00:27:26,511
They were a really good bunch.

505
00:27:26,555 --> 00:27:29,422
- You liked the crowd you worked with?
- Yeah.

506
00:27:29,458 --> 00:27:32,723
A good place to work. I enjoyed it.

507
00:27:32,761 --> 00:27:35,628
But I'm sorry to see it go.

508
00:27:43,238 --> 00:27:45,968
Shortly before Christmas 2008,

509
00:27:46,008 --> 00:27:49,136
Republic Windows & Doors
in Chicago, Illinois,

510
00:27:49,178 --> 00:27:52,409
abruptly fired its entire 
unionized workforce ...

511
00:27:52,448 --> 00:27:55,508
of over 250 people.

512
00:27:55,551 --> 00:27:59,009
They were given
only three days' notice.

513
00:27:59,054 --> 00:28:01,113
Bank of America
would no longer provide ...

514
00:28:01,156 --> 00:28:03,351
a line of credit to the company,

515
00:28:03,392 --> 00:28:07,488
and so the workers were not paid
the money owed to them.

516
00:28:07,529 --> 00:28:10,327
My life revolves
around this job.

517
00:28:10,366 --> 00:28:14,530
I live according to my obligation
to my job, you know?

518
00:28:14,570 --> 00:28:18,631
And it's not just me,
it's all of the workers here.

519
00:28:18,674 --> 00:28:21,472
We go above and beyond ...

520
00:28:21,510 --> 00:28:24,104
the call of duty for Republic.

521
00:28:24,146 --> 00:28:26,876
And at the end,

522
00:28:26,915 --> 00:28:29,748
Republic cares nothing for us.

523
00:28:31,587 --> 00:28:34,556
We found out that they're 
gonna shut the plant on Tuesday.

524
00:28:34,590 --> 00:28:37,821
We don't deserve what
they're doing to us, you know?

525
00:28:37,860 --> 00:28:41,159
It really hurts because,
like I said,

526
00:28:41,196 --> 00:28:43,164
this is my second family.

527
00:28:43,198 --> 00:28:45,792
So it was ― it really hurts.
It really hurts.

528
00:28:45,834 --> 00:28:49,736
I'm gonna miss
all of them, you know?

529
00:28:49,772 --> 00:28:52,741
I'm gonna miss them
and I don't think ...

530
00:28:52,775 --> 00:28:55,107
anybody on this planet ...

531
00:28:55,144 --> 00:28:58,375
deserves what they've done to us.

532
00:29:05,854 --> 00:29:07,913
Scenes like this
were being repeated ...

533
00:29:07,956 --> 00:29:12,017
all over the country,
and no one seemed to mind.

534
00:29:12,061 --> 00:29:14,461
♪ Zambezi, zambezi ♪

535
00:29:14,496 --> 00:29:17,624
♪ Zambezi, zam. ♪
- Whoo!

536
00:29:17,666 --> 00:29:21,534
The president was enjoying
his final year in office.

537
00:29:21,570 --> 00:29:23,868
But as the economy
started to fall apart,

538
00:29:23,906 --> 00:29:28,036
he decided it was time
to roll out the C word.

539
00:29:28,077 --> 00:29:31,103
Capitalism is the best system
ever devised.

540
00:29:31,146 --> 00:29:32,545
Huh. Really?

541
00:29:32,581 --> 00:29:35,846
Voices from the left and right are
equating the free enterprise system ...

542
00:29:35,884 --> 00:29:39,547
with greed and exploitation
and failure.

543
00:29:39,588 --> 00:29:41,579
Hmm, greed,

544
00:29:41,623 --> 00:29:44,786
exploitation, failure?

545
00:29:44,827 --> 00:29:46,351
Go on, I'm listening.

546
00:29:46,395 --> 00:29:51,264
Capitalism offers people
the freedom to choose ...

547
00:29:51,300 --> 00:29:53,860
where they work and what they do ...

548
00:29:53,902 --> 00:29:56,598
Pat Andrews
has been looking for work.

549
00:29:56,638 --> 00:30:00,506
Every morning she scans
the classifieds in vain.

550
00:30:00,542 --> 00:30:02,305
There isn't anything in here.

551
00:30:02,344 --> 00:30:05,279
I'm not gonna be a gentleman's 
club hired dancer either.

552
00:30:06,615 --> 00:30:10,107
... the opportunity to buy
or sell products they want.

553
00:30:10,152 --> 00:30:12,086
Tom Rendon has avoided layoffs ...

554
00:30:12,121 --> 00:30:14,783
at his sign company
in Stockton, California,

555
00:30:14,823 --> 00:30:16,723
all because this one word
now makes up ...

556
00:30:16,758 --> 00:30:18,817
for half his business.

557
00:30:18,861 --> 00:30:22,422
If you seek social justice
and human dignity,

558
00:30:22,464 --> 00:30:26,298
the free market system
is the way to go.

559
00:30:29,171 --> 00:30:32,299
And for those seeking
justice in Pennsylvania,

560
00:30:32,341 --> 00:30:36,243
free enterprise
was definitely the way to go.

561
00:30:39,748 --> 00:30:41,409
Wilkes-Barre, Pennsylvania,

562
00:30:41,450 --> 00:30:43,611
has one of the highest rates
in the state ...

563
00:30:43,652 --> 00:30:47,281
of young people locked up
in the juvenile home.

564
00:30:47,322 --> 00:30:49,654
Perhaps it's because
the good people here ...

565
00:30:49,691 --> 00:30:52,057
employ the practices
of capitalism ...

566
00:30:52,094 --> 00:30:55,325
in dealing with
their wayward youth.

567
00:30:55,364 --> 00:30:58,265
The county hired a private
profit-making corporation ...

568
00:30:58,300 --> 00:31:02,430
with a sweet-sounding name,
PA Child Care.

569
00:31:03,672 --> 00:31:06,607
It was owned and run
by two businessmen,

570
00:31:06,642 --> 00:31:11,306
one of whom was Robert Powell,
an attorney and entrepreneur.

571
00:31:11,346 --> 00:31:13,280
His good friend Judge Conahan ...

572
00:31:13,315 --> 00:31:15,681
closed down
the public juvenile home ...

573
00:31:15,717 --> 00:31:17,651
and then got
PA Child Care to build ...

574
00:31:17,686 --> 00:31:20,849
an $8 million
privately-owned facility ...

575
00:31:20,889 --> 00:31:22,789
and charge it back to the county ...

576
00:31:22,824 --> 00:31:25,520
for a mere $58 million lease.

577
00:31:27,462 --> 00:31:31,091
Let's meet some of Wilkes-Barre's
juvenile delinquents.

578
00:31:31,133 --> 00:31:33,431
Magee smoked pot
at a high school party.

579
00:31:33,468 --> 00:31:36,699
I was very rebellious
when I was at this age.

580
00:31:36,738 --> 00:31:39,536
Matt, he got into an 
argument at the dinner table.

581
00:31:39,575 --> 00:31:42,237
I threw a piece of meat,
as in steak,

582
00:31:42,277 --> 00:31:44,745
cooked dinner,
at my mother's boyfriend.

583
00:31:44,780 --> 00:31:47,146
Jamie got in a fight
at a shopping mall ...

584
00:31:47,182 --> 00:31:48,444
with her best friend.

585
00:31:48,483 --> 00:31:51,919
I just figured, you know, we just 
weren't gonna be friends anymore.

586
00:31:51,954 --> 00:31:54,479
And Hillary made
a MySpace page ...

587
00:31:54,523 --> 00:31:56,684
making fun
of her assistant principal ...

588
00:31:56,725 --> 00:31:59,216
for being strict and having
no sense of humor.

589
00:31:59,261 --> 00:32:02,697
And it said some pretty silly,
like, 14-year-old-girl stuff.

590
00:32:02,731 --> 00:32:06,462
Her assistant principal
called the police.

591
00:32:06,501 --> 00:32:10,801
They all appeared before
kindly Judge Mark Ciavarella.

592
00:32:10,839 --> 00:32:13,569
These kids were about
to get their first lesson

593
00:32:13,609 --> 00:32:15,577
in American capitalism:

594
00:32:15,611 --> 00:32:20,412
time is money, lots of money.

595
00:32:20,449 --> 00:32:23,748
I went in front of the court,
in front of Mr. Ciavarella,

596
00:32:23,785 --> 00:32:25,582
and I wasn't even in front of him
for four minutes.

597
00:32:25,621 --> 00:32:27,714
I was only in front of him
for, like, two minutes.

598
00:32:27,756 --> 00:32:31,385
The first thing that
Judge Ciavarella said to me was,

599
00:32:31,426 --> 00:32:34,293
"What makes you think
you can do this kind of crap?"

600
00:32:34,329 --> 00:32:36,763
I'm sure he knew in his mind
when I walked in

601
00:32:36,798 --> 00:32:38,561
that he was locking this kid up
no matter what.

602
00:32:38,600 --> 00:32:39,897
He didn't even look at me.

603
00:32:39,935 --> 00:32:42,904
Once I entered the courtroom,
I didn't have any chance.

604
00:32:42,938 --> 00:32:45,202
There was about six kids
who went in front of me.

605
00:32:45,240 --> 00:32:47,265
Every single kid who went
in front of Ciavarella,

606
00:32:47,309 --> 00:32:50,676
for all different reasons ―
some minor, some serious ―

607
00:32:50,712 --> 00:32:52,407
got sent away.

608
00:32:52,447 --> 00:32:56,349
Although Wilkes-Barre is located
in the United States of America,

609
00:32:56,385 --> 00:33:00,515
here capitalism
trumped democracy.

610
00:33:00,555 --> 00:33:03,786
Robert Powell, one of the owners
of PA Child Care,

611
00:33:03,825 --> 00:33:08,228
cut a business deal with Judge 
Conahan and Judge Ciavarella.

612
00:33:08,263 --> 00:33:11,699
Judge Ciavarella then stepped up
his conviction rates.

613
00:33:11,733 --> 00:33:13,462
Many of these kids
were funneled ...

614
00:33:13,502 --> 00:33:18,269
into PA Child Care's
for-profit juvenile facility.

615
00:33:18,307 --> 00:33:19,706
And for their troubles,

616
00:33:19,741 --> 00:33:23,939
the judges received
over $2.6 million ...

617
00:33:23,979 --> 00:33:27,938
while the owners of PA Child Care
received tens of millions ...

618
00:33:27,983 --> 00:33:30,577
of taxpayer dollars
from the county.

619
00:33:30,619 --> 00:33:33,747
And where did Powell go
to enjoy all that money?

620
00:33:33,789 --> 00:33:35,984
On his private plane ...

621
00:33:36,024 --> 00:33:39,084
and his yacht,
the "Reel Justice."

622
00:33:40,762 --> 00:33:45,665
6,500 children
were unjustly convicted.

623
00:33:45,701 --> 00:33:49,102
It was good business
while it lasted.

624
00:33:50,238 --> 00:33:53,105
Two Luzerne County judges 
in big trouble with the law.

625
00:33:53,141 --> 00:33:54,130
They're going to jail.

626
00:33:54,176 --> 00:33:55,609
Some kids were locked up ...

627
00:33:55,644 --> 00:33:59,910
even when probation officers
objected to detention.

628
00:33:59,948 --> 00:34:02,940
In there you lose track of time
and you lose track of the date.

629
00:34:02,984 --> 00:34:04,212
I was barely keeping track.

630
00:34:04,252 --> 00:34:07,380
It was supposed to be, like ―
I believe it was, like, two months.

631
00:34:07,422 --> 00:34:09,822
And it went from two months
to nine months.

632
00:34:09,858 --> 00:34:12,554
He said originally
three to six months,

633
00:34:12,594 --> 00:34:16,587
but somehow I ended up
being there 11½ months ...

634
00:34:16,631 --> 00:34:19,464
and I never went back
in front of the judge at all ...

635
00:34:19,501 --> 00:34:21,128
for him to give me extensions.

636
00:34:21,169 --> 00:34:22,966
Not only did PA Child Care ...

637
00:34:23,004 --> 00:34:25,837
pay off the judges
to fill their cells,

638
00:34:25,874 --> 00:34:28,536
but their employees were the 
ones who got to decide ...

639
00:34:28,577 --> 00:34:31,978
when a child had
enough rehabilitation.

640
00:34:32,013 --> 00:34:35,346
But that makes sense, because 
any time a governmental unit ...

641
00:34:35,384 --> 00:34:37,944
turns over to a profit-making 
corporation ...

642
00:34:37,986 --> 00:34:40,386
the duties it should be performing,

643
00:34:40,422 --> 00:34:42,447
what do you expect to happen?

644
00:34:42,491 --> 00:34:45,085
It makes me feel like
an item that they just used ...

645
00:34:45,127 --> 00:34:47,527
to just get money
and then tossed me aside.

646
00:34:47,562 --> 00:34:52,022
I'm just trying
to work on my flying ...

647
00:34:52,067 --> 00:34:54,262
and just trying to prepare
for my future ...

648
00:34:54,302 --> 00:34:57,533
so I can put this all behind me,
finally be done with all this.

649
00:34:57,572 --> 00:35:00,040
During the whole trial
I wasn't in control at all,

650
00:35:00,075 --> 00:35:02,509
but with flying it's only me.

651
00:35:02,544 --> 00:35:05,012
It's just that I just get
to do everything by myself.

652
00:35:05,046 --> 00:35:07,071
I'm the only one on the control.

653
00:35:07,115 --> 00:35:08,946
Matt loves to fly ...

654
00:35:08,984 --> 00:35:12,249
and hopes to become
a pilot someday.

655
00:35:12,287 --> 00:35:14,915
If he does, he'll get his 
second lesson ...

656
00:35:14,956 --> 00:35:17,550
in capitalism:

657
00:35:17,592 --> 00:35:20,618
that in America,
sometimes you're better off ...

658
00:35:20,662 --> 00:35:23,098
working at Mickey D's.

659
00:35:23,098 --> 00:35:25,658
Remember Sully?

660
00:35:25,700 --> 00:35:27,031
Captain Sullenberger,

661
00:35:27,068 --> 00:35:30,094
who safely landed an airbus
in the Hudson River ...

662
00:35:30,138 --> 00:35:33,164
saving the lives 
of 150 passengers?

663
00:35:33,208 --> 00:35:36,075
A true American hero.

664
00:35:39,214 --> 00:35:42,115
He met the mayor.
He went to the State of the Union.

665
00:35:42,150 --> 00:35:44,846
Heck, he even went
to the Super Bowl.

666
00:35:44,886 --> 00:35:47,116
And then he went to Congress.

667
00:35:47,155 --> 00:35:50,215
Flying has been 
my lifelong passion.

668
00:35:50,258 --> 00:35:52,419
But while I love my profession,

669
00:35:52,461 --> 00:35:55,157
I do not like
what has happened to it.

670
00:35:55,197 --> 00:35:57,290
It is my personal experience ...

671
00:35:57,332 --> 00:36:00,529
that my decision to remain
in the profession I love ...

672
00:36:00,569 --> 00:36:05,199
has come at a great financial 
cost to me and to my family.

673
00:36:05,240 --> 00:36:07,504
My pay has been cut 40%.

674
00:36:07,542 --> 00:36:11,205
My pension, like most airline 
pensions, has been terminated.

675
00:36:11,246 --> 00:36:14,773
So please do not think I exaggerate
when I say that I do not know ...

676
00:36:14,816 --> 00:36:18,115
a single professional airline pilot
who wants his or her children ...

677
00:36:18,153 --> 00:36:19,745
to follow in their footsteps.

678
00:36:19,788 --> 00:36:22,518
Whoa, you cleared
the room with that one, Sully.

679
00:36:22,557 --> 00:36:24,855
I don't think the congressmen
wanted to hear that stuff.

680
00:36:24,893 --> 00:36:27,828
- They like you as a hero.
- The current experience ...

681
00:36:42,410 --> 00:36:44,469
What was
your starting pay as a pilot?

682
00:36:44,513 --> 00:36:46,811
I made $19,000 the first year.

683
00:36:46,848 --> 00:36:50,306
I was bumped up to about 22,000
or 23,000 the second year.

684
00:36:50,352 --> 00:36:52,980
Last year, gross pay ...

685
00:36:53,021 --> 00:36:55,455
I made $17,600.

686
00:36:55,490 --> 00:36:58,084
There's a joke in the airline when 
we get our wings pinned on us ...

687
00:36:58,126 --> 00:37:01,584
as new-hire airline pilots
that the company just kinda says,

688
00:37:01,630 --> 00:37:04,394
"Hey, don't apply for food 
stamps in your uniform."

689
00:37:04,432 --> 00:37:07,299
I don't know about you,
but I want the pilot ...

690
00:37:07,335 --> 00:37:11,135
who's got me 30,000 feet up in 
the air to be paid really well ...

691
00:37:11,172 --> 00:37:14,232
and not sitting up in the cockpit
digging through the pilot's seat ...

692
00:37:14,276 --> 00:37:16,267
looking for loose change.

693
00:37:16,311 --> 00:37:18,279
There was a period
of about four months ...

694
00:37:18,313 --> 00:37:21,077
where I was on food stamps.

695
00:37:21,116 --> 00:37:22,606
- You were on food stamps?
- Yes.

696
00:37:22,651 --> 00:37:25,415
- And you were still flying the plane?
- Yes.

697
00:37:25,453 --> 00:37:27,819
With my ―
with my food stamp card.

698
00:37:27,856 --> 00:37:30,620
The lady I talked to
in the food stamp office,

699
00:37:30,659 --> 00:37:33,594
when I told her I was a pilot,
she didn't bat an eye,

700
00:37:33,628 --> 00:37:35,960
but she didn't ―
I knew she didn't believe me.

701
00:37:35,997 --> 00:37:38,625
How have you gotten by? How have 
you been able to afford things?

702
00:37:38,667 --> 00:37:41,261
Relying on credit cards to buy 
the groceries at times ...

703
00:37:41,303 --> 00:37:43,032
when I wasn't on food stamps.
- Oh, really?

704
00:37:43,071 --> 00:37:45,369
I have about $10,000
in credit card debt ...

705
00:37:45,407 --> 00:37:47,398
just on the necessities,

706
00:37:47,442 --> 00:37:50,002
not on the big-screen TV
and the stereo.

707
00:37:50,045 --> 00:37:53,242
You're using it to buy 
your groceries and get by.

708
00:37:53,281 --> 00:37:55,215
- Yes.
- Do you have any student loan debt?

709
00:37:55,250 --> 00:37:56,945
- Yes.
- How much?

710
00:37:56,985 --> 00:37:58,543
Mine is about 80,000.

711
00:37:58,587 --> 00:38:01,988
- I took out $100,000.
- Student loans?

712
00:38:02,023 --> 00:38:04,890
And by the time I pay it back,
at this rate,

713
00:38:04,926 --> 00:38:07,292
it'll probably cost me well over
a half a million with interest ...

714
00:38:07,329 --> 00:38:09,889
and fees and penalties.

715
00:38:09,931 --> 00:38:12,161
It's something that I don't ―
I don't like to spend a lot of time

716
00:38:12,200 --> 00:38:13,895
thinking about
because it's abysmal.

717
00:38:13,935 --> 00:38:16,403
It's one way that I get down
really quickly ...

718
00:38:16,438 --> 00:38:18,099
about my chosen career field

719
00:38:18,139 --> 00:38:20,573
is to think about how much I owe
and how little I make.

720
00:38:20,609 --> 00:38:23,510
Have you had to work
a second job to make ends meet?

721
00:38:23,545 --> 00:38:25,911
I walk dogs on the side,

722
00:38:25,947 --> 00:38:29,144
I distribute MonaVie Juice.

723
00:38:29,184 --> 00:38:32,449
I have known pilots
to donate plasma ...

724
00:38:32,487 --> 00:38:34,318
for extra cash.

725
00:38:34,356 --> 00:38:37,223
- You mean they give blood?
- They ― well ―

726
00:38:37,258 --> 00:38:39,886
So they can make extra money even 
though they're flying an airplane?

727
00:38:39,928 --> 00:38:41,919
Yeah.
They donate their plasma.

728
00:38:41,963 --> 00:38:46,229
So they get the blood back,
but you can get paid for plasma.

729
00:38:46,267 --> 00:38:47,564
Oh, I see.

730
00:38:47,602 --> 00:38:49,399
They suck the blood out of you,
take the plasma ...

731
00:38:49,437 --> 00:38:50,904
- Give you the blood back.
give you the ―

732
00:38:50,939 --> 00:38:52,804
Oh, well then,
not such a bad deal.

733
00:38:52,841 --> 00:38:56,333
The only reason people stay flying
is because they love it.

734
00:38:56,378 --> 00:38:58,243
And managements
take advantage of that.

735
00:38:58,279 --> 00:39:01,612
The airlines
have managed to farm out ...

736
00:39:01,650 --> 00:39:06,053
a lot of the flying to commuters ...

737
00:39:06,087 --> 00:39:09,284
in an effort to basically
bust the unions.

738
00:39:09,324 --> 00:39:11,417
You can't compete ...

739
00:39:11,459 --> 00:39:15,691
to a lower and lower level
every year ...

740
00:39:15,730 --> 00:39:18,130
without skimping
on safety somehow.

741
00:39:20,435 --> 00:39:25,236
At approximately 10:15 PM
on February 12, 2009,

742
00:39:25,273 --> 00:39:28,003
Continental connection 
flight 3407 ...

743
00:39:28,043 --> 00:39:30,637
began its descent
to the airport in Buffalo.

744
00:39:32,414 --> 00:39:34,279
Stand by, there's some
ground communication,

745
00:39:34,315 --> 00:39:36,215
either state police
or sheriff's department.

746
00:39:36,251 --> 00:39:37,946
We need to find out if anything
is on the ground.

747
00:39:37,986 --> 00:39:40,386
This aircraft was five miles out,
and all of a sudden ...

748
00:39:40,422 --> 00:39:42,253
we have no response
to that aircraft.

749
00:39:42,290 --> 00:39:45,282
All I could tell you is there was
an aircraft over the marker ...

750
00:39:45,326 --> 00:39:48,352
and we're not talking to them now.

751
00:39:48,396 --> 00:39:50,557
No one survived the crash ...

752
00:39:50,598 --> 00:39:53,533
and 50 people lost their lives.

753
00:39:55,070 --> 00:39:58,335
The media focused
on the actions of the pilots.

754
00:39:58,373 --> 00:40:01,433
Captain Marvin Renslow
and First Officer Shaw ...

755
00:40:01,476 --> 00:40:03,706
were chatting about their careers.

756
00:40:03,745 --> 00:40:06,111
"Careers" is a euphemism ...

757
00:40:06,147 --> 00:40:08,547
for what the pilots
were really talking about:

758
00:40:08,583 --> 00:40:12,713
how little they were paid
and how overworked they were.

759
00:40:12,754 --> 00:40:14,847
There would be
no discussion in the media ...

760
00:40:14,889 --> 00:40:17,153
about why we have
an economic system ...

761
00:40:17,192 --> 00:40:20,821
that allows a pilot to be paid less
than a manager at Taco Bell.

762
00:40:20,862 --> 00:40:22,261
First Officer Shaw ...

763
00:40:22,297 --> 00:40:25,926
made between
$16,000 and $20,000 a year ...

764
00:40:25,967 --> 00:40:29,528
and at one point
worked a second job.

765
00:40:29,571 --> 00:40:32,005
Her second job
had been waitressing ...

766
00:40:32,040 --> 00:40:34,031
at a coffee shop.

767
00:40:35,343 --> 00:40:38,870
How are these companies
able to get away with this?

768
00:40:38,913 --> 00:40:41,609
I guess that's the 
point of capitalism.

769
00:40:41,649 --> 00:40:44,413
It allows you to get away
with anything,

770
00:40:44,452 --> 00:40:47,822
like making a profit
off the death of an employee.

771
00:40:49,390 --> 00:40:51,756
Sweetie, I can open it.
Let's try it with this.

772
00:40:51,793 --> 00:40:53,852
This is Irma Johnson.

773
00:40:53,895 --> 00:40:56,864
Irma's husband Dan
worked in middle management ...

774
00:40:56,898 --> 00:40:59,059
at Amegy Bank in Houston, Texas.

775
00:40:59,100 --> 00:41:01,159
- Wanna try to spread it?
- No.

776
00:41:01,202 --> 00:41:03,727
Dan recently died of cancer,

777
00:41:03,772 --> 00:41:08,004
leaving behind Irma
and their two sons.

778
00:41:08,042 --> 00:41:10,602
But unbeknownst to Irma,
Amegy had taken out ...

779
00:41:10,645 --> 00:41:14,604
a secret life insurance policy
on Dan's life.

780
00:41:14,649 --> 00:41:18,881
The bank generously named itself
as the beneficiary ...

781
00:41:18,920 --> 00:41:21,411
in the event of Dan's death.

782
00:41:21,456 --> 00:41:24,584
The insurance company then 
accidentally informed Irma ...

783
00:41:24,626 --> 00:41:28,756
that Amegy Bank had received
a check for $1½ million ...

784
00:41:28,797 --> 00:41:31,732
just weeks after Dan died.

785
00:41:31,766 --> 00:41:33,563
Thank you for helping.

786
00:41:33,601 --> 00:41:34,659
They never told me.

787
00:41:34,702 --> 00:41:38,229
I wanted to find out, well, why did 
they purchase a policy for him?

788
00:41:38,273 --> 00:41:40,207
- You didn't know about it?
- No.

789
00:41:40,241 --> 00:41:43,904
And they named themselves
as the beneficiary.

790
00:41:43,945 --> 00:41:44,934
Yeah.

791
00:41:44,979 --> 00:41:47,140
So your husband's death ...

792
00:41:47,182 --> 00:41:50,151
made them $1.5 million richer?

793
00:41:50,185 --> 00:41:52,449
Mm-hmm.

794
00:41:52,487 --> 00:41:56,014
I know it's not right
for them to try to profit ...

795
00:41:56,057 --> 00:41:58,491
from my husband's death.

796
00:41:58,526 --> 00:42:00,323
When I first realized
what was happening,

797
00:42:00,361 --> 00:42:04,422
I was in disbelief.

798
00:42:04,465 --> 00:42:07,195
- It's hurtful.
- I'm so sorry.

799
00:42:08,670 --> 00:42:10,103
Um ...

800
00:42:12,607 --> 00:42:16,202
it's hurtful and I wanted answers.

801
00:42:16,244 --> 00:42:18,906
Irma contacted Michael D. Myers,

802
00:42:18,947 --> 00:42:21,438
a local attorney who had
already been looking into ...

803
00:42:21,482 --> 00:42:24,781
these kind of corporate
insurance policies on their employees.

804
00:42:26,187 --> 00:42:28,781
With the normal use of life insurance,
where you're guarding against ...

805
00:42:28,823 --> 00:42:33,385
the loss of a loved one
or a breadwinner of the family,

806
00:42:33,428 --> 00:42:37,831
you don't want that person to die.

807
00:42:37,866 --> 00:42:40,027
With these policies,
the companies that buy these ...

808
00:42:40,068 --> 00:42:41,933
want the employees to die ...

809
00:42:41,970 --> 00:42:44,666
in accordance
with the policy projections.

810
00:42:44,706 --> 00:42:48,608
You are more valuable dead
to a company than alive.

811
00:42:49,911 --> 00:42:53,403
American Greetings, RR Donnelly 
& Sons, and Proctor & Gamble ...

812
00:42:53,448 --> 00:42:56,212
are all having problems
with mortality.

813
00:42:56,251 --> 00:42:58,742
These four combined programs
are running at 50% ...

814
00:42:58,786 --> 00:43:00,276
of expected mortality.

815
00:43:00,321 --> 00:43:03,779
These clients are acutely aware
of this problem.

816
00:43:03,825 --> 00:43:06,521
Basically here the broker
is complaining ...

817
00:43:06,561 --> 00:43:08,961
that not enough
employees are dying.

818
00:43:08,997 --> 00:43:12,694
And therefore the investment returns
are not matching the projections.

819
00:43:12,734 --> 00:43:15,168
The broker writes
that NCC is running ...

820
00:43:15,203 --> 00:43:17,899
at 78% of expected mortality.

821
00:43:17,939 --> 00:43:21,807
Okay, so 78% of the people
we expected to die died.

822
00:43:21,843 --> 00:43:25,074
But the problem with that
is three of them were suicides.

823
00:43:25,113 --> 00:43:27,240
And you can't count
on that every year.

824
00:43:27,282 --> 00:43:29,307
Can you think
of any other situation ...

825
00:43:29,350 --> 00:43:33,684
were you'd actually want
people to die?

826
00:43:33,721 --> 00:43:37,919
Combatants in war, I guess.

827
00:43:37,959 --> 00:43:41,759
Wow, when do you want
people to die?

828
00:43:41,796 --> 00:43:43,423
I ― I don't know.

829
00:43:43,464 --> 00:43:47,264
War situations,
terrorism situations.

830
00:43:49,203 --> 00:43:51,899
Drug trials, perhaps.
I don't know.

831
00:43:51,940 --> 00:43:54,534
I don't know.
That's an odd question.

832
00:43:54,575 --> 00:43:57,806
I didn't understand
how any of this could be legal.

833
00:43:57,845 --> 00:44:00,678
After all, there's a reason
that there's a law ...

834
00:44:00,715 --> 00:44:05,118
prohibiting me from taking out a fire 
insurance policy on your house ...

835
00:44:05,153 --> 00:44:09,385
because I have a vested interest
in your house burning down.

836
00:44:09,424 --> 00:44:12,552
Since Attorney Myers had been
researching this for years,

837
00:44:12,593 --> 00:44:14,652
I asked him which companies
were profiting ...

838
00:44:14,696 --> 00:44:16,493
from these insurance policies.

839
00:44:16,531 --> 00:44:17,964
I don't know, you don't know,

840
00:44:17,999 --> 00:44:20,627
because there's no place
you can go and find out ...

841
00:44:20,668 --> 00:44:24,297
whether your company
is a purchaser ...

842
00:44:24,339 --> 00:44:26,637
of these types of products.
- Which ones do you know?

843
00:44:26,674 --> 00:44:28,369
The ones that we know
that have slipped out are ...

844
00:44:28,409 --> 00:44:30,434
Bank of America, Citibank,

845
00:44:30,478 --> 00:44:33,777
Wal-Mart, Winn-Dixie,
Proctor & Gamble,

846
00:44:33,815 --> 00:44:35,942
McDonnell Douglas, Hershey,

847
00:44:35,984 --> 00:44:38,953
Nestlé , AT&T,
Southwestern Bell,

848
00:44:38,987 --> 00:44:41,046
Ameritech, American Express ―

849
00:44:41,089 --> 00:44:43,148
- This is blue chip you're talking about.
- Yeah.

850
00:44:43,191 --> 00:44:46,388
These aren't fly-by-night companies
trying to do a scam here ...

851
00:44:46,427 --> 00:44:48,588
so they can collect a check
if one of their employees dies.

852
00:44:48,629 --> 00:44:51,928
There are probably
several million Americans ...

853
00:44:51,966 --> 00:44:55,800
who are covered by one of these 
policies or have been at some point.

854
00:44:55,837 --> 00:44:57,099
There's a lot of it out there.

855
00:44:57,138 --> 00:44:59,299
This is Paul Smith.

856
00:44:59,340 --> 00:45:02,901
He used to be what is known
as a loyal employee.

857
00:45:02,944 --> 00:45:07,176
I worked for Wal-Mart for 
18 years and I gave them 110%.

858
00:45:07,215 --> 00:45:08,978
I mean, I loved that company.

859
00:45:09,017 --> 00:45:10,507
And as it turned out,
Wal-Mart took out ...

860
00:45:10,551 --> 00:45:13,611
over 350,000
life insurance policies ...

861
00:45:13,654 --> 00:45:15,781
on rank and file associates.

862
00:45:15,823 --> 00:45:17,017
These weren't executives.

863
00:45:17,058 --> 00:45:20,494
These were people like my wife,
a cake decorator for 18 months.

864
00:45:20,528 --> 00:45:24,123
That's the type of people they were 
taking insurance policies out on.

865
00:45:24,165 --> 00:45:28,158
Paul's wife LaDonna left her 
job at the Wal-Mart bakery ...

866
00:45:28,202 --> 00:45:31,000
so she could be a stay-at-home mom
for her two kids.

867
00:45:31,039 --> 00:45:34,202
She had asthma real real bad.

868
00:45:34,242 --> 00:45:36,176
She went into
the emergency room one night ...

869
00:45:36,210 --> 00:45:38,178
and a nurse comes out and says,
"Are you Mr. Smith?"

870
00:45:38,212 --> 00:45:39,702
And I said, "Yes."

871
00:45:39,747 --> 00:45:43,808
And she said, "We don't think
your wife's gonna make it."

872
00:45:43,851 --> 00:45:45,819
LaDonna slipped into a coma ...

873
00:45:45,853 --> 00:45:48,185
from which she would
never awaken.

874
00:45:48,222 --> 00:45:50,383
Her family rushed to the hospital,

875
00:45:50,425 --> 00:45:52,859
even though there was nothing
they could do to help.

876
00:45:52,894 --> 00:45:55,454
There was a wall here
and LaDonna's in the room ...

877
00:45:55,496 --> 00:45:56,929
on the other side of the wall.

878
00:45:56,964 --> 00:45:59,228
And Jessica kept saying,
"Where is she?"

879
00:45:59,267 --> 00:46:01,895
And I said, "She's right on
the other side of that wall."

880
00:46:01,936 --> 00:46:05,531
And Jessica said,
"Can we cut a hole in the wall ...

881
00:46:05,573 --> 00:46:08,064
so that we can see her?"

882
00:46:08,109 --> 00:46:10,134
And that just sticks with me.

883
00:46:10,178 --> 00:46:12,009
Do you remember that?

884
00:46:14,115 --> 00:46:18,484
We had to stay in there with her,
and so we'd write letters to her.

885
00:46:18,519 --> 00:46:22,979
"My dear wife, I miss you more
than any words can possibly say.

886
00:46:23,024 --> 00:46:24,582
You are my life.

887
00:46:24,625 --> 00:46:27,025
You always see beauty
in the simplest things.

888
00:46:27,061 --> 00:46:31,498
I've always admired you for that.
I wish I could have told you that more.

889
00:46:31,532 --> 00:46:33,796
I want you to come back
to me soon.

890
00:46:33,835 --> 00:46:36,827
I still have a lot left to learn
from you, baby doll.

891
00:46:36,871 --> 00:46:39,032
Your loving husband, Paul."

892
00:46:40,975 --> 00:46:43,409
You okay, Wesley?

893
00:46:44,812 --> 00:46:47,576
She was 26 years old.

894
00:46:47,615 --> 00:46:50,550
- You're silly.
- You're silly.

895
00:46:50,585 --> 00:46:54,248
The younger a person is,
the higher the benefit is ...

896
00:46:54,288 --> 00:46:57,086
because they're expected
to live longer.

897
00:46:57,125 --> 00:46:59,320
Women are also expected
to live longer than men.

898
00:46:59,360 --> 00:47:02,329
So the most valuable employee
to the company ...

899
00:47:02,363 --> 00:47:05,264
if they're dead,
is a young woman.

900
00:47:05,299 --> 00:47:06,891
LaDonna's death earned ...

901
00:47:06,934 --> 00:47:09,164
one of the richest corporations
in the world ...

902
00:47:09,203 --> 00:47:11,763
an extra $81,000.

903
00:47:11,806 --> 00:47:15,139
I was faced with over $100,000
worth of medical bills ...

904
00:47:15,176 --> 00:47:18,509
and a $6,000 funeral ...

905
00:47:18,546 --> 00:47:22,004
and Wal-Mart didn't offer a 
penny to help with that.

906
00:47:22,049 --> 00:47:25,314
I did trust them.

907
00:47:25,353 --> 00:47:28,618
And never in a million years
would I have ever thought ...

908
00:47:28,656 --> 00:47:31,591
that somewhere
on a profit statement,

909
00:47:31,626 --> 00:47:34,618
"Dead associate, $81,000."

910
00:47:34,662 --> 00:47:38,655
Wal-Mart doesn't care about you.

911
00:47:38,699 --> 00:47:40,530
When someone passes away,

912
00:47:40,568 --> 00:47:43,366
they shouldn't get
something out of it.

913
00:47:54,048 --> 00:47:56,539
The common denominator
to each form of coverage ...

914
00:47:56,584 --> 00:47:58,609
is that when the employee dies,

915
00:47:58,653 --> 00:48:01,884
the employer gets paid
the insurance benefits.

916
00:48:01,923 --> 00:48:05,086
They're often referred to
as "dead peasant insurance."

917
00:48:05,126 --> 00:48:08,687
Dead peasants?
Why'd they use such a creepy name?

918
00:48:08,729 --> 00:48:11,857
It's very creepy.
I don't know what it means either.

919
00:48:11,899 --> 00:48:13,059
Dead is clear.

920
00:48:13,100 --> 00:48:15,830
That's the worker who's passed 
away, so they're dead.

921
00:48:15,870 --> 00:48:18,304
Peasant, I don't know why
they chose that word.

922
00:48:18,339 --> 00:48:20,364
I don't know if it has
some historical significance ...

923
00:48:20,408 --> 00:48:23,400
or that's just the way they view
the relative value ...

924
00:48:23,444 --> 00:48:25,173
of the employees' lives.

925
00:48:25,213 --> 00:48:26,805
Dead peasants?

926
00:48:26,847 --> 00:48:28,974
Yeah, amongst themselves
that's what they call it.

927
00:48:30,551 --> 00:48:34,783
It's insulting to refer
to my husband like that.

928
00:48:41,929 --> 00:48:43,487
It turned out that Amegy Bank ...

929
00:48:43,531 --> 00:48:46,227
had a second
dead peasant policy on Dan,

930
00:48:46,267 --> 00:48:50,260
bringing their total take
to nearly $5 million.

931
00:48:53,107 --> 00:48:54,108
- Is capitalism a sin?
- Yes.

932
00:48:54,108 --> 00:48:56,042
- Is capitalism a sin?
- Yes.

933
00:48:56,077 --> 00:48:58,637
Capitalism for me 
and for many of us

934
00:48:58,679 --> 00:49:02,012
at this present moment is an evil.

935
00:49:02,049 --> 00:49:05,815
It's contrary to all that's good.
It's contrary to the common good.

936
00:49:05,853 --> 00:49:08,083
It's contrary to compassion.

937
00:49:08,122 --> 00:49:11,091
It's contrary to
all of the major religions.

938
00:49:11,125 --> 00:49:15,186
Capitalism is precisely
what the holy books,

939
00:49:15,229 --> 00:49:19,893
our holy books in particular,
remind us is unjust ...

940
00:49:19,934 --> 00:49:22,903
and in some form and fashion,

941
00:49:22,937 --> 00:49:27,704
God will come down
and eradicate somehow.

942
00:49:27,742 --> 00:49:30,074
This was Father Dick Preston,

943
00:49:30,111 --> 00:49:33,444
the priest from Flint
who married my wife and me.

944
00:49:33,481 --> 00:49:35,642
Capitalism is wrong,

945
00:49:35,683 --> 00:49:39,414
and therefore
has to be eliminated.

946
00:49:39,453 --> 00:49:41,444
Eliminated?

947
00:49:41,489 --> 00:49:43,480
That might be a little harsh,

948
00:49:43,524 --> 00:49:45,515
so I decided to go
and talk to the priest ...

949
00:49:45,559 --> 00:49:47,857
that married my sister
and brother-in-law.

950
00:49:47,895 --> 00:49:50,193
I'm sure he would have
a more balanced approach ...

951
00:49:50,231 --> 00:49:52,358
when it came to capitalism.

952
00:49:52,400 --> 00:49:56,336
It is immoral, it is obscene,
it is outrageous.

953
00:49:56,370 --> 00:49:59,100
You know ...

954
00:49:59,140 --> 00:50:01,472
it is really radical evil.

955
00:50:01,509 --> 00:50:03,807
It's radically evil.

956
00:50:03,844 --> 00:50:07,371
Wow, does their boss know
that they're talking like this?

957
00:50:07,415 --> 00:50:10,441
I thought it best to go and 
check this out with the bishop.

958
00:50:10,484 --> 00:50:12,748
The system doesn't seem to be ...

959
00:50:12,787 --> 00:50:16,553
providing for the well being
of all the people.

960
00:50:16,590 --> 00:50:19,491
And that's what makes it ...

961
00:50:19,527 --> 00:50:21,995
almost in its very nature ...

962
00:50:22,029 --> 00:50:25,965
something contrary
to Jesus who said,

963
00:50:26,000 --> 00:50:29,527
"Blessed are the poor,
woe to the rich."

964
00:50:29,570 --> 00:50:32,767
That's right out
of St. Luke's gospel.

965
00:50:32,807 --> 00:50:35,105
How have we put up
with this system for so long?

966
00:50:35,142 --> 00:50:37,303
I mean, it's ― they talk about ―

967
00:50:37,345 --> 00:50:41,714
The system has built into it
what we call propaganda.

968
00:50:41,749 --> 00:50:43,979
I'm in awe of propaganda ―

969
00:50:44,018 --> 00:50:46,987
the ability to convince people ...

970
00:50:47,021 --> 00:50:49,956
who are victimized
by this very system ...

971
00:50:49,990 --> 00:50:52,959
to support the system
and see it as good.

972
00:50:52,993 --> 00:50:56,394
We know that American capitalism
is morally right ...

973
00:50:56,430 --> 00:50:58,591
because its chief elements ―

974
00:50:58,632 --> 00:51:01,692
private ownership,
the profit motive ...

975
00:51:01,736 --> 00:51:04,762
and the competitive market ―
are wholesome and good.

976
00:51:04,805 --> 00:51:08,104
They are compatible with God's laws
and the teachings of the Bible.

977
00:51:09,110 --> 00:51:11,010
For as long
as I can remember,

978
00:51:11,045 --> 00:51:14,640
I've been told that competition
and profit are good things.

979
00:51:14,682 --> 00:51:16,775
They are compatible 
with God's laws ...

980
00:51:16,817 --> 00:51:17,977
and the teachings of the Bible.

981
00:51:18,018 --> 00:51:21,351
And if increasing profits
means locking up a few kids ...

982
00:51:21,389 --> 00:51:23,516
or cashing in on the death
of an employee ...

983
00:51:23,557 --> 00:51:26,390
Compatible with God's laws
and the teachings of the Bible.

984
00:51:26,427 --> 00:51:29,692
it is morally right to provide
for the stockholders.

985
00:51:29,730 --> 00:51:32,062
They are compatible 
with God's laws ...

986
00:51:32,099 --> 00:51:33,327
and the teachings of the Bible.

987
00:51:33,367 --> 00:51:36,598
Debt, eviction and exploitation.

988
00:51:36,637 --> 00:51:40,095
God's laws and the 
teachings of the Bible.

989
00:51:40,141 --> 00:51:43,076
What were we really
pledging our allegiance to?

990
00:51:43,110 --> 00:51:46,045
The profit motive.

991
00:51:46,080 --> 00:51:48,776
And so all good Americans came 
to act as if they believed ...

992
00:51:48,816 --> 00:51:51,979
our capitalist economic system
was compatible ...

993
00:51:52,019 --> 00:51:54,351
with the teachings of the Bible.

994
00:52:02,630 --> 00:52:06,464
When I was a kid,
I wanted to be a priest.

995
00:52:06,500 --> 00:52:08,297
It wasn't because
of the fancy getups ...

996
00:52:08,335 --> 00:52:10,599
or the Knights of Columbus
escorts,

997
00:52:10,638 --> 00:52:13,937
or even the groovy nuns
who were so good to me.

998
00:52:14,975 --> 00:52:18,502
It was because of the priests
who went on the march from Selma,

999
00:52:18,546 --> 00:52:21,106
or tried to stop the war,

1000
00:52:21,148 --> 00:52:24,606
or devoted their lives to the poor.

1001
00:52:24,652 --> 00:52:28,611
They told me quite clearly
what Jesus said,

1002
00:52:28,656 --> 00:52:33,025
that the first shall be last
and the last shall be first;

1003
00:52:33,060 --> 00:52:35,756
That the rich man
will have a very hard time ...

1004
00:52:35,796 --> 00:52:37,855
getting into heaven;

1005
00:52:37,898 --> 00:52:41,732
That we will be judged by how
we treat the least among us;

1006
00:52:41,769 --> 00:52:44,397
And that there are no people
more important to God ...

1007
00:52:44,438 --> 00:52:46,963
than the poor.

1008
00:52:47,007 --> 00:52:49,532
Since that time, it seems 
that Jesus got hijacked ...

1009
00:52:49,577 --> 00:52:52,546
by a lot of people who believe
that the son of God ...

1010
00:52:52,580 --> 00:52:56,949
was sent here to create heaven 
on earth for the well-to-do.

1011
00:52:56,984 --> 00:52:59,179
I must have missed
that part of the Bible ...

1012
00:52:59,220 --> 00:53:02,519
where Jesus became a capitalist.

1013
00:53:06,827 --> 00:53:08,419
Please tell me, master,

1014
00:53:08,462 --> 00:53:11,226
what must I do
to have eternal life?

1015
00:53:11,265 --> 00:53:14,792
Go forth and maximize profits.

1016
00:53:16,637 --> 00:53:19,970
You say the Kingdom of Heaven
is at hand,

1017
00:53:20,007 --> 00:53:21,531
but when exactly will it come?

1018
00:53:21,575 --> 00:53:25,773
When you deregulate
the banking industry.

1019
00:53:25,813 --> 00:53:28,907
Help me.

1020
00:53:28,949 --> 00:53:31,474
I've been this way for 20 years.

1021
00:53:33,320 --> 00:53:36,812
I'm sorry, I cannot heal
your pre-existing condition.

1022
00:53:38,826 --> 00:53:40,487
He'll have to pay out of pocket.

1023
00:53:43,898 --> 00:53:46,389
Somehow, I don't think
Jesus came to earth ...

1024
00:53:46,433 --> 00:53:49,596
so he could ring the bell
at the New York Stock Exchange.

1025
00:53:49,637 --> 00:53:51,628
And yet,
from the very beginning,

1026
00:53:51,672 --> 00:53:54,505
the rich have claimed him
for their own.

1027
00:53:54,542 --> 00:53:58,342
When I'm on Wall Street
and I realize ...

1028
00:53:58,379 --> 00:54:02,509
that that's the very nerve center
of American capitalism,

1029
00:54:02,550 --> 00:54:06,213
and I realize
what capitalism has done ...

1030
00:54:06,253 --> 00:54:09,882
for working people in America,
to me that's a holy place.

1031
00:54:09,924 --> 00:54:11,084
Let me add to it.

1032
00:54:11,125 --> 00:54:15,152
Over the whole duration of the 
Iraq war and the terror war,

1033
00:54:15,195 --> 00:54:19,029
you look at the world's stock markets
and you look at the world economy,

1034
00:54:19,066 --> 00:54:23,025
and despite these horrible pockets
of unrest and killing and murdering ...

1035
00:54:23,070 --> 00:54:25,971
that we've been describing,
it's never been better.

1036
00:54:26,006 --> 00:54:27,940
The global economy
has never been better ...

1037
00:54:27,975 --> 00:54:30,603
and the global stock markets
have never been better, Jimmy.

1038
00:54:30,644 --> 00:54:32,669
It is either a God-given miracle ...

1039
00:54:32,713 --> 00:54:34,681
or it has something to do
with the victories ...

1040
00:54:34,715 --> 00:54:37,081
of the spreading world
of capitalism or both.

1041
00:54:37,117 --> 00:54:39,051
They think
Wall Street's a holy place.

1042
00:54:39,086 --> 00:54:42,021
What do you think
Jesus would think of capitalism?

1043
00:54:42,056 --> 00:54:46,425
I think he would
simply refuse to ―

1044
00:54:46,460 --> 00:54:49,697
to be part of it.

1045
00:54:50,864 --> 00:54:53,731
Jesus would refuse
to be part of it,

1046
00:54:53,767 --> 00:54:55,735
but he probably had
a special place up there ...

1047
00:54:55,769 --> 00:54:58,704
for whoever leaked
a secret Citibank memo ...

1048
00:54:58,739 --> 00:55:02,106
about their plan to rule the world.

1049
00:55:02,142 --> 00:55:04,133
Back in 2005 and 2006,

1050
00:55:04,178 --> 00:55:06,510
Citigroup wrote
three confidential memos ...

1051
00:55:06,547 --> 00:55:11,007
to their wealthiest investors
about how things were going.

1052
00:55:11,051 --> 00:55:13,451
They reached the conclusion
that the United States ...

1053
00:55:13,487 --> 00:55:15,717
was no longer
really a democracy,

1054
00:55:15,756 --> 00:55:18,520
but had become a plutonomy ―

1055
00:55:18,559 --> 00:55:21,653
a society controlled exclusively
by and for the benefit ...

1056
00:55:21,695 --> 00:55:24,789
of the top 1% of the population ...

1057
00:55:24,832 --> 00:55:26,925
who now had
more financial wealth ...

1058
00:55:26,967 --> 00:55:30,596
than the bottom 95% combined.

1059
00:55:30,638 --> 00:55:33,869
The memo gloated about the growing 
gap between rich and poor ...

1060
00:55:33,907 --> 00:55:37,365
and how they were now
the new aristocracy ...

1061
00:55:37,411 --> 00:55:41,347
and that there was no end in sight
for the gravy train they were on.

1062
00:55:41,382 --> 00:55:44,943
There was, though, one problem.

1063
00:55:44,985 --> 00:55:46,509
According to Citigroup,

1064
00:55:46,553 --> 00:55:49,147
the most potent
and short-term threat ...

1065
00:55:49,189 --> 00:55:50,986
would be societies demanding ...

1066
00:55:51,025 --> 00:55:53,619
a more equitable share
of the wealth.

1067
00:55:53,661 --> 00:55:58,030
In other words,
the peasants might revolt.

1068
00:55:58,065 --> 00:56:00,431
Citigroup lamented
that the non-rich ...

1069
00:56:00,467 --> 00:56:02,935
might not have
much economic power,

1070
00:56:02,970 --> 00:56:06,497
but they do have
equal voting power with the rich.

1071
00:56:06,540 --> 00:56:09,509
One person, one vote.

1072
00:56:09,543 --> 00:56:12,205
And that's what
really scares them ―

1073
00:56:12,246 --> 00:56:14,680
that we can still vote.

1074
00:56:14,715 --> 00:56:18,014
In fact, we have
99% of the votes ...

1075
00:56:18,052 --> 00:56:20,850
and they only have 1%.

1076
00:56:23,924 --> 00:56:27,883
So why do the 99%
put up with this?

1077
00:56:27,928 --> 00:56:31,364
According to Citigroup, it's because 
the majority of the electorate ...

1078
00:56:31,398 --> 00:56:33,889
believe that someday
they will have a chance ...

1079
00:56:33,934 --> 00:56:36,459
of becoming
well-to-do themselves ...

1080
00:56:36,503 --> 00:56:39,666
if they just keep trying
hard enough.

1081
00:56:42,009 --> 00:56:44,307
The wealthy were pleased
that so many people ...

1082
00:56:44,344 --> 00:56:47,177
had bought in
to the American Dream ...

1083
00:56:47,214 --> 00:56:50,274
while they, the rich,
had no intention ...

1084
00:56:50,317 --> 00:56:53,218
of ever sharing it with anyone.

1085
00:56:53,253 --> 00:56:56,552
I think capitalism is a lot more
important than democracy.

1086
00:56:56,590 --> 00:56:58,956
I'm not even a big believer
in democracy.

1087
00:56:58,992 --> 00:57:02,587
I always say that democracy is ―
can be two wolves and a sheep

1088
00:57:02,629 --> 00:57:04,290
deciding on what to have
for dinner.

1089
00:57:04,331 --> 00:57:07,562
This is Stephen Moore ―
no relation ―

1090
00:57:07,601 --> 00:57:10,035
a columnist and an 
editorial board member ...

1091
00:57:10,070 --> 00:57:11,833
of "The Wall Street Journal,"

1092
00:57:11,872 --> 00:57:15,308
the daily bible
of corporate America.

1093
00:57:15,342 --> 00:57:18,402
Look, I'm in favor of people
having the right to vote ...

1094
00:57:18,445 --> 00:57:20,913
and things like that, but you know
there are a lot of countries ...

1095
00:57:20,948 --> 00:57:24,816
that have the right to vote
that are still poor.

1096
00:57:24,852 --> 00:57:28,219
Democracy doesn't always lead
to a good economy ...

1097
00:57:28,255 --> 00:57:30,189
or even a good political system.

1098
00:57:30,224 --> 00:57:33,591
With capitalism, you are free
to do what you want,

1099
00:57:33,627 --> 00:57:35,686
to make whatever you want
out of yourself.

1100
00:57:35,729 --> 00:57:37,253
It doesn't mean
you're gonna succeed.

1101
00:57:37,297 --> 00:57:41,700
Remember, the US Constitution
does not guarantee happiness.

1102
00:57:41,735 --> 00:57:44,363
Ah, the Constitution.

1103
00:57:44,404 --> 00:57:48,170
All my life I've heard that America
is a capitalist country.

1104
00:57:48,208 --> 00:57:52,474
So I went to see the original Consti-
tution and check out if it was true.

1105
00:57:52,513 --> 00:57:55,949
I'm trying to see where it 
sets up our economic system,

1106
00:57:55,983 --> 00:57:59,214
like where it says we have
a capitalist economy.

1107
00:57:59,253 --> 00:58:01,414
The jurisdiction.

1108
00:58:01,455 --> 00:58:03,252
- Judicial part of the ―
- Down there?

1109
00:58:03,290 --> 00:58:07,090
There was no mention of free 
market or free enterprise

1110
00:58:07,127 --> 00:58:09,721
or capitalism anywhere.

1111
00:58:10,764 --> 00:58:14,029
In fact, all I saw
was "We the people,"

1112
00:58:14,067 --> 00:58:16,661
something about
"a more perfect union,"

1113
00:58:16,703 --> 00:58:20,070
and "promoting
the general welfare."

1114
00:58:20,107 --> 00:58:24,601
Welfare, union, we?

1115
00:58:24,645 --> 00:58:27,045
That sounded like that other -ism.

1116
00:58:27,080 --> 00:58:30,516
But no, that's democracy.

1117
00:58:30,551 --> 00:58:32,252
And I began to wonder,
"What would it be like ...

1118
00:58:32,252 --> 00:58:33,276
And I began to wonder,
"What would it be like ...

1119
00:58:33,320 --> 00:58:36,653
if the workplace
was a democracy?"

1120
00:58:36,690 --> 00:58:40,023
There's always been a big separation
between how the country is run ...

1121
00:58:40,060 --> 00:58:43,291
and how businesses
are supposed to run.

1122
00:58:43,330 --> 00:58:44,524
It's true.

1123
00:58:44,565 --> 00:58:46,430
There seems to be a disconnect ...

1124
00:58:46,466 --> 00:58:48,798
between our professed love
of democracy ...

1125
00:58:48,836 --> 00:58:51,862
and how we're so willing
to accept a dictatorship ...

1126
00:58:51,905 --> 00:58:54,772
every day we show up to work.

1127
00:58:54,808 --> 00:58:58,608
It's not that way
at Isthmus Engineering in Wisconsin.

1128
00:58:58,645 --> 00:59:02,479
They design and build
robotic machines for industry.

1129
00:59:02,516 --> 00:59:05,679
It's a $15 million-a-year business.

1130
00:59:05,719 --> 00:59:07,516
All of the workers ...

1131
00:59:07,554 --> 00:59:10,887
are the owners of the business.

1132
00:59:10,924 --> 00:59:14,485
He's not talking about
some bullshit stock option.

1133
00:59:14,528 --> 00:59:17,929
He means they're the true owners.

1134
00:59:17,965 --> 00:59:20,798
And it's a democratically-run
operation where every member ...

1135
00:59:20,834 --> 00:59:23,803
has one vote and an equal say.

1136
00:59:23,837 --> 00:59:26,101
- All in favor?
- All in favor?

1137
00:59:26,139 --> 00:59:29,165
It takes the money
out of the equation.

1138
00:59:29,209 --> 00:59:31,234
By taking the money
out of the equation ...

1139
00:59:31,278 --> 00:59:33,508
so that they can call the shots,

1140
00:59:33,547 --> 00:59:35,879
they end up making more money.

1141
00:59:35,916 --> 00:59:38,544
Cool, huh?

1142
00:59:42,222 --> 00:59:45,020
And how patriotic
that they want to extend ...

1143
00:59:45,058 --> 00:59:48,892
their love of American democracy
to their job.

1144
00:59:55,202 --> 00:59:57,136
Just imagine if the place
where you worked ...

1145
00:59:57,170 --> 01:00:00,333
was run by you
and your fellow workers.

1146
01:00:00,374 --> 01:00:02,239
You probably wouldn't
lay off your coworkers ...

1147
01:00:02,276 --> 01:00:05,211
to increase the value
of your stock, would you?

1148
01:00:05,245 --> 01:00:06,712
Or give yourself a pay raise ...

1149
01:00:06,747 --> 01:00:09,614
while making your coworkers
take a pay cut.

1150
01:00:09,650 --> 01:00:11,515
We don't really do that here.

1151
01:00:11,551 --> 01:00:15,146
You really can't because everyone 
else would be looking at you ...

1152
01:00:15,188 --> 01:00:17,748
saying, "Why is this guy
so fricking greedy?"

1153
01:00:17,791 --> 01:00:20,385
You know,
it would be too obvious.

1154
01:00:20,427 --> 01:00:22,292
The bottom line is you've
got plenty of people ...

1155
01:00:22,329 --> 01:00:24,126
who roll up their sleeves
every day and go to work.

1156
01:00:24,164 --> 01:00:26,064
But if there's someone
way up there on the chain ...

1157
01:00:26,099 --> 01:00:29,125
that collects all the extra money,
that's not fair.

1158
01:00:29,169 --> 01:00:32,935
Huh, fairness in the workplace ―

1159
01:00:32,973 --> 01:00:35,305
what a novel idea.

1160
01:00:36,743 --> 01:00:39,974
Out in California,
there's a bread factory ...

1161
01:00:40,013 --> 01:00:43,574
where workers make thousands
of loaves of bread every day ...

1162
01:00:43,617 --> 01:00:45,608
The more hours you work towards ...

1163
01:00:45,652 --> 01:00:46,949
the benefit of the co-op,

1164
01:00:46,987 --> 01:00:49,854
the more you share
in the profits.

1165
01:00:49,890 --> 01:00:52,085
The workers are happy here.

1166
01:00:52,125 --> 01:00:54,593
No big Is, little yous.
Everyone's the same.

1167
01:00:54,628 --> 01:00:58,120
Me as the CEO,
I get the same share ...

1168
01:00:58,165 --> 01:01:00,190
that anybody else does.

1169
01:01:00,233 --> 01:01:02,030
And that has proven ...

1170
01:01:02,069 --> 01:01:04,401
to be very lucrative
for us as workers.

1171
01:01:06,239 --> 01:01:10,801
Assembly-line workers here
earn over $65,000 a year,

1172
01:01:10,844 --> 01:01:12,937
more than
three times the pay ...

1173
01:01:12,980 --> 01:01:15,540
for a starting pilot
at American Eagle.

1174
01:01:15,582 --> 01:01:18,380
I'm just hoping
that people take notice ...

1175
01:01:18,418 --> 01:01:20,579
of this type
of organizational activity ...

1176
01:01:20,620 --> 01:01:24,021
and start considering it
as an alternative.

1177
01:01:24,057 --> 01:01:25,388
Why do you want
to get rich?

1178
01:01:25,425 --> 01:01:27,359
How many cars do
you really need in life?

1179
01:01:27,394 --> 01:01:31,990
Clearly, he's not a car guy,
but that's okay.

1180
01:01:32,032 --> 01:01:35,559
His bread factory and hundreds of 
other worker-owned businesses ...

1181
01:01:35,602 --> 01:01:39,197
are proof that people aren't 
always motivated by profit.

1182
01:01:42,075 --> 01:01:44,703
An historic victory 
over a dread disease.

1183
01:01:44,745 --> 01:01:48,112
Instead of using his genius
to make a ton of money,

1184
01:01:48,148 --> 01:01:51,413
Dr. Jonas Salk spent
all of his time ...

1185
01:01:51,451 --> 01:01:53,942
putting monkey kidneys
in a blender ...

1186
01:01:53,987 --> 01:01:56,046
trying to find a cure for polio.

1187
01:01:56,089 --> 01:02:00,958
And when he did, he decided 
to give it away for free.

1188
01:02:00,994 --> 01:02:04,054
This man could have been rich
many times over ...

1189
01:02:04,097 --> 01:02:07,430
had he sold his vaccine
to a pharmaceutical company.

1190
01:02:07,467 --> 01:02:09,901
But he thought
his talents should be used ...

1191
01:02:09,936 --> 01:02:11,130
for the greater good.

1192
01:02:11,171 --> 01:02:14,106
And the decent salary
he made as a doctor ...

1193
01:02:14,141 --> 01:02:16,541
and a research professor
was enough for him to live ...

1194
01:02:16,576 --> 01:02:18,635
a comfortable life.

1195
01:02:18,678 --> 01:02:21,078
Who owns the patent
on this vaccine?

1196
01:02:21,114 --> 01:02:23,082
Well, the people, I would say.

1197
01:02:23,116 --> 01:02:26,677
There is no patent.
Would you patent the sun?

1198
01:02:26,720 --> 01:02:30,554
Yes, we've come a long way
since the days of Dr. Salk.

1199
01:02:30,590 --> 01:02:34,720
Because today our best minds
are used for something else.

1200
01:02:34,761 --> 01:02:35,529
Where do we send our top
math and science people?

1201
01:02:35,529 --> 01:02:38,794
Where do we send our top
math and science people?

1202
01:02:38,832 --> 01:02:40,163
Into finance.

1203
01:02:40,200 --> 01:02:42,668
They don't go into
science in America.

1204
01:02:42,702 --> 01:02:45,398
They go to Wall Street.

1205
01:02:45,439 --> 01:02:48,499
Today's students,
unlike in Dr. Salk's time,

1206
01:02:48,542 --> 01:02:51,102
can graduate from college
with a student loan debt ...

1207
01:02:51,144 --> 01:02:54,170
of up to $100,000 or more.

1208
01:02:54,214 --> 01:02:56,512
These students are then
beholden to the banks ...

1209
01:02:56,550 --> 01:02:59,519
for the next 20 years.

1210
01:02:59,553 --> 01:03:02,386
And the best way for them
to pay off these banks ...

1211
01:03:02,422 --> 01:03:04,356
is to go to work for them ...

1212
01:03:04,391 --> 01:03:07,019
instead of working
for the common good.

1213
01:03:07,060 --> 01:03:11,429
We've taken people that could
be enormously productive ―

1214
01:03:11,465 --> 01:03:13,092
just what we're short of
in America ―

1215
01:03:13,133 --> 01:03:16,159
and we take them and we
put them in an activity ...

1216
01:03:16,203 --> 01:03:18,194
that isn't simply less
productive,

1217
01:03:18,238 --> 01:03:21,036
but where they're
actually destructive;

1218
01:03:21,074 --> 01:03:24,874
where actually every day they 
work, they make the world worse.

1219
01:03:24,911 --> 01:03:27,971
So what exactly were the top
students from Harvard ...

1220
01:03:28,014 --> 01:03:30,005
and other schools
working on these days?

1221
01:03:30,050 --> 01:03:32,075
Derivatives ... derivatives ...
derivatives ... derivatives ...

1222
01:03:32,119 --> 01:03:34,519
Credit default swaps.

1223
01:03:34,554 --> 01:03:36,579
I can't make any sense
out of this.

1224
01:03:36,623 --> 01:03:38,386
I might as well quit.

1225
01:03:38,425 --> 01:03:40,325
That's exactly how I felt ...

1226
01:03:40,360 --> 01:03:42,521
when I started hearing
these new terms.

1227
01:03:42,562 --> 01:03:46,692
So I went down to the New York Stock
Exchange to get some answers.

1228
01:03:46,733 --> 01:03:48,462
Sir, can you explain
derivatives to me?

1229
01:03:48,502 --> 01:03:50,732
Can anybody explain derivatives 
or credit default swaps?

1230
01:03:50,770 --> 01:03:51,998
Can someone explain
to me what these are?

1231
01:03:52,038 --> 01:03:54,268
Sir, can you tell me what
a credit default swap is?

1232
01:03:54,307 --> 01:03:55,831
Can you explain
a derivative to me?

1233
01:03:55,876 --> 01:03:57,343
Can you tell me
what a derivative is?

1234
01:03:57,377 --> 01:03:59,641
- Nobody'll talk to me.
- I'm just a blue-collar guy.

1235
01:03:59,679 --> 01:04:01,340
I can see that.
Hey.

1236
01:04:01,381 --> 01:04:03,906
- I'm looking for some advice.
- Yeah, good.

1237
01:04:03,950 --> 01:04:07,078
You guys got any
advice for me here?

1238
01:04:07,120 --> 01:04:09,111
A derivative?
Credit default swap?

1239
01:04:10,657 --> 01:04:13,182
I did find one guy on Wall Street ...

1240
01:04:13,226 --> 01:04:15,057
who wasn't a film critic.

1241
01:04:15,095 --> 01:04:18,462
Marcus Haupt is an Ivy League
educated engineer ...

1242
01:04:18,498 --> 01:04:21,126
who was a vice president
of Lehman Brothers ...

1243
01:04:21,168 --> 01:04:23,659
and spent 15 years
on Wall Street ...

1244
01:04:23,703 --> 01:04:26,729
creating what they call
complex financial instruments.

1245
01:04:26,773 --> 01:04:28,263
What is a derivative?

1246
01:04:28,308 --> 01:04:30,401
A derivative
is a secondary bet ...

1247
01:04:30,443 --> 01:04:32,240
on an underlying product.

1248
01:04:32,279 --> 01:04:34,304
So you may have a stock and you 
have an option on that stock.

1249
01:04:34,347 --> 01:04:37,578
And that option on that stock
allows you the privilege ...

1250
01:04:37,617 --> 01:04:39,983
but not the obligation
to buy or sell.

1251
01:04:40,020 --> 01:04:43,046
How should we put this? You are 
allowed to make a decision ...

1252
01:04:43,089 --> 01:04:45,580
of whether or not you want to 
ultimately take that exposure.

1253
01:04:45,625 --> 01:04:48,185
Let me explain it another way.
The derivative's price ...

1254
01:04:48,228 --> 01:04:50,219
is based on the price
of something else.

1255
01:04:50,263 --> 01:04:52,197
It's kind of like
a second-degree equation.

1256
01:04:52,232 --> 01:04:54,962
If you think of,
let's say ...

1257
01:04:55,001 --> 01:04:58,437
um, maybe I should go back.

1258
01:04:58,471 --> 01:05:00,632
Let me start this over again.
Let's go back here.

1259
01:05:01,708 --> 01:05:04,302
I was lost.

1260
01:05:04,344 --> 01:05:07,040
Maybe there's someone
at Harvard University ...

1261
01:05:07,080 --> 01:05:08,707
who could explain it to me.

1262
01:05:08,748 --> 01:05:11,182
Yeah, the ― the ― the ―

1263
01:05:11,218 --> 01:05:14,153
the ― the ― the ―
the buyer ―

1264
01:05:14,187 --> 01:05:17,350
so the seller holds the loan
and it might default.

1265
01:05:17,390 --> 01:05:20,587
And they sell off ―

1266
01:05:20,627 --> 01:05:23,391
somebody ― somebody else ―

1267
01:05:23,430 --> 01:05:26,399
Sorry, let me just back up.

1268
01:05:26,433 --> 01:05:30,130
I apologize.
These are pretty exotic.

1269
01:05:30,170 --> 01:05:32,195
Derivatives are nothing more ...

1270
01:05:32,239 --> 01:05:34,469
than complicated
betting schemes.

1271
01:05:34,507 --> 01:05:37,442
Here's what the math equation
of one looks like.

1272
01:05:37,477 --> 01:05:39,308
Can't figure it out?

1273
01:05:39,346 --> 01:05:41,837
That's okay.
You're not supposed to.

1274
01:05:41,881 --> 01:05:44,145
They've made them
purposely confusing ...

1275
01:05:44,184 --> 01:05:46,243
so they can get away
with murder.

1276
01:05:46,286 --> 01:05:48,254
Let's say you're a lawyer
and you're coming in ...

1277
01:05:48,288 --> 01:05:50,119
and you're from the government
and you're trying to evaluate ...

1278
01:05:50,156 --> 01:05:52,647
if these things
violate the tax code or not.

1279
01:05:52,692 --> 01:05:54,592
If you can figure out
what they're doing,

1280
01:05:54,628 --> 01:05:56,960
most likely that Wall Street
firm will offer you a job.

1281
01:05:56,997 --> 01:06:00,524
Could I go to Wall Street
and just ask them ...

1282
01:06:00,567 --> 01:06:02,660
to set up a derivative
on anything?

1283
01:06:02,702 --> 01:06:04,101
Yes.

1284
01:06:04,137 --> 01:06:05,604
Believe me, if it's out there ...

1285
01:06:05,639 --> 01:06:07,231
there's a derivative on it.

1286
01:06:07,274 --> 01:06:09,765
So this is what Wall Street 
has come to ―

1287
01:06:09,809 --> 01:06:12,277
an insane casino.

1288
01:06:12,312 --> 01:06:14,803
We've allowed them
to bet on anything,

1289
01:06:14,848 --> 01:06:18,084
including our family home.

1290
01:06:24,190 --> 01:06:27,159
... the most powerful central
banker of the 20th century.

1291
01:06:27,193 --> 01:06:29,457
Greenspan has become 
an economic icon.

1292
01:06:29,496 --> 01:06:32,727
Alan Greenspan says
the economy is hunky-dory.

1293
01:06:32,766 --> 01:06:35,166
Greenspan gone wild.
It's like "Girls Gone Wild."

1294
01:06:35,201 --> 01:06:38,068
What do Mick Jagger
and Alan Greenspan have in common?

1295
01:06:38,104 --> 01:06:41,369
Alan Greenspan,
who at that moment in time ...

1296
01:06:41,408 --> 01:06:43,603
was surely thought to be
the smartest man ...

1297
01:06:43,643 --> 01:06:45,406
who had walked the face
of the earth,

1298
01:06:45,445 --> 01:06:48,573
he starts using a phrase,
"tap your home equity,"

1299
01:06:48,615 --> 01:06:51,448
― that Americans can tap
their home equity,

1300
01:06:51,484 --> 01:06:53,714
which is just
Alan Greenspan-speak ...

1301
01:06:53,753 --> 01:06:56,688
for "borrow against
your home."

1302
01:06:56,723 --> 01:06:58,918
And if you can't repay it
you'll lose your house.

1303
01:06:58,958 --> 01:07:03,122
It actually started by talking
mostly older Americans,

1304
01:07:03,163 --> 01:07:04,687
people who already
had homes,

1305
01:07:04,731 --> 01:07:07,598
into refinancing
their homes ...

1306
01:07:07,634 --> 01:07:09,397
to get them out of houses.

1307
01:07:09,436 --> 01:07:13,270
Yes, get senior citizens
out of their houses.

1308
01:07:13,306 --> 01:07:16,298
The scam to swindle people
out of the homes ...

1309
01:07:16,343 --> 01:07:19,335
they already owned
was masterful.

1310
01:07:19,379 --> 01:07:21,904
Here's how it worked.

1311
01:07:21,948 --> 01:07:25,611
First, tell these homeowners
that they own a bank.

1312
01:07:25,652 --> 01:07:28,621
And that bank is your home.

1313
01:07:28,655 --> 01:07:32,386
So if your home
is worth $250,000,

1314
01:07:32,425 --> 01:07:35,485
that makes you
a quarter millionaire.

1315
01:07:35,528 --> 01:07:37,894
You're sitting
on a goldmine.

1316
01:07:37,931 --> 01:07:40,832
You own your own bank.

1317
01:07:40,867 --> 01:07:43,165
The bank of you.

1318
01:07:43,203 --> 01:07:46,570
And you can use your bank
to get more money.

1319
01:07:46,606 --> 01:07:48,073
Just refinance.

1320
01:07:48,108 --> 01:07:49,803
Everyone's doing it.

1321
01:07:49,843 --> 01:07:53,142
Of course hidden in the dozens or 
hundreds of pages of fine print ...

1322
01:07:53,179 --> 01:07:55,443
are tricky clauses that allow the 
bank to raise your interest rate

1323
01:07:55,482 --> 01:07:57,143
to a number
you didn't know about,

1324
01:07:57,183 --> 01:07:59,208
perhaps so high that you won't
be able to repay your loan.

1325
01:07:59,252 --> 01:08:00,981
But that's okay.

1326
01:08:01,020 --> 01:08:04,478
If you can't pay it
we'll just take your house.

1327
01:08:06,993 --> 01:08:09,325
Of course, before they
could take your house ...

1328
01:08:09,362 --> 01:08:12,331
they needed to change
the regulations and the rules.

1329
01:08:12,365 --> 01:08:15,198
What's this photo I found here?

1330
01:08:15,235 --> 01:08:17,863
It was in an annual
report of the FDIC.

1331
01:08:17,904 --> 01:08:22,398
John Gilleran, the head of the Office
of Thrift Supervision,

1332
01:08:22,442 --> 01:08:23,966
which is supposed to regulate
savings and loans,

1333
01:08:24,010 --> 01:08:26,308
he's the guy
with the chainsaw.

1334
01:08:26,346 --> 01:08:28,712
And the four other
grinning idiots ...

1335
01:08:28,748 --> 01:08:33,276
in the photo are the three
leading lobbyists in banking ...

1336
01:08:33,319 --> 01:08:37,278
and the deputy director of the Federal
Deposit Insurance Corporation.

1337
01:08:37,323 --> 01:08:41,282
And they're poised over
a pile of regulations.

1338
01:08:41,327 --> 01:08:43,090
And this is supposed
to demonstrate ...

1339
01:08:43,129 --> 01:08:46,223
their intention
to destroy regulation.

1340
01:08:46,266 --> 01:08:48,734
And they succeeded.

1341
01:08:48,768 --> 01:08:50,633
And now we know what happens ...

1342
01:08:50,670 --> 01:08:52,797
when you destroy
financial regulation.

1343
01:08:52,839 --> 01:08:55,205
You produce a financial
catastrophe.

1344
01:08:55,241 --> 01:08:57,869
A growing family
with a lot of debt;

1345
01:08:57,911 --> 01:09:00,072
A young couple
with no down payment;

1346
01:09:00,113 --> 01:09:03,139
A business owner whose
income was hard to document;

1347
01:09:03,183 --> 01:09:06,152
Every one of them was
turned down for a home loan ...

1348
01:09:06,186 --> 01:09:07,744
by three different lenders.

1349
01:09:07,787 --> 01:09:11,052
I'm with Countrywide
and I got them all approved.

1350
01:09:11,090 --> 01:09:14,082
Don't be fooled by 
the pleasant demeanor ...

1351
01:09:14,127 --> 01:09:15,788
and blonde hair.

1352
01:09:15,829 --> 01:09:18,229
It's the same pitch
the mafia gives you ...

1353
01:09:18,264 --> 01:09:20,061
in the neighborhood.

1354
01:09:20,099 --> 01:09:21,623
I know how you feel.

1355
01:09:21,668 --> 01:09:23,659
You got a lot of debt.

1356
01:09:23,703 --> 01:09:25,864
You don't have any money
for the down payment.

1357
01:09:25,905 --> 01:09:28,271
You can't find
your documents.

1358
01:09:28,308 --> 01:09:31,505
It's okay. I'll make you 
a loan you can't refuse.

1359
01:09:31,544 --> 01:09:33,409
It's called subprime.

1360
01:09:33,446 --> 01:09:35,744
You pay no interest now.

1361
01:09:35,782 --> 01:09:38,080
You pay a little more later.

1362
01:09:38,117 --> 01:09:41,575
Don't worry about later.
We'll take care of you.

1363
01:09:41,621 --> 01:09:44,784
And like the mafia,
Countrywide,

1364
01:09:44,824 --> 01:09:48,453
Citibank, Wells Fargo,
Chase ...

1365
01:09:48,495 --> 01:09:50,292
Let's go.

1366
01:09:50,330 --> 01:09:52,764
they would someday
stop by to collect ...

1367
01:09:52,799 --> 01:09:55,632
and take your home.

1368
01:09:58,004 --> 01:10:01,633
I was paying 1,700 
a month and making it.

1369
01:10:01,674 --> 01:10:04,302
Then it went to 2,000.
Then it went to 2,300.

1370
01:10:04,344 --> 01:10:06,437
Then it went to 2,700.

1371
01:10:06,479 --> 01:10:08,413
Can't do it.

1372
01:10:12,218 --> 01:10:16,245
These are the Hackers
of Peoria, Illinois.

1373
01:10:16,289 --> 01:10:18,883
Randy is a railroad worker ...

1374
01:10:18,925 --> 01:10:21,689
and Donna works
for retirement homes.

1375
01:10:21,728 --> 01:10:25,596
Their farm, which had been in 
the family for over four decades,

1376
01:10:25,632 --> 01:10:28,999
had been foreclosed
on by Citibank.

1377
01:10:29,035 --> 01:10:31,833
Randy had had an accident
on the job years ago ...

1378
01:10:31,871 --> 01:10:33,634
and was now
on disability.

1379
01:10:36,242 --> 01:10:40,906
They absolutely just plain
fucking stole everything,

1380
01:10:40,947 --> 01:10:42,938
my whole life's savings
and everything,

1381
01:10:42,982 --> 01:10:46,850
by a stroke of a pen
and a lawyer and a judge.

1382
01:10:46,886 --> 01:10:50,219
The Hackers showed me the 
foreclosure notice from Citibank.

1383
01:10:50,256 --> 01:10:51,883
What caught my eye ...

1384
01:10:51,925 --> 01:10:54,655
was the town from which
their mortgage came.

1385
01:10:54,694 --> 01:10:58,323
It turns out that a company
owned by the big banks ...

1386
01:10:58,364 --> 01:11:01,299
has chosen to run
60 million mortgages through,

1387
01:11:01,334 --> 01:11:04,633
of all places, one of
the most desperate towns ...

1388
01:11:04,671 --> 01:11:06,332
in the United States.

1389
01:11:06,372 --> 01:11:08,840
This company hires
the people of Flint ...

1390
01:11:08,875 --> 01:11:11,241
to send out nearly 60%

1391
01:11:11,277 --> 01:11:14,576
of all the foreclosure
notices in the country.

1392
01:11:14,614 --> 01:11:17,845
In what seems to be some
sort of cruel joke,

1393
01:11:17,884 --> 01:11:20,352
my hometown was now
in the service ...

1394
01:11:20,386 --> 01:11:22,820
of helping to turn
the rest of America ...

1395
01:11:22,855 --> 01:11:24,982
into Flint.

1396
01:11:29,228 --> 01:11:32,220
Typically when a bank forces
a family like the Hackers ...

1397
01:11:32,265 --> 01:11:34,927
out of their home
they hire professionals ...

1398
01:11:34,968 --> 01:11:36,731
to come and clean up the place.

1399
01:11:38,171 --> 01:11:40,435
In this case, the bank figured,

1400
01:11:40,473 --> 01:11:44,204
why pay top dollar when
we've got a desperate family ...

1401
01:11:44,243 --> 01:11:46,268
who will work cheap?

1402
01:11:46,312 --> 01:11:48,439
In a final humiliation ...

1403
01:11:48,481 --> 01:11:50,676
the Hackers went
to work for the bank ...

1404
01:11:50,717 --> 01:11:52,582
that took their home.

1405
01:11:54,554 --> 01:11:57,284
"Property is to be turned over
in broom-clean condition ...

1406
01:11:57,323 --> 01:12:00,258
with all trash, debris
and personal property removed.

1407
01:12:02,095 --> 01:12:04,063
Upon delivery of the keys

1408
01:12:04,097 --> 01:12:07,692
the PAS representative will
hand you a check for $1,000."

1409
01:12:13,339 --> 01:12:16,536
You know, 1,000 bucks ...

1410
01:12:16,576 --> 01:12:20,012
to get out
of my own house and stuff,

1411
01:12:20,046 --> 01:12:23,106
I really want to thank them.
That was really something.

1412
01:12:23,149 --> 01:12:25,913
My wife worked for a week
to clean the house up ...

1413
01:12:25,952 --> 01:12:28,079
and make sure it was
presentable to somebody else.

1414
01:12:28,121 --> 01:12:30,749
I'm glad they did that.
I have to thank them.

1415
01:12:30,790 --> 01:12:32,758
It was awful nice of them.

1416
01:12:32,792 --> 01:12:35,522
Yeah, I'd like to
thank them all right.

1417
01:12:44,537 --> 01:12:47,131
I have one more.

1418
01:12:49,475 --> 01:12:52,205
Oh, that goes to
our bedroom door.

1419
01:12:52,245 --> 01:12:54,304
Trying to think what ―

1420
01:12:54,347 --> 01:12:56,645
that goes that that.
I had a lock on it

1421
01:12:56,683 --> 01:12:58,583
to keep kids out
'cause I have guns.

1422
01:12:58,618 --> 01:13:00,950
And here's your money, Randy.

1423
01:13:00,987 --> 01:13:03,581
What you're witnessing ...

1424
01:13:03,623 --> 01:13:05,147
is a robbery.

1425
01:13:06,592 --> 01:13:10,084
I'm starting to understand
why people,

1426
01:13:10,129 --> 01:13:12,893
they lose their minds
and start shooting people.

1427
01:13:12,932 --> 01:13:15,457
I'm not gonna say I would
do something like that,

1428
01:13:15,501 --> 01:13:18,026
but I can see how
they get people ...

1429
01:13:18,071 --> 01:13:20,266
into that situation where ...

1430
01:13:20,306 --> 01:13:23,764
people go in there with bombs
and blow them up ...

1431
01:13:23,810 --> 01:13:25,744
and shoot at them.

1432
01:13:25,778 --> 01:13:27,871
Anything that happens to them
people, they deserve it,

1433
01:13:27,914 --> 01:13:29,677
is all I can say.

1434
01:13:29,716 --> 01:13:31,911
I hope something happens ―

1435
01:13:31,951 --> 01:13:35,148
yeah, well.

1436
01:13:35,188 --> 01:13:37,452
Can't say no more.

1437
01:13:42,161 --> 01:13:44,288
Some roadkill right there.

1438
01:13:44,330 --> 01:13:46,059
This is Bob Feinberg.

1439
01:13:46,099 --> 01:13:49,865
He handled all the VIP loans
for Countrywide,

1440
01:13:49,902 --> 01:13:53,838
the nation's largest
mortgage company.

1441
01:13:53,873 --> 01:13:55,807
Although Countrywide
mainly specializes ...

1442
01:13:55,842 --> 01:13:59,243
in outrageously high interest
loans for low income people,

1443
01:13:59,278 --> 01:14:01,576
Bob's job was to take care of ...

1444
01:14:01,614 --> 01:14:05,380
some of the country's
top political leaders.

1445
01:14:05,418 --> 01:14:08,012
One day one of the bigger
bosses called me in the office.

1446
01:14:08,054 --> 01:14:09,783
He said, "I want you
to call this guy."

1447
01:14:09,822 --> 01:14:11,790
I said okay.

1448
01:14:11,824 --> 01:14:14,759
And he said,
"He's a friend of Angelo's."

1449
01:14:14,794 --> 01:14:17,262
Angelo Mozilo's the CEO
of Countrywide.

1450
01:14:17,296 --> 01:14:21,460
"Give him this rate.
Waive these fees.

1451
01:14:21,501 --> 01:14:25,528
And get it locked in.
And don't fuck it up."

1452
01:14:25,571 --> 01:14:28,335
And I was like,
"Oh, okay."

1453
01:14:30,009 --> 01:14:31,670
So it was a special department ...

1454
01:14:31,711 --> 01:14:34,339
that handled friends of Angelo.

1455
01:14:35,715 --> 01:14:37,182
Discounts were being given.

1456
01:14:37,216 --> 01:14:38,808
Fees were being waived.

1457
01:14:38,851 --> 01:14:41,877
And at times paperwork
was being waived.

1458
01:14:41,921 --> 01:14:46,017
We literally would
write on the file "FOA."

1459
01:14:46,058 --> 01:14:48,788
These were really important people.

1460
01:14:48,828 --> 01:14:51,524
I had Richard Holbrooke ―
Ambassador Holbrooke,

1461
01:14:51,564 --> 01:14:53,759
Donna Shalala,

1462
01:14:53,800 --> 01:14:56,963
people on Capitol Hill, people that
regulate the mortgage markets,

1463
01:14:57,003 --> 01:14:59,267
people that regulate
Wall Street,

1464
01:14:59,305 --> 01:15:02,536
and Jim Johnson,
head of Fannie Mae,

1465
01:15:02,575 --> 01:15:05,442
Alphonso Jackson
the secretary of HUD ...

1466
01:15:07,046 --> 01:15:10,038
Senator Conrad from
the Finance Committee.

1467
01:15:10,082 --> 01:15:13,108
I had the TV on in my house.
I was in the kitchen ...

1468
01:15:13,152 --> 01:15:15,347
and I heard a voice
pontificating ...

1469
01:15:15,388 --> 01:15:18,221
about predatory lending and how 
we have to put an end to it.

1470
01:15:18,257 --> 01:15:20,521
Our nation's 
financial regulators ...

1471
01:15:20,560 --> 01:15:22,289
are supposed to
be the cops on the beat ...

1472
01:15:22,328 --> 01:15:24,728
protecting working Americans ...

1473
01:15:24,764 --> 01:15:26,493
from unscrupulous
financial actions.

1474
01:15:26,532 --> 01:15:29,228
Senator Dodd ―
Christopher Dodd ― was speaking.

1475
01:15:29,268 --> 01:15:32,931
And I just stared at
the television and I was upset.

1476
01:15:32,972 --> 01:15:35,497
Some of these loans
have legitimate uses,

1477
01:15:35,541 --> 01:15:37,566
when made to sophisticated
borrowers ...

1478
01:15:37,610 --> 01:15:39,737
with higher incomes.

1479
01:15:39,779 --> 01:15:42,475
I had done a number
of loans for him ...

1480
01:15:42,515 --> 01:15:45,245
in which he got discounts
and all the things ...

1481
01:15:45,284 --> 01:15:47,047
that go with being
a friend of Angelo's ...

1482
01:15:47,086 --> 01:15:48,610
and all the good stuff.

1483
01:15:48,654 --> 01:15:50,622
The Senate Banking
and Housing Committee ...

1484
01:15:50,656 --> 01:15:53,284
is supposed to be the watchdog
of the mortgage industry.

1485
01:15:53,326 --> 01:15:56,591
Senator Dodd is the chairman
of this committee ...

1486
01:15:56,629 --> 01:15:59,257
and has served on it
for over 28 years.

1487
01:15:59,298 --> 01:16:01,528
As a friend of Angelo ...

1488
01:16:01,567 --> 01:16:04,263
he received
over $1 million worth ...

1489
01:16:04,303 --> 01:16:06,897
of discounted loans
from Countrywide.

1490
01:16:06,939 --> 01:16:10,705
Someone next door here
is selling a toxic ...

1491
01:16:10,743 --> 01:16:12,973
piece of crap loan to somebody.

1492
01:16:13,012 --> 01:16:16,846
I was required to give the most
suitable loan to that VIP.

1493
01:16:16,883 --> 01:16:18,748
Did you ever feel that ...

1494
01:16:18,784 --> 01:16:20,877
what you were doing
might be bribery?

1495
01:16:20,920 --> 01:16:23,889
I didn't feel like I was
bribing anybody, no.

1496
01:16:23,923 --> 01:16:27,381
I was just doing my job.
I was the VIP guy.

1497
01:16:27,426 --> 01:16:29,155
Everyone in the company
knew who I was.

1498
01:16:29,195 --> 01:16:30,856
You know, everyone.

1499
01:16:30,897 --> 01:16:33,457
So it was kind of
a flattering situation.

1500
01:16:33,499 --> 01:16:36,991
But no, I don't feel like 
I did anything wrong at all.

1501
01:16:37,036 --> 01:16:40,096
And if I didn't do it, somebody 
else would have been doing it.

1502
01:16:41,974 --> 01:16:44,499
That's why we need 
people like Bill Black,

1503
01:16:44,543 --> 01:16:46,704
one of the bank regulators
who uncovered ...

1504
01:16:46,746 --> 01:16:48,976
the Savings & Loan scandal
in the 1980s.

1505
01:16:49,015 --> 01:16:51,142
Something improper happened ...

1506
01:16:51,183 --> 01:16:53,481
and I bet you
the regulators know.

1507
01:16:53,519 --> 01:16:56,454
One of the leading figures of
that scandal, Charles Keating,

1508
01:16:56,489 --> 01:16:59,287
had an idea on what to do
with Bill Black ...

1509
01:16:59,325 --> 01:17:01,816
and sent a memo out
with these instructions.

1510
01:17:02,995 --> 01:17:06,021
I asked him who was
looking out for us today.

1511
01:17:06,065 --> 01:17:08,693
Where was the FBI
in all of this?

1512
01:17:08,734 --> 01:17:11,464
The FBI began publicly warning ...

1513
01:17:11,504 --> 01:17:13,995
in September 2004 ...

1514
01:17:14,040 --> 01:17:17,271
that there was an epidemic
of mortgage fraud ...

1515
01:17:17,310 --> 01:17:19,505
perpetrated by the banks.

1516
01:17:19,545 --> 01:17:21,206
Epidemic was their word.

1517
01:17:21,247 --> 01:17:23,943
But when 9/11 hit,

1518
01:17:23,983 --> 01:17:27,214
the Bush administration
transferred ...

1519
01:17:27,253 --> 01:17:31,314
at least 500 white-collar
FBI specialists ...

1520
01:17:31,357 --> 01:17:34,155
out of dealing
with white-collar crime,

1521
01:17:34,193 --> 01:17:36,627
even though we were entering ...

1522
01:17:36,662 --> 01:17:38,630
during the entire
Bush administration ...

1523
01:17:38,664 --> 01:17:41,224
the greatest wave
of white-collar crime ...

1524
01:17:41,267 --> 01:17:44,794
in the nation's history,
in fact, in the world's history.

1525
01:17:44,837 --> 01:17:48,034
The FBI says that 80% ...

1526
01:17:48,074 --> 01:17:50,065
of the mortgage fraud losses ...

1527
01:17:50,109 --> 01:17:52,942
are induced
by lender personnel.

1528
01:17:52,979 --> 01:17:54,276
Meaning what?

1529
01:17:54,313 --> 01:17:56,747
Meaning not the borrower ...

1530
01:17:56,782 --> 01:17:59,910
coming off the street trying
to defraud the savings and loan.

1531
01:17:59,952 --> 01:18:03,820
These are frauds led by whoever
controls the organization.

1532
01:18:03,856 --> 01:18:06,518
- Right.
- It's typically the CEO in other words.

1533
01:18:06,559 --> 01:18:09,585
So did these CEOs think they 
were gonna get away with it?

1534
01:18:09,628 --> 01:18:11,789
They have gotten away with it.

1535
01:18:13,499 --> 01:18:15,592
Yes, apparently they did.

1536
01:18:15,634 --> 01:18:18,398
And with the presidential
election just around the corner ...

1537
01:18:18,437 --> 01:18:21,702
- Define rich.
- 5 million.

1538
01:18:21,741 --> 01:18:25,541
the elites were worried that their 
crime spree might come to an end.

1539
01:18:25,578 --> 01:18:28,741
After bilking trillions
from the American public ...

1540
01:18:28,781 --> 01:18:30,408
by repossessing their homes,

1541
01:18:30,449 --> 01:18:32,713
bankrupting them
when they got sick ...

1542
01:18:32,752 --> 01:18:35,016
and convincing them
to invest their earnings ...

1543
01:18:35,054 --> 01:18:38,353
and pensions in the casino
known as the stock market,

1544
01:18:38,391 --> 01:18:41,792
the rich decided to make
one last heist ...

1545
01:18:41,827 --> 01:18:45,194
and as their 30-year long
party came to an end,

1546
01:18:45,231 --> 01:18:48,723
take as much of the silverware
with them as they could.

1547
01:18:48,768 --> 01:18:51,601
But first they needed
a distraction.

1548
01:18:51,637 --> 01:18:54,902
And as they learned
after 9/11,

1549
01:18:54,940 --> 01:18:57,704
nothing works better
in the home of the brave ...

1550
01:18:57,743 --> 01:19:00,735
than some good old
fashioned fear.

1551
01:19:00,780 --> 01:19:04,614
And who better to wheel out
for one last scary performance ...

1552
01:19:04,650 --> 01:19:07,585
than Chicken Little himself?

1553
01:19:07,620 --> 01:19:11,112
Oscar voters,
for your consideration.

1554
01:19:11,157 --> 01:19:12,818
Good evening.

1555
01:19:12,858 --> 01:19:15,383
This is an extraordinary period
for America's economy.

1556
01:19:15,428 --> 01:19:18,056
The government's
top economic experts ...

1557
01:19:18,097 --> 01:19:20,361
warn that without immediate
action by Congress,

1558
01:19:20,399 --> 01:19:23,391
America could slip into
a financial panic ...

1559
01:19:23,436 --> 01:19:26,530
and a distressing scenario
would unfold.

1560
01:19:26,572 --> 01:19:29,973
More banks could fail,
including some in your community.

1561
01:19:30,009 --> 01:19:32,500
The stock market would 
drop even more,

1562
01:19:32,545 --> 01:19:34,911
which would reduce the value
of your retirement account.

1563
01:19:34,947 --> 01:19:37,609
The value of your home
could plummet.

1564
01:19:37,650 --> 01:19:40,141
Foreclosures would
rise dramatically.

1565
01:19:40,186 --> 01:19:42,416
And if you own
a business or a farm,

1566
01:19:42,455 --> 01:19:45,083
you would find it harder
and more expensive to get credit.

1567
01:19:45,124 --> 01:19:47,786
More businesses
would close their doors ...

1568
01:19:47,827 --> 01:19:50,387
and millions of Americans
could lose their jobs.

1569
01:19:50,429 --> 01:19:53,227
Even if you have 
good credit history,

1570
01:19:53,265 --> 01:19:56,166
it would be more difficult for
you to get the loans you need ...

1571
01:19:56,202 --> 01:19:58,500
to buy a car or send
your children to college.

1572
01:19:58,537 --> 01:20:00,971
And ultimately our country
could experience ...

1573
01:20:01,006 --> 01:20:03,770
a long and painful recession.

1574
01:20:03,809 --> 01:20:07,939
Fellow citizens,
we must not let this happen.

1575
01:20:07,980 --> 01:20:11,575
In reality there was no
need for this speech,

1576
01:20:11,617 --> 01:20:13,710
because the mainstream media ...

1577
01:20:13,752 --> 01:20:16,021
had already drunk the Kool-Aid.

1578
01:20:17,389 --> 01:20:19,687
Meltdown.
The American financial system ...

1579
01:20:19,725 --> 01:20:21,283
is rocked to its foundation.

1580
01:20:21,327 --> 01:20:23,659
The giant bank crumbles,
stocks plummet.

1581
01:20:23,696 --> 01:20:27,063
- Nightmare on Wall Street.
- AIG fights for its life.

1582
01:20:27,099 --> 01:20:29,033
- Blood on the floor.
- Armageddon.

1583
01:20:29,068 --> 01:20:32,196
A category-five test
of our financial levies.

1584
01:20:32,238 --> 01:20:35,696
What the fuck happened?

1585
01:20:35,741 --> 01:20:38,073
Have you ever seen a dam fail?

1586
01:20:38,110 --> 01:20:41,511
It starts with a little crack,
a little seepage.

1587
01:20:41,547 --> 01:20:43,037
With overwhelming support,

1588
01:20:43,082 --> 01:20:45,016
Congress struck down
the restrictions.

1589
01:20:45,050 --> 01:20:46,984
Big banking is barreling back.

1590
01:20:47,019 --> 01:20:49,044
And it starts eroding ...

1591
01:20:49,088 --> 01:20:52,819
and it destroys all
the internal strength of the dam.

1592
01:20:52,858 --> 01:20:54,519
Poison from the housing mess ...

1593
01:20:54,560 --> 01:20:57,051
seeped deeper and deeper
into the banking system.

1594
01:20:57,096 --> 01:20:59,189
And soon the dam 
works against itself.

1595
01:20:59,231 --> 01:21:01,222
The weight of the dam
and the weight of the water ...

1596
01:21:01,267 --> 01:21:02,632
conspire against it.

1597
01:21:02,668 --> 01:21:04,397
Investors were dumping 
Bear shares ...

1598
01:21:04,436 --> 01:21:05,926
leading a huge sell-off ...

1599
01:21:05,971 --> 01:21:08,030
The stocks of Fannie Mae 
and Freddie Mac ...

1600
01:21:08,073 --> 01:21:09,870
were in freefall this morning ...

1601
01:21:09,909 --> 01:21:12,776
Then there's kind of 
a significant flow.

1602
01:21:12,811 --> 01:21:16,247
Wall Street's losing
streak stretched into its seventh day.

1603
01:21:16,282 --> 01:21:20,309
And then suddenly you've
got 60-70 foot sections.

1604
01:21:20,352 --> 01:21:21,512
A dam exploding.

1605
01:21:21,554 --> 01:21:23,283
Lehman Brothers, bankrupt.

1606
01:21:23,322 --> 01:21:25,119
Merrill Lynch, sold in haste.

1607
01:21:25,157 --> 01:21:27,091
- Now AlG.
- Just crashing.

1608
01:21:27,126 --> 01:21:28,889
The market's year long slide ...

1609
01:21:28,928 --> 01:21:31,556
has brought down
some of the biggest blue chips.

1610
01:21:31,597 --> 01:21:33,394
The water starts rushing through.

1611
01:21:33,432 --> 01:21:36,026
This morning,
Washington Mutual has gone under,

1612
01:21:36,068 --> 01:21:38,536
the largest failure
in US banking history.

1613
01:21:38,571 --> 01:21:40,368
Stocks fell off a cliff.

1614
01:21:40,406 --> 01:21:43,398
The largest single 
point drop in history.

1615
01:21:46,078 --> 01:21:49,536
It destroys the rest of the dam.

1616
01:21:49,582 --> 01:21:51,379
And the whole failure ...

1617
01:21:51,417 --> 01:21:53,908
looks like it only takes
two minutes.

1618
01:21:53,953 --> 01:21:57,286
But of course,
it's that little hole ...

1619
01:21:57,323 --> 01:22:00,224
that's been there
for several years ...

1620
01:22:00,259 --> 01:22:02,819
that really destroyed it.

1621
01:22:02,861 --> 01:22:06,456
You have this fundamentally
unsound system ...

1622
01:22:06,498 --> 01:22:09,661
built on
a foundation of sand ...

1623
01:22:09,702 --> 01:22:11,829
instead of bedrock.

1624
01:22:11,870 --> 01:22:14,202
And it was rotted
from the core.

1625
01:22:15,741 --> 01:22:19,074
It seems like capitalism
is just collapsing on itself.

1626
01:22:19,111 --> 01:22:20,840
Who got rich here?

1627
01:22:20,879 --> 01:22:23,211
Lots of people got rich
during this time,

1628
01:22:23,249 --> 01:22:27,845
primarily the officers
and directors ...

1629
01:22:27,886 --> 01:22:30,480
of the large banks
and savings and loans ...

1630
01:22:30,522 --> 01:22:33,013
and the specialty
non-prime lenders.

1631
01:22:33,058 --> 01:22:36,494
These people became
unbelievably rich.

1632
01:22:36,528 --> 01:22:39,827
And members of Congress got rich,

1633
01:22:39,865 --> 01:22:41,662
especially once
they left Congress.

1634
01:22:41,700 --> 01:22:44,828
A number of them go and work
in the financial institutions.

1635
01:22:44,870 --> 01:22:47,464
Sure, and as do
Rubin and Summers.

1636
01:22:47,506 --> 01:22:51,101
Robert Rubin, 
a one-time top executive

1637
01:22:51,143 --> 01:22:54,203
at both Citigroup
and Goldman Sachs ...

1638
01:22:54,246 --> 01:22:56,043
champion a change in the law ...

1639
01:22:56,081 --> 01:22:58,515
that allowed commercial banks
to get into new areas ...

1640
01:22:58,550 --> 01:23:02,316
like investment banking
and exotic insurance products.

1641
01:23:04,123 --> 01:23:06,250
This made it legal
to let Citicorp ...

1642
01:23:06,292 --> 01:23:08,055
merge with Travelers Group,

1643
01:23:08,093 --> 01:23:11,119
a deal valued at $70 billion,

1644
01:23:11,163 --> 01:23:13,495
creating the world's largest bank.

1645
01:23:13,532 --> 01:23:16,399
After leaving
the Clinton administration,

1646
01:23:16,435 --> 01:23:18,232
Rubin worked for Citigroup,

1647
01:23:18,270 --> 01:23:22,832
earning more than $115 million.

1648
01:23:22,875 --> 01:23:24,866
Summers made his money where?

1649
01:23:24,910 --> 01:23:28,676
Summers made his money
as a supposed consultant ...

1650
01:23:28,714 --> 01:23:31,706
and in giving speeches ...

1651
01:23:31,750 --> 01:23:34,082
at apparently, in some cases,

1652
01:23:34,119 --> 01:23:37,247
over $100,000 a pop.

1653
01:23:37,289 --> 01:23:40,952
Summers also made $5.2 million
at his part-time job,

1654
01:23:40,993 --> 01:23:44,224
advising a hedge fund.

1655
01:23:44,263 --> 01:23:45,855
Where did Geithner work?

1656
01:23:45,898 --> 01:23:48,731
Geithner has been a failure ...

1657
01:23:48,767 --> 01:23:51,031
at pretty much everything
he's done in life.

1658
01:23:51,070 --> 01:23:55,666
Most of the institutions
that destroyed the economy ...

1659
01:23:55,708 --> 01:23:59,109
were under his direct
regulatory authority.

1660
01:23:59,144 --> 01:24:01,442
How did he get the job
as Treasury Secretary?

1661
01:24:01,480 --> 01:24:04,472
By completely
screwing up his job ...

1662
01:24:04,516 --> 01:24:07,576
as President of the Federal
Reserve Bank of New York.

1663
01:24:07,619 --> 01:24:09,348
That makes no sense.

1664
01:24:09,388 --> 01:24:11,015
Of course, it makes
perfect sense.

1665
01:24:11,056 --> 01:24:13,183
This is not
new to Washington.

1666
01:24:13,225 --> 01:24:15,693
People who will give you
the wrong answer ...

1667
01:24:15,728 --> 01:24:19,061
but the answer you want
are invaluable.

1668
01:24:19,098 --> 01:24:21,430
And they often get promoted ...

1669
01:24:21,467 --> 01:24:24,436
precisely because
they're willing to say ...

1670
01:24:24,470 --> 01:24:26,938
and do absurd things.

1671
01:24:26,972 --> 01:24:30,806
These are the people
that promised us ...

1672
01:24:30,843 --> 01:24:34,802
that financial deregulation
would make all of us rich.

1673
01:24:34,847 --> 01:24:38,317
And these are the people who
were personally made rich.

1674
01:24:41,453 --> 01:24:45,549
It was not surprising that
the rich wanted to get richer.

1675
01:24:45,591 --> 01:24:49,357
But now they had come up with
a new and brazen way to do it.

1676
01:24:49,395 --> 01:24:53,297
Just back a big truck up to 
the Department of Treasury ...

1677
01:24:53,332 --> 01:24:56,824
and take $700 billion
of our tax money,

1678
01:24:56,869 --> 01:24:58,860
no questions asked.

1679
01:24:58,904 --> 01:25:02,670
I got Michael Moore here. You know 
who Michael Moore is, don't you?

1680
01:25:02,708 --> 01:25:05,575
The film director.
He's filming me right now.

1681
01:25:05,611 --> 01:25:07,169
- I got my wife on the line.
- Oh, hi.

1682
01:25:07,212 --> 01:25:08,975
How are you doing?
Baron Hill from Indiana.

1683
01:25:09,014 --> 01:25:10,481
How are you, sir?
Good state.

1684
01:25:10,516 --> 01:25:12,347
- We're from Michigan you know?
- Yeah.

1685
01:25:12,384 --> 01:25:13,976
How did this collapse happen?

1686
01:25:14,019 --> 01:25:18,251
I got home on a Friday, everything
was just fine in terms of the economy.

1687
01:25:18,290 --> 01:25:21,020
I call back after my plane
landed in Indiana ...

1688
01:25:21,059 --> 01:25:23,391
just to check in with my office,

1689
01:25:23,429 --> 01:25:25,260
and all of a sudden we've
got this crisis on our hands ...

1690
01:25:25,297 --> 01:25:27,356
and that I'm gonna have to vote
when I come back Monday ...

1691
01:25:27,399 --> 01:25:30,857
for a multibillion-dollar bailout
of the financial industry.

1692
01:25:30,903 --> 01:25:34,839
The word that we got was that 
if we did not act immediately ...

1693
01:25:34,873 --> 01:25:39,674
the economy would collapse,
no doubt about it.

1694
01:25:39,711 --> 01:25:43,044
I felt that the announcement ...

1695
01:25:43,081 --> 01:25:45,447
of this crisis in September,

1696
01:25:45,484 --> 01:25:47,349
just a few weeks before election,

1697
01:25:47,386 --> 01:25:48,683
was very suspicious.

1698
01:25:48,720 --> 01:25:51,746
This is when Congress
is the most nervous.

1699
01:25:51,790 --> 01:25:54,156
And I thought, "Wait a minute.
What's going on here?

1700
01:25:54,193 --> 01:25:56,627
This is not normal."

1701
01:25:56,662 --> 01:25:58,527
The leadership of Congress ...

1702
01:25:58,564 --> 01:26:00,156
and the Bush administration ...

1703
01:26:00,199 --> 01:26:02,531
quickly held a series
of private meetings ...

1704
01:26:02,568 --> 01:26:05,469
with the titans
of Wall Street to figure out ...

1705
01:26:05,504 --> 01:26:07,836
just how much money
was needed to cover ...

1706
01:26:07,873 --> 01:26:11,434
all the bad bets
investors had made.

1707
01:26:11,477 --> 01:26:15,538
A deal was cut with Treasury
Secretary Henry Paulson,

1708
01:26:15,581 --> 01:26:18,072
the former CEO
of Goldman Sachs,

1709
01:26:18,116 --> 01:26:21,984
whose net worth was estimated
at $700 million ...

1710
01:26:22,020 --> 01:26:25,854
when he left Goldman to go 
and run the Treasury Department.

1711
01:26:25,891 --> 01:26:29,691
I think we saw the best of
the United States of America ...

1712
01:26:29,728 --> 01:26:33,129
in the Speaker's office tonight.

1713
01:26:33,165 --> 01:26:36,157
The best of America?

1714
01:26:36,201 --> 01:26:40,103
Or did he mean
the best of Goldman Sachs?

1715
01:26:40,138 --> 01:26:41,901
The Treasury Department,

1716
01:26:41,940 --> 01:26:44,272
it's basically an arm
of Wall Street.

1717
01:26:44,309 --> 01:26:47,369
All the people in charge
were from Goldman Sachs.

1718
01:26:47,412 --> 01:26:50,540
We call it Government Goldman
in the modern era.

1719
01:26:50,582 --> 01:26:52,743
That's because there 
were now numerous

1720
01:26:52,784 --> 01:26:56,550
former Goldman executives inside 
the Bush Treasury Department,

1721
01:26:56,588 --> 01:26:58,852
as there were under Clinton.

1722
01:26:58,891 --> 01:27:01,792
They worked as powerful
lobbyists from the inside ...

1723
01:27:01,827 --> 01:27:04,125
to abolish 
financial regulations ...

1724
01:27:04,162 --> 01:27:06,630
while we paid their salaries.

1725
01:27:06,665 --> 01:27:08,929
Treasury Secretary Paulson ―

1726
01:27:08,967 --> 01:27:10,901
he wasn't just randomly
at Goldman.

1727
01:27:10,936 --> 01:27:14,428
He was the guy at Goldman
who got them big time ...

1728
01:27:14,473 --> 01:27:18,170
into buying these exotic
housing derivatives.

1729
01:27:18,210 --> 01:27:21,668
So he got Goldman in
a huge amount of trouble.

1730
01:27:21,713 --> 01:27:23,874
Insane housing derivatives ...

1731
01:27:23,916 --> 01:27:26,908
had now destroyed much
of Goldman's competition.

1732
01:27:26,952 --> 01:27:29,477
And with the Goldman boys
now calling the shots ...

1733
01:27:29,521 --> 01:27:32,354
inside the government, they 
would ensure that Goldman ...

1734
01:27:32,391 --> 01:27:35,121
would end up as the kings
of Wall Street ...

1735
01:27:35,160 --> 01:27:36,593
when the dust settled.

1736
01:27:36,628 --> 01:27:38,357
So the last possible people ...

1737
01:27:38,397 --> 01:27:41,195
that should be giving advice
to Treasury would be Goldman.

1738
01:27:41,233 --> 01:27:42,757
So naturally Paulson,

1739
01:27:42,801 --> 01:27:45,998
former CEO of Goldman,
puts them on.

1740
01:27:46,038 --> 01:27:48,734
And what advice do they
end up giving?

1741
01:27:48,774 --> 01:27:51,607
Well, to use the taxpayers ...

1742
01:27:51,643 --> 01:27:54,077
to bail out Goldman ...

1743
01:27:54,112 --> 01:27:56,979
and other favored financial
institutions.

1744
01:27:57,015 --> 01:28:00,007
Well, Secretary Paulson
has submitted ...

1745
01:28:00,052 --> 01:28:01,917
a simple proposal to Congress.

1746
01:28:01,954 --> 01:28:04,149
This is it ― three pages.

1747
01:28:04,189 --> 01:28:06,953
It's about $1 billion a word.

1748
01:28:06,992 --> 01:28:08,983
And it is quite simple.

1749
01:28:09,027 --> 01:28:12,155
Secretary Paulson gets
the key to the treasury.

1750
01:28:12,197 --> 01:28:15,462
He's gonna start off
by borrowing $700 billion ...

1751
01:28:15,500 --> 01:28:16,990
in the name
of the American people,

1752
01:28:17,035 --> 01:28:20,266
maybe more later.
And it waives all laws.

1753
01:28:20,305 --> 01:28:22,535
All laws!

1754
01:28:22,574 --> 01:28:26,010
Not even court review.
Pretty simple proposal.

1755
01:28:26,044 --> 01:28:29,605
We are in a real
crisis situation ...

1756
01:28:29,648 --> 01:28:31,639
that could mushroom ...

1757
01:28:31,683 --> 01:28:34,049
into something worse
than the Great Depression.

1758
01:28:34,086 --> 01:28:37,681
So I saw fear.
One gentleman started to cry.

1759
01:28:37,723 --> 01:28:41,056
People are telling us that it's 
going to be this gigantic calamity.

1760
01:28:41,093 --> 01:28:42,958
And I'm up for election
in two months.

1761
01:28:42,995 --> 01:28:44,758
Eight weeks away
from election,

1762
01:28:44,796 --> 01:28:47,424
I don't want to make a mistake.
What's the right thing to do?

1763
01:28:47,466 --> 01:28:49,627
Heaven help us.

1764
01:28:49,668 --> 01:28:51,659
If we fail to pass this ...

1765
01:28:51,703 --> 01:28:54,467
I fear the worst is yet to come.

1766
01:28:54,506 --> 01:28:56,770
And a few members were even told

1767
01:28:56,808 --> 01:29:00,403
that there would be martial law
in America if we voted no.

1768
01:29:00,445 --> 01:29:02,606
They were ramming this
thing down our throat.

1769
01:29:02,648 --> 01:29:04,673
They wanted us to vote on it
right away ...

1770
01:29:04,716 --> 01:29:07,378
without any kind of
thoughtful analysis.

1771
01:29:07,419 --> 01:29:09,478
- No real hearings?
- No real hearings.

1772
01:29:09,521 --> 01:29:11,580
And I wasn't about to ―

1773
01:29:11,623 --> 01:29:14,751
I got cornered into voting ...

1774
01:29:14,793 --> 01:29:17,455
for the Iraq resolution
based upon some lies ...

1775
01:29:17,496 --> 01:29:19,396
that they made to me and I wasn't 
going to go through that again.

1776
01:29:19,431 --> 01:29:22,730
I will not wait on events
while danger is gathering.

1777
01:29:22,768 --> 01:29:26,260
I will not stand by as peril
draws closer and closer.

1778
01:29:26,304 --> 01:29:29,137
Use fear and then you
get done what you want.

1779
01:29:31,176 --> 01:29:33,770
And they created
in this window ―

1780
01:29:33,812 --> 01:29:36,542
two months before election ―
this pressure cooker.

1781
01:29:36,581 --> 01:29:39,277
People understand that the 
House of Representatives ...

1782
01:29:39,317 --> 01:29:41,945
needs to pass this piece
of legislation.

1783
01:29:41,987 --> 01:29:44,922
Mr. Speaker, my message
to the American people ...

1784
01:29:44,956 --> 01:29:47,948
don't let Congress
seal this Wall Street deal.

1785
01:29:47,993 --> 01:29:50,553
These criminals have
so much political power ...

1786
01:29:50,595 --> 01:29:53,029
they can shut down the normal
legislative process ...

1787
01:29:53,065 --> 01:29:55,465
of the highest lawmaking
body in this land.

1788
01:29:55,500 --> 01:29:57,434
All the committees
that should be scanning ...

1789
01:29:57,469 --> 01:30:00,597
every word of what is being
negotiated are benched.

1790
01:30:00,639 --> 01:30:03,369
And that means the American
people are benched too.

1791
01:30:03,408 --> 01:30:05,638
We are constitutionally sworn ...

1792
01:30:05,677 --> 01:30:07,804
to protect and defend
this republic ...

1793
01:30:07,846 --> 01:30:11,077
against all enemies
foreign and domestic.

1794
01:30:11,116 --> 01:30:13,914
They say it's gonna be
Y2K all over again.

1795
01:30:13,952 --> 01:30:16,443
This is the same politics
of fear we are hearing ...

1796
01:30:16,488 --> 01:30:18,979
from the fat-cat financial
bullies from Wall Street.

1797
01:30:19,024 --> 01:30:21,584
Why aren't we asking Wall Street
to clean up its own mess?

1798
01:30:21,626 --> 01:30:25,084
Why aren't we helping American 
families faced with bankruptcy?

1799
01:30:25,130 --> 01:30:28,224
Why aren't we reducing debts from 
Main Street instead of Wall Street?

1800
01:30:28,266 --> 01:30:30,097
Is this the 
United States Congress ...

1801
01:30:30,135 --> 01:30:32,330
or the board of directors
of Goldman Sachs?

1802
01:30:32,370 --> 01:30:35,134
The night before the vote ...

1803
01:30:35,173 --> 01:30:38,040
the American people
in unprecedented numbers ...

1804
01:30:38,076 --> 01:30:41,102
flooded Capitol Hill
with millions of messages ...

1805
01:30:41,146 --> 01:30:43,842
demanding that Congress vote no.

1806
01:30:47,319 --> 01:30:50,220
The bailout package
was defeated today,

1807
01:30:50,255 --> 01:30:52,485
voted down in the House
of Representatives.

1808
01:30:52,524 --> 01:30:54,219
The stock market plunged ―

1809
01:30:54,259 --> 01:30:56,921
plunged to the single
greatest point loss ...

1810
01:30:56,962 --> 01:30:59,260
in the Dow average
in one day ever.

1811
01:30:59,297 --> 01:31:00,889
The question is this:

1812
01:31:00,932 --> 01:31:03,298
is the failure of
the bailout reason enough ...

1813
01:31:03,335 --> 01:31:06,532
to vote all the incumbents
out of office in five weeks?

1814
01:31:06,571 --> 01:31:08,436
12 votes killed it.

1815
01:31:08,473 --> 01:31:10,668
So did the voices of a lot
of the American people ...

1816
01:31:10,709 --> 01:31:14,042
who called their representatives
and said no.

1817
01:31:14,079 --> 01:31:16,445
Then Congress voted no.

1818
01:31:16,481 --> 01:31:18,449
Tonight Congress
has left town.

1819
01:31:18,483 --> 01:31:21,350
It was a rebuke that Congress
and Wall Street ...

1820
01:31:21,386 --> 01:31:24,184
had rarely,
if ever, experienced.

1821
01:31:24,222 --> 01:31:27,316
It was what the Citibank
memo had warned against:

1822
01:31:27,359 --> 01:31:29,122
That if the peasants
ever chose ...

1823
01:31:29,161 --> 01:31:31,288
to exercise their
democratic rights,

1824
01:31:31,329 --> 01:31:34,321
the pillaging by the wealthy
would be over.

1825
01:31:34,366 --> 01:31:38,496
So Paulson and company headed
back up to Capitol Hill.

1826
01:31:38,537 --> 01:31:41,836
And faster than you can say
"Check, please,"

1827
01:31:41,873 --> 01:31:45,639
they cut a backroom deal
with the help of the Democrats.

1828
01:31:47,379 --> 01:31:48,869
This issue supersedes
an election.

1829
01:31:48,914 --> 01:31:50,814
We need to get this right.
We need to do it quickly.

1830
01:31:50,849 --> 01:31:52,282
I agree with the secretary.

1831
01:31:52,317 --> 01:31:54,751
It's not gonna openly cost
all these hundreds of billions.

1832
01:31:54,786 --> 01:31:56,754
We will recover most of it,
maybe all of it.

1833
01:31:56,788 --> 01:31:59,882
The Democrats became ...

1834
01:31:59,925 --> 01:32:03,452
the delivery man for a bill ...

1835
01:32:03,495 --> 01:32:05,827
for the Republican president.

1836
01:32:05,864 --> 01:32:09,356
The presidents and presidents-
to-be made phone calls ...

1837
01:32:09,401 --> 01:32:12,529
and members ― I know
at least two members ...

1838
01:32:12,571 --> 01:32:14,971
who have an interest
in the US Senate,

1839
01:32:15,006 --> 01:32:16,200
and promises were made.

1840
01:32:17,609 --> 01:32:19,804
Within days, the Congress ...

1841
01:32:19,845 --> 01:32:21,836
did an amazing about-face

1842
01:32:21,880 --> 01:32:25,941
and gave the banks the 700-plus
billion they wanted,

1843
01:32:25,984 --> 01:32:27,849
the people be damned.

1844
01:32:27,886 --> 01:32:30,821
On this vote the yeas are 263,

1845
01:32:30,856 --> 01:32:34,155
the nays are 17 1.
The motion is adopted.

1846
01:32:34,192 --> 01:32:38,526
It was very carefully planned
to happen when it did,

1847
01:32:38,563 --> 01:32:42,590
to involve the players
that it did.

1848
01:32:42,634 --> 01:32:46,627
The message was carefully handled.

1849
01:32:46,671 --> 01:32:48,696
They had Congress right where
they wanted them.

1850
01:32:48,740 --> 01:32:51,868
You don't think it
was just happenstance?

1851
01:32:51,910 --> 01:32:53,741
No.

1852
01:32:53,778 --> 01:32:57,339
This was almost like
an intelligence operation ...

1853
01:32:57,382 --> 01:33:00,749
that had to be coordinated
at the highest levels.

1854
01:33:00,785 --> 01:33:03,345
This whole fiasco shows you ...

1855
01:33:03,388 --> 01:33:08,087
that there are some forces ―

1856
01:33:08,126 --> 01:33:10,720
That are not democratic.

1857
01:33:10,762 --> 01:33:12,627
Right.
That are in control.

1858
01:33:12,664 --> 01:33:15,428
Big time.

1859
01:33:15,467 --> 01:33:18,527
They did a masterful job.
Very well executed.

1860
01:33:21,239 --> 01:33:22,467
Do you think it's too harsh ...

1861
01:33:22,507 --> 01:33:25,908
to call what has happened
here a coup d'état?

1862
01:33:25,944 --> 01:33:27,502
A financial coup d'état?

1863
01:33:27,545 --> 01:33:30,673
No, because I think
that's what's happened.

1864
01:33:30,715 --> 01:33:33,980
- A financial coup d'état?
- Yeah.

1865
01:33:35,754 --> 01:33:37,346
I could agree with that.

1866
01:33:38,690 --> 01:33:40,783
I could agree with that
because the people here ...

1867
01:33:40,825 --> 01:33:42,759
really aren't in charge.

1868
01:33:42,794 --> 01:33:45,285
Wall Street is in charge.

1869
01:33:47,065 --> 01:33:49,090
Where's our money?

1870
01:33:49,134 --> 01:33:51,534
I don't know.

1871
01:33:51,569 --> 01:33:53,901
Citigroup is spending $50 million ...

1872
01:33:53,939 --> 01:33:55,566
on a luxury corporate jet.

1873
01:33:55,607 --> 01:33:58,167
You don't know?
But you're the person ―

1874
01:33:58,209 --> 01:34:01,201
you're in charge of ― they put 
you in charge to find out.

1875
01:34:01,246 --> 01:34:02,941
Goldman Sachs has set aside ...

1876
01:34:02,981 --> 01:34:05,347
6.8 billion for bonuses.

1877
01:34:05,383 --> 01:34:08,716
But Treasury followed
a don't-ask-don't-tell policy.

1878
01:34:08,753 --> 01:34:10,983
They didn't ask the banks ...

1879
01:34:11,022 --> 01:34:13,252
what they were going to do
with the money.

1880
01:34:13,291 --> 01:34:16,886
And not having asked them, the 
banks are not required to tell.

1881
01:34:16,928 --> 01:34:19,590
AlG poolside meetings
at a Valley resort ...

1882
01:34:19,631 --> 01:34:20,825
Doesn't make any sense.

1883
01:34:20,865 --> 01:34:23,561
We're getting word
that 73 people ...

1884
01:34:23,601 --> 01:34:26,536
received at least
$1 million apiece.

1885
01:34:26,571 --> 01:34:28,698
Why would the Department
of Treasury ...

1886
01:34:28,740 --> 01:34:30,901
not require the banks
to tell them ...

1887
01:34:30,942 --> 01:34:32,534
what they're doing
with our money?

1888
01:34:32,577 --> 01:34:36,274
You're going to have to ask 
Secretary Paulson that question.

1889
01:34:36,314 --> 01:34:39,147
Because I've asked
that question ...

1890
01:34:39,184 --> 01:34:42,415
in my role as head of the 
Congressional Oversight Panel,

1891
01:34:42,454 --> 01:34:44,547
and so far I haven't gotten an answer.
Maybe you'll get a better one.

1892
01:34:46,825 --> 01:34:48,793
Good afternoon.
Hank Paulson's office.

1893
01:34:48,827 --> 01:34:50,351
Yeah, this is Michael Moore.

1894
01:34:50,395 --> 01:34:52,124
I'd like to talk to Mr. Paulson.

1895
01:34:52,163 --> 01:34:54,222
- I'm sorry. Your name again?
- Michael Moore.

1896
01:34:54,265 --> 01:34:55,823
- Michael Moore?
- Yup.

1897
01:34:55,867 --> 01:34:59,064
Hello? Hello?

1898
01:34:59,104 --> 01:35:01,902
This is crazy what they're doing
with our money.

1899
01:35:01,940 --> 01:35:04,704
If I could get them
to actually give the money back ―

1900
01:35:04,743 --> 01:35:06,478
I'd be in favor of that.

1901
01:35:24,362 --> 01:35:26,796
We're here to get the money
back for the American people.

1902
01:35:26,831 --> 01:35:28,662
I understand, sir,
but you can't come in.

1903
01:35:28,700 --> 01:35:30,133
- Can you just take the bag?
- No.

1904
01:35:30,168 --> 01:35:31,726
- Take it up there?
- Absolutely not.

1905
01:35:31,770 --> 01:35:33,704
Fill it up.
I got more bags.

1906
01:35:33,738 --> 01:35:35,535
10 billion probably
won't fit in here.

1907
01:35:35,573 --> 01:35:36,733
You can't help me
get the money?

1908
01:35:36,775 --> 01:35:37,935
I can't help you
get the money.

1909
01:35:37,976 --> 01:35:40,171
What would happen if I made
a run for it right now?

1910
01:35:42,313 --> 01:35:44,873
So I went to another bank.

1911
01:35:46,084 --> 01:35:47,142
We want our money back.

1912
01:35:47,185 --> 01:35:48,743
I went to all the banks.

1913
01:35:48,787 --> 01:35:51,051
- You've seen this guy?
- Yeah.

1914
01:35:51,089 --> 01:35:53,421
Okay, we're here to make
a citizen's arrest, actually.

1915
01:35:53,458 --> 01:35:55,858
Just drop it from the windows.

1916
01:35:55,894 --> 01:35:58,454
And everywhere I went ...

1917
01:36:00,198 --> 01:36:01,495
I got the same reaction.

1918
01:36:01,533 --> 01:36:03,694
We're actually here
to make a citizen's arrest ...

1919
01:36:03,735 --> 01:36:05,225
of the entire board
of directors ...

1920
01:36:05,270 --> 01:36:06,396
and the executives here.

1921
01:36:06,438 --> 01:36:07,803
Why don't you speak
to my supervisor?

1922
01:36:07,839 --> 01:36:09,670
- That's him right here.
- Where's he at?

1923
01:36:09,707 --> 01:36:11,504
- In the white shirt? Blue tie?
- Yup.

1924
01:36:11,543 --> 01:36:12,908
- That's him.
- Receding hairline?

1925
01:36:12,944 --> 01:36:16,505
They're using the money
to buy other companies.

1926
01:36:16,548 --> 01:36:19,210
This is our money.

1927
01:36:19,250 --> 01:36:21,275
Oh, this is a police officer.

1928
01:36:21,319 --> 01:36:23,446
I wanted to make a citizen's
arrest of the CEO.

1929
01:36:23,488 --> 01:36:25,683
Mr. Blankfein.

1930
01:36:25,723 --> 01:36:28,487
But you're here, so maybe
you could help me.

1931
01:36:28,526 --> 01:36:31,984
- Let's do it outside.
- $170 billion of our taxpayer money.

1932
01:36:32,030 --> 01:36:35,261
- You're not allowed in the building, sir.
- But I'm here to make an arrest.

1933
01:36:35,300 --> 01:36:37,700
- I'm here to make an arrest.
- Make it outside, sir.

1934
01:36:37,735 --> 01:36:39,168
I can't make it outside.
They're upstairs.

1935
01:36:39,204 --> 01:36:41,104
I'll make an arrest, sir.

1936
01:36:41,139 --> 01:36:42,800
You can arrest somebody?

1937
01:36:42,841 --> 01:36:44,638
If you can arrest somebody,
I can arrest somebody.

1938
01:36:44,676 --> 01:36:46,075
Sir, leave the building, sir.

1939
01:36:46,111 --> 01:36:47,476
Who else do you want
to leave the building?

1940
01:36:47,512 --> 01:36:49,309
Your cameraman and your crew.
Come on out, sir.

1941
01:36:49,347 --> 01:36:52,214
They don't speak English.
Donde?

1942
01:36:53,852 --> 01:36:56,514
These guys have broken
so many laws, you know?

1943
01:36:56,554 --> 01:37:00,149
This is money.
It's theft, it's fraud.

1944
01:37:09,667 --> 01:37:12,067
I'm gonna take it back
to the US Treasury ...

1945
01:37:12,103 --> 01:37:13,900
right in this car.

1946
01:37:13,938 --> 01:37:16,566
It's safe.
You can trust me.

1947
01:37:20,011 --> 01:37:23,310
There's just these little hints ...

1948
01:37:23,348 --> 01:37:27,785
that the unimaginable

1949
01:37:27,819 --> 01:37:32,449
could occur, which is that ...

1950
01:37:34,893 --> 01:37:37,987
people in general

1951
01:37:38,029 --> 01:37:40,657
in the United States
could actually

1952
01:37:40,698 --> 01:37:44,099
become angry

1953
01:37:44,135 --> 01:37:46,035
at the wealthy.

1954
01:37:46,070 --> 01:37:49,562
Shame on you!
Shame on you!

1955
01:37:49,607 --> 01:37:51,768
People who became 
rich in this country ...

1956
01:37:51,809 --> 01:37:55,905
in the last decades
were not even making ...

1957
01:37:55,947 --> 01:37:59,781
the things that everybody loved.

1958
01:37:59,817 --> 01:38:03,218
They were playing games ...

1959
01:38:03,254 --> 01:38:05,654
that ended up actually
harming everybody.

1960
01:38:09,460 --> 01:38:13,954
So some kind of disease
has entered into the economy.

1961
01:38:15,567 --> 01:38:19,230
It was unusual for Americans
to turn against the rich ...

1962
01:38:19,270 --> 01:38:22,501
because of the carrot that had
always been held out in front of us,

1963
01:38:22,540 --> 01:38:25,737
that we too could be
one of them someday.

1964
01:38:25,777 --> 01:38:28,541
People were starting 
not to believe that.

1965
01:38:28,580 --> 01:38:31,276
And that frightened the rich.

1966
01:38:31,316 --> 01:38:35,412
Because off in the distance
they heard something coming ...

1967
01:38:35,453 --> 01:38:38,115
and it wasn't another dry martini.

1968
01:38:38,156 --> 01:38:40,920
It was the friggin' people.

1969
01:38:42,827 --> 01:38:45,193
We are ready to 
take this country ...

1970
01:38:45,230 --> 01:38:47,391
in a fundamentally new direction.

1971
01:38:47,432 --> 01:38:50,026
That's what's happening
in America right now.

1972
01:38:50,068 --> 01:38:53,731
Change is what's happening
in America.

1973
01:38:53,771 --> 01:38:55,432
Holy shit.

1974
01:38:55,473 --> 01:38:58,465
This was not
what Wall Street wanted.

1975
01:38:58,509 --> 01:39:01,000
What if he won?

1976
01:39:01,045 --> 01:39:03,878
What would happen
to their way of life?

1977
01:39:05,717 --> 01:39:08,151
So they did what they always do.

1978
01:39:08,186 --> 01:39:10,347
They threw as much money
at him as they could.

1979
01:39:12,056 --> 01:39:15,492
Goldman Sachs became his
number-one private contributor

1980
01:39:15,526 --> 01:39:18,359
with nearly $1 million 
in contributions.

1981
01:39:20,198 --> 01:39:23,793
But yet they still weren't 
sure what he would do.

1982
01:39:23,835 --> 01:39:26,736
How did he really 
feel about them ...

1983
01:39:26,771 --> 01:39:29,240
and their way of life?

1984
01:39:29,240 --> 01:39:33,142
My attitude is that if the economy
is good for folks from the bottom up,

1985
01:39:33,177 --> 01:39:34,337
it's gonna be good for everybody.

1986
01:39:37,448 --> 01:39:39,541
Senator Obama is running
to spread the wealth.

1987
01:39:39,584 --> 01:39:42,018
Joe the Plumber said to him

1988
01:39:42,053 --> 01:39:44,647
that plan sounded like socialism.

1989
01:39:48,259 --> 01:39:49,783
I love America.

1990
01:39:49,827 --> 01:39:53,627
I want to make sure it stays a demo-
cracy and not a socialist society.

1991
01:39:56,968 --> 01:40:00,369
I really think he's gonna bring 
socialism if he gets half a chance.

1992
01:40:00,405 --> 01:40:03,135
I don't trust Obama at all.

1993
01:40:04,742 --> 01:40:06,710
I left Europe four decades ago ...

1994
01:40:06,744 --> 01:40:09,008
because socialism has killed
opportunities there.

1995
01:40:09,047 --> 01:40:12,744
"Someone is going to have to
give up a piece of their pie ...

1996
01:40:12,784 --> 01:40:15,014
so someone else can have more."

1997
01:40:15,053 --> 01:40:16,384
I want all my pie.

1998
01:40:17,855 --> 01:40:20,756
Barack Obama is a socialist,
it's that simple.

1999
01:40:24,595 --> 01:40:27,428
The scare campaign wasn't working.

2000
01:40:27,465 --> 01:40:31,094
In fact, the more they called
Obama a socialist,

2001
01:40:31,135 --> 01:40:34,195
the more he went ahead in the polls.

2002
01:40:34,238 --> 01:40:36,934
And by using the word so much,

2003
01:40:36,974 --> 01:40:41,240
it made a new generation curious
about what that was.

2004
01:40:41,279 --> 01:40:43,907
For instance, few of them knew ...

2005
01:40:43,948 --> 01:40:46,644
there was actually a socialist
in the United States Senate.

2006
01:40:46,684 --> 01:40:49,915
Of course he was from
the gay state of Vermont.

2007
01:40:51,356 --> 01:40:53,051
You say that you're a socialist.
Tell me what that means.

2008
01:40:53,091 --> 01:40:54,956
I'm a democratic socialist,

2009
01:40:54,992 --> 01:40:57,722
which means that the function
of government is to represent ...

2010
01:40:57,762 --> 01:40:59,195
middle income and working people ...

2011
01:40:59,230 --> 01:41:01,596
rather than just the wealthy
and the powerful.

2012
01:41:01,632 --> 01:41:03,497
One of the things that 
we've done here,

2013
01:41:03,534 --> 01:41:06,332
we've become very religious
in worshipping greed.

2014
01:41:06,371 --> 01:41:08,703
We put on the front pages
of the magazines ...

2015
01:41:08,740 --> 01:41:10,332
guys who have made
billions of dollars.

2016
01:41:10,375 --> 01:41:13,003
We ignore the cops, the firemen,
the teachers, the nurses ...

2017
01:41:13,044 --> 01:41:16,241
who every day are doing so much
in improving the lives of people.

2018
01:41:16,280 --> 01:41:17,679
We've got to change 
our value system.

2019
01:41:17,715 --> 01:41:20,479
Hmm, that doesn't sound too bad.

2020
01:41:20,518 --> 01:41:24,579
I mean, it sounds like something
maybe we should try.

2021
01:41:24,622 --> 01:41:26,317
Within a few months,

2022
01:41:26,357 --> 01:41:28,416
the Rasmussen poll reported ...

2023
01:41:28,459 --> 01:41:31,053
that only 37% of young adults ...

2024
01:41:31,095 --> 01:41:33,893
now favor capitalism over socialism.

2025
01:41:33,931 --> 01:41:37,264
I hope the economy will ...

2026
01:41:39,570 --> 01:41:42,471
At 11:00 we project Barack Obama ...

2027
01:41:42,507 --> 01:41:45,135
President-Elect
of the United States of America.

2028
01:42:18,843 --> 01:42:21,277
Just two years earlier ...

2029
01:42:21,312 --> 01:42:23,507
had anyone predicted
this moment,

2030
01:42:23,548 --> 01:42:26,108
they would have been
considered crazy.

2031
01:42:27,385 --> 01:42:29,478
But that's how fast
things change.

2032
01:42:32,156 --> 01:42:34,647
It was in an instant ...

2033
01:42:34,692 --> 01:42:38,321
a farewell to the old America.

2034
01:42:41,332 --> 01:42:44,961
The country
was electrified by his victory.

2035
01:42:45,002 --> 01:42:47,835
And suddenly people
were inspired ...

2036
01:42:47,872 --> 01:42:50,741
to do things they never
would have done before.

2037
01:42:51,642 --> 01:42:53,371
Like the sheriff in Detroit ...

2038
01:42:53,411 --> 01:42:56,209
who decided it was time
to break the law ...

2039
01:42:56,247 --> 01:42:58,340
in order to help the people.

2040
01:42:58,382 --> 01:43:00,407
Doesn't it seem 
kind of strange to you ...

2041
01:43:00,451 --> 01:43:03,716
they would seek a government bailout?
I thought that's not what they do.

2042
01:43:03,754 --> 01:43:06,848
1-0-1 radio.

2043
01:43:06,891 --> 01:43:10,452
I thought the free market
is you sink or swim.

2044
01:43:10,495 --> 01:43:13,896
I just saw them sink
and cry like babies ...

2045
01:43:13,931 --> 01:43:16,491
for assistance from everybody else.

2046
01:43:17,668 --> 01:43:21,798
Today I will be stopping all 
mortgage foreclosure sales ...

2047
01:43:21,839 --> 01:43:23,500
in Wayne County.

2048
01:43:23,541 --> 01:43:27,170
I cannot in clear conscience
allow anymore families ...

2049
01:43:27,211 --> 01:43:29,736
to lose their homes
through foreclosure sales.

2050
01:43:29,780 --> 01:43:32,544
What must the banks have thought ...

2051
01:43:32,583 --> 01:43:35,643
seeing the law that was set up
to protect their interests ...

2052
01:43:35,686 --> 01:43:37,415
being subverted?

2053
01:43:37,455 --> 01:43:40,447
Do you think the free market
has failed Detroit?

2054
01:43:40,491 --> 01:43:43,722
Well, I mean, I think that the 
free market failed the country.

2055
01:43:43,761 --> 01:43:46,030
You know, this is crazy.

2056
01:43:46,030 --> 01:43:47,998
Neighborhoods that are
completely destroyed ...

2057
01:43:48,032 --> 01:43:50,364
because too many homes
have been foreclosed.

2058
01:43:50,401 --> 01:43:53,461
And then you wonder,
is this really America ...

2059
01:43:53,504 --> 01:43:55,563
or is this a third-world country?

2060
01:43:55,606 --> 01:43:57,096
Exactly what are we doing here?

2061
01:43:57,141 --> 01:44:01,271
Until things get so bad that people
can do nothing but protest,

2062
01:44:01,312 --> 01:44:03,280
and then those
are called revolutions.

2063
01:44:03,314 --> 01:44:07,307
And sometimes revolutions begin ...

2064
01:44:07,351 --> 01:44:08,579
in unlikely places.

2065
01:44:08,619 --> 01:44:10,484
Wake up.

2066
01:44:10,521 --> 01:44:12,182
Living in the back of a truck ...

2067
01:44:12,223 --> 01:44:16,421
after a bank foreclosed on the 
home they had owned for 22 years,

2068
01:44:16,460 --> 01:44:19,861
the Trody family of Miami,
with the help of their neighbors,

2069
01:44:19,897 --> 01:44:22,331
took matters into their own hands.

2070
01:44:22,366 --> 01:44:25,358
On behalf of this family
and this community,

2071
01:44:25,403 --> 01:44:28,839
we liberate this home 
for this family.

2072
01:44:28,873 --> 01:44:30,773
Cut the sign down.
Take it off.

2073
01:44:30,808 --> 01:44:33,072
Yay!

2074
01:44:33,110 --> 01:44:35,840
When I say community,
y'all say power.

2075
01:44:35,880 --> 01:44:37,177
- Community!
- Power!

2076
01:44:37,214 --> 01:44:38,272
- Community!
- Power!

2077
01:44:38,316 --> 01:44:39,613
- Community!
- Power!

2078
01:44:39,650 --> 01:44:41,174
- Community!
- Power!

2079
01:44:41,218 --> 01:44:43,015
- Community!
- Power!

2080
01:44:43,054 --> 01:44:45,420
It wasn't long before 
the guy from the bank ...

2081
01:44:45,456 --> 01:44:47,651
who had evicted them came back.

2082
01:44:47,692 --> 01:44:49,421
See this?

2083
01:44:49,460 --> 01:44:51,121
I want you to go ahead
and take a picture of that.

2084
01:44:51,162 --> 01:44:53,562
You're trespassing.

2085
01:44:53,598 --> 01:44:56,123
We did an eviction here and the 
people went back inside the property.

2086
01:44:56,167 --> 01:44:58,829
Yes.
So I need police assistance.

2087
01:44:58,869 --> 01:45:00,427
When all these houses are empty ...

2088
01:45:00,471 --> 01:45:02,871
the value of everybody
else's house goes down.

2089
01:45:02,907 --> 01:45:06,001
So if you can keep
these people in this house ...

2090
01:45:06,043 --> 01:45:08,273
that will help not only them ...

2091
01:45:08,312 --> 01:45:11,281
So you see, the situation is that
the people ―

2092
01:45:11,315 --> 01:45:13,306
if the bank lets 
them go back inside,

2093
01:45:13,351 --> 01:45:16,843
then the bank misses the opportunity
to sell the house to somebody else.

2094
01:45:16,887 --> 01:45:19,515
The banks are selling
so many houses right now.

2095
01:45:19,557 --> 01:45:23,049
Well, if the bank lets everybody
get back inside the house for free ―

2096
01:45:23,094 --> 01:45:25,028
Then people will have places to live.

2097
01:45:25,062 --> 01:45:27,792
People fighting back
was an unusual sight.

2098
01:45:27,832 --> 01:45:30,858
So nine police cars
responded to the call.

2099
01:45:30,901 --> 01:45:32,892
Considering the neighborhood,

2100
01:45:32,937 --> 01:45:35,167
the response time was impressive.

2101
01:45:35,206 --> 01:45:37,106
- You are not in charge.
- I'm not saying I'm in charge.

2102
01:45:37,141 --> 01:45:39,632
I'm saying she doesn't want to be isolated.
You don't have to answer any questions.

2103
01:45:39,677 --> 01:45:41,872
You don't have to say
anything to them, okay?

2104
01:45:41,912 --> 01:45:43,812
But the Trodys stood their ground.

2105
01:45:43,848 --> 01:45:46,442
We don't have nowhere else to go.

2106
01:45:46,484 --> 01:45:49,385
- This was the backup plan.
- We're forced to live inside of a truck.

2107
01:45:49,420 --> 01:45:52,389
This was our plan B.
We don't have no plan C.

2108
01:45:52,423 --> 01:45:54,891
That is our grandma 
and it's not right.

2109
01:45:54,925 --> 01:45:57,416
She's been in this house for 22 
years and y'all gonna put her out?

2110
01:45:57,461 --> 01:45:59,452
How do you feel putting people
out of their homes ...

2111
01:45:59,497 --> 01:46:01,624
every single frickin' day?

2112
01:46:01,666 --> 01:46:04,066
You should rather be home
instead of do something like that.

2113
01:46:04,101 --> 01:46:07,434
Where is the money the federal
government put in the bank?

2114
01:46:07,471 --> 01:46:11,430
We should be telling you that you're
trespassing because this is our house.

2115
01:46:17,782 --> 01:46:21,081
♪ Rooted like a tree,
rooted like a tree ♪

2116
01:46:21,118 --> 01:46:23,609
♪ We are here ♪

2117
01:46:23,654 --> 01:46:26,623
♪ Stand up strong ♪

2118
01:46:26,657 --> 01:46:29,217
Let's go.

2119
01:46:29,260 --> 01:46:31,285
- We did good. We did good.
- All right.

2120
01:46:31,328 --> 01:46:34,627
The police and the man
from the bank were sent packing.

2121
01:46:34,665 --> 01:46:36,860
Ain't no power like the 
power of the people.

2122
01:46:36,901 --> 01:46:39,165
And the power of the people don't stop.
Say what?

2123
01:46:39,203 --> 01:46:41,831
Ain't no power
like the power of the people.

2124
01:46:41,872 --> 01:46:44,432
And the power of the people 
don't stop. Say what?

2125
01:46:44,475 --> 01:46:47,137
Don't leave your home.

2126
01:46:47,178 --> 01:46:48,543
Because you know what?

2127
01:46:48,579 --> 01:46:50,843
When those companies say
they have your mortgage,

2128
01:46:50,881 --> 01:46:53,816
unless you have a lawyer
that can put his finger ...

2129
01:46:53,851 --> 01:46:56,342
or her finger on that mortgage,
you don't have that mortgage.

2130
01:46:56,387 --> 01:47:00,346
And you're gonna find that they can't 
find the paper up there on Wall Street.

2131
01:47:00,391 --> 01:47:04,384
So I say to the American people,
you be squatters in your own homes.

2132
01:47:04,428 --> 01:47:06,953
Don't you leave
in Ohio and Michigan,

2133
01:47:06,997 --> 01:47:09,158
in Indiana and Illinois
and all these other places ...

2134
01:47:09,200 --> 01:47:11,293
where our people are being
treated like chattel.

2135
01:47:11,335 --> 01:47:14,498
And this Congress is stymied.

2136
01:47:14,538 --> 01:47:15,835
Wow.

2137
01:47:15,873 --> 01:47:18,671
It's not every day you get
to see a member of Congress ...

2138
01:47:18,709 --> 01:47:21,445
encouraging open rebellion.

2139
01:47:21,445 --> 01:47:23,675
Back in Chicago,

2140
01:47:23,714 --> 01:47:26,080
the workers at Republic
Windows & Doors ...

2141
01:47:26,117 --> 01:47:27,379
had a bright idea.

2142
01:47:29,019 --> 01:47:31,351
They decided
that on second thought,

2143
01:47:31,388 --> 01:47:34,585
it wasn't okay to be fired
without notice,

2144
01:47:34,625 --> 01:47:37,719
to be denied their vacation
and severance pay ...

2145
01:47:37,762 --> 01:47:40,788
and to have their
medical benefits cut off.

2146
01:47:42,900 --> 01:47:45,596
So they came up with a plan.

2147
01:47:45,636 --> 01:47:48,571
Tell Bank of America and 
the owners of the company ...

2148
01:47:48,606 --> 01:47:51,097
that it was a new day in America.

2149
01:47:51,142 --> 01:47:53,076
They weren't going
to leave the building ...

2150
01:47:53,110 --> 01:47:56,409
until they were paid
what they were owed.

2151
01:47:56,447 --> 01:48:00,406
Yes, it was a good old fashioned
sit-down strike.

2152
01:48:03,187 --> 01:48:05,485
We understand that perhaps ...

2153
01:48:05,523 --> 01:48:08,788
some bad business deals
were made.

2154
01:48:08,826 --> 01:48:12,057
But guess what?
We don't make business deals.

2155
01:48:12,096 --> 01:48:14,360
We make windows and doors.

2156
01:48:14,398 --> 01:48:16,332
Why should we be punished?

2157
01:48:28,879 --> 01:48:31,211
The union organizers
and the workers ...

2158
01:48:31,248 --> 01:48:34,945
prepared for a police assault
that was sure to come.

2159
01:48:34,985 --> 01:48:37,613
I'm gonna take the chance.

2160
01:48:37,655 --> 01:48:39,555
You're prepared to be arrested?

2161
01:48:39,590 --> 01:48:41,820
I am prepared to be arrested
if it's necessary.

2162
01:48:41,859 --> 01:48:45,818
We've been here since yesterday
and we aren't going anywhere.

2163
01:48:45,863 --> 01:48:47,694
We are committed to this.

2164
01:48:47,731 --> 01:48:50,063
It wasn't long before 
the media showed up.

2165
01:48:50,100 --> 01:48:53,001
And given the mood of the country
toward the bailout,

2166
01:48:53,037 --> 01:48:56,996
even the TV anchors had run out
of sympathy for the banks.

2167
01:48:57,041 --> 01:49:00,772
In Chicago, a group of factory workers
watched like the rest of us ...

2168
01:49:00,811 --> 01:49:03,439
as taxpayers bailed out
the financial industry.

2169
01:49:03,480 --> 01:49:06,745
Now these laid-off workers
are demanding Bank of America ...

2170
01:49:06,784 --> 01:49:09,480
spend some of its
bailout money on them.

2171
01:49:09,520 --> 01:49:11,613
It says "Bank Robbers of America."

2172
01:49:11,655 --> 01:49:14,818
Look, if we the taxpayers
are going to provide ...

2173
01:49:14,859 --> 01:49:17,851
a bailout for companies
like Bank of America,

2174
01:49:17,895 --> 01:49:20,762
then the least they can do
is use those funds ...

2175
01:49:20,798 --> 01:49:23,289
on American workers
and companies.

2176
01:49:23,334 --> 01:49:26,462
$25 billion to Bank of America.

2177
01:49:26,503 --> 01:49:28,869
How do people sleep at night
when they act like that?

2178
01:49:28,906 --> 01:49:30,498
I don't get it.

2179
01:49:30,541 --> 01:49:32,441
Because what's the point
of bailing them out ...

2180
01:49:32,476 --> 01:49:35,138
if there aren't any jobs?

2181
01:49:35,179 --> 01:49:37,704
The strike went on day after day.

2182
01:49:37,748 --> 01:49:40,512
The police had not yet come.

2183
01:49:40,551 --> 01:49:43,349
But the son of a Chicago
steelworker did.

2184
01:49:43,387 --> 01:49:47,551
He just also happened to be
the bishop in Chicago.

2185
01:49:47,591 --> 01:49:49,582
Ladies and gentlemen,

2186
01:49:49,627 --> 01:49:51,822
I am Bishop James Wilkowski.

2187
01:49:51,862 --> 01:49:55,059
I know that you are 
all undergoing ...

2188
01:49:55,099 --> 01:49:57,124
a great trial.

2189
01:49:57,167 --> 01:49:59,897
You are teaching ...

2190
01:49:59,937 --> 01:50:02,303
to our young people ...

2191
01:50:02,339 --> 01:50:04,364
that it is just ...

2192
01:50:04,408 --> 01:50:07,969
to challenge that which is unfair.

2193
01:50:09,013 --> 01:50:13,109
I grew up on the far southeast
side of Chicago ...

2194
01:50:13,150 --> 01:50:14,879
and I saw what happened ...

2195
01:50:14,919 --> 01:50:18,252
when all the steel mills
disappeared.

2196
01:50:18,289 --> 01:50:21,156
And I saw the impact 
that it had ...

2197
01:50:21,191 --> 01:50:22,954
on families.

2198
01:50:22,993 --> 01:50:24,893
But this time ...

2199
01:50:24,929 --> 01:50:26,988
we are with you.

2200
01:50:27,031 --> 01:50:29,966
And we will not abandon you.

2201
01:50:30,000 --> 01:50:31,991
In the name of the Father
and the Son ...

2202
01:50:32,036 --> 01:50:33,663
and the Holy Spirit.
Amen.

2203
01:50:33,704 --> 01:50:35,672
The body of Christ.

2204
01:50:37,975 --> 01:50:39,602
The body of Christ.

2205
01:50:42,146 --> 01:50:43,670
The body of Christ.

2206
01:50:46,016 --> 01:50:48,814
When it comes to the situation

2207
01:50:48,852 --> 01:50:52,253
here in Chicago with the workers ...

2208
01:50:52,289 --> 01:50:56,157
who are asking for the benefits
and payments ...

2209
01:50:56,193 --> 01:50:58,889
that they have earned,
I think they're absolutely right.

2210
01:51:02,499 --> 01:51:05,764
What's happening to them
is reflective of what's happening

2211
01:51:05,803 --> 01:51:07,771
across this economy.

2212
01:51:07,805 --> 01:51:10,433
He said, "What's happening to them 
is reflective of what's happening ..."

2213
01:51:10,474 --> 01:51:12,408
He said what is
happening to those workers ...

2214
01:51:12,443 --> 01:51:15,037
is reflective to what's happening
across this economy.

2215
01:51:15,079 --> 01:51:17,946
I was watching Obama's press
conference this morning.

2216
01:51:17,982 --> 01:51:20,280
I just got out of 
bed and decided ...

2217
01:51:20,317 --> 01:51:23,047
the best thing I could do
was to feed people.

2218
01:51:23,087 --> 01:51:24,577
So I brought some food.

2219
01:51:24,621 --> 01:51:26,919
- I brought some sandwiches.
- Oh, good.

2220
01:51:26,957 --> 01:51:30,757
In fact, lots of Chicagoans
showed up to support the workers.

2221
01:51:30,794 --> 01:51:32,352
The workers have become
a national symbol ...

2222
01:51:32,396 --> 01:51:34,421
for thousands of employees
laid off across the country.

2223
01:51:34,465 --> 01:51:36,695
The sit-in has grabbed
the attention of politicians ...

2224
01:51:36,734 --> 01:51:40,363
who believe it exemplifies an 
imbalance between a Wall Street ...

2225
01:51:40,404 --> 01:51:44,204
that gets government help and a 
Main Street that gets the shaft.

2226
01:51:44,241 --> 01:51:46,232
The question started to be asked:

2227
01:51:46,276 --> 01:51:48,744
Was this is the beginnings of a 
worker's revolt against Wall Street?

2228
01:51:51,348 --> 01:51:53,475
The people united.

2229
01:51:53,517 --> 01:51:55,576
We'll never be defeated.

2230
01:51:55,619 --> 01:51:59,453
Bail out workers, not the banks.
Bail out workers, not the banks.

2231
01:51:59,490 --> 01:52:03,824
Pledges of financial support and 
food showed up by the truckload.

2232
01:52:03,861 --> 01:52:07,228
It's really beyond what we had 
at first initially imagined.

2233
01:52:07,264 --> 01:52:10,062
And so now we're 
dreaming a little bit.

2234
01:52:10,100 --> 01:52:13,092
We even had a conversation ―
well, what if we just tried ...

2235
01:52:13,137 --> 01:52:14,866
to run the factory 
like a cooperative?

2236
01:52:14,905 --> 01:52:16,930
We don't have any money.
We're not capitalists.

2237
01:52:16,974 --> 01:52:20,068
We're having those kind
of conversations ...

2238
01:52:20,110 --> 01:52:22,840
and the workers are thinking about 
it and it's a difficult thing ...

2239
01:52:22,880 --> 01:52:25,144
'cause, you know, if you've been
told your whole life ...

2240
01:52:25,182 --> 01:52:28,481
that things are the way
other people tell you they are,

2241
01:52:28,519 --> 01:52:30,510
to be able to think
I can make it different ...

2242
01:52:30,554 --> 01:52:33,648
is quite a big deal.

2243
01:52:35,859 --> 01:52:38,521
We're all over the national news.
Everyone is watching you

2244
01:52:38,562 --> 01:52:41,895
because they're so inspired by you.

2245
01:52:44,568 --> 01:52:46,399
After six days of the sit-in ...

2246
01:52:46,437 --> 01:52:49,668
Bank of America decided
enough was enough.

2247
01:52:49,706 --> 01:52:51,901
Better to pay off
these workers now ...

2248
01:52:51,942 --> 01:52:55,309
and hope their little
revolution goes away.

2249
01:52:55,345 --> 01:52:59,076
And so the bank and the company
agreed to all the worker's demands.

2250
01:52:59,116 --> 01:53:02,017
Yes we did!
Yes we did!

2251
01:53:02,052 --> 01:53:05,715
The average package 
for each worker ...

2252
01:53:05,756 --> 01:53:09,624
will be very close to $6,000.

2253
01:53:09,660 --> 01:53:12,891
But this is about more
than just money.

2254
01:53:12,930 --> 01:53:16,388
It's about what can be achieved ...

2255
01:53:16,433 --> 01:53:20,426
when workers organize
and stand up for justice.

2256
01:53:20,471 --> 01:53:22,530
Just to fight ― fight fight 
fight fight fight ...

2257
01:53:22,573 --> 01:53:24,939
just to get the most basic thing ...

2258
01:53:24,975 --> 01:53:26,738
that people should 
take for granted ...

2259
01:53:26,777 --> 01:53:30,577
and that's legally theirs.

2260
01:53:30,614 --> 01:53:34,618
We just fight so hard just for
the most basic things in life.

2261
01:53:36,920 --> 01:53:40,048
It's a fight we knew
all too well in Flint, Michigan.

2262
01:53:40,090 --> 01:53:43,457
For it was here that my uncle
and his fellow workers ...

2263
01:53:43,494 --> 01:53:46,224
first brought down the mighty
corporate interests ...

2264
01:53:46,263 --> 01:53:47,924
that dominated their lives.

2265
01:53:50,167 --> 01:53:53,568
It was the day before
New Year's Eve in 1936.

2266
01:53:53,604 --> 01:53:57,040
Hundreds of men and women took 
over the GM factories in Flint ...

2267
01:53:57,074 --> 01:53:59,406
and occupied them for 44 days.

2268
01:54:01,278 --> 01:54:04,645
They were the first union that 
beat an industrial corporation.

2269
01:54:04,681 --> 01:54:06,979
And their actions 
eventually resulted ...

2270
01:54:07,017 --> 01:54:09,485
in the creation of a middle class.

2271
01:54:09,520 --> 01:54:12,648
But back in these days of the Flint
sit-down strike,

2272
01:54:12,689 --> 01:54:17,023
the police and the company thugs
were not going to just stand by.

2273
01:54:17,060 --> 01:54:20,655
After a bloody battle one evening,
the Governor of Michigan,

2274
01:54:20,697 --> 01:54:23,860
with the support of the President
of the United States ...

2275
01:54:23,901 --> 01:54:27,701
Franklin Roosevelt,
sent in the National Guard.

2276
01:54:27,738 --> 01:54:31,765
But the guns of the soldiers
weren't used on the workers.

2277
01:54:31,808 --> 01:54:33,469
They were pointed at the police ...

2278
01:54:33,510 --> 01:54:35,478
and the hired goons,

2279
01:54:35,512 --> 01:54:39,039
warning them to leave
these workers alone.

2280
01:54:40,184 --> 01:54:43,017
For Mr. Roosevelt believed
that the men inside ...

2281
01:54:43,053 --> 01:54:47,217
had a right to a redress
of their grievances.

2282
01:54:48,559 --> 01:54:51,790
Seven years later, President 
Roosevelt was too sick ...

2283
01:54:51,828 --> 01:54:55,662
to go up to the Capitol and give his
annual State of the Union Address.

2284
01:54:55,699 --> 01:54:57,530
Ladies and gentlemen,

2285
01:54:57,568 --> 01:55:00,435
the President of the United States.

2286
01:55:00,470 --> 01:55:04,998
It has been my custom to deliver
these annual messages in person.

2287
01:55:05,042 --> 01:55:08,068
So he gave it from
the White House over the radio.

2288
01:55:08,111 --> 01:55:11,171
When it was over he asked
the newsreel cameras ...

2289
01:55:11,215 --> 01:55:14,275
to step into his room because he
wanted the American people ...

2290
01:55:14,318 --> 01:55:17,947
to see one particular part
of his speech.

2291
01:55:17,988 --> 01:55:21,617
The President of the United States
then took the radical step ...

2292
01:55:21,658 --> 01:55:24,354
of proposing a second 
Bill of Rights ...

2293
01:55:24,394 --> 01:55:25,793
to the Constitution.

2294
01:55:25,829 --> 01:55:29,458
In our day certain 
economic truths ...

2295
01:55:29,499 --> 01:55:32,696
have become accepted
as self-evident.

2296
01:55:32,736 --> 01:55:35,296
A second Bill of Rights ...

2297
01:55:35,339 --> 01:55:39,105
under which a new basis of 
security and prosperity ...

2298
01:55:39,142 --> 01:55:41,406
can be established for all ...

2299
01:55:41,445 --> 01:55:45,142
regardless of station
or race or creed.

2300
01:55:45,182 --> 01:55:47,980
Among these are:

2301
01:55:48,018 --> 01:55:51,977
The right to a useful
and remunerative job;

2302
01:55:52,022 --> 01:55:55,480
The right to earn enough to 
provide adequate food ...

2303
01:55:55,525 --> 01:55:57,083
and clothing and recreation;

2304
01:55:57,127 --> 01:55:59,652
The right of every farmer ...

2305
01:55:59,696 --> 01:56:02,130
to raise and sell his products ...

2306
01:56:02,165 --> 01:56:05,293
at a return which will
give him and his family ...

2307
01:56:05,335 --> 01:56:07,701
a decent living;

2308
01:56:07,738 --> 01:56:11,674
The right of every businessman
large and small ...

2309
01:56:11,708 --> 01:56:15,075
to trade in an atmosphere of freedom,

2310
01:56:15,112 --> 01:56:18,809
freedom from unfair competition
and domination ...

2311
01:56:18,849 --> 01:56:21,977
by monopolies at home or abroad;

2312
01:56:22,019 --> 01:56:25,477
The right of every family
to a decent home;

2313
01:56:25,522 --> 01:56:29,151
The right to adequate 
medical care ...

2314
01:56:29,192 --> 01:56:33,094
and the opportunity to achieve
and enjoy good health;

2315
01:56:33,130 --> 01:56:36,463
The right to adequate protection ...

2316
01:56:36,500 --> 01:56:39,901
from the economic fears
of old age,

2317
01:56:39,936 --> 01:56:42,427
sickness, accidents ...

2318
01:56:42,472 --> 01:56:44,303
and unemployment;

2319
01:56:44,341 --> 01:56:47,401
The right to a good education.

2320
01:56:47,444 --> 01:56:51,847
All of these rights spell security.

2321
01:56:51,882 --> 01:56:54,908
And after this war is won,

2322
01:56:54,951 --> 01:56:58,318
we must be prepared
to move forward ...

2323
01:56:58,355 --> 01:57:01,449
in the implementation
of these rights ...

2324
01:57:01,491 --> 01:57:05,257
to new goals of human happiness
and well-being.

2325
01:57:05,295 --> 01:57:09,789
For unless there is security
here at home,

2326
01:57:09,833 --> 01:57:14,668
there cannot be lasting peace
in the world.

2327
01:57:24,114 --> 01:57:27,413
Roosevelt would be dead
in little over a year.

2328
01:57:30,220 --> 01:57:33,553
He would not live to see
the end of the war.

2329
01:57:33,590 --> 01:57:37,424
Nor would there be any enactment
of his new Bill of Rights.

2330
01:57:44,901 --> 01:57:47,893
Had he lived and succeeded,

2331
01:57:47,938 --> 01:57:50,270
every American, regardless of race,

2332
01:57:50,307 --> 01:57:53,435
would have had a right
to a decent job ...

2333
01:57:56,380 --> 01:57:57,972
a livable wage ...

2334
01:58:00,550 --> 01:58:01,949
universal health care ...

2335
01:58:03,987 --> 01:58:05,716
a good education ...

2336
01:58:08,158 --> 01:58:10,319
an affordable home ...

2337
01:58:12,462 --> 01:58:14,726
a paid vacation ...

2338
01:58:18,535 --> 01:58:21,163
and an adequate pension.

2339
01:58:24,007 --> 01:58:26,601
None of this would come to pass.

2340
01:58:28,678 --> 01:58:33,012
No American would be
guaranteed any of this.

2341
01:58:36,620 --> 01:58:39,248
But the people of 
Europe and Japan ...

2342
01:58:39,289 --> 01:58:41,985
got every one of these rights.

2343
01:58:42,025 --> 01:58:44,687
How did that happen?

2344
01:58:44,728 --> 01:58:49,461
After the war, the people of 
Roosevelt's administration ...

2345
01:58:49,499 --> 01:58:52,468
went overseas
to help rebuild Europe.

2346
01:58:52,502 --> 01:58:56,495
During this time new constitutions
were written ...

2347
01:58:56,540 --> 01:59:01,000
for the defeated nations
of Germany, Italy and Japan.

2348
01:59:01,044 --> 01:59:03,740
The Italian constitution ...

2349
01:59:03,780 --> 01:59:06,749
guaranteed all women equal rights.

2350
01:59:06,783 --> 01:59:09,581
And this was 1947.

2351
01:59:09,619 --> 01:59:13,783
The German constitution said 
that the state has the right ...

2352
01:59:13,824 --> 01:59:17,260
to take over property
and the means of production ...

2353
01:59:17,294 --> 01:59:19,194
for the common good.

2354
01:59:19,229 --> 01:59:22,289
And here's what we wrote up
for the Japanese.

2355
01:59:22,332 --> 01:59:25,733
All workers have a right
to organize into a union.

2356
01:59:25,769 --> 01:59:29,603
And academic freedom
is guaranteed.

2357
01:59:29,639 --> 01:59:32,506
For the next 65 years ...

2358
01:59:32,542 --> 01:59:34,601
we would not become the country ...

2359
01:59:34,644 --> 01:59:36,544
that Roosevelt wanted us to be.

2360
01:59:37,714 --> 01:59:41,377
Instead, we became this ...

2361
01:59:48,959 --> 01:59:51,655
I remember thinking
during the Katrina flood,

2362
01:59:51,695 --> 01:59:53,629
"Why is it always the poor ...

2363
01:59:53,663 --> 01:59:55,494
who have to suffer the misery?

2364
01:59:55,532 --> 01:59:57,966
Why isn't it ever Bernie Madoff
up on the roof ...

2365
01:59:58,001 --> 01:59:59,696
screaming for help?

2366
01:59:59,736 --> 02:00:01,499
Or the head of Citibank ...

2367
02:00:01,538 --> 02:00:05,030
or the hedge fund guys
at Goldman Sachs?

2368
02:00:05,075 --> 02:00:08,169
Or the CEO at AlG?"

2369
02:00:08,211 --> 02:00:10,441
It never is these guys, is it?

2370
02:00:10,480 --> 02:00:14,211
It's always those who never 
got a slice of the pie ...

2371
02:00:14,251 --> 02:00:16,549
because these men
took it all ...

2372
02:00:16,586 --> 02:00:18,816
and left them with nothing,

2373
02:00:18,855 --> 02:00:20,618
left them to die.

2374
02:00:23,159 --> 02:00:25,957
I refuse to live 
in a country like this.

2375
02:00:25,996 --> 02:00:28,089
And I'm not leaving.

2376
02:00:42,012 --> 02:00:45,345
We live in the richest
country in the world.

2377
02:00:45,382 --> 02:00:48,977
We all deserve a decent job,

2378
02:00:49,019 --> 02:00:52,785
healthcare, a good education,

2379
02:00:52,822 --> 02:00:56,053
a home to call our own.

2380
02:00:56,092 --> 02:00:58,617
We all deserve FDR's dream.

2381
02:01:00,263 --> 02:01:02,527
And it's a crime that 
we don't have it.

2382
02:01:03,800 --> 02:01:05,427
And we never will,

2383
02:01:05,468 --> 02:01:08,926
as long as we have a system
that enriches the few ...

2384
02:01:08,972 --> 02:01:11,372
at the expense of the many.

2385
02:01:13,043 --> 02:01:15,603
Capitalism is an evil.

2386
02:01:15,645 --> 02:01:17,704
And you cannot regulate evil.

2387
02:01:19,816 --> 02:01:23,616
You have to eliminate it
and replace it with something ...

2388
02:01:23,653 --> 02:01:26,679
that is good for all people.

2389
02:01:26,723 --> 02:01:30,682
And that something
is called democracy.

2390
02:01:43,640 --> 02:01:46,165
Crimes have been committed
in this building.

2391
02:01:46,209 --> 02:01:48,973
I am here to make 
a citizen's arrest.

2392
02:01:49,012 --> 02:01:52,504
Please come down and step 
away from the building.

2393
02:01:52,549 --> 02:01:54,744
Do not be afraid.

2394
02:01:54,784 --> 02:01:57,719
Federal prison is a nice place.

2395
02:02:01,791 --> 02:02:04,760
You know,
I can't really do this anymore ...

2396
02:02:04,794 --> 02:02:07,786
unless those of you who are 
watching this in the theater ...

2397
02:02:07,831 --> 02:02:09,890
want to join me.

2398
02:02:09,933 --> 02:02:11,958
I hope you will.

2399
02:02:12,002 --> 02:02:14,732
And please, speed it up.

2400
02:02:16,539 --> 02:02:20,475
♪ Arise ye workers 
from your slumber ♪

2401
02:02:20,510 --> 02:02:23,911
♪ Arise ye prisoners 
of want, that's right ♪

2402
02:02:23,947 --> 02:02:28,077
♪ For reason in 
revolt now thunders ♪

2403
02:02:28,118 --> 02:02:31,019
♪ Chains of hatred, 
greed and fear ♪

2404
02:02:31,054 --> 02:02:35,514
♪ Away with all
your superstitions ♪

2405
02:02:35,558 --> 02:02:39,551
♪ Servile masses arise, arise ♪

2406
02:02:39,596 --> 02:02:43,362
♪ We'll change henceforth
the old tradition ♪

2407
02:02:43,400 --> 02:02:46,892
♪ And spurn the dust
to win the prize ♪

2408
02:02:46,936 --> 02:02:50,770
♪ So comrades, come on and rally ♪

2409
02:02:50,807 --> 02:02:54,607
♪ And the last fight let us face ♪

2410
02:02:54,644 --> 02:02:58,102
♪ The Internationale ♪

2411
02:02:58,148 --> 02:03:02,278
♪ Unites the whole 
darn human race ♪

2412
02:03:02,318 --> 02:03:04,548
♪ So comrades, come on ♪

2413
02:03:04,587 --> 02:03:06,316
♪ Let's go rally ♪

2414
02:03:06,356 --> 02:03:10,087
♪ And the last fight let us face ♪

2415
02:03:10,126 --> 02:03:13,527
♪ The Internationale ♪

2416
02:03:13,563 --> 02:03:17,829
♪ Unites the whole darn human race ♪

2417
02:03:17,867 --> 02:03:21,826
♪ No more deluded by reaction ♪

2418
02:03:21,871 --> 02:03:25,272
♪ On tyrants only we'll make war ♪

2419
02:03:25,308 --> 02:03:29,540
♪ The soldiers too will 
take strike action ♪

2420
02:03:29,579 --> 02:03:32,605
♪ They'll break ranks 
and fight no more ♪

2421
02:03:32,649 --> 02:03:36,813
♪ And if those cannibals 
keep trying ♪

2422
02:03:36,853 --> 02:03:40,448
♪ To sacrifice us to their pride ♪

2423
02:03:40,490 --> 02:03:44,586
♪ Each at the forge 
must do their duty ♪

2424
02:03:44,627 --> 02:03:48,188
♪ And we'll strike 
while the iron is hot ♪

2425
02:03:48,231 --> 02:03:52,258
♪ So comrades, come on, 
let's go rally ♪

2426
02:03:52,302 --> 02:03:56,102
♪ And the last fight let us face ♪

2427
02:03:56,139 --> 02:03:59,302
♪ The Internationale ♪

2428
02:03:59,342 --> 02:04:03,676
♪ Unites the whole 
beautiful human race ♪

2429
02:04:03,713 --> 02:04:07,513
♪ So comrades, come on, 
let's go rally ♪

2430
02:04:07,550 --> 02:04:11,577
♪ And the last fight let us face ♪

2431
02:04:11,621 --> 02:04:14,749
♪ The Internationale ♪

2432
02:04:14,791 --> 02:04:20,593
♪ Unites the whole 
darn human race. ♪

2433
02:04:36,346 --> 02:04:39,315
♪ Jesus Christ was a man ♪

2434
02:04:39,349 --> 02:04:41,909
♪ That traveled through the land ♪

2435
02:04:41,951 --> 02:04:47,150
♪ A carpenter true and brave ♪

2436
02:04:47,190 --> 02:04:49,818
♪ And he said to the rich ♪

2437
02:04:49,859 --> 02:04:52,384
♪ Give your goods to the poor ♪

2438
02:04:52,428 --> 02:04:57,525
♪ And they laid Jesus Christ
in the grave ♪

2439
02:04:57,567 --> 02:05:00,331
♪ He went to the sick ♪

2440
02:05:00,370 --> 02:05:03,168
♪ And he went to the poor ♪

2441
02:05:03,206 --> 02:05:05,800
♪ And he went to the hungry ♪

2442
02:05:05,842 --> 02:05:08,402
♪ And the lame ♪

2443
02:05:08,444 --> 02:05:10,844
♪ And he said that the meek ♪

2444
02:05:10,880 --> 02:05:13,747
♪ Would inherit the whole world ♪

2445
02:05:13,783 --> 02:05:18,811
♪ And they laid Jesus Christ 
in the grave ♪

2446
02:05:19,989 --> 02:05:21,820
♪ One day Jesus stopped ♪

2447
02:05:21,858 --> 02:05:24,656
♪ At a rich man's door ♪

2448
02:05:24,694 --> 02:05:29,654
♪ What must I do to be saved? ♪

2449
02:05:30,667 --> 02:05:32,828
♪ Take all you own ♪

2450
02:05:32,869 --> 02:05:35,303
♪ And give it to the poor ♪

2451
02:05:35,338 --> 02:05:40,503
♪ And they laid Jesus Christ 
in the grave ♪

2452
02:05:40,543 --> 02:05:43,034
♪ When the love of the poor ♪

2453
02:05:43,079 --> 02:05:45,775
♪ Shall one day turn to hate ♪

2454
02:05:45,815 --> 02:05:48,443
♪ When the patience of the workers ♪

2455
02:05:48,484 --> 02:05:50,952
♪ Gives away ♪

2456
02:05:50,987 --> 02:05:54,013
♪ It would better for the rich ♪

2457
02:05:54,057 --> 02:05:56,582
♪ If they'd never been born ♪

2458
02:05:56,626 --> 02:06:01,461
♪ So they laid Jesus Christ 
in the grave ♪

2459
02:06:07,370 --> 02:06:09,998
♪ When Jesus came to town ♪

2460
02:06:10,039 --> 02:06:12,599
♪ All the working folks around ♪

2461
02:06:12,642 --> 02:06:17,875
♪ Believed what he did say ♪

2462
02:06:17,914 --> 02:06:20,940
♪ But bankers and preachers ♪

2463
02:06:20,984 --> 02:06:23,214
♪ Nailed him to the cross ♪

2464
02:06:23,253 --> 02:06:28,247
♪ And they laid Jesus Christ 
in the grave ♪

2465
02:06:28,291 --> 02:06:31,055
♪ Well, the people held their breath ♪

2466
02:06:31,094 --> 02:06:33,961
♪ When they heard about his death ♪

2467
02:06:33,997 --> 02:06:39,230
♪ And everybody wondered why ♪

2468
02:06:39,269 --> 02:06:42,432
♪ It was the landlord and soldiers ♪

2469
02:06:42,472 --> 02:06:44,599
♪ Lawmen they had hired ♪

2470
02:06:44,641 --> 02:06:49,908
♪ That nailed Jesus Christ 
in the sky ♪

2471
02:06:49,946 --> 02:06:52,779
♪ We would lay Jesus Christ ♪

2472
02:06:52,815 --> 02:06:55,443
♪ In the grave, Lord, Lord ♪

2473
02:06:55,485 --> 02:06:59,581
♪ We would lay Jesus Christ
in the grave ♪

2474
02:07:00,590 --> 02:07:03,184
♪ If Jesus preached today ♪

2475
02:07:03,226 --> 02:07:05,990
♪ Like he preached in Galilee ♪

2476
02:07:06,029 --> 02:07:10,864
♪ They would lay Jesus Christ
in his grave. ♪