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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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<i>* Yeah</i>

11
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<i>* Louie Louie, whoa baby</i>

12
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<i>* I gotta go now</i>

13
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<i>* Louie Louie, whoa baby</i>

14
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<i>* I really gotta go now</i>

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<i>* The Communist world
is fallin' apart</i>

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<i>* The capitalists
are just breakin' hearts</i>

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<i>* Money is the reason to be</i>

18
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<i>* It makes me just
wanna sing Louie Louie</i>

19
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<i>* Louie Louie, whoa baby</i>

20
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<i>* I gotta go now</i>

21
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<i>* Louie Louie, whoa baby</i>

22
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<i>* I really gotta go now</i>

23
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<i>* Some say it will,
some say it won't</i>

24
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<i>* Now you see it,
now you don't</i>

25
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<i>* We spent all our money
on a disaster movie</i>

26
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<i>* It makes me wanna sing
Louie Louie</i>

27
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<i>* Louie Louie, whoa baby</i>

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<i>* I gotta go now</i>

29
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<i>* Louie Louie, whoa baby</i>

30
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<i>* I really gotta go now</i>

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<i>* Oh, let's give it
to 'em right now.</i>

32
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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

55
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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.

60
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Will they judge us by this?

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<i>* He's a cat flushin' a toilet...</i>

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<i>* He's a cat flushin' a toilet,
he's a cat flushin' a toilet.</i>

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<i>* He's a cat flushin' a toilet.</i>

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Or will they judge us by this?

65
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Do you see the sheriff's car?

66
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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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3, 4, 5, 6...

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7.

70
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- Give me the phone.
- It's on this--

71
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it's on the c--
it's on the couch.

72
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All right, that's as close
as I can get, Dad.

73
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Don't stand in front of the door, Dad.

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Get out from the--

75
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Hey, Sheriff, Robert
inside the house here.

76
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They're trying to beat
the back door in, Dad.

77
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There are 4 of us in here.
They're beating on the door.

78
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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.

80
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But there are 4 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.

86
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And Audra Collins.

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And this is America?

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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.

92
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And so this is new.

93
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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.

100
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I've lived here for 41 years.

101
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This is the only home
I've ever really lived in.

102
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This is the only-- this will always
be home to me, no matter what.

103
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- I'm a carpenter.
- There you go.

104
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Sandra, they're leaving.
Let them leave.

105
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- I'm a carpenter. So what?
- That's all I am.

106
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- Well, people pay their bills.
- This could happen to you.

107
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That's right.
So why do you think I'm doing it?

108
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I don't have to be happy about this,
but that's what I do.

109
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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...

111
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You're a working-class person.

112
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people here to get upset
and almost get themselves hurt.

113
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We ain't gonna get hurt.

114
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Are you threatening us?

115
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Y'all gonna get on out of here.
You might end up even getting hurt.

116
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Talking about us getting hurt,
you might get hurt.

117
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There's gonna be
some kind of a rebellion

118
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between the people
that have nothing

119
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and the people that's got it all.

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I don't understand.

121
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There's no in-between no more.

122
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There's the people that's got it all

123
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and the people that have nothing.

124
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We gotta get this stuff
out of the house and packed up

125
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and be out of here
in about 30 days

126
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even though we don't
have a place to go.

127
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We designed this house.

128
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The property that it's on
was my family farm.

129
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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

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trying to make a living.

135
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Just trying to survive.

136
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An old Browning.

137
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My pistol,

138
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my dad's pistol, my pistol.

139
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Sheriff's department.

140
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It's supposed to be 30 days.

141
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I got 30 days to get my stuff out.

142
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- That's what the guy told me.
- No.

143
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What?

144
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It's currently scheduled for today.

145
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But...

146
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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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Shoot.

149
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Well, he's surprised too.

150
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The house is gone.

151
00:09:49,722 --> 00:09:51,246
That cop told me that the house

152
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has already been sold
to somebody else.

153
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So we don't own the house no more,
somebody else does.

154
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This is capitalism,

155
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a system of taking and giving--

156
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mostly taking.

157
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The only thing we didn't know

158
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was when the revolt would begin.

159
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Everything, we've tried everything...

160
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except robbing a bank.

161
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I'm thinking about
maybe doing that.

162
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You know, that's one way
somebody could get their money back.

163
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If they did it--
they did it to me,

164
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I don't know why
I can't do it to them.

165
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This is my second Hyundai Sonata.

166
00:10:33,699 --> 00:10:35,166
I'll probably get a new car next year.

167
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And when I do,
it'll probably be another Sonata.

168
00:10:36,969 --> 00:10:38,527
You know, I'm not a car guy.

169
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If I can go in there
and steal a condo

170
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for the equivalent of what
a Mercedes would cost

171
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or a Bentley would cost,
I'm all about that.

172
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Meet Peter Zalewski,

173
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Florida's up-and-coming
real estate whiz.

174
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Here we go.

175
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He calls his real estate company
Condo Vultures.

176
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We have a very good sign.

177
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You have the final notice
of eviction.

178
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So you can see this person
was basically thrown out

179
00:11:01,193 --> 00:11:03,024
by the police department.

180
00:11:03,062 --> 00:11:04,996
Welcome.

181
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Peter deals exclusively

182
00:11:07,967 --> 00:11:10,231
with clients who buy up
foreclosed homes

183
00:11:10,269 --> 00:11:12,703
and then resell them at a profit.

184
00:11:12,738 --> 00:11:15,366
It's gonna be about
830 square feet or so...

185
00:11:15,407 --> 00:11:17,534
At the end of the day,
the only people who are buying

186
00:11:17,576 --> 00:11:19,635
are primarily individuals
that we represent...

187
00:11:19,678 --> 00:11:22,146
Today it's on the market
for $66,000.

188
00:11:22,181 --> 00:11:24,445
...which are basically bottom feeders
who are going in there.

189
00:11:24,483 --> 00:11:26,348
They have no compassion,
no sensitivity.

190
00:11:26,385 --> 00:11:29,149
They're running purely off numbers
They're coming in all cash,

191
00:11:29,188 --> 00:11:31,588
and they're looking to slit
any single seller's throat

192
00:11:31,624 --> 00:11:33,717
regardless of what
their situation is.

193
00:11:33,759 --> 00:11:36,057
So people always ask,
"What's 25¢ on the dollar?"

194
00:11:36,095 --> 00:11:37,858
This is it.
This is what you're gonna get.

195
00:11:37,897 --> 00:11:41,094
The vulture basically represents
a bottom feeder

196
00:11:41,133 --> 00:11:44,398
that goes in there
and cleans off a carcass.

197
00:11:44,436 --> 00:11:46,961
Because they're dealing with
so many different germs and situations,

198
00:11:47,006 --> 00:11:49,304
they'll have to vomit on themselves
and there's some sort

199
00:11:49,341 --> 00:11:51,275
of cleansing process that occurs.

200
00:11:51,310 --> 00:11:53,175
The vultures
aren't actually killing,

201
00:11:53,212 --> 00:11:54,975
they're the ones
doing the clean-up.

202
00:11:55,014 --> 00:11:56,504
Which bank you want?
Bank of America?

203
00:11:56,548 --> 00:11:58,413
What we do is we tap into data...

204
00:11:58,450 --> 00:12:00,042
and boom, voila.

205
00:12:00,085 --> 00:12:03,452
Here we got 3,400 foreclosing
by Bank of America.

206
00:12:03,489 --> 00:12:04,956
Gotta love it.

207
00:12:04,990 --> 00:12:07,515
As we collect data,
it's giving us

208
00:12:07,559 --> 00:12:10,289
the insight into the battlefield,

209
00:12:10,329 --> 00:12:13,696
almost like a drone that flies
over the battleground in Afghanistan

210
00:12:13,732 --> 00:12:16,701
or in Pakistan or in Iraq.

211
00:12:16,735 --> 00:12:18,896
The current asking price is 355.

212
00:12:18,938 --> 00:12:20,997
Again, it was purchased for 840.

213
00:12:21,040 --> 00:12:23,338
A little bit of a discount.
You're gonna have 2...

214
00:12:23,375 --> 00:12:25,468
Our people are using
that data to be able to go in

215
00:12:25,511 --> 00:12:28,503
and try to steal properties,
legally and ethically,

216
00:12:28,547 --> 00:12:30,572
but take them at the bare-bone
bottom price.

217
00:12:30,616 --> 00:12:32,584
It's all about taking right now.

218
00:12:32,618 --> 00:12:35,519
Look at the-- look at the roof--
completely gone and missing.

219
00:12:35,554 --> 00:12:38,022
We haven't had a hurricane
in 5 years.

220
00:12:40,125 --> 00:12:42,650
Welcome to the housing crash,
Miami style.

221
00:12:42,695 --> 00:12:44,390
So this-- this is what capitalism is

222
00:12:44,430 --> 00:12:46,591
and this is why the information
is so critical.

223
00:12:46,632 --> 00:12:48,190
We go in there,
we alert them to it,

224
00:12:48,233 --> 00:12:49,723
and if they like it, you know--

225
00:12:51,770 --> 00:12:53,203
- Look at the window.
- Look at that.

226
00:12:53,238 --> 00:12:55,001
Looks like the house
next door was on fire.

227
00:12:55,040 --> 00:12:56,905
This is straight up capitalism.

228
00:12:56,942 --> 00:12:59,433
- Fire damage.
- I wonder if somebody was living there...

229
00:12:59,478 --> 00:13:01,469
Everybody's got
this desire to go in there

230
00:13:01,513 --> 00:13:03,947
and take advantage
of others' misfortunes.

231
00:13:03,983 --> 00:13:05,109
Somebody asked me,

232
00:13:05,150 --> 00:13:07,311
"What's the difference between
you and a real vulture?"

233
00:13:07,353 --> 00:13:10,186
I said, "It's very simple.
I don't vomit on myself."

234
00:13:12,558 --> 00:13:15,618
Our topic today:
What is capitalism?

235
00:13:15,661 --> 00:13:16,821
Capitalism?

236
00:13:16,862 --> 00:13:19,330
Well, why should there be
any question about it?

237
00:13:19,365 --> 00:13:22,823
Hasn't it given us the highest
standard of living in the world?

238
00:13:22,868 --> 00:13:25,598
We're free to try to make a profit,

239
00:13:25,637 --> 00:13:27,935
to just get by, or to fail.

240
00:13:27,973 --> 00:13:29,964
That's what capitalism is:

241
00:13:30,009 --> 00:13:32,500
a system of free enterprise.

242
00:13:32,544 --> 00:13:34,842
Now tell us what
"free enterprise" means.

243
00:13:36,115 --> 00:13:38,515
I went to see
my friend Wally Shawn,

244
00:13:38,550 --> 00:13:40,745
a playwright
and sometimes actor.

245
00:13:40,786 --> 00:13:42,310
Inconceivable!

246
00:13:42,354 --> 00:13:45,585
But Wally also studied
history and politics

247
00:13:45,624 --> 00:13:48,491
and even a little
elementary economics.

248
00:13:48,527 --> 00:13:52,793
Free enterprise
is a form of words

249
00:13:52,831 --> 00:13:55,561
that is intended
to conjure up in your mind

250
00:13:55,601 --> 00:14:00,538
a little town with different shops.

251
00:14:00,572 --> 00:14:03,507
And the guy who runs
the best shop

252
00:14:03,542 --> 00:14:06,033
has the most customers.

253
00:14:06,078 --> 00:14:08,478
There is the basis
of the capitalistic system:

254
00:14:08,514 --> 00:14:10,106
the profit motive.

255
00:14:10,149 --> 00:14:12,982
He's in business to make money.

256
00:14:13,018 --> 00:14:15,486
The original theory of capitalism

257
00:14:15,521 --> 00:14:18,513
is that it's a very clever way

258
00:14:18,557 --> 00:14:22,926
of society voting on what goods

259
00:14:22,961 --> 00:14:25,361
it wants made.

260
00:14:25,397 --> 00:14:27,228
What do you use this for?

261
00:14:27,266 --> 00:14:31,100
That's-- I could use that
for practically everything I ever do.

262
00:14:31,136 --> 00:14:34,799
You know, society votes.

263
00:14:34,840 --> 00:14:37,104
They like the way this guy

264
00:14:37,142 --> 00:14:39,838
makes ice cream.

265
00:14:39,878 --> 00:14:41,505
But the other guy,

266
00:14:41,547 --> 00:14:44,880
they don't like
his ice cream that much

267
00:14:44,917 --> 00:14:49,786
and they don't buy it,
so it fades out.

268
00:14:49,822 --> 00:14:52,450
It's on me.
That is a good fit.

269
00:14:52,491 --> 00:14:56,825
The basic law of life
is that if you have things,

270
00:14:56,862 --> 00:15:00,229
you can easily get more things.

271
00:15:00,265 --> 00:15:03,257
Very quickly, one guy can have

272
00:15:03,302 --> 00:15:05,998
5 times more
than anybody else.

273
00:15:06,038 --> 00:15:08,438
- Free enterprise.
- Competition.

274
00:15:08,474 --> 00:15:09,941
The profit motive.

275
00:15:11,944 --> 00:15:14,845
My dad, an assembly-line
worker at General Motors,

276
00:15:14,880 --> 00:15:16,541
bought and paid for our house

277
00:15:16,582 --> 00:15:20,245
before I graduated
from kindergarten.

278
00:15:20,285 --> 00:15:23,413
We had a new car
every 3 years.

279
00:15:25,457 --> 00:15:28,290
We went to New York
every other summer.

280
00:15:28,327 --> 00:15:31,296
That's me on Wall Street.

281
00:15:31,330 --> 00:15:33,230
And that's me
directing my first movie

282
00:15:33,265 --> 00:15:34,789
at the World's Fair.

283
00:15:34,833 --> 00:15:38,860
We went to Catholic schools,
we lived a good life.

284
00:15:40,639 --> 00:15:43,972
If this was capitalism,
I loved it...

285
00:15:44,009 --> 00:15:46,477
and so did everyone else.

286
00:15:46,512 --> 00:15:50,505
During these years
a lot of people got rich

287
00:15:50,549 --> 00:15:54,542
and they had to pay
a top tax rate of 90%.

288
00:15:54,586 --> 00:15:56,679
90%?

289
00:15:56,722 --> 00:15:58,553
Yep.

290
00:15:58,590 --> 00:16:03,152
But they still got to live
like Bogie and Bacall.

291
00:16:03,195 --> 00:16:05,527
And what did we do
with all their money?

292
00:16:05,564 --> 00:16:08,328
We built damns, bridges,

293
00:16:08,367 --> 00:16:12,167
interstate highways,
schools, hospitals.

294
00:16:12,204 --> 00:16:14,638
We even sent a guy to the moon.

295
00:16:14,673 --> 00:16:17,073
Things seemed to be going
in the right direction.

296
00:16:17,109 --> 00:16:20,169
Dad had a secure job
and Mom could work

297
00:16:20,212 --> 00:16:22,646
if she wanted,
but didn't have to.

298
00:16:22,681 --> 00:16:26,583
Middle-class families only needed
one income to survive.

299
00:16:26,618 --> 00:16:29,883
Our union family had
free health care and free dental.

300
00:16:29,922 --> 00:16:33,380
The kids could go to college
without getting a loan from a bank.

301
00:16:33,425 --> 00:16:37,054
Dad had 4 weeks
paid vacation every summer.

302
00:16:37,095 --> 00:16:40,929
Most people had
a savings account and little debt.

303
00:16:40,966 --> 00:16:44,732
And Dad's pension was set aside
where no one could touch it.

304
00:16:44,770 --> 00:16:48,763
It would be there for him
when he retired.

305
00:16:48,807 --> 00:16:52,868
We got all of this because
our main industrial competition

306
00:16:52,911 --> 00:16:55,436
had been reduced to rubble.

307
00:16:55,480 --> 00:16:58,142
Here's what the German
car industry looked like.

308
00:16:58,183 --> 00:17:01,619
And here's the Japanese
auto industry.

309
00:17:01,653 --> 00:17:03,746
I guess you could say
it's easy to be number one

310
00:17:03,789 --> 00:17:06,724
when you have no competition.

311
00:17:06,758 --> 00:17:09,318
Yes, of course
not everything was perfect.

312
00:17:09,361 --> 00:17:11,261
We didn't mind having to put up

313
00:17:11,296 --> 00:17:14,231
with a little bit of this
and a little bit of that...

314
00:17:16,835 --> 00:17:19,463
just as long as we could be
middle-class.

315
00:17:21,807 --> 00:17:25,504
And we could count on our kids
having it better than we had it.

316
00:17:25,544 --> 00:17:28,877
It sounded like
a good deal to us.

317
00:17:28,914 --> 00:17:33,078
Capitalism-- no one
ever had it so good.

318
00:17:40,959 --> 00:17:42,984
And then, right when
we were in the middle

319
00:17:43,028 --> 00:17:46,465
of this big love affair
with capitalism...

320
00:17:46,465 --> 00:17:48,933
The ABC Sunday Night Movie
"The Gambler"

321
00:17:48,967 --> 00:17:50,628
will continue in its entirety

322
00:17:50,669 --> 00:17:54,264
following this live report
from ABC News.

323
00:17:54,306 --> 00:17:59,175
We are at a turning point
in our history.

324
00:17:59,211 --> 00:18:01,475
Along came Debbie Downer.

325
00:18:01,513 --> 00:18:05,279
Too many of us now
tend to worship

326
00:18:05,317 --> 00:18:09,720
self-indulgence
and consumption.

327
00:18:09,755 --> 00:18:13,748
Human identity
is no longer defined

328
00:18:13,792 --> 00:18:17,523
by what one does,

329
00:18:17,562 --> 00:18:20,429
but by what one owns.

330
00:18:20,465 --> 00:18:22,126
This is not a message

331
00:18:22,167 --> 00:18:25,728
of happiness or reassurance,

332
00:18:25,771 --> 00:18:28,001
but it is the truth

333
00:18:28,040 --> 00:18:30,031
and it is a warning.

334
00:18:30,375 --> 00:18:32,043
What a bummer.

335
00:18:32,077 --> 00:18:35,205
It was time to bring
a new sheriff to town...

336
00:18:36,381 --> 00:18:38,849
one who knew how to act
like a president.

337
00:18:38,884 --> 00:18:42,547
He knew how to handle workers
who wanted a better wage.

338
00:18:44,890 --> 00:18:47,825
All right, mister, I guess you win.

339
00:18:47,859 --> 00:18:49,349
Or these annoying feminists

340
00:18:49,394 --> 00:18:52,158
whining about their
Equal Rights Amendment.

341
00:18:52,197 --> 00:18:54,665
Well, I can change that in a hurry.

342
00:18:56,368 --> 00:19:00,168
A man who knew
how to get the job done.

343
00:19:00,205 --> 00:19:03,732
Ronald Reagan
came out of the B movies

344
00:19:03,775 --> 00:19:07,939
to become the most famous
corporate spokesman of the 1950s.

345
00:19:07,979 --> 00:19:10,675
It's a transistor radio too.
Weighs only a few ounces.

346
00:19:10,716 --> 00:19:12,149
You can slip it
right into your pocket.

347
00:19:12,184 --> 00:19:14,550
Boraxo waterless hand cleaner
really cleans up for us.

348
00:19:14,586 --> 00:19:16,520
He had found his calling

349
00:19:16,555 --> 00:19:19,490
and Wall Street
had found their man.

350
00:19:19,524 --> 00:19:22,584
You see, the banks and corporations
had a simple plan:

351
00:19:22,627 --> 00:19:25,994
to remake America to serve them.

352
00:19:26,031 --> 00:19:27,623
But to pull it off would require

353
00:19:27,666 --> 00:19:30,692
electing a spokesmodel
for president.

354
00:19:30,736 --> 00:19:34,934
And on November 4th, 1980,
that's what we did.

355
00:19:34,973 --> 00:19:36,804
...that I will faithfully execute

356
00:19:36,842 --> 00:19:39,037
the office of President
of the United States.

357
00:19:39,077 --> 00:19:41,272
Ronald Ronald Ronald...

358
00:19:41,313 --> 00:19:43,543
Thank you.

359
00:19:43,582 --> 00:19:46,312
It was an historic moment

360
00:19:46,351 --> 00:19:49,115
because now corporate America
and Wall Street

361
00:19:49,154 --> 00:19:52,146
were in almost complete control.

362
00:19:52,190 --> 00:19:54,886
See that guy standing
next to the president?

363
00:19:54,926 --> 00:19:57,793
You know, the one
that looks like a butler?

364
00:19:57,829 --> 00:20:00,195
His name was Don Regan,

365
00:20:00,232 --> 00:20:02,496
the Chairman of Merrill Lynch,

366
00:20:02,534 --> 00:20:07,062
the richest and biggest
retail brokerage firm in the world.

367
00:20:07,105 --> 00:20:10,074
He took the key position
of Treasury Secretary

368
00:20:10,108 --> 00:20:13,976
so he could enact the tax cuts
that the rich wanted.

369
00:20:14,012 --> 00:20:16,310
Regan then became
White House Chief of Staff

370
00:20:16,348 --> 00:20:19,909
as the president started to fade.

371
00:20:19,951 --> 00:20:23,079
Then they should give the president
what 43 governors have,

372
00:20:23,121 --> 00:20:25,589
a line-item veto.

373
00:20:25,624 --> 00:20:26,885
And...

374
00:20:27,826 --> 00:20:31,087
You're gonna have to speed it up.

375
00:20:31,930 --> 00:20:35,093
Who tells the president
to speed it up?

376
00:20:35,133 --> 00:20:38,967
The man from Merrill Lynch,
that's who.

377
00:20:39,004 --> 00:20:43,464
Things in America would never
be the same again.

378
00:20:43,508 --> 00:20:46,944
The country would now be run
like a corporation.

379
00:20:46,978 --> 00:20:49,071
We're going to turn the bull loose.

380
00:20:52,517 --> 00:20:56,112
And 4 years later,
when Reagan ran for reelection,

381
00:20:56,154 --> 00:20:59,590
it was all smiley faces
and happy talk.

382
00:20:59,624 --> 00:21:02,149
I really feel that we're gonna
be better off in the long run.

383
00:21:02,194 --> 00:21:05,129
We're on the upward swing

384
00:21:05,163 --> 00:21:08,690
and the factories are working
much stronger than before.

385
00:21:08,733 --> 00:21:11,133
We're back on top.

386
00:21:14,673 --> 00:21:17,039
Actually, what Reagan presided over

387
00:21:17,075 --> 00:21:21,637
was the wholesale dismantling
of our industrial infrastructure.

388
00:21:21,680 --> 00:21:25,514
This was not done to save money
or remain competitive,

389
00:21:25,550 --> 00:21:27,609
as companies back then
were already posting

390
00:21:27,652 --> 00:21:31,053
record earnings in the billions.

391
00:21:31,089 --> 00:21:34,820
No, it was done
for short-term profits...

392
00:21:38,930 --> 00:21:41,831
and to destroy the unions.

393
00:21:41,867 --> 00:21:44,961
Millions of people
were thrown out of work

394
00:21:45,003 --> 00:21:48,336
and the remaining workers
were told to work twice as hard.

395
00:21:49,808 --> 00:21:53,266
But wages for working people
remained frozen.

396
00:21:55,180 --> 00:21:58,013
The richest Americans
had their top income tax rate

397
00:21:58,049 --> 00:22:00,984
cut in half.

398
00:22:02,821 --> 00:22:05,915
Instead of being paid
a decent wage,

399
00:22:05,957 --> 00:22:08,721
we were encouraged
to live on borrowed money

400
00:22:08,760 --> 00:22:12,821
until our household debt
was nearly 100% of the GDP.

401
00:22:12,864 --> 00:22:16,027
There was an explosion
of personal bankruptcies.

402
00:22:16,067 --> 00:22:19,935
We found it necessary to lock up
millions of our citizens.

403
00:22:19,971 --> 00:22:22,269
Sales of antidepressants
skyrocketed

404
00:22:22,307 --> 00:22:24,901
as insurance
and pharmaceutical company greed

405
00:22:24,943 --> 00:22:28,140
pushed the cost
of healthcare up and up.

406
00:22:28,179 --> 00:22:31,706
All of this was great news
for the stock market

407
00:22:31,750 --> 00:22:34,810
and for America's CEOs.

408
00:22:39,824 --> 00:22:41,519
Half of Flint was now receiving

409
00:22:41,560 --> 00:22:44,723
some form
of government welfare.

410
00:22:44,763 --> 00:22:46,628
During the end
of the Reagan years,

411
00:22:46,665 --> 00:22:49,896
I made my first movie about
what had happened to the country

412
00:22:49,935 --> 00:22:53,393
and specifically to my hometown
of Flint, Michigan,

413
00:22:53,438 --> 00:22:56,669
the birthplace of General Motors.

414
00:22:56,708 --> 00:23:00,576
GM was posting profits
of over $4 billion

415
00:23:00,612 --> 00:23:02,603
while at the same time eliminating

416
00:23:02,647 --> 00:23:05,411
tens of thousands of jobs.

417
00:23:05,450 --> 00:23:09,386
I went to see GM's chief lobbyist
in Flint, Mr. Tom Kay,

418
00:23:09,421 --> 00:23:12,618
to ask him why
this was happening.

419
00:23:12,657 --> 00:23:15,649
General Motors wouldn't be doing
anybody any service

420
00:23:15,694 --> 00:23:17,161
if it goes bankrupt.

421
00:23:17,195 --> 00:23:18,958
It has to do what it has to do

422
00:23:18,997 --> 00:23:22,194
in order to stay competitive
in today's economic climate.

423
00:23:22,233 --> 00:23:26,294
Even if that means
eliminating 18,000 jobs?

424
00:23:26,338 --> 00:23:29,307
Even if it means
eliminating 20,000 jobs.

425
00:23:29,341 --> 00:23:31,639
- Or 30,000?
- Whatever.

426
00:23:31,676 --> 00:23:36,238
- How about all the jobs here in Flint?
- It could feasibly happen.

427
00:23:36,281 --> 00:23:38,841
And it did.

428
00:23:38,883 --> 00:23:41,681
Nearly all the jobs were eliminated

429
00:23:41,720 --> 00:23:44,484
and GM went bankrupt.

430
00:23:46,291 --> 00:23:49,920
Perhaps more distressing was the fact
that the rest of America

431
00:23:49,961 --> 00:23:54,091
was now starting to resemble
Flint, Michigan.

432
00:23:54,132 --> 00:23:58,296
But there were some cities
that still took pride in their greatness.

433
00:23:58,336 --> 00:24:00,099
<i>* Cleveland</i>

434
00:24:00,138 --> 00:24:02,629
<i>* Come on down
to Cleveland Town, everyone</i>

435
00:24:02,674 --> 00:24:05,575
<i>* Come and look
at both of our buildings</i>

436
00:24:05,610 --> 00:24:08,408
<i>* Here's the place where
there used to be industry</i>

437
00:24:08,446 --> 00:24:11,279
<i>* This train is carrying jobs
out of Cleveland</i>

438
00:24:11,316 --> 00:24:14,308
<i>* See the sun almost
3 times a year</i>

439
00:24:14,352 --> 00:24:17,116
<i>* This guy has at least 2 DUIs</i>

440
00:24:17,155 --> 00:24:20,090
<i>* Our economy's
based on LeBron James</i>

441
00:24:20,125 --> 00:24:22,958
<i>* Buy a house
for the price of a VCR</i>

442
00:24:22,994 --> 00:24:25,690
<i>* Our main export
is crippling depression</i>

443
00:24:25,730 --> 00:24:28,699
<i>* We're so retarded
that we think this is art</i>

444
00:24:28,733 --> 00:24:33,363
<i>* It could be worse, though,
at least we're not Detroit</i>

445
00:24:33,405 --> 00:24:35,600
<i>* We're not Detroit.</i>

446
00:24:35,640 --> 00:24:39,337
No, they're not Detroit.

447
00:24:39,377 --> 00:24:42,005
For 20 years I tried
to warn GM and others

448
00:24:42,047 --> 00:24:45,710
that this day was coming,
but to no avail.

449
00:24:45,750 --> 00:24:48,014
Maybe now they'd listen.

450
00:24:48,053 --> 00:24:50,487
So I went down to the headquarters
of General Motors

451
00:24:50,522 --> 00:24:54,185
one last time to share
some of my ideas.

452
00:24:54,225 --> 00:24:56,386
You don't have permission.
You can't film here.

453
00:24:57,462 --> 00:24:59,259
You don't have permission
from General Motors.

454
00:24:59,297 --> 00:25:01,891
- You can't film here.
- I'm just going up to see the chairman.

455
00:25:01,933 --> 00:25:03,924
No, sir.
No, sir.

456
00:25:03,968 --> 00:25:06,198
You know, I've been doing this
for, like, 20 years.

457
00:25:06,237 --> 00:25:07,727
I understand, sir.

458
00:25:07,772 --> 00:25:11,264
And I have not been
let into this building for 20 years,

459
00:25:11,309 --> 00:25:14,972
and I think it's about time
someone just let me in

460
00:25:15,013 --> 00:25:16,640
and let me talk to them.

461
00:25:16,681 --> 00:25:18,546
I've got some good ideas.

462
00:25:18,583 --> 00:25:23,020
4-7 to 7-6 Bravo Area Alpha.

463
00:25:23,054 --> 00:25:25,454
Go ahead.

464
00:25:25,490 --> 00:25:28,721
It's Michael Moore here
to see the chairman.

465
00:25:31,029 --> 00:25:33,554
Repeat that.

466
00:25:33,598 --> 00:25:35,691
It's the filmmaker
Mr. Michael Moore.

467
00:25:35,734 --> 00:25:37,725
He's here to see the chairman.

468
00:25:38,970 --> 00:25:40,562
- Gentlemen.
- Yes.

469
00:25:40,605 --> 00:25:43,005
You need to get prior permission.
You cannot film here, okay?

470
00:25:43,041 --> 00:25:45,771
But if I can't go in and get permission,
what am I supposed to do?

471
00:25:45,810 --> 00:25:48,301
I guess they're right.
Breaking up is hard to do.

472
00:25:48,346 --> 00:25:50,644
Stop that. Don't do that.
Just go in the building.

473
00:25:50,682 --> 00:25:53,378
For 35 years,
GM made more money

474
00:25:53,418 --> 00:25:55,511
than any other corporation.

475
00:25:55,553 --> 00:25:57,145
But eventually,
Germany and Japan

476
00:25:57,188 --> 00:25:59,986
rebuilt their car industry
and produced vehicles

477
00:26:00,024 --> 00:26:03,050
that were safer than ours,
more fuel efficient

478
00:26:03,094 --> 00:26:05,255
and rarely, if ever, broke down.

479
00:26:08,366 --> 00:26:12,735
In Germany, unions help hire and fire
the board of directors

480
00:26:12,771 --> 00:26:16,172
so the workers have a say
in what's going on.

481
00:26:19,043 --> 00:26:21,034
You see, the people
of Japan and Germany

482
00:26:21,312 --> 00:26:24,748
fight to make sure that even
their conservative political leaders

483
00:26:24,783 --> 00:26:26,910
don't destroy their middle class.

484
00:26:31,256 --> 00:26:33,884
So where exactly
are we right now?

485
00:26:33,925 --> 00:26:38,487
On the day that General Motors
declared Chapter 11 bankruptcy,

486
00:26:38,530 --> 00:26:41,966
I went with my dad to visit
the AC Spark Plug plant

487
00:26:42,000 --> 00:26:44,594
where he had worked
for over 30 years.

488
00:26:44,636 --> 00:26:48,299
- So you worked actually right here.
- You'd have to go--

489
00:26:48,339 --> 00:26:52,139
they had a ramp that took you
up over that, just beyond that...

490
00:26:52,177 --> 00:26:53,701
- Just beyond that space there?
- Yeah.

491
00:26:53,745 --> 00:26:55,736
- And then the factory was all over there?
- Yeah.

492
00:26:55,780 --> 00:26:58,180
The whole complex is, like,
2 miles long.

493
00:26:58,216 --> 00:27:00,548
I remember Mom bringing
us kids in to pick you up.

494
00:27:00,585 --> 00:27:02,485
- 2:30 every day.
- Yeah.

495
00:27:02,520 --> 00:27:05,546
You'd walk out of there,
right over in there in fact.

496
00:27:05,590 --> 00:27:07,558
And we'd be waiting
in the car for you

497
00:27:07,592 --> 00:27:10,083
and we'd see you
come down the ramp.

498
00:27:10,128 --> 00:27:13,723
We got real excited
every time we saw you.

499
00:27:13,765 --> 00:27:16,256
I was there 33½ years.

500
00:27:16,301 --> 00:27:17,960
33½ years?

501
00:27:18,403 --> 00:27:21,201
What's your best memory here,
being here, working here?

502
00:27:21,239 --> 00:27:24,402
My best memory?
I think the people.

503
00:27:24,442 --> 00:27:26,433
They were a really good bunch.

504
00:27:26,477 --> 00:27:29,344
- You liked the crowd you worked with?
- Yeah.

505
00:27:29,380 --> 00:27:32,645
A good place to work. I enjoyed it.

506
00:27:32,684 --> 00:27:35,551
But I'm sorry to see it go.

507
00:27:43,161 --> 00:27:45,891
Shortly before Christmas 2008,

508
00:27:45,930 --> 00:27:49,058
Republic Windows & Doors
in Chicago, Illinois,

509
00:27:49,100 --> 00:27:52,331
abruptly fired
its entire unionized workforce

510
00:27:52,370 --> 00:27:55,430
of over 250 people.

511
00:27:55,473 --> 00:27:58,931
They were given
only 3 days' notice.

512
00:27:58,977 --> 00:28:01,036
Bank of America
would no longer provide

513
00:28:01,079 --> 00:28:03,274
a line of credit to the company,

514
00:28:03,314 --> 00:28:07,410
and so the workers were not paid
the money owed to them.

515
00:28:07,452 --> 00:28:10,250
My life revolves around this job.

516
00:28:10,288 --> 00:28:14,452
I live according to my obligation
to my job, you know?

517
00:28:14,492 --> 00:28:18,553
And it's not just me,
it's all of the workers here.

518
00:28:18,596 --> 00:28:21,394
We go above and beyond

519
00:28:21,432 --> 00:28:24,026
the call of duty for Republic.

520
00:28:24,068 --> 00:28:26,798
And at the end,

521
00:28:26,838 --> 00:28:29,671
Republic cares nothing for us.

522
00:28:31,509 --> 00:28:34,478
We found out that they're gonna
shut the plant on Tuesday.

523
00:28:34,512 --> 00:28:37,743
We don't deserve what
they're doing to us, you know?

524
00:28:37,782 --> 00:28:41,081
It really hurts because,
like I said,

525
00:28:41,119 --> 00:28:43,087
this is my second family.

526
00:28:43,121 --> 00:28:45,715
So it was-- it really hurts.
It really hurts.

527
00:28:45,757 --> 00:28:49,659
I'm gonna miss
all of them, you know?

528
00:28:49,694 --> 00:28:52,663
I'm gonna miss them
and I don't think

529
00:28:52,697 --> 00:28:55,029
anybody on this planet

530
00:28:55,066 --> 00:28:58,297
deserves what they've done to us.

531
00:29:05,777 --> 00:29:07,836
Scenes like this
were being repeated

532
00:29:07,879 --> 00:29:11,940
all over the country,
and no one seemed to mind.

533
00:29:11,983 --> 00:29:14,383
<i>* Zambezi, Zambezi</i>

534
00:29:14,419 --> 00:29:17,047
<i>* Zambezi, Zam.</i>

535
00:29:17,588 --> 00:29:21,456
The president was enjoying
his final year in office.

536
00:29:21,492 --> 00:29:23,790
But as the economy
started to fall apart,

537
00:29:23,828 --> 00:29:27,958
he decided it was time
to roll out the C word.

538
00:29:27,999 --> 00:29:31,025
Capitalism is the best system
ever devised.

539
00:29:31,069 --> 00:29:32,468
Really?

540
00:29:32,503 --> 00:29:35,768
Voices from the left and right
are equating the free enterprise system

541
00:29:35,807 --> 00:29:39,470
with greed and exploitation
and failure.

542
00:29:39,910 --> 00:29:41,501
Greed,

543
00:29:41,546 --> 00:29:44,709
exploitation, failure?

544
00:29:44,749 --> 00:29:46,273
Go on, I'm listening.

545
00:29:46,317 --> 00:29:51,186
Capitalism offers people
the freedom to choose

546
00:29:51,222 --> 00:29:53,782
where they work
and what they do...

547
00:29:53,825 --> 00:29:56,521
Pat Andrews
has been looking for work.

548
00:29:56,561 --> 00:30:00,429
Every morning she scans
the classifieds in vain.

549
00:30:00,465 --> 00:30:02,228
There isn't anything in here.

550
00:30:02,266 --> 00:30:05,201
I'm not gonna be a gentleman's club
hired dancer either.

551
00:30:06,537 --> 00:30:10,029
...the opportunity to buy
or sell products they want.

552
00:30:10,074 --> 00:30:12,008
Tom Rendon has avoided layoffs

553
00:30:12,043 --> 00:30:14,705
at his sign company
in Stockton, California,

554
00:30:14,746 --> 00:30:16,646
all because this one word
now makes up

555
00:30:16,681 --> 00:30:18,740
for half his business.

556
00:30:18,783 --> 00:30:22,344
If you seek social justice
and human dignity,

557
00:30:22,387 --> 00:30:26,221
the free market system
is the way to go.

558
00:30:29,093 --> 00:30:32,221
And for those seeking
justice in Pennsylvania,

559
00:30:32,263 --> 00:30:36,165
free enterprise
was definitely the way to go.

560
00:30:39,670 --> 00:30:41,331
Wilkes-Barre, Pennsylvania,

561
00:30:41,372 --> 00:30:43,533
has one of the highest rates
in the state

562
00:30:43,574 --> 00:30:47,203
of young people locked up
in the juvenile home.

563
00:30:47,245 --> 00:30:49,577
Perhaps it's because
the good people here

564
00:30:49,614 --> 00:30:51,980
employ the practices
of capitalism

565
00:30:52,016 --> 00:30:55,247
in dealing with
their wayward youth.

566
00:30:55,286 --> 00:30:58,187
The county hired a private
profit-making corporation

567
00:30:58,222 --> 00:31:02,352
with a sweet-sounding name,
PA Child Care.

568
00:31:03,594 --> 00:31:06,529
It was owned and run
by 2 businessmen,

569
00:31:06,564 --> 00:31:11,228
one of whom was Robert Powell,
an attorney and entrepreneur.

570
00:31:11,269 --> 00:31:13,203
His good friend Judge Conahan

571
00:31:13,237 --> 00:31:15,603
closed down
the public juvenile home

572
00:31:15,640 --> 00:31:17,574
and then got
PA Child Care to build

573
00:31:17,608 --> 00:31:20,771
an $8 million
privately-owned facility

574
00:31:20,812 --> 00:31:22,712
and charge it back to the county

575
00:31:22,747 --> 00:31:25,443
for a mere $58 million lease.

576
00:31:27,385 --> 00:31:31,014
Let's meet some of Wilkes-Barre's
juvenile delinquents.

577
00:31:31,055 --> 00:31:33,353
Magee smoked pot
at a high school party.

578
00:31:33,391 --> 00:31:36,622
I was very rebellious
when I was at this age.

579
00:31:36,661 --> 00:31:39,459
Matt, he got into
an argument at the dinner table.

580
00:31:39,497 --> 00:31:42,159
I threw a piece of meat,
as in steak,

581
00:31:42,200 --> 00:31:44,668
cooked dinner,
at my mother's boyfriend.

582
00:31:44,702 --> 00:31:47,068
Jamie got in a fight
at a shopping mall

583
00:31:47,105 --> 00:31:48,367
with her best friend.

584
00:31:48,406 --> 00:31:51,842
I just figured, you know, we just weren't
gonna be friends anymore.

585
00:31:51,876 --> 00:31:54,401
And Hillary made
a MySpace page

586
00:31:54,445 --> 00:31:56,606
making fun
of her assistant principal

587
00:31:56,647 --> 00:31:59,138
for being strict and having
no sense of humor.

588
00:31:59,183 --> 00:32:02,619
And it said some pretty silly,
like, 14-year-old-girl stuff.

589
00:32:02,653 --> 00:32:06,384
Her assistant principal
called the police.

590
00:32:06,424 --> 00:32:10,724
They all appeared before
kindly Judge Mark Ciavarella.

591
00:32:10,761 --> 00:32:13,491
These kids were about
to get their first lesson

592
00:32:13,531 --> 00:32:15,499
in American capitalism:

593
00:32:15,533 --> 00:32:20,334
time is money, lots of money.

594
00:32:20,371 --> 00:32:23,670
I went in front of the court,
in front of Mr. Ciavarella,

595
00:32:23,708 --> 00:32:25,505
and I wasn't even in front of him
for 4 minutes.

596
00:32:25,543 --> 00:32:27,636
I was only in front of him
for, like, 2 minutes.

597
00:32:27,678 --> 00:32:31,307
The first thing that
Judge Ciavarella said to me was,

598
00:32:31,349 --> 00:32:34,216
"What makes you think
you can do this kind of crap?"

599
00:32:34,252 --> 00:32:36,686
I'm sure he knew in his mind
when I walked in

600
00:32:36,721 --> 00:32:38,484
that he was locking this kid up
no matter what.

601
00:32:38,523 --> 00:32:39,820
He didn't even look at me.

602
00:32:39,857 --> 00:32:42,826
Once I entered the courtroom,
I didn't have any chance.

603
00:32:42,860 --> 00:32:45,124
There was about 6 kids
who went in front of me.

604
00:32:45,163 --> 00:32:47,188
Every single kid who went
in front of Ciavarella,

605
00:32:47,231 --> 00:32:50,598
for all different reasons--
some minor, some serious--

606
00:32:50,635 --> 00:32:52,330
got sent away.

607
00:32:52,370 --> 00:32:56,272
Although Wilkes-Barre is located
in the United States of America,

608
00:32:56,307 --> 00:33:00,437
here capitalism
trumped democracy.

609
00:33:00,478 --> 00:33:03,709
Robert Powell, one of the owners
of PA Child Care,

610
00:33:03,748 --> 00:33:08,151
cut a business deal with Judge Conahan
and Judge Ciavarella.

611
00:33:08,186 --> 00:33:11,622
Judge Ciavarella then stepped up
his conviction rates.

612
00:33:11,656 --> 00:33:13,385
Many of these kids
were funneled

613
00:33:13,424 --> 00:33:18,191
into PA Child Care's
for-profit juvenile facility.

614
00:33:18,229 --> 00:33:19,628
And for their troubles,

615
00:33:19,664 --> 00:33:23,862
the judges received
over $2.6 million

616
00:33:23,901 --> 00:33:27,860
while the owners of PA Child Care
received tens of millions

617
00:33:27,905 --> 00:33:30,499
of taxpayer dollars
from the county.

618
00:33:30,541 --> 00:33:33,669
And where did Powell go
to enjoy all that money?

619
00:33:33,711 --> 00:33:35,906
On his private plane

620
00:33:35,947 --> 00:33:39,007
and his yacht,
the "Reel Justice."

621
00:33:40,685 --> 00:33:45,588
6,500 children
were unjustly convicted.

622
00:33:45,623 --> 00:33:49,024
It was good business
while it lasted.

623
00:33:50,161 --> 00:33:53,028
2 Luzerne County judges
in big trouble with the law.

624
00:33:53,064 --> 00:33:54,053
They're going to jail.

625
00:33:54,098 --> 00:33:55,531
Some kids were locked up

626
00:33:55,566 --> 00:33:59,832
even when probation officers
objected to detention.

627
00:33:59,870 --> 00:34:02,862
In there you lose track of time
and you lose track of the date.

628
00:34:02,907 --> 00:34:04,135
I was barely keeping track.

629
00:34:04,175 --> 00:34:07,303
It was supposed to be, like--
I believe it was, like, 2 months.

630
00:34:07,345 --> 00:34:09,745
And it went from 2 months
to 9 months.

631
00:34:09,780 --> 00:34:12,476
He said originally
3 to 6 months,

632
00:34:12,516 --> 00:34:16,509
but somehow I ended up
being there 11½ months

633
00:34:16,554 --> 00:34:19,387
and I never went back
in front of the judge at all

634
00:34:19,423 --> 00:34:21,050
for him to give me extensions.

635
00:34:21,092 --> 00:34:22,889
Not only did PA Child Care

636
00:34:22,927 --> 00:34:25,760
pay off the judges
to fill their cells,

637
00:34:25,796 --> 00:34:28,458
but their employees were the ones
who got to decide

638
00:34:28,499 --> 00:34:31,900
when a child had
enough rehabilitation.

639
00:34:31,936 --> 00:34:35,269
But that makes sense,
because any time a governmental unit

640
00:34:35,306 --> 00:34:37,866
turns over to
a profit-making corporation

641
00:34:37,908 --> 00:34:40,308
the duties it should be performing,

642
00:34:40,344 --> 00:34:42,369
what do you expect to happen?

643
00:34:42,413 --> 00:34:45,007
It makes me feel like
an item that they just used

644
00:34:45,049 --> 00:34:47,449
to just get money
and then tossed me aside.

645
00:34:47,485 --> 00:34:51,945
I'm just trying
to work on my flying

646
00:34:51,989 --> 00:34:54,184
and just trying to prepare
for my future

647
00:34:54,225 --> 00:34:57,456
so I can put this all behind me,
finally be done with all this.

648
00:34:57,495 --> 00:34:59,963
During the whole trial
I wasn't in control at all,

649
00:34:59,997 --> 00:35:02,431
but with flying it's only me.

650
00:35:02,466 --> 00:35:04,934
It's just that I just get
to do everything by myself.

651
00:35:04,969 --> 00:35:06,994
I'm the only one on the control.

652
00:35:07,038 --> 00:35:08,869
Matt loves to fly

653
00:35:08,906 --> 00:35:12,171
and hopes to become
a pilot someday.

654
00:35:12,209 --> 00:35:14,837
If he does,
he'll get his 2nd lesson

655
00:35:14,879 --> 00:35:17,473
in capitalism:

656
00:35:17,515 --> 00:35:20,541
that in America,
sometimes you're better off

657
00:35:20,584 --> 00:35:23,020
working at Mickey D's.

658
00:35:23,520 --> 00:35:25,580
Remember Sully?

659
00:35:25,623 --> 00:35:26,954
Captain Sullenberger,

660
00:35:26,991 --> 00:35:30,017
who safely landed an airbus
in the Hudson River

661
00:35:30,061 --> 00:35:32,287
saving the lives of 150 passengers?

662
00:35:33,930 --> 00:35:35,997
A true American hero.

663
00:35:39,136 --> 00:35:42,037
He met the mayor.
He went to the State of the Union.

664
00:35:42,073 --> 00:35:44,769
Heck, he even went
to the Super Bowl.

665
00:35:44,809 --> 00:35:47,039
And then he went to Congress.

666
00:35:47,078 --> 00:35:50,138
Flying has been my lifelong passion.

667
00:35:50,181 --> 00:35:52,342
But while I love my profession,

668
00:35:52,383 --> 00:35:55,079
I do not like
what has happened to it.

669
00:35:55,319 --> 00:35:57,212
It is my personal experience

670
00:35:57,254 --> 00:36:00,451
that my decision to remain
in the profession I love

671
00:36:00,491 --> 00:36:05,121
has come at a great financial cost
to me and to my family.

672
00:36:05,162 --> 00:36:07,426
My pay has been cut 40%.

673
00:36:07,465 --> 00:36:11,128
My pension, like most airline pensions,
has been terminated.

674
00:36:11,168 --> 00:36:14,695
So please do not think I exaggerate
when I say that I do not know

675
00:36:14,739 --> 00:36:18,038
a single professional airline pilot
who wants his or her children

676
00:36:18,075 --> 00:36:19,667
to follow in their footsteps.

677
00:36:20,210 --> 00:36:22,440
You cleared the room
with that one, Sully.

678
00:36:22,480 --> 00:36:24,778
I don't think the congressmen
wanted to hear that stuff.

679
00:36:24,815 --> 00:36:27,750
- They like you as a hero.
- The current experience...

680
00:36:42,333 --> 00:36:44,392
What was your starting pay as a pilot?

681
00:36:44,435 --> 00:36:46,733
I made $19,000 the first year.

682
00:36:46,771 --> 00:36:50,229
I was bumped up to about 22,000
or 23,000 the second year.

683
00:36:50,274 --> 00:36:52,902
Last year, gross pay

684
00:36:52,943 --> 00:36:55,377
I made $17,600.

685
00:36:55,413 --> 00:36:58,007
There's a joke in the airline
when we get our wings pinned on us

686
00:36:58,048 --> 00:37:01,506
as new-hire airline pilots
that the company just kinda says,

687
00:37:01,552 --> 00:37:04,316
"Hey, don't apply for food stamps
in your uniform."

688
00:37:04,355 --> 00:37:07,222
I don't know about you,
but I want the pilot

689
00:37:07,258 --> 00:37:11,058
who's got me 30,000 feet up in the air
to be paid really well

690
00:37:11,095 --> 00:37:14,155
and not sitting up in the cockpit
digging through the pilot's seat

691
00:37:14,198 --> 00:37:16,189
looking for loose change.

692
00:37:16,233 --> 00:37:18,201
There was a period
of about 4 months

693
00:37:18,235 --> 00:37:20,999
where I was on food stamps.

694
00:37:21,038 --> 00:37:22,528
- You were on food stamps?
- Yes.

695
00:37:22,573 --> 00:37:25,337
- And you were still flying the plane?
- Yes.

696
00:37:25,376 --> 00:37:27,742
With my--
with my food stamp card.

697
00:37:27,778 --> 00:37:30,542
The lady I talked to
in the food stamp office,

698
00:37:30,581 --> 00:37:33,516
when I told her I was a pilot,
she didn't bat an eye,

699
00:37:33,551 --> 00:37:35,883
but she didn't--
I knew she didn't believe me.

700
00:37:35,920 --> 00:37:38,548
How have you gotten by?
How have you been able to afford things?

701
00:37:38,589 --> 00:37:41,183
Relying on credit cards
to buy the groceries at times

702
00:37:41,225 --> 00:37:42,954
- when I wasn't on food stamps.
- Really?

703
00:37:42,993 --> 00:37:45,291
I have about $10,000
in credit card debt

704
00:37:45,329 --> 00:37:47,320
just on the necessities,

705
00:37:47,364 --> 00:37:49,924
not on the big-screen TV
and the stereo.

706
00:37:49,967 --> 00:37:53,164
You're using it to buy
your groceries and get by.

707
00:37:53,204 --> 00:37:55,138
- Yes.
- Do you have any student loan debt?

708
00:37:55,172 --> 00:37:56,867
- Yes.
- How much?

709
00:37:56,907 --> 00:37:58,465
Mine is about 80,000.

710
00:37:58,509 --> 00:38:01,910
- I took out $100,000.
- Student loans?

711
00:38:01,946 --> 00:38:04,813
And by the time I pay it back,
at this rate,

712
00:38:04,849 --> 00:38:07,215
it'll probably cost me well over
a half a million with interest

713
00:38:07,251 --> 00:38:09,811
and fees and penalties.

714
00:38:09,854 --> 00:38:12,084
It's something that I don't--
I don't like to spend a lot of time

715
00:38:12,122 --> 00:38:13,817
thinking about
because it's abysmal.

716
00:38:13,858 --> 00:38:16,326
It's one way that I get down
really quickly

717
00:38:16,360 --> 00:38:18,021
about my chosen career field

718
00:38:18,062 --> 00:38:20,496
is to think about how much I owe
and how little I make.

719
00:38:20,531 --> 00:38:23,432
Have you had to work
a 2nd job to make ends meet?

720
00:38:23,467 --> 00:38:25,833
I walk dogs on the side,

721
00:38:25,870 --> 00:38:29,067
I distribute MonaVie Juice.

722
00:38:29,106 --> 00:38:32,371
I have known pilots
to donate plasma

723
00:38:32,409 --> 00:38:34,240
for extra cash.

724
00:38:34,278 --> 00:38:37,145
- You mean they give blood?
- They-- well--

725
00:38:37,181 --> 00:38:39,809
So they can make extra money
even though they're flying an airplane?

726
00:38:39,850 --> 00:38:41,841
Yeah.
They donate their plasma.

727
00:38:41,886 --> 00:38:46,152
So they get the blood back,
but you can get paid for plasma.

728
00:38:46,190 --> 00:38:47,487
I see.

729
00:38:47,525 --> 00:38:49,322
They suck the blood out of you,
take the plasma...

730
00:38:49,360 --> 00:38:50,827
- Give you the blood back.
- ...give you the--

731
00:38:50,861 --> 00:38:52,726
Well then,
not such a bad deal.

732
00:38:52,763 --> 00:38:56,255
The only reason people stay flying
is because they love it.

733
00:38:56,300 --> 00:38:58,165
And managements
take advantage of that.

734
00:38:58,202 --> 00:39:01,535
The airlines
have managed to farm out

735
00:39:01,572 --> 00:39:05,975
a lot of the flying to commuters

736
00:39:06,010 --> 00:39:09,207
in an effort to basically
bust the unions.

737
00:39:09,246 --> 00:39:11,339
You can't compete

738
00:39:11,382 --> 00:39:15,614
to a lower and lower level
every year

739
00:39:15,653 --> 00:39:18,053
without skimping
on safety somehow.

740
00:39:20,357 --> 00:39:25,158
At approximately 10:15 PM
on February 12, 2009,

741
00:39:25,195 --> 00:39:27,925
Continental connection flight 3407

742
00:39:27,965 --> 00:39:30,559
began its descent
to the airport in Buffalo.

743
00:39:32,336 --> 00:39:34,201
Stand by, there's some
ground communication,

744
00:39:34,238 --> 00:39:36,138
either state police
or sheriff's department.

745
00:39:36,173 --> 00:39:37,868
We need to find out if anything
is on the ground.

746
00:39:37,908 --> 00:39:40,308
This aircraft was 5 miles out,
and all of a sudden

747
00:39:40,344 --> 00:39:42,175
we have no response
to that aircraft.

748
00:39:42,212 --> 00:39:45,204
All I could tell you is there was
an aircraft over the marker

749
00:39:45,249 --> 00:39:48,275
and we're not talking to them now.

750
00:39:48,319 --> 00:39:50,480
No one survived the crash

751
00:39:50,521 --> 00:39:53,456
and 50 people lost their lives.

752
00:39:54,992 --> 00:39:58,257
The media focused
on the actions of the pilots.

753
00:39:58,295 --> 00:40:01,355
Captain Marvin Renslow
and First Officer Shaw

754
00:40:01,398 --> 00:40:03,628
were chatting about their careers.

755
00:40:03,667 --> 00:40:06,033
"Careers" is a euphemism

756
00:40:06,070 --> 00:40:08,470
for what the pilots
were really talking about:

757
00:40:08,505 --> 00:40:12,635
how little they were paid
and how overworked they were.

758
00:40:12,676 --> 00:40:14,769
There would be
no discussion in the media

759
00:40:14,812 --> 00:40:17,076
about why we have
an economic system

760
00:40:17,114 --> 00:40:20,743
that allows a pilot to be paid less
than a manager at Taco Bell.

761
00:40:20,784 --> 00:40:22,183
First Officer Shaw

762
00:40:22,219 --> 00:40:25,848
made between
$16,000 and $20,000 a year

763
00:40:25,889 --> 00:40:29,450
and at one point
worked a second job.

764
00:40:29,493 --> 00:40:31,927
Her 2nd job had been waitressing

765
00:40:31,962 --> 00:40:33,953
at a coffee shop.

766
00:40:35,265 --> 00:40:38,792
How are these companies
able to get away with this?

767
00:40:38,836 --> 00:40:41,532
I guess that's the point of capitalism.

768
00:40:41,572 --> 00:40:44,336
It allows you to get away
with anything,

769
00:40:44,375 --> 00:40:47,745
like making a profit
off the death of an employee.

770
00:40:49,313 --> 00:40:51,679
Sweetie, I can open it.
Let's try it with this.

771
00:40:51,715 --> 00:40:53,774
This is Irma Johnson.

772
00:40:53,817 --> 00:40:56,786
Irma's husband Dan
worked in middle management

773
00:40:56,820 --> 00:40:58,981
at Amegy Bank in Houston, Texas.

774
00:40:59,023 --> 00:41:01,082
- Wanna try to spread it?
- No.

775
00:41:01,125 --> 00:41:03,650
Dan recently died of cancer,

776
00:41:03,694 --> 00:41:07,926
leaving behind Irma
and their 2 sons.

777
00:41:07,965 --> 00:41:10,525
But unbeknownst to Irma,
Amegy had taken out

778
00:41:10,567 --> 00:41:14,526
a secret life insurance policy
on Dan's life.

779
00:41:14,571 --> 00:41:18,803
The bank generously named itself
as the beneficiary

780
00:41:18,842 --> 00:41:21,333
in the event of Dan's death.

781
00:41:21,378 --> 00:41:24,506
The insurance company
then accidentally informed Irma

782
00:41:24,548 --> 00:41:28,678
that Amegy Bank had received
a check for $1½ million

783
00:41:28,719 --> 00:41:31,654
just weeks after Dan died.

784
00:41:31,689 --> 00:41:33,486
Thank you for helping.

785
00:41:33,524 --> 00:41:34,582
They never told me.

786
00:41:34,625 --> 00:41:38,152
I wanted to find out, well,
why did they purchase a policy for him?

787
00:41:38,195 --> 00:41:40,129
- You didn't know about it?
- No.

788
00:41:40,164 --> 00:41:43,827
And they named themselves
as the beneficiary.

789
00:41:43,867 --> 00:41:44,856
Yeah.

790
00:41:44,902 --> 00:41:47,063
So your husband's death

791
00:41:47,104 --> 00:41:50,073
made them $1.5 million richer?

792
00:41:52,409 --> 00:41:55,936
I know it's not right
for them to try to profit

793
00:41:55,979 --> 00:41:58,413
from my husband's death.

794
00:41:58,449 --> 00:42:00,246
When I first realized
what was happening,

795
00:42:00,284 --> 00:42:04,345
I was in disbelief.

796
00:42:04,388 --> 00:42:07,118
- It's hurtful.
- I'm so sorry.

797
00:42:12,529 --> 00:42:16,124
it's hurtful and I wanted answers.

798
00:42:16,166 --> 00:42:18,828
Irma contacted Michael D. Myers,

799
00:42:18,869 --> 00:42:21,360
a local attorney who had
already been looking into

800
00:42:21,405 --> 00:42:24,704
these kind of corporate
insurance policies on their employees.

801
00:42:26,110 --> 00:42:28,704
With the normal use of life insurance,
where you're guarding against

802
00:42:28,746 --> 00:42:33,308
the loss of a loved one
or a breadwinner of the family,

803
00:42:33,350 --> 00:42:37,753
you don't want that person to die.

804
00:42:37,788 --> 00:42:39,949
With these policies,
the companies that buy these

805
00:42:39,990 --> 00:42:41,855
want the employees to die

806
00:42:41,892 --> 00:42:44,588
in accordance
with the policy projections.

807
00:42:44,628 --> 00:42:48,530
You are more valuable dead
to a company than alive.

808
00:42:49,833 --> 00:42:53,325
American Greetings, RR Donnelly & Sons,
and Proctor & Gamble

809
00:42:53,370 --> 00:42:56,134
are all having problems
with mortality.

810
00:42:56,173 --> 00:42:58,664
These 4 combined programs
are running at 50%

811
00:42:58,709 --> 00:43:00,199
of expected mortality.

812
00:43:00,244 --> 00:43:03,702
These clients are acutely aware
of this problem.

813
00:43:03,747 --> 00:43:06,443
Basically here the broker
is complaining

814
00:43:06,483 --> 00:43:08,883
that not enough
employees are dying.

815
00:43:08,919 --> 00:43:12,616
And therefore the investment returns
are not matching the projections.

816
00:43:12,656 --> 00:43:15,090
The broker writes
that NCC is running

817
00:43:15,125 --> 00:43:17,821
at 78% of expected mortality.

818
00:43:17,861 --> 00:43:21,729
Okay, so 78% of the people
we expected to die died.

819
00:43:21,765 --> 00:43:24,996
But the problem with that
is 3 of them were suicides.

820
00:43:25,035 --> 00:43:27,162
And you can't count
on that every year.

821
00:43:27,204 --> 00:43:29,229
Can you think of any other situation

822
00:43:29,273 --> 00:43:33,607
were you'd actually want
people to die?

823
00:43:33,644 --> 00:43:37,842
Combatants in war, I guess.

824
00:43:38,681 --> 00:43:41,681
When do you want people to die?

825
00:43:41,718 --> 00:43:43,345
I-I don't know.

826
00:43:43,387 --> 00:43:47,187
War situations,
terrorism situations.

827
00:43:49,126 --> 00:43:51,822
Drug trials, perhaps.
I don't know.

828
00:43:51,862 --> 00:43:54,456
I don't know.
That's an odd question.

829
00:43:54,498 --> 00:43:57,729
I didn't understand
how any of this could be legal.

830
00:43:57,768 --> 00:44:00,601
After all, there's a reason
that there's a law

831
00:44:00,637 --> 00:44:05,040
prohibiting me from taking out
a fire insurance policy on your house

832
00:44:05,075 --> 00:44:09,307
because I have a vested interest
in your house burning down.

833
00:44:09,346 --> 00:44:12,474
Since Attorney Myers had been
researching this for years,

834
00:44:12,516 --> 00:44:14,575
I asked him which companies
were profiting

835
00:44:14,618 --> 00:44:16,415
from these insurance policies.

836
00:44:16,453 --> 00:44:17,886
I don't know,
you don't know,

837
00:44:17,921 --> 00:44:20,549
because there's no place
you can go and find out

838
00:44:20,591 --> 00:44:24,220
whether your company
is a purchaser

839
00:44:24,261 --> 00:44:26,559
- of these types of products.
- Which ones do you know?

840
00:44:26,597 --> 00:44:28,292
The ones that we know
that have slipped out are

841
00:44:28,332 --> 00:44:30,357
Bank of America, Citibank,

842
00:44:30,400 --> 00:44:33,699
Wal-Mart, Winn-Dixie,
Proctor & Gamble,

843
00:44:33,737 --> 00:44:35,864
McDonnell Douglas, Hershey,

844
00:44:35,906 --> 00:44:38,875
Nestlé, AT&T
Southwestern Bell,

845
00:44:38,909 --> 00:44:40,968
Ameritech, American Express--

846
00:44:41,011 --> 00:44:43,070
- This is blue chip you're talking about.
- Yeah.

847
00:44:43,113 --> 00:44:46,310
These aren't fly-by-night companies
trying to do a scam here

848
00:44:46,350 --> 00:44:48,511
so they can collect a check
if one of their employees dies.

849
00:44:48,552 --> 00:44:51,851
There are probably
several million Americans

850
00:44:51,889 --> 00:44:55,723
who are covered by one of these policies
or have been at some point.

851
00:44:55,759 --> 00:44:57,021
There's a lot of it out there.

852
00:44:57,060 --> 00:44:59,221
This is Paul Smith.

853
00:44:59,263 --> 00:45:02,824
He used to be what is known
as a loyal employee.

854
00:45:02,866 --> 00:45:07,098
I worked for Wal-Mart for 18 years
and I gave them 110%.

855
00:45:07,137 --> 00:45:08,900
I mean, I loved that company.

856
00:45:08,939 --> 00:45:10,429
And as it turned out,
Wal-Mart took out

857
00:45:10,474 --> 00:45:13,534
over 350,000
life insurance policies

858
00:45:13,577 --> 00:45:15,704
on rank and file associates.

859
00:45:15,746 --> 00:45:16,940
These weren't executives.

860
00:45:16,980 --> 00:45:20,416
These were people like my wife,
a cake decorator for 18 months.

861
00:45:20,450 --> 00:45:24,045
That's the type of people they were taking
insurance policies out on.

862
00:45:24,087 --> 00:45:28,080
Paul's wife LaDonna left her job
at the Wal-Mart bakery

863
00:45:28,125 --> 00:45:30,923
so she could be a stay-at-home mom
for her 2 kids.

864
00:45:30,961 --> 00:45:34,124
She had asthma real real bad.

865
00:45:34,164 --> 00:45:36,098
She went into
the emergency room one night

866
00:45:36,133 --> 00:45:38,101
and a nurse comes out and says,
"Are you Mr. Smith?"

867
00:45:38,135 --> 00:45:39,625
And I said, "Yes."

868
00:45:39,670 --> 00:45:43,731
And she said, "We don't think
your wife's gonna make it."

869
00:45:43,774 --> 00:45:45,742
LaDonna slipped into a coma

870
00:45:45,776 --> 00:45:48,108
from which she would
never awaken.

871
00:45:48,145 --> 00:45:50,306
Her family rushed to the hospital,

872
00:45:50,347 --> 00:45:52,781
even though there was nothing
they could do to help.

873
00:45:52,816 --> 00:45:55,376
There was a wall here
and LaDonna's in the room

874
00:45:55,419 --> 00:45:56,852
on the other side of the wall.

875
00:45:56,887 --> 00:45:59,151
And Jessica kept saying,
"Where is she?"

876
00:45:59,189 --> 00:46:01,817
And I said, "She's right on
the other side of that wall."

877
00:46:01,858 --> 00:46:05,453
And Jessica said,
"Can we cut a hole in the wall

878
00:46:05,495 --> 00:46:07,986
so that we can see her?"

879
00:46:08,031 --> 00:46:10,056
And that just sticks with me.

880
00:46:10,100 --> 00:46:11,931
Do you remember that?

881
00:46:14,037 --> 00:46:18,406
We had to stay in there with her,
and so we'd write letters to her.

882
00:46:18,442 --> 00:46:22,902
"My dear wife, I miss you more
than any words can possibly say.

883
00:46:22,946 --> 00:46:24,504
You are my life.

884
00:46:24,548 --> 00:46:26,948
You always see beauty
in the simplest things.

885
00:46:26,984 --> 00:46:31,421
I've always admired you for that.
I wish I could have told you that more.

886
00:46:31,455 --> 00:46:33,719
I want you to come back
to me soon.

887
00:46:33,757 --> 00:46:36,749
I still have a lot left to learn
from you, baby doll.

888
00:46:36,793 --> 00:46:38,954
Your loving husband, Paul."

889
00:46:40,897 --> 00:46:43,331
You okay, Wesley?

890
00:46:44,735 --> 00:46:47,499
She was 26 years old.

891
00:46:47,537 --> 00:46:50,472
You're silly.

892
00:46:50,507 --> 00:46:54,170
The younger a person is,
the higher the benefit is

893
00:46:54,211 --> 00:46:57,009
because they're expected
to live longer.

894
00:46:57,047 --> 00:46:59,242
Women are also expected
to live longer than men.

895
00:46:59,282 --> 00:47:02,251
So the most valuable employee
to the company

896
00:47:02,285 --> 00:47:05,186
if they're dead,
is a young woman.

897
00:47:05,222 --> 00:47:06,814
LaDonna's death earned

898
00:47:06,857 --> 00:47:09,087
one of the richest corporations
in the world

899
00:47:09,126 --> 00:47:11,686
an extra $81,000.

900
00:47:11,728 --> 00:47:15,061
I was faced with over $100,000
worth of medical bills

901
00:47:15,098 --> 00:47:18,431
and a $6,000 funeral

902
00:47:18,468 --> 00:47:21,926
and Wal-Mart didn't offer a penny
to help with that.

903
00:47:21,972 --> 00:47:25,237
I did trust them.

904
00:47:25,275 --> 00:47:28,540
And never in a million years
would I have ever thought

905
00:47:28,578 --> 00:47:31,513
that somewhere
on a profit statement,

906
00:47:31,548 --> 00:47:34,540
"Dead associate, $81,000."

907
00:47:34,584 --> 00:47:38,577
Wal-Mart doesn't care about you.

908
00:47:38,622 --> 00:47:40,453
When someone passes away,

909
00:47:40,490 --> 00:47:43,288
they shouldn't get
something out of it.

910
00:47:53,970 --> 00:47:56,461
The common denominator
to each form of coverage

911
00:47:56,506 --> 00:47:58,531
is that when the employee dies,

912
00:47:58,575 --> 00:48:01,806
the employer gets paid
the insurance benefits.

913
00:48:01,845 --> 00:48:05,008
They're often referred to
as "dead peasant insurance."

914
00:48:05,048 --> 00:48:08,609
Dead peasants?
Why'd they use such a creepy name?

915
00:48:08,652 --> 00:48:11,780
It's very creepy.
I don't know what it means either.

916
00:48:11,822 --> 00:48:12,982
Dead is clear.

917
00:48:13,023 --> 00:48:15,753
That's the worker who's passed away,
so they're dead.

918
00:48:15,792 --> 00:48:18,226
Peasant, I don't know why
they chose that word.

919
00:48:18,261 --> 00:48:20,286
I don't know if it has
some historical significance

920
00:48:20,330 --> 00:48:23,322
or that's just the way they view
the relative value

921
00:48:23,366 --> 00:48:25,095
of the employees' lives.

922
00:48:25,135 --> 00:48:26,727
Dead peasants?

923
00:48:26,770 --> 00:48:28,897
Yeah, amongst themselves
that's what they call it.

924
00:48:30,474 --> 00:48:34,706
It's insulting to refer
to my husband like that.

925
00:48:41,852 --> 00:48:43,410
It turned out that Amegy Bank

926
00:48:43,453 --> 00:48:46,149
had a second
dead peasant policy on Dan,

927
00:48:46,189 --> 00:48:50,182
bringing their total take
to nearly $5 million.

928
00:48:53,029 --> 00:48:55,930
- Is capitalism a sin?
- Yes.

929
00:48:55,999 --> 00:48:58,559
Capitalism for me and for many of us

930
00:48:58,602 --> 00:49:01,935
at this present moment is an evil.

931
00:49:01,972 --> 00:49:05,738
It's contrary to all that's good.
It's contrary to the common good.

932
00:49:05,775 --> 00:49:08,005
It's contrary to compassion.

933
00:49:08,044 --> 00:49:11,013
It's contrary to
all of the major religions.

934
00:49:11,047 --> 00:49:15,108
Capitalism is precisely
what the holy books,

935
00:49:15,152 --> 00:49:19,816
our holy books in particular,
remind us is unjust

936
00:49:19,856 --> 00:49:22,825
and in some form and fashion,

937
00:49:22,859 --> 00:49:27,626
God will come down
and eradicate somehow.

938
00:49:27,664 --> 00:49:29,996
This was Father Dick Preston,

939
00:49:30,033 --> 00:49:33,366
the priest from Flint
who married my wife and me.

940
00:49:33,403 --> 00:49:35,564
Capitalism is wrong,

941
00:49:35,605 --> 00:49:39,336
and therefore
has to be eliminated.

942
00:49:39,376 --> 00:49:41,367
Eliminated?

943
00:49:41,411 --> 00:49:43,402
That might be a little harsh,

944
00:49:43,446 --> 00:49:45,437
so I decided to go
and talk to the priest

945
00:49:45,482 --> 00:49:47,780
that married my sister
and brother-in-law.

946
00:49:47,817 --> 00:49:50,115
I'm sure he would have
a more balanced approach

947
00:49:50,153 --> 00:49:52,280
when it came to capitalism.

948
00:49:52,322 --> 00:49:56,258
It is immoral, it is obscene,
it is outrageous.

949
00:49:56,293 --> 00:49:59,023
You know...

950
00:49:59,062 --> 00:50:01,394
it is really radical evil.

951
00:50:01,431 --> 00:50:03,729
It's radically evil.

952
00:50:04,267 --> 00:50:07,294
Does their boss know
that they're talking like this?

953
00:50:07,337 --> 00:50:10,363
I thought it best to go
and check this out with the bishop.

954
00:50:10,407 --> 00:50:12,671
Bishop Thomas Gumbleton:
The system doesn't seem to be

955
00:50:12,709 --> 00:50:16,475
providing for the well being
of all the people.

956
00:50:16,513 --> 00:50:19,414
And that's what makes it

957
00:50:19,449 --> 00:50:21,917
almost in its very nature

958
00:50:21,952 --> 00:50:25,888
something contrary
to Jesus who said,

959
00:50:25,922 --> 00:50:29,449
"Blessed are the poor,
woe to the rich."

960
00:50:29,492 --> 00:50:32,689
That's right out
of St. Luke's gospel.

961
00:50:32,729 --> 00:50:35,027
How have we put up
with this system for so long?

962
00:50:35,065 --> 00:50:37,226
I mean, it's--
they talk about--

963
00:50:37,267 --> 00:50:41,636
The system has built into it
what we call propaganda.

964
00:50:41,671 --> 00:50:43,901
I'm in awe of propaganda--

965
00:50:43,940 --> 00:50:46,909
the ability to convince people

966
00:50:46,943 --> 00:50:49,878
who are victimized
by this very system

967
00:50:49,913 --> 00:50:52,882
to support the system
and see it as good.

968
00:50:52,916 --> 00:50:56,317
We know that American capitalism
is morally right

969
00:50:56,353 --> 00:50:58,514
because its chief elements--

970
00:50:58,555 --> 00:51:01,615
private ownership,
the profit motive

971
00:51:01,658 --> 00:51:04,684
and the competitive market--
are wholesome and good.

972
00:51:04,728 --> 00:51:08,027
They are compatible with God's laws
and the teachings of the Bible.

973
00:51:09,032 --> 00:51:10,932
For as long as I can remember,

974
00:51:10,967 --> 00:51:14,562
I've been told that competition
and profit are good things.

975
00:51:14,604 --> 00:51:16,697
They are compatible with God's laws

976
00:51:16,740 --> 00:51:17,900
and the teachings of the Bible.

977
00:51:17,941 --> 00:51:21,274
And if increasing profits
means locking up a few kids

978
00:51:21,311 --> 00:51:23,438
or cashing in on the death
of an employee...

979
00:51:23,480 --> 00:51:26,313
Compatible with God's laws
and the teachings of the Bible.

980
00:51:26,349 --> 00:51:29,614
it is morally right to provide
for the stockholders.

981
00:51:29,653 --> 00:51:31,985
They are compatible with God's laws

982
00:51:32,022 --> 00:51:33,250
and the teachings of the Bible.

983
00:51:33,290 --> 00:51:36,521
Debt, eviction and exploitation.

984
00:51:36,559 --> 00:51:40,017
God's laws and the teachings of the Bible.

985
00:51:40,063 --> 00:51:42,998
What were we really
pledging our allegiance to?

986
00:51:43,033 --> 00:51:45,968
The profit motive.

987
00:51:46,002 --> 00:51:48,698
And so all good Americans
came to act as if they believed

988
00:51:48,738 --> 00:51:51,901
our capitalist economic system
was compatible

989
00:51:51,941 --> 00:51:54,273
with the teachings of the Bible.

990
00:52:02,552 --> 00:52:06,386
When I was a kid,
I wanted to be a priest.

991
00:52:06,423 --> 00:52:08,220
It wasn't because
of the fancy getups

992
00:52:08,258 --> 00:52:10,522
or the Knights of Columbus
escorts,

993
00:52:10,560 --> 00:52:13,859
or even the groovy nuns
who were so good to me.

994
00:52:14,898 --> 00:52:18,425
It was because of the priests
who went on the march from Selma,

995
00:52:18,468 --> 00:52:21,028
or tried to stop the war,

996
00:52:21,071 --> 00:52:24,529
or devoted their lives to the poor.

997
00:52:24,574 --> 00:52:28,533
They told me quite clearly
what Jesus said,

998
00:52:28,578 --> 00:52:32,947
that the first shall be last
and the last shall be first;

999
00:52:32,982 --> 00:52:35,678
That the rich man
will have a very hard time

1000
00:52:35,719 --> 00:52:37,778
getting into heaven;

1001
00:52:37,821 --> 00:52:41,655
That we will be judged by how
we treat the least among us;

1002
00:52:41,691 --> 00:52:44,319
And that there are no people
more important to God

1003
00:52:44,361 --> 00:52:46,886
than the poor.

1004
00:52:46,930 --> 00:52:49,455
Since that time,
it seems that Jesus got hijacked

1005
00:52:49,499 --> 00:52:52,468
by a lot of people who believe
that the son of God

1006
00:52:52,502 --> 00:52:56,871
was sent here to create
heaven on earth for the well-to-do.

1007
00:52:56,906 --> 00:52:59,101
I must have missed
that part of the Bible

1008
00:52:59,142 --> 00:53:02,441
where Jesus became a capitalist.

1009
00:53:06,750 --> 00:53:08,342
Please tell me, master,

1010
00:53:08,385 --> 00:53:11,149
what must I do
to have eternal life?

1011
00:53:11,187 --> 00:53:14,714
Go forth and maximize profits.

1012
00:53:16,559 --> 00:53:19,892
You say the Kingdom of Heaven
is at hand,

1013
00:53:19,929 --> 00:53:21,453
but when exactly will it come?

1014
00:53:21,498 --> 00:53:25,696
When you deregulate
the banking industry.

1015
00:53:25,735 --> 00:53:28,829
Help me.

1016
00:53:28,872 --> 00:53:31,397
I've been this way for 20 years.

1017
00:53:33,243 --> 00:53:36,735
I'm sorry, I cannot heal
your pre-existing condition.

1018
00:53:38,748 --> 00:53:40,409
He'll have to pay out of pocket.

1019
00:53:43,820 --> 00:53:46,311
Somehow, I don't think
Jesus came to earth

1020
00:53:46,356 --> 00:53:49,519
so he could ring the bell
at the New York Stock Exchange.

1021
00:53:49,559 --> 00:53:51,550
And yet,
from the very beginning,

1022
00:53:51,594 --> 00:53:54,427
the rich have claimed him
for their own.

1023
00:53:54,464 --> 00:53:58,264
When I'm on Wall Street
and I realize

1024
00:53:58,301 --> 00:54:02,431
that that's the very nerve center
of American capitalism,

1025
00:54:02,472 --> 00:54:06,135
and I realize
what capitalism has done

1026
00:54:06,176 --> 00:54:09,805
for working people in America,
to me that's a holy place.

1027
00:54:09,846 --> 00:54:11,006
Let me add to it.

1028
00:54:11,047 --> 00:54:15,074
Over the whole duration of the Iraq war
and the terror war,

1029
00:54:15,118 --> 00:54:18,952
you look at the world's stock markets
and you look at the world economy,

1030
00:54:18,988 --> 00:54:22,947
and despite these horrible pockets
of unrest and killing and murdering

1031
00:54:22,992 --> 00:54:25,893
that we've been describing,
it's never been better.

1032
00:54:25,929 --> 00:54:27,863
The global economy
has never been better

1033
00:54:27,897 --> 00:54:30,525
and the global stock markets
have never been better, Jimmy.

1034
00:54:30,567 --> 00:54:32,592
It is either a God-given miracle

1035
00:54:32,635 --> 00:54:34,603
or it has something to do
with the victories

1036
00:54:34,637 --> 00:54:37,003
of the spreading world
of capitalism or both.

1037
00:54:37,040 --> 00:54:38,974
They think
Wall Street's a holy place.

1038
00:54:39,008 --> 00:54:41,943
What do you think
Jesus would think of capitalism?

1039
00:54:41,978 --> 00:54:46,347
I think he would
simply refuse to--

1040
00:54:46,382 --> 00:54:49,619
to be part of it.

1041
00:54:50,787 --> 00:54:53,654
Jesus would refuse
to be part of it,

1042
00:54:53,690 --> 00:54:55,658
but he probably had
a special place up there

1043
00:54:55,692 --> 00:54:58,627
for whoever leaked
a secret Citibank memo

1044
00:54:58,661 --> 00:55:02,028
about their plan to rule the world.

1045
00:55:02,065 --> 00:55:04,056
Back in 2005 and 2006,

1046
00:55:04,100 --> 00:55:06,432
Citigroup wrote
3 confidential memos

1047
00:55:06,469 --> 00:55:10,929
to their wealthiest investors
about how things were going.

1048
00:55:10,974 --> 00:55:13,374
They reached the conclusion
that the United States

1049
00:55:13,409 --> 00:55:15,639
was no longer
really a democracy,

1050
00:55:15,678 --> 00:55:18,442
but had become a plutonomy--

1051
00:55:18,481 --> 00:55:21,575
a society controlled exclusively
by and for the benefit

1052
00:55:21,618 --> 00:55:24,712
of the top 1 %
of the population

1053
00:55:24,754 --> 00:55:26,847
who now had
more financial wealth

1054
00:55:26,890 --> 00:55:30,519
than the bottom 95% combined.

1055
00:55:30,560 --> 00:55:33,791
The memo gloated about the growing gap
between rich and poor

1056
00:55:33,830 --> 00:55:37,288
and how they were now
the new aristocracy

1057
00:55:37,333 --> 00:55:41,269
and that there was no end in sight
for the gravy train they were on.

1058
00:55:41,304 --> 00:55:44,865
There was, though,
one problem.

1059
00:55:44,908 --> 00:55:46,432
According to Citigroup,

1060
00:55:46,476 --> 00:55:49,070
the most potent
and short-term threat

1061
00:55:49,112 --> 00:55:50,909
would be societies demanding

1062
00:55:50,947 --> 00:55:53,541
a more equitable share
of the wealth.

1063
00:55:53,583 --> 00:55:57,952
In other words,
the peasants might revolt.

1064
00:55:57,987 --> 00:56:00,353
Citigroup lamented
that the non-rich

1065
00:56:00,390 --> 00:56:02,858
might not have
much economic power,

1066
00:56:02,892 --> 00:56:06,419
but they do have
equal voting power with the rich.

1067
00:56:06,462 --> 00:56:09,431
One person, one vote.

1068
00:56:09,465 --> 00:56:12,127
And that's what
really scares them--

1069
00:56:12,168 --> 00:56:14,602
that we can still vote.

1070
00:56:14,637 --> 00:56:17,936
In fact, we have
99% of the votes

1071
00:56:17,974 --> 00:56:20,772
and they only have 1%.

1072
00:56:23,846 --> 00:56:27,805
So why do the 99%
put up with this?

1073
00:56:27,850 --> 00:56:31,286
According to Citigroup,
it's because the majority of the electorate

1074
00:56:31,321 --> 00:56:33,812
believe that someday
they will have a chance

1075
00:56:33,856 --> 00:56:36,381
of becoming
well-to-do themselves

1076
00:56:36,426 --> 00:56:39,589
if they just keep trying
hard enough.

1077
00:56:41,931 --> 00:56:44,229
The wealthy were pleased
that so many people

1078
00:56:44,267 --> 00:56:47,100
had bought in
to the American Dream

1079
00:56:47,136 --> 00:56:50,196
while they, the rich,
had no intention

1080
00:56:50,239 --> 00:56:53,140
of ever sharing it with anyone.

1081
00:56:53,176 --> 00:56:56,475
I think capitalism is a lot more
important than democracy.

1082
00:56:56,512 --> 00:56:58,878
I'm not even a big believer
in democracy.

1083
00:56:58,915 --> 00:57:02,510
I always say that democracy is--
can be 2 wolves and a sheep

1084
00:57:02,552 --> 00:57:04,213
deciding on what to have
for dinner.

1085
00:57:04,253 --> 00:57:07,484
This is Stephen Moore--
no relation--

1086
00:57:07,523 --> 00:57:09,957
a columnist
and an editorial board member

1087
00:57:09,993 --> 00:57:11,756
of "The Wall Street Journal,"

1088
00:57:11,794 --> 00:57:15,230
the daily bible
of corporate America.

1089
00:57:15,264 --> 00:57:18,324
Look, I'm in favor of people
having the right to vote

1090
00:57:18,368 --> 00:57:20,836
and things like that, but you know
there are a lot of countries

1091
00:57:20,870 --> 00:57:24,738
that have the right to vote
that are still poor.

1092
00:57:24,774 --> 00:57:28,141
Democracy doesn't always lead
to a good economy

1093
00:57:28,177 --> 00:57:30,111
or even a good political system.

1094
00:57:30,146 --> 00:57:33,513
With capitalism, you are free
to do what you want,

1095
00:57:33,549 --> 00:57:35,608
to make whatever you want
out of yourself.

1096
00:57:35,652 --> 00:57:37,176
It doesn't mean
you're gonna succeed.

1097
00:57:37,220 --> 00:57:41,623
Remember, the US Constitution
does not guarantee happiness.

1098
00:57:42,258 --> 00:57:44,286
The Constitution.

1099
00:57:44,327 --> 00:57:48,093
All my life I've heard that America
is a capitalist country.

1100
00:57:48,131 --> 00:57:52,397
So I went to see the original Constitution
and check out if it was true.

1101
00:57:52,435 --> 00:57:55,871
I'm trying to see where it sets up
our economic system,

1102
00:57:55,905 --> 00:57:59,136
like where it says we have
a capitalist economy.

1103
00:57:59,175 --> 00:58:01,336
The jurisdiction.

1104
00:58:01,377 --> 00:58:03,174
- Judicial part of the--
- Down there?

1105
00:58:03,212 --> 00:58:07,012
There was no mention
of free market or free enterprise

1106
00:58:07,050 --> 00:58:09,644
or capitalism anywhere.

1107
00:58:10,687 --> 00:58:13,952
In fact, all I saw was
"We the people,"

1108
00:58:13,990 --> 00:58:16,584
something about
"a more perfect union,"

1109
00:58:16,626 --> 00:58:19,993
and "promoting
the general welfare."

1110
00:58:20,029 --> 00:58:24,523
Welfare, union, we?

1111
00:58:24,567 --> 00:58:26,967
That sounded like that other -ism.

1112
00:58:27,003 --> 00:58:30,439
But no, that's democracy.

1113
00:58:30,473 --> 00:58:33,175
And I began to wonder,
"What would it be like

1114
00:58:33,242 --> 00:58:36,575
if the workplace
was a democracy?"

1115
00:58:36,612 --> 00:58:39,945
There's always been a big separation
between how the country is run

1116
00:58:39,982 --> 00:58:43,213
and how businesses
are supposed to run.

1117
00:58:43,252 --> 00:58:44,446
It's true.

1118
00:58:44,487 --> 00:58:46,352
There seems to be a disconnect

1119
00:58:46,389 --> 00:58:48,721
between our professed love
of democracy

1120
00:58:48,758 --> 00:58:51,784
and how we're so willing
to accept a dictatorship

1121
00:58:51,828 --> 00:58:54,695
every day we show up to work.

1122
00:58:54,731 --> 00:58:58,531
It's not that way
at Isthmus Engineering in Wisconsin.

1123
00:58:58,568 --> 00:59:02,402
They design and build
robotic machines for industry.

1124
00:59:02,438 --> 00:59:05,601
It's a $15 million-a-year business.

1125
00:59:05,641 --> 00:59:07,438
All of the workers

1126
00:59:07,477 --> 00:59:10,810
are the owners of the business.

1127
00:59:10,847 --> 00:59:14,408
He's not talking about
some bullshit stock option.

1128
00:59:14,450 --> 00:59:17,851
He means they're the true owners.

1129
00:59:17,887 --> 00:59:20,720
And it's a democratically-run
operation where every member

1130
00:59:20,757 --> 00:59:23,726
has one vote and an equal say.

1131
00:59:23,760 --> 00:59:26,024
- All in favor?
- All in favor?

1132
00:59:26,062 --> 00:59:29,088
It takes the money
out of the equation.

1133
00:59:29,132 --> 00:59:31,157
By taking the money
out of the equation

1134
00:59:31,200 --> 00:59:33,430
so that they can call the shots,

1135
00:59:33,469 --> 00:59:35,801
they end up making more money.

1136
00:59:35,838 --> 00:59:37,466
Cool?

1137
00:59:42,145 --> 00:59:44,943
And how patriotic
that they want to extend

1138
00:59:44,981 --> 00:59:48,815
their love of American democracy
to their job.

1139
00:59:55,124 --> 00:59:57,058
Just imagine if the place
where you worked

1140
00:59:57,093 --> 01:00:00,256
was run by you
and your fellow workers.

1141
01:00:00,296 --> 01:00:02,161
You probably wouldn't
lay off your coworkers

1142
01:00:02,198 --> 01:00:05,133
to increase the value
of your stock, would you?

1143
01:00:05,168 --> 01:00:06,635
Or give yourself
a pay raise

1144
01:00:06,669 --> 01:00:09,536
while making your coworkers
take a pay cut.

1145
01:00:09,572 --> 01:00:11,437
We don't really do that here.

1146
01:00:11,474 --> 01:00:15,069
You really can't because everyone else
would be looking at you

1147
01:00:15,111 --> 01:00:17,671
saying, "Why is this guy
so fricking greedy?"

1148
01:00:17,713 --> 01:00:20,307
You know,
it would be too obvious.

1149
01:00:20,349 --> 01:00:22,214
The bottom line is you've
got plenty of people

1150
01:00:22,251 --> 01:00:24,048
who roll up their sleeves
every day and go to work.

1151
01:00:24,086 --> 01:00:25,986
But if there's someone
way up there on the chain

1152
01:00:26,022 --> 01:00:29,048
that collects all the extra money,
that's not fair.

1153
01:00:30,291 --> 01:00:32,857
Fairness in the workplace--

1154
01:00:32,895 --> 01:00:35,227
what a novel idea.

1155
01:00:36,666 --> 01:00:39,897
Out in California,
there's a bread factory

1156
01:00:39,936 --> 01:00:43,497
where workers make thousands
of loaves of bread every day

1157
01:00:43,539 --> 01:00:45,530
The more hours you work towards

1158
01:00:45,575 --> 01:00:46,872
the benefit
of the co-op,

1159
01:00:46,909 --> 01:00:49,776
the more you share
in the profits.

1160
01:00:49,812 --> 01:00:52,007
The workers are happy here.

1161
01:00:52,048 --> 01:00:54,516
No big Is, little yous.
Everyone's the same.

1162
01:00:54,550 --> 01:00:58,042
Me as the CEO,
I get the same share

1163
01:00:58,087 --> 01:01:00,112
that anybody else does.

1164
01:01:00,156 --> 01:01:01,953
And that has proven

1165
01:01:01,991 --> 01:01:04,323
to be very lucrative
for us as workers.

1166
01:01:06,162 --> 01:01:10,724
Assembly-line workers here
earn over $65,000 a year,

1167
01:01:10,766 --> 01:01:12,859
more than 3 times the pay

1168
01:01:12,902 --> 01:01:15,462
for a starting pilot
at American Eagle.

1169
01:01:15,504 --> 01:01:18,302
I'm just hoping
that people take notice

1170
01:01:18,341 --> 01:01:20,502
of this type
of organizational activity

1171
01:01:20,543 --> 01:01:23,944
and start considering it
as an alternative.

1172
01:01:23,980 --> 01:01:25,311
Why do you want
to get rich?

1173
01:01:25,348 --> 01:01:27,282
How many cars do
you really need in life?

1174
01:01:27,316 --> 01:01:31,912
Clearly, he's not a car guy,
but that's okay.

1175
01:01:31,954 --> 01:01:35,481
His bread factory and hundreds of other
worker-owned businesses

1176
01:01:35,524 --> 01:01:39,119
are proof that people aren't always
motivated by profit.

1177
01:01:41,998 --> 01:01:44,626
An historic victory over a dread disease.

1178
01:01:44,667 --> 01:01:48,034
Instead of using his genius
to make a ton of money,

1179
01:01:48,070 --> 01:01:51,335
Dr. Jonas Salk spent
all of his time

1180
01:01:51,374 --> 01:01:53,865
putting monkey kidneys
in a blender

1181
01:01:53,910 --> 01:01:55,969
trying to find a cure
for polio.

1182
01:01:56,012 --> 01:02:00,881
And when he did,
he decided to give it away for free.

1183
01:02:00,917 --> 01:02:03,977
This man could have been rich
many times over

1184
01:02:04,020 --> 01:02:07,353
had he sold his vaccine
to a pharmaceutical company.

1185
01:02:07,390 --> 01:02:09,824
But he thought
his talents should be used

1186
01:02:09,859 --> 01:02:11,053
for the greater good.

1187
01:02:11,093 --> 01:02:14,028
And the decent salary
he made as a doctor

1188
01:02:14,063 --> 01:02:16,463
and a research professor
was enough for him to live

1189
01:02:16,499 --> 01:02:18,558
a comfortable life.

1190
01:02:18,601 --> 01:02:21,001
Who owns the patent
on this vaccine?

1191
01:02:21,037 --> 01:02:23,005
Well, the people,
I would say.

1192
01:02:23,039 --> 01:02:26,600
There is no patent.
Would you patent the sun?

1193
01:02:26,642 --> 01:02:30,476
Yes, we've come a long way
since the days of Dr. Salk.

1194
01:02:30,513 --> 01:02:34,643
Because today our best minds
are used for something else.

1195
01:02:35,084 --> 01:02:38,801
Where do we send our top
math and science people?

1196
01:02:39,054 --> 01:02:40,085
Into finance.

1197
01:02:40,122 --> 01:02:42,590
They don't go into
science in America.

1198
01:02:42,625 --> 01:02:45,321
They go to Wall Street.

1199
01:02:45,361 --> 01:02:48,421
Today's students,
unlike in Dr. Salk's time,

1200
01:02:48,464 --> 01:02:51,024
can graduate from college
with a student loan debt

1201
01:02:51,067 --> 01:02:54,093
of up to $100,000 or more.

1202
01:02:54,136 --> 01:02:56,434
These students are then
beholden to the banks

1203
01:02:56,472 --> 01:02:59,441
for the next 20 years.

1204
01:02:59,475 --> 01:03:02,308
And the best way for them
to pay off these banks

1205
01:03:02,345 --> 01:03:04,279
is to go to work for them

1206
01:03:04,313 --> 01:03:06,941
instead of working
for the common good.

1207
01:03:06,983 --> 01:03:11,352
We've taken people that could
be enormously productive--

1208
01:03:11,387 --> 01:03:13,014
just what we're short of
in America--

1209
01:03:13,055 --> 01:03:16,081
and we take them and we
put them in an activity

1210
01:03:16,125 --> 01:03:18,116
that isn't simply less
productive,

1211
01:03:18,160 --> 01:03:20,958
but where they're
actually destructive;

1212
01:03:20,997 --> 01:03:24,797
where actually every day they work,
they make the world worse.

1213
01:03:24,834 --> 01:03:27,894
So what exactly were the top
students from Harvard

1214
01:03:27,937 --> 01:03:29,928
and other schools
working on these days?

1215
01:03:29,972 --> 01:03:31,997
Derivatives... derivatives...
derivatives... derivatives...

1216
01:03:32,041 --> 01:03:34,441
Credit default swaps.

1217
01:03:34,477 --> 01:03:36,502
I can't make any sense
out of this.

1218
01:03:36,545 --> 01:03:38,308
I might as well quit.

1219
01:03:38,397 --> 01:03:40,097
That's exactly how I felt

1220
01:03:40,190 --> 01:03:42,351
when I started hearing
these new terms.

1221
01:03:42,393 --> 01:03:46,523
So I went down to the New York Stock
Exchange to get some answers.

1222
01:03:46,563 --> 01:03:48,292
Sir, can you explain
derivatives to me?

1223
01:03:48,332 --> 01:03:50,562
Can anybody explain
derivatives or credit default swaps?

1224
01:03:50,601 --> 01:03:51,829
Can someone explain
to me what these are?

1225
01:03:51,869 --> 01:03:54,099
Sir, can you tell me what
a credit default swap is?

1226
01:03:54,138 --> 01:03:55,662
Can you explain
a derivative to me?

1227
01:03:55,706 --> 01:03:57,173
Can you tell me
what a derivative is?

1228
01:03:57,207 --> 01:03:59,471
- Nobody'll talk to me.
- I'm just a blue-collar guy.

1229
01:03:59,510 --> 01:04:01,171
I can see that.
Hey.

1230
01:04:01,211 --> 01:04:03,736
- I'm looking for some advice.
- Yeah, good.

1231
01:04:03,781 --> 01:04:06,909
You guys got any
advice for me here?

1232
01:04:06,951 --> 01:04:08,942
A derivative?
Credit default swap?

1233
01:04:10,487 --> 01:04:13,012
I did find one guy on Wall Street

1234
01:04:13,057 --> 01:04:14,888
who wasn't a film critic.

1235
01:04:14,925 --> 01:04:18,292
Marcus Haupt is an Ivy League
educated engineer

1236
01:04:18,329 --> 01:04:20,957
who was a vice president
of Lehman Brothers

1237
01:04:20,998 --> 01:04:23,489
and spent 15 years
on Wall Street

1238
01:04:23,534 --> 01:04:26,560
creating what they call
complex financial instruments.

1239
01:04:26,603 --> 01:04:28,093
What is a derivative?

1240
01:04:28,138 --> 01:04:30,231
A derivative
is a secondary bet

1241
01:04:30,274 --> 01:04:32,071
on an underlying product.

1242
01:04:32,109 --> 01:04:34,134
So you may have a stock
and you have an option on that stock.

1243
01:04:34,178 --> 01:04:37,409
And that option on that stock
allows you the privilege

1244
01:04:37,448 --> 01:04:39,814
but not the obligation
to buy or sell.

1245
01:04:39,850 --> 01:04:42,876
How should we put this?
You are allowed to make a decision

1246
01:04:42,920 --> 01:04:45,411
of whether or not you want to ultimately
take that exposure.

1247
01:04:45,456 --> 01:04:48,016
Let me explain it another way.
The derivative's price

1248
01:04:48,058 --> 01:04:50,049
is based on the price
of something else.

1249
01:04:50,094 --> 01:04:52,028
It's kind of like
a second-degree equation.

1250
01:04:52,062 --> 01:04:54,792
If you think of,
let's say...

1251
01:04:55,432 --> 01:04:58,268
maybe I should go back.

1252
01:04:58,302 --> 01:05:00,463
Let me start this over again.
Let's go back here.

1253
01:05:01,538 --> 01:05:04,132
I was lost.

1254
01:05:04,174 --> 01:05:06,870
Maybe there's someone
at Harvard University

1255
01:05:06,910 --> 01:05:08,537
who could explain it to me.

1256
01:05:08,579 --> 01:05:11,013
Yeah, the-- the-- the--

1257
01:05:11,048 --> 01:05:13,983
the-- the-- the--
the buyer--

1258
01:05:14,018 --> 01:05:17,181
so the seller holds the loan
and it might default.

1259
01:05:17,221 --> 01:05:20,418
And they sell off--

1260
01:05:20,457 --> 01:05:23,221
somebody-- somebody else--

1261
01:05:23,260 --> 01:05:26,229
Sorry, let me just back up.

1262
01:05:26,263 --> 01:05:29,960
I apologize.
These are pretty exotic.

1263
01:05:30,000 --> 01:05:32,025
Derivatives are nothing more

1264
01:05:32,069 --> 01:05:34,299
than complicated
betting schemes.

1265
01:05:34,338 --> 01:05:37,273
Here's what the math equation
of one looks like.

1266
01:05:37,307 --> 01:05:39,138
Can't figure it out?

1267
01:05:39,176 --> 01:05:41,667
That's okay.
You're not supposed to.

1268
01:05:41,712 --> 01:05:43,976
They've made them
purposely confusing

1269
01:05:44,014 --> 01:05:46,073
so they can get away
with murder.

1270
01:05:46,116 --> 01:05:48,084
Let's say you're a lawyer
and you're coming in

1271
01:05:48,118 --> 01:05:49,949
and you're from the government
and you're trying to evaluate

1272
01:05:49,987 --> 01:05:52,478
if these things
violate the tax code or not.

1273
01:05:52,523 --> 01:05:54,423
If you can figure out
what they're doing,

1274
01:05:54,458 --> 01:05:56,790
most likely that Wall Street
firm will offer you a job.

1275
01:05:56,827 --> 01:06:00,354
Could I go to Wall Street
and just ask them

1276
01:06:00,397 --> 01:06:02,490
to set up a derivative
on anything?

1277
01:06:02,533 --> 01:06:03,932
Yes.

1278
01:06:03,967 --> 01:06:05,434
Believe me,
if it's out there

1279
01:06:05,469 --> 01:06:07,061
there's a derivative on it.

1280
01:06:07,104 --> 01:06:09,595
So this is what Wall Street has come to--

1281
01:06:09,640 --> 01:06:12,108
an insane casino.

1282
01:06:12,142 --> 01:06:14,633
We've allowed them
to bet on anything,

1283
01:06:14,678 --> 01:06:17,915
including our family home.

1284
01:06:24,021 --> 01:06:26,990
...the most powerful central
banker of the 20th century.

1285
01:06:27,024 --> 01:06:29,288
Greenspan has become an economic icon.

1286
01:06:29,326 --> 01:06:32,557
Alan Greenspan says
the economy is hunky-dory.

1287
01:06:32,596 --> 01:06:34,996
Greenspan gone wild.
It's like "Girls Gone Wild."

1288
01:06:35,032 --> 01:06:37,899
What do Mick Jagger
and Alan Greenspan have in common?

1289
01:06:37,935 --> 01:06:41,200
Alan Greenspan,
who at that moment in time

1290
01:06:41,238 --> 01:06:43,433
was surely thought to be
the smartest man

1291
01:06:43,474 --> 01:06:45,237
who had walked the face
of the earth,

1292
01:06:45,275 --> 01:06:48,403
he starts using a phrase,
"tap your home equity,"

1293
01:06:48,445 --> 01:06:51,278
--that Americans can tap
their home equity,

1294
01:06:51,315 --> 01:06:53,545
which is just
Alan Greenspan-speak

1295
01:06:53,584 --> 01:06:56,519
for "borrow against
your home."

1296
01:06:56,553 --> 01:06:58,748
And if you can't repay it
you'll lose your house.

1297
01:06:58,789 --> 01:07:02,953
It actually started by talking
mostly older Americans,

1298
01:07:02,993 --> 01:07:04,517
people who already
had homes,

1299
01:07:04,561 --> 01:07:07,428
into refinancing
their homes

1300
01:07:07,464 --> 01:07:09,227
to get them out of houses.

1301
01:07:09,266 --> 01:07:13,100
Yes, get senior citizens
out of their houses.

1302
01:07:13,137 --> 01:07:16,129
The scam to swindle people
out of the homes

1303
01:07:16,173 --> 01:07:19,165
they already owned
was masterful.

1304
01:07:19,209 --> 01:07:21,734
Here's how it worked.

1305
01:07:21,778 --> 01:07:25,441
First, tell these homeowners
that they own a bank.

1306
01:07:25,482 --> 01:07:28,451
And that bank is your home.

1307
01:07:28,485 --> 01:07:32,216
So if your home
is worth $250,000,

1308
01:07:32,256 --> 01:07:35,316
that makes you
a quarter millionaire.

1309
01:07:35,359 --> 01:07:37,725
You're sitting
on a goldmine.

1310
01:07:37,761 --> 01:07:40,662
You own your own bank.

1311
01:07:40,697 --> 01:07:42,995
The bank of you.

1312
01:07:43,033 --> 01:07:46,400
And you can use your bank
to get more money.

1313
01:07:46,436 --> 01:07:47,903
Just refinance.

1314
01:07:47,938 --> 01:07:49,633
Everyone's doing it.

1315
01:07:49,673 --> 01:07:52,972
Of course hidden in the dozens
or hundreds of pages of fine print

1316
01:07:53,010 --> 01:07:55,274
are tricky clauses that allow the bank
to raise your interest rate

1317
01:07:55,312 --> 01:07:56,973
to a number
you didn't know about,

1318
01:07:57,014 --> 01:07:59,039
perhaps so high that you won't
be able to repay your loan.

1319
01:07:59,082 --> 01:08:00,811
But that's okay.

1320
01:08:00,851 --> 01:08:04,309
If you can't pay it
we'll just take your house.

1321
01:08:06,823 --> 01:08:09,155
Of course, before they
could take your house

1322
01:08:09,193 --> 01:08:12,162
they needed to change
the regulations and the rules.

1323
01:08:12,196 --> 01:08:15,029
What's this photo I found here?

1324
01:08:15,065 --> 01:08:17,693
It was in an annual
report of the FDIC.

1325
01:08:17,734 --> 01:08:22,228
John Gilleran, the head of the Office
of Thrift Supervision,

1326
01:08:22,272 --> 01:08:23,796
which is supposed to regulate
savings and loans,

1327
01:08:23,840 --> 01:08:26,138
he's the guy
with the chainsaw.

1328
01:08:26,176 --> 01:08:28,542
And the 4 other
grinning idiots

1329
01:08:28,579 --> 01:08:33,107
in the photo are the
3 leading lobbyists in banking

1330
01:08:33,150 --> 01:08:37,109
and the deputy director of the Federal
Deposit Insurance Corporation.

1331
01:08:37,154 --> 01:08:41,113
And they're poised over
a pile of regulations.

1332
01:08:41,158 --> 01:08:42,921
And this is supposed
to demonstrate

1333
01:08:42,960 --> 01:08:46,054
their intention
to destroy regulation.

1334
01:08:46,096 --> 01:08:48,564
And they succeeded.

1335
01:08:48,599 --> 01:08:50,464
And now we know what happens

1336
01:08:50,500 --> 01:08:52,627
when you destroy
financial regulation.

1337
01:08:52,669 --> 01:08:55,035
You produce a financial
catastrophe.

1338
01:08:55,072 --> 01:08:57,700
A growing family
with a lot of debt;

1339
01:08:57,741 --> 01:08:59,902
A young couple
with no down payment;

1340
01:08:59,943 --> 01:09:02,969
A business owner whose
income was hard to document;

1341
01:09:03,013 --> 01:09:05,982
Every one of them was
turned down for a home loan

1342
01:09:06,016 --> 01:09:07,574
by 3 different lenders.

1343
01:09:07,618 --> 01:09:10,883
I'm with Countrywide
and I got them all approved.

1344
01:09:10,921 --> 01:09:13,913
Don't be fooled by the pleasant demeanor

1345
01:09:13,957 --> 01:09:15,618
and blonde hair.

1346
01:09:15,659 --> 01:09:18,059
It's the same pitch
the mafia gives you

1347
01:09:18,095 --> 01:09:19,892
in the neighborhood.

1348
01:09:19,930 --> 01:09:21,454
I know how you feel.

1349
01:09:21,498 --> 01:09:23,489
You got a lot of debt.

1350
01:09:23,533 --> 01:09:25,694
You don't have any money
for the down payment.

1351
01:09:25,736 --> 01:09:28,102
You can't find
your documents.

1352
01:09:28,138 --> 01:09:31,335
It's okay.
I'll make you a loan you can't refuse.

1353
01:09:31,375 --> 01:09:33,240
It's called subprime.

1354
01:09:33,277 --> 01:09:35,575
You pay no interest now.

1355
01:09:35,612 --> 01:09:37,910
You pay a little more later.

1356
01:09:37,948 --> 01:09:41,406
Don't worry about later.
We'll take care of you.

1357
01:09:41,451 --> 01:09:44,614
And like the mafia,
Countrywide,

1358
01:09:44,655 --> 01:09:48,284
Citibank, Wells Fargo,
Chase...

1359
01:09:48,325 --> 01:09:50,122
Let's go.

1360
01:09:50,160 --> 01:09:52,594
they would someday
stop by to collect

1361
01:09:52,629 --> 01:09:55,462
and take your home.

1362
01:09:57,834 --> 01:10:01,463
I was paying 1,700 a month and making it.

1363
01:10:01,505 --> 01:10:04,133
Then it went to 2,000.
Then it went to 2,300.

1364
01:10:04,174 --> 01:10:06,267
Then it went to 2,700.

1365
01:10:06,310 --> 01:10:08,244
Can't do it.

1366
01:10:12,049 --> 01:10:16,076
These are the Hackers
of Peoria, Illinois.

1367
01:10:16,119 --> 01:10:18,713
Randy is a railroad worker

1368
01:10:18,755 --> 01:10:21,519
and Donna works
for retirement homes.

1369
01:10:21,558 --> 01:10:25,426
Their farm, which had been
in the family for over 4 decades,

1370
01:10:25,462 --> 01:10:28,829
had been foreclosed
on by Citibank.

1371
01:10:28,865 --> 01:10:31,663
Randy had had an accident
on the job years ago

1372
01:10:31,702 --> 01:10:33,465
and was now
on disability.

1373
01:10:36,073 --> 01:10:40,737
They absolutely just plain
fucking stole everything,

1374
01:10:40,777 --> 01:10:42,768
my whole life's savings
and everything,

1375
01:10:42,813 --> 01:10:46,681
by a stroke of a pen
and a lawyer and a judge.

1376
01:10:46,717 --> 01:10:50,050
The Hackers showed me
the foreclosure notice from Citibank.

1377
01:10:50,087 --> 01:10:51,714
What caught my eye

1378
01:10:51,755 --> 01:10:54,485
was the town from which
their mortgage came.

1379
01:10:54,524 --> 01:10:58,153
It turns out that a company
owned by the big banks

1380
01:10:58,195 --> 01:11:01,130
has chosen to run
60 million mortgages through,

1381
01:11:01,164 --> 01:11:04,463
of all places, one of
the most desperate towns

1382
01:11:04,501 --> 01:11:06,162
in the United States.

1383
01:11:06,203 --> 01:11:08,671
This company hires
the people of Flint

1384
01:11:08,705 --> 01:11:11,071
to send out nearly 60%

1385
01:11:11,108 --> 01:11:14,407
of all the foreclosure
notices in the country.

1386
01:11:14,444 --> 01:11:17,675
In what seems to be some
sort of cruel joke,

1387
01:11:17,714 --> 01:11:20,182
my hometown was now
in the service

1388
01:11:20,217 --> 01:11:22,651
of helping to turn
the rest of America

1389
01:11:22,686 --> 01:11:24,813
into Flint.

1390
01:11:29,059 --> 01:11:32,051
Typically when a bank forces
a family like the Hackers

1391
01:11:32,095 --> 01:11:34,757
out of their home
they hire professionals

1392
01:11:34,798 --> 01:11:36,561
to come and clean up
the place.

1393
01:11:38,001 --> 01:11:40,265
In this case,
the bank figured,

1394
01:11:40,303 --> 01:11:44,034
why pay top dollar when
we've got a desperate family

1395
01:11:44,074 --> 01:11:46,099
who will work cheap?

1396
01:11:46,143 --> 01:11:48,270
In a final humiliation

1397
01:11:48,311 --> 01:11:50,506
the Hackers went
to work for the bank

1398
01:11:50,547 --> 01:11:52,412
that took their home.

1399
01:11:54,384 --> 01:11:57,114
"Property is to be turned over
in broom-clean condition

1400
01:11:57,154 --> 01:12:00,089
with all trash, debris
and personal property removed.

1401
01:12:01,925 --> 01:12:03,893
Upon delivery of the keys

1402
01:12:03,927 --> 01:12:07,522
the PAS representative will
hand you a check for $1,000."

1403
01:12:13,170 --> 01:12:16,367
You know, 1,000 bucks

1404
01:12:16,406 --> 01:12:19,842
to get out
of my own house and stuff,

1405
01:12:19,876 --> 01:12:22,936
I really want to thank them.
That was really something.

1406
01:12:22,979 --> 01:12:25,743
My wife worked for a week
to clean the house up

1407
01:12:25,782 --> 01:12:27,909
and make sure it was
presentable to somebody else.

1408
01:12:27,951 --> 01:12:30,579
I'm glad they did that.
I have to thank them.

1409
01:12:30,620 --> 01:12:32,588
It was awful nice of them.

1410
01:12:32,622 --> 01:12:35,352
Yeah, I'd like to
thank them all right.

1411
01:12:44,367 --> 01:12:46,961
I have one more.

1412
01:12:49,706 --> 01:12:52,036
That goes to our bedroom door.

1413
01:12:52,075 --> 01:12:54,134
Trying to think what--

1414
01:12:54,177 --> 01:12:56,475
that goes that that.
I had a lock on it

1415
01:12:56,513 --> 01:12:58,413
to keep kids out
'cause I have guns.

1416
01:12:58,448 --> 01:13:00,780
And here's your money, Randy.

1417
01:13:00,817 --> 01:13:03,411
What you're witnessing

1418
01:13:03,453 --> 01:13:04,977
is a robbery.

1419
01:13:06,423 --> 01:13:09,915
I'm starting to understand
why people,

1420
01:13:09,960 --> 01:13:12,724
they lose their minds
and start shooting people.

1421
01:13:12,762 --> 01:13:15,287
I'm not gonna say I would
do something like that,

1422
01:13:15,332 --> 01:13:17,857
but I can see how
they get people

1423
01:13:17,901 --> 01:13:20,096
into that situation where

1424
01:13:20,136 --> 01:13:23,594
people go in there with bombs
and blow them up

1425
01:13:23,640 --> 01:13:25,574
and shoot at them.

1426
01:13:25,609 --> 01:13:27,702
Anything that happens to them
people, they deserve it,

1427
01:13:27,744 --> 01:13:29,507
is all I can say.

1428
01:13:29,546 --> 01:13:31,741
I hope something happens--

1429
01:13:31,781 --> 01:13:34,978
yeah, well.

1430
01:13:35,018 --> 01:13:37,282
Can't say no more.

1431
01:13:41,992 --> 01:13:44,119
Some roadkill right there.

1432
01:13:44,160 --> 01:13:45,889
This is Bob Feinberg.

1433
01:13:45,929 --> 01:13:49,695
He handled all the VIP loans
for Countrywide,

1434
01:13:49,733 --> 01:13:53,669
the nation's largest
mortgage company.

1435
01:13:53,703 --> 01:13:55,637
Although Countrywide
mainly specializes

1436
01:13:55,672 --> 01:13:59,073
in outrageously high interest
loans for low income people,

1437
01:13:59,109 --> 01:14:01,407
Bob's job was to take care of

1438
01:14:01,444 --> 01:14:05,210
some of the country's
top political leaders.

1439
01:14:05,248 --> 01:14:07,842
One day one of the bigger
bosses called me in the office.

1440
01:14:07,884 --> 01:14:09,613
He said,
"I want you to call this guy."

1441
01:14:09,653 --> 01:14:11,621
I said okay.

1442
01:14:11,655 --> 01:14:14,590
And he said,
"He's a friend of Angelo's."

1443
01:14:14,624 --> 01:14:17,092
Angelo Mozilo's the CEO
of Countrywide.

1444
01:14:17,127 --> 01:14:21,291
"Give him this rate.
Waive these fees.

1445
01:14:21,331 --> 01:14:25,358
And get it locked in.
And don't fuck it up."

1446
01:14:25,402 --> 01:14:28,166
And I was like,
"Oh, okay."

1447
01:14:29,839 --> 01:14:31,500
So it was
a special department

1448
01:14:31,541 --> 01:14:34,169
that handled friends
of Angelo.

1449
01:14:35,545 --> 01:14:37,012
Discounts were being given.

1450
01:14:37,047 --> 01:14:38,639
Fees were being waived.

1451
01:14:38,682 --> 01:14:41,708
And at times paperwork
was being waived.

1452
01:14:41,751 --> 01:14:45,847
We literally would
write on the file "FOA."

1453
01:14:45,889 --> 01:14:48,619
These were really
important people.

1454
01:14:48,658 --> 01:14:51,354
I had Richard Holbrooke--
Ambassador Holbrooke,

1455
01:14:51,394 --> 01:14:53,589
Donna Shalala,

1456
01:14:53,630 --> 01:14:56,793
people on Capitol Hill, people that
regulate the mortgage markets,

1457
01:14:56,833 --> 01:14:59,097
people that regulate
Wall Street,

1458
01:14:59,135 --> 01:15:02,366
and Jim Johnson,
head of Fannie Mae,

1459
01:15:02,405 --> 01:15:05,272
Alphonso Jackson
the secretary of HUD...

1460
01:15:06,876 --> 01:15:09,868
Senator Conrad from
the Finance Committee.

1461
01:15:09,913 --> 01:15:12,939
I had the TV on in my house.
I was in the kitchen

1462
01:15:12,983 --> 01:15:15,178
and I heard a voice
pontificating

1463
01:15:15,218 --> 01:15:18,051
about predatory lending
and how we have to put an end to it.

1464
01:15:18,088 --> 01:15:20,352
Our nation's financial regulators

1465
01:15:20,390 --> 01:15:22,119
are supposed to
be the cops on the beat

1466
01:15:22,158 --> 01:15:24,558
protecting working Americans

1467
01:15:24,594 --> 01:15:26,323
from unscrupulous
financial actions.

1468
01:15:26,363 --> 01:15:29,059
Senator Dodd--
Christopher Dodd-- was speaking.

1469
01:15:29,099 --> 01:15:32,762
And I just stared at
the television and I was upset.

1470
01:15:32,802 --> 01:15:35,327
Some of these loans
have legitimate uses,

1471
01:15:35,372 --> 01:15:37,397
when made to sophisticated
borrowers

1472
01:15:37,440 --> 01:15:39,567
with higher incomes.

1473
01:15:39,609 --> 01:15:42,305
I had done a number
of loans for him

1474
01:15:42,345 --> 01:15:45,075
in which he got discounts
and all the things

1475
01:15:45,115 --> 01:15:46,878
that go with being
a friend of Angelo's

1476
01:15:46,916 --> 01:15:48,440
and all the good stuff.

1477
01:15:48,485 --> 01:15:50,453
The Senate Banking
and Housing Committee

1478
01:15:50,487 --> 01:15:53,115
is supposed to be the watchdog
of the mortgage industry.

1479
01:15:53,156 --> 01:15:56,421
Senator Dodd is the chairman
of this committee

1480
01:15:56,459 --> 01:15:59,087
and has served on it
for over 28 years.

1481
01:15:59,129 --> 01:16:01,359
As a friend of Angelo

1482
01:16:01,398 --> 01:16:04,094
he received
over $1 million worth

1483
01:16:04,134 --> 01:16:06,728
of discounted loans
from Countrywide.

1484
01:16:06,770 --> 01:16:10,536
Someone next door here
is selling a toxic

1485
01:16:10,573 --> 01:16:12,803
piece of crap
loan to somebody.

1486
01:16:12,842 --> 01:16:16,676
I was required to give the most
suitable loan to that VIP.

1487
01:16:16,713 --> 01:16:18,578
Did you ever feel that

1488
01:16:18,615 --> 01:16:20,708
what you were doing
might be bribery?

1489
01:16:20,750 --> 01:16:23,719
I didn't feel like I was
bribing anybody, no.

1490
01:16:23,753 --> 01:16:27,211
I was just doing my job.
I was the VIP guy.

1491
01:16:27,257 --> 01:16:28,986
Everyone in the company
knew who I was.

1492
01:16:29,025 --> 01:16:30,686
You know, everyone.

1493
01:16:30,727 --> 01:16:33,287
So it was kind of
a flattering situation.

1494
01:16:33,329 --> 01:16:36,821
But no, I don't feel like I did
anything wrong at all.

1495
01:16:36,866 --> 01:16:39,926
And if I didn't do it, somebody else
would have been doing it.

1496
01:16:41,805 --> 01:16:44,330
That's why we need people like Bill Black,

1497
01:16:44,374 --> 01:16:46,535
one of the bank regulators
who uncovered

1498
01:16:46,576 --> 01:16:48,806
the Savings & Loan scandal
in the 1980s.

1499
01:16:48,845 --> 01:16:50,972
Something improper happened

1500
01:16:51,014 --> 01:16:53,312
and I bet you
the regulators know.

1501
01:16:53,349 --> 01:16:56,284
One of the leading figures of
that scandal, Charles Keating,

1502
01:16:56,319 --> 01:16:59,117
had an idea on what to do
with Bill Black

1503
01:16:59,155 --> 01:17:01,646
and sent a memo out
with these instructions.

1504
01:17:02,826 --> 01:17:05,852
I asked him who was
looking out for us today.

1505
01:17:05,895 --> 01:17:08,523
Where was the FBI in all of this?

1506
01:17:08,565 --> 01:17:11,295
The FBI began publicly warning

1507
01:17:11,334 --> 01:17:13,825
in September 2004

1508
01:17:13,870 --> 01:17:17,101
that there was an epidemic
of mortgage fraud

1509
01:17:17,140 --> 01:17:19,335
perpetrated by the banks.

1510
01:17:19,375 --> 01:17:21,036
Epidemic was their word.

1511
01:17:21,077 --> 01:17:23,773
But when 9/11 hit,

1512
01:17:23,813 --> 01:17:27,044
the Bush administration
transferred

1513
01:17:27,083 --> 01:17:31,144
at least 500 white-collar
FBI specialists

1514
01:17:31,187 --> 01:17:33,985
out of dealing
with white-collar crime,

1515
01:17:34,023 --> 01:17:36,457
even though we were entering

1516
01:17:36,493 --> 01:17:38,461
during the entire
Bush administration

1517
01:17:38,495 --> 01:17:41,055
the greatest wave
of white-collar crime

1518
01:17:41,097 --> 01:17:44,624
in the nation's history,
in fact, in the world's history.

1519
01:17:44,667 --> 01:17:47,864
The FBI says that 80%

1520
01:17:47,904 --> 01:17:49,895
of the mortgage fraud losses

1521
01:17:49,939 --> 01:17:52,772
are induced by lender personnel.

1522
01:17:52,809 --> 01:17:54,106
Meaning what?

1523
01:17:54,144 --> 01:17:56,578
Meaning not the borrower

1524
01:17:56,613 --> 01:17:59,741
coming off the street trying
to defraud the savings and loan.

1525
01:17:59,783 --> 01:18:03,651
These are frauds led by whoever
controls the organization.

1526
01:18:03,686 --> 01:18:06,348
- Right.
- It's typically the CEO in other words.

1527
01:18:06,389 --> 01:18:09,415
So did these CEOs
think they were gonna get away with it?

1528
01:18:09,459 --> 01:18:11,620
They have gotten
away with it.

1529
01:18:13,329 --> 01:18:15,422
Yes, apparently they did.

1530
01:18:15,465 --> 01:18:18,229
And with the presidential
election just around the corner...

1531
01:18:18,268 --> 01:18:21,533
- Define rich.
- 5 million.

1532
01:18:21,571 --> 01:18:25,371
the elites were worried that their crime
spree might come to an end.

1533
01:18:25,408 --> 01:18:28,571
After bilking trillions
from the American public

1534
01:18:28,611 --> 01:18:30,238
by repossessing their homes,

1535
01:18:30,280 --> 01:18:32,544
bankrupting them
when they got sick

1536
01:18:32,582 --> 01:18:34,846
and convincing them
to invest their earnings

1537
01:18:34,884 --> 01:18:38,183
and pensions in the casino
known as the stock market,

1538
01:18:38,221 --> 01:18:41,622
the rich decided to make
one last heist

1539
01:18:41,658 --> 01:18:45,025
and as their 30-year long
party came to an end,

1540
01:18:45,061 --> 01:18:48,553
take as much of the silverware
with them as they could.

1541
01:18:48,598 --> 01:18:51,431
But first they needed
a distraction.

1542
01:18:51,467 --> 01:18:54,732
And as they learned
after 9/11,

1543
01:18:54,771 --> 01:18:57,535
nothing works better
in the home of the brave

1544
01:18:57,574 --> 01:19:00,566
than some good old
fashioned fear.

1545
01:19:00,610 --> 01:19:04,444
And who better to wheel out
for one last scary performance

1546
01:19:04,480 --> 01:19:07,415
than Chicken Little himself?

1547
01:19:07,450 --> 01:19:10,942
Oscar voters,
for your consideration.

1548
01:19:10,987 --> 01:19:12,648
Good evening.

1549
01:19:12,689 --> 01:19:15,214
This is an extraordinary period
for America's economy.

1550
01:19:15,258 --> 01:19:17,886
The government's
top economic experts

1551
01:19:17,927 --> 01:19:20,191
warn that without immediate
action by Congress,

1552
01:19:20,230 --> 01:19:23,222
America could slip into
a financial panic

1553
01:19:23,266 --> 01:19:26,360
and a distressing scenario
would unfold.

1554
01:19:26,402 --> 01:19:29,803
More banks could fail,
including some in your community.

1555
01:19:29,839 --> 01:19:32,330
The stock market would drop even more,

1556
01:19:32,375 --> 01:19:34,741
which would reduce the value
of your retirement account.

1557
01:19:34,777 --> 01:19:37,439
The value of your home
could plummet.

1558
01:19:37,480 --> 01:19:39,971
Foreclosures would
rise dramatically.

1559
01:19:40,016 --> 01:19:42,246
And if you own
a business or a farm,

1560
01:19:42,285 --> 01:19:44,913
you would find it harder
and more expensive to get credit.

1561
01:19:44,954 --> 01:19:47,616
More businesses
would close their doors

1562
01:19:47,657 --> 01:19:50,217
and millions of Americans
could lose their jobs.

1563
01:19:50,260 --> 01:19:53,058
Even if you have good credit history,

1564
01:19:53,096 --> 01:19:55,997
it would be more difficult for
you to get the loans you need

1565
01:19:56,032 --> 01:19:58,330
to buy a car or send
your children to college.

1566
01:19:58,368 --> 01:20:00,802
And ultimately our country
could experience

1567
01:20:00,837 --> 01:20:03,601
a long and painful recession.

1568
01:20:03,640 --> 01:20:07,770
Fellow citizens,
we must not let this happen.

1569
01:20:07,810 --> 01:20:11,405
In reality there was no
need for this speech,

1570
01:20:11,447 --> 01:20:13,540
because the mainstream media

1571
01:20:13,583 --> 01:20:15,852
had already drunk
the Kool-Aid.

1572
01:20:17,220 --> 01:20:19,518
Meltdown.
The American financial system

1573
01:20:19,555 --> 01:20:21,113
is rocked to its foundation.

1574
01:20:21,157 --> 01:20:23,489
The giant bank crumbles,
stocks plummet.

1575
01:20:23,526 --> 01:20:26,893
- Nightmare on Wall Street.
- AIG fights for its life.

1576
01:20:26,930 --> 01:20:28,864
- Blood on the floor.
- Armageddon.

1577
01:20:28,898 --> 01:20:32,026
A category-5 test
of our financial levies.

1578
01:20:32,068 --> 01:20:35,526
What the fuck happened?

1579
01:20:35,571 --> 01:20:37,903
Have you ever seen
a dam fail?

1580
01:20:37,941 --> 01:20:41,342
It starts with a little crack,
a little seepage.

1581
01:20:41,377 --> 01:20:42,867
With overwhelming support,

1582
01:20:42,912 --> 01:20:44,846
Congress struck down
the restrictions.

1583
01:20:44,881 --> 01:20:46,815
Big banking is barreling back.

1584
01:20:46,849 --> 01:20:48,874
And it starts eroding

1585
01:20:48,918 --> 01:20:52,649
and it destroys all
the internal strength of the dam.

1586
01:20:52,689 --> 01:20:54,350
Poison from the housing mess

1587
01:20:54,390 --> 01:20:56,881
seeped deeper and deeper
into the banking system.

1588
01:20:56,926 --> 01:20:59,019
And soon the dam works against itself.

1589
01:20:59,062 --> 01:21:01,053
The weight of the dam
and the weight of the water

1590
01:21:01,097 --> 01:21:02,462
conspire against it.

1591
01:21:02,498 --> 01:21:04,227
Investors were dumping Bear shares

1592
01:21:04,267 --> 01:21:05,757
leading a huge selloff...

1593
01:21:05,802 --> 01:21:07,861
The stocks of Fannie Mae and Freddie Mac

1594
01:21:07,904 --> 01:21:09,701
were in freefall this morning...

1595
01:21:09,739 --> 01:21:12,606
Then there's kind of a significant flow.

1596
01:21:12,642 --> 01:21:16,078
Wall Street's losing streak
stretched into its 7th day.

1597
01:21:16,112 --> 01:21:20,139
And then suddenly you've
got 60-70 foot sections.

1598
01:21:20,183 --> 01:21:21,343
A dam exploding.

1599
01:21:21,384 --> 01:21:23,113
Lehman Brothers, bankrupt.

1600
01:21:23,152 --> 01:21:24,949
Merrill Lynch, sold in haste.

1601
01:21:24,988 --> 01:21:26,922
- Now AIG.
- Just crashing.

1602
01:21:26,956 --> 01:21:28,719
The market's year long slide

1603
01:21:28,758 --> 01:21:31,386
has brought down
some of the biggest blue chips.

1604
01:21:31,427 --> 01:21:33,224
The water starts rushing through.

1605
01:21:33,262 --> 01:21:35,856
This morning,
Washington Mutual has gone under,

1606
01:21:35,898 --> 01:21:38,366
the largest failure
in US banking history.

1607
01:21:38,401 --> 01:21:40,198
Stocks fell off a cliff.

1608
01:21:40,236 --> 01:21:43,228
The largest single point drop in history.

1609
01:21:45,908 --> 01:21:49,366
It destroys the rest of the dam.

1610
01:21:49,412 --> 01:21:51,209
And the whole failure

1611
01:21:51,247 --> 01:21:53,738
looks like it only takes
2 minutes.

1612
01:21:53,783 --> 01:21:57,116
But of course,
it's that little hole

1613
01:21:57,153 --> 01:22:00,054
that's been there
for several years

1614
01:22:00,089 --> 01:22:02,649
that really destroyed it.

1615
01:22:02,692 --> 01:22:06,287
You have this fundamentally
unsound system

1616
01:22:06,329 --> 01:22:09,492
built on
a foundation of sand

1617
01:22:09,532 --> 01:22:11,659
instead of bedrock.

1618
01:22:11,701 --> 01:22:14,033
And it was rotted
from the core.

1619
01:22:15,571 --> 01:22:18,904
It seems like capitalism
is just collapsing on itself.

1620
01:22:18,941 --> 01:22:20,670
Who got rich here?

1621
01:22:20,710 --> 01:22:23,042
Lots of people got rich
during this time,

1622
01:22:23,079 --> 01:22:27,675
primarily the officers
and directors

1623
01:22:27,717 --> 01:22:30,311
of the large banks
and savings and loans

1624
01:22:30,353 --> 01:22:32,844
and the specialty
non-prime lenders.

1625
01:22:32,889 --> 01:22:36,325
These people became
unbelievably rich.

1626
01:22:36,359 --> 01:22:39,658
And members of Congress got rich,

1627
01:22:39,695 --> 01:22:41,492
especially once
they left Congress.

1628
01:22:41,531 --> 01:22:44,659
A number of them go and work
in the financial institutions.

1629
01:22:44,700 --> 01:22:47,294
Sure, and as do
Rubin and Summers.

1630
01:22:47,336 --> 01:22:50,931
Robert Rubin, a one-time top executive

1631
01:22:50,973 --> 01:22:54,033
at both Citigroup
and Goldman Sachs

1632
01:22:54,077 --> 01:22:55,874
champion a change in the law

1633
01:22:55,912 --> 01:22:58,346
that allowed commercial banks
to get into new areas

1634
01:22:58,381 --> 01:23:02,147
like investment banking
and exotic insurance products.

1635
01:23:03,953 --> 01:23:06,080
This made it legal
to let Citicorp

1636
01:23:06,122 --> 01:23:07,885
merge with Travelers Group,

1637
01:23:07,924 --> 01:23:10,950
a deal valued
at $70 billion,

1638
01:23:10,993 --> 01:23:13,325
creating the world's
largest bank.

1639
01:23:13,362 --> 01:23:16,229
After leaving
the Clinton administration,

1640
01:23:16,265 --> 01:23:18,062
Rubin worked for Citigroup,

1641
01:23:18,101 --> 01:23:22,663
earning more than
$115 million.

1642
01:23:22,705 --> 01:23:24,696
Summers made
his money where?

1643
01:23:24,740 --> 01:23:28,506
Summers made his money
as a supposed consultant

1644
01:23:28,544 --> 01:23:31,536
and in giving speeches

1645
01:23:31,581 --> 01:23:33,913
at apparently, in some cases,

1646
01:23:33,950 --> 01:23:37,078
over $100,000 a pop.

1647
01:23:37,120 --> 01:23:40,783
Summers also made $5.2 million
at his part-time job,

1648
01:23:40,823 --> 01:23:44,054
advising a hedge fund.

1649
01:23:44,093 --> 01:23:45,685
Where did Geithner work?

1650
01:23:45,728 --> 01:23:48,561
Geithner has been a failure

1651
01:23:48,598 --> 01:23:50,862
at pretty much everything
he's done in life.

1652
01:23:50,900 --> 01:23:55,496
Most of the institutions
that destroyed the economy

1653
01:23:55,538 --> 01:23:58,939
were under his direct
regulatory authority.

1654
01:23:58,975 --> 01:24:01,273
How did he get the job
as Treasury Secretary?

1655
01:24:01,310 --> 01:24:04,302
By completely
screwing up his job

1656
01:24:04,347 --> 01:24:07,407
as President of the Federal
Reserve Bank of New York.

1657
01:24:07,450 --> 01:24:09,179
That makes no sense.

1658
01:24:09,218 --> 01:24:10,845
Of course, it makes
perfect sense.

1659
01:24:10,887 --> 01:24:13,014
This is not
new to Washington.

1660
01:24:13,055 --> 01:24:15,523
People who will give you
the wrong answer

1661
01:24:15,558 --> 01:24:18,891
but the answer you want
are invaluable.

1662
01:24:18,928 --> 01:24:21,260
And they often get promoted

1663
01:24:21,297 --> 01:24:24,266
precisely because
they're willing to say

1664
01:24:24,300 --> 01:24:26,768
and do absurd things.

1665
01:24:26,802 --> 01:24:30,636
These are the people
that promised us

1666
01:24:30,673 --> 01:24:34,632
that financial deregulation
would make all of us rich.

1667
01:24:34,677 --> 01:24:38,147
And these are the people who
were personally made rich.

1668
01:24:41,284 --> 01:24:45,380
It was not surprising that
the rich wanted to get richer.

1669
01:24:45,421 --> 01:24:49,187
But now they had come up with
a new and brazen way to do it.

1670
01:24:49,225 --> 01:24:53,127
Just back a big truck up
to the Department of Treasury

1671
01:24:53,162 --> 01:24:56,654
and take $700 billion
of our tax money,

1672
01:24:56,699 --> 01:24:58,690
no questions asked.

1673
01:24:58,734 --> 01:25:02,500
I got Michael Moore here. You know who
Michael Moore is, don't you?

1674
01:25:02,538 --> 01:25:05,405
The film director.
He's filming me right now.

1675
01:25:05,441 --> 01:25:06,999
- I got my wife on the line.
- Hi.

1676
01:25:07,043 --> 01:25:08,806
How are you doing?
Baron Hill from Indiana.

1677
01:25:08,844 --> 01:25:10,311
How are you, sir?
Good state.

1678
01:25:10,346 --> 01:25:12,177
- We're from Michigan you know?
- Yeah.

1679
01:25:12,215 --> 01:25:13,807
How did this
collapse happen?

1680
01:25:13,849 --> 01:25:18,081
I got home on a Friday, everything
was just fine in terms of the economy.

1681
01:25:18,120 --> 01:25:20,850
I call back after my plane
landed in Indiana

1682
01:25:20,890 --> 01:25:23,222
just to check in
with my office,

1683
01:25:23,259 --> 01:25:25,090
and all of a sudden we've
got this crisis on our hands

1684
01:25:25,127 --> 01:25:27,186
and that I'm gonna have to vote
when I come back Monday

1685
01:25:27,230 --> 01:25:30,688
for a multibillion-dollar bailout
of the financial industry.

1686
01:25:30,733 --> 01:25:34,669
The word that we got
was that if we did not act immediately

1687
01:25:34,704 --> 01:25:39,505
the economy would collapse,
no doubt about it.

1688
01:25:39,542 --> 01:25:42,875
I felt that
the announcement

1689
01:25:42,912 --> 01:25:45,278
of this crisis in September,

1690
01:25:45,314 --> 01:25:47,179
just a few weeks
before election,

1691
01:25:47,216 --> 01:25:48,513
was very suspicious.

1692
01:25:48,551 --> 01:25:51,577
This is when Congress
is the most nervous.

1693
01:25:51,621 --> 01:25:53,987
And I thought, "Wait a minute.
What's going on here?

1694
01:25:54,023 --> 01:25:56,457
This is not normal."

1695
01:25:56,492 --> 01:25:58,357
The leadership of Congress

1696
01:25:58,394 --> 01:25:59,986
and the Bush administration

1697
01:26:00,029 --> 01:26:02,361
quickly held a series
of private meetings

1698
01:26:02,398 --> 01:26:05,299
with the titans
of Wall Street to figure out

1699
01:26:05,334 --> 01:26:07,666
just how much money
was needed to cover

1700
01:26:07,703 --> 01:26:11,264
all the bad bets
investors had made.

1701
01:26:11,307 --> 01:26:15,368
A deal was cut with Treasury
Secretary Henry Paulson,

1702
01:26:15,411 --> 01:26:17,902
the former CEO
of Goldman Sachs,

1703
01:26:17,947 --> 01:26:21,815
whose net worth was estimated
at $700 million

1704
01:26:21,851 --> 01:26:25,685
when he left Goldman
to go and run the Treasury Department.

1705
01:26:25,721 --> 01:26:29,521
I think we saw the best of
the United States of America

1706
01:26:29,558 --> 01:26:32,959
in the Speaker's
office tonight.

1707
01:26:32,995 --> 01:26:35,987
The best of America?

1708
01:26:36,032 --> 01:26:39,934
Or did he mean
the best of Goldman Sachs?

1709
01:26:39,969 --> 01:26:41,732
The Treasury Department,

1710
01:26:41,771 --> 01:26:44,103
it's basically an arm
of Wall Street.

1711
01:26:44,140 --> 01:26:47,200
All the people in charge
were from Goldman Sachs.

1712
01:26:47,243 --> 01:26:50,371
We call it Government Goldman
in the modern era.

1713
01:26:50,413 --> 01:26:52,574
That's because there were now numerous

1714
01:26:52,615 --> 01:26:56,381
former Goldman executives
inside the Bush Treasury Department,

1715
01:26:56,419 --> 01:26:58,683
as there were under Clinton.

1716
01:26:58,721 --> 01:27:01,622
They worked as powerful
lobbyists from the inside

1717
01:27:01,657 --> 01:27:03,955
to abolish
financial regulations

1718
01:27:03,993 --> 01:27:06,461
while we paid
their salaries.

1719
01:27:06,495 --> 01:27:08,759
Treasury Secretary Paulson--

1720
01:27:08,798 --> 01:27:10,732
he wasn't just randomly
at Goldman.

1721
01:27:10,766 --> 01:27:14,258
He was the guy at Goldman
who got them big time

1722
01:27:14,303 --> 01:27:18,000
into buying these exotic
housing derivatives.

1723
01:27:18,040 --> 01:27:21,498
So he got Goldman in
a huge amount of trouble.

1724
01:27:21,544 --> 01:27:23,705
Insane housing derivatives

1725
01:27:23,746 --> 01:27:26,738
had now destroyed much
of Goldman's competition.

1726
01:27:26,782 --> 01:27:29,307
And with the Goldman boys
now calling the shots

1727
01:27:29,352 --> 01:27:32,185
inside the government,
they would ensure that Goldman

1728
01:27:32,221 --> 01:27:34,951
would end up as the kings
of Wall Street

1729
01:27:34,990 --> 01:27:36,423
when the dust settled.

1730
01:27:36,459 --> 01:27:38,188
So the last possible people

1731
01:27:38,227 --> 01:27:41,025
that should be giving advice
to Treasury would be Goldman.

1732
01:27:41,063 --> 01:27:42,587
So naturally Paulson,

1733
01:27:42,631 --> 01:27:45,828
former CEO of Goldman,
puts them on.

1734
01:27:45,868 --> 01:27:48,564
And what advice do they
end up giving?

1735
01:27:48,604 --> 01:27:51,437
Well, to use the taxpayers

1736
01:27:51,474 --> 01:27:53,908
to bail out Goldman

1737
01:27:53,943 --> 01:27:56,810
and other favored financial
institutions.

1738
01:27:56,846 --> 01:27:59,838
Well, Secretary Paulson
has submitted

1739
01:27:59,882 --> 01:28:01,747
a simple proposal
to Congress.

1740
01:28:01,784 --> 01:28:03,979
This is it--
3 pages.

1741
01:28:04,019 --> 01:28:06,783
It's about
$1 billion a word.

1742
01:28:06,822 --> 01:28:08,813
And it is quite simple.

1743
01:28:08,858 --> 01:28:11,986
Secretary Paulson gets
the key to the treasury.

1744
01:28:12,027 --> 01:28:15,292
He's gonna start off
by borrowing $700 billion

1745
01:28:15,331 --> 01:28:16,821
in the name
of the American people,

1746
01:28:16,866 --> 01:28:20,097
maybe more later.
And it waives all laws.

1747
01:28:20,136 --> 01:28:22,366
All laws!

1748
01:28:22,405 --> 01:28:25,841
Not even court review.
Pretty simple proposal.

1749
01:28:25,875 --> 01:28:29,436
We are in a real
crisis situation

1750
01:28:29,478 --> 01:28:31,469
that could mushroom

1751
01:28:31,514 --> 01:28:33,880
into something worse
than the Great Depression.

1752
01:28:33,916 --> 01:28:37,511
So I saw fear.
One gentleman started to cry.

1753
01:28:37,553 --> 01:28:40,886
People are telling us
that it's going to be this gigantic calamity.

1754
01:28:40,923 --> 01:28:42,788
And I'm up for election
in 2 months.

1755
01:28:42,825 --> 01:28:44,588
8 weeks away
from election,

1756
01:28:44,627 --> 01:28:47,255
I don't want to make a mistake.
What's the right thing to do?

1757
01:28:47,296 --> 01:28:49,457
Heaven help us.

1758
01:28:49,498 --> 01:28:51,489
If we fail to pass this

1759
01:28:51,534 --> 01:28:54,298
I fear the worst
is yet to come.

1760
01:28:54,336 --> 01:28:56,600
And a few members
were even told

1761
01:28:56,639 --> 01:29:00,234
that there would be martial law
in America if we voted no.

1762
01:29:00,276 --> 01:29:02,437
They were ramming this
thing down our throat.

1763
01:29:02,478 --> 01:29:04,503
They wanted us to vote on it
right away

1764
01:29:04,547 --> 01:29:07,209
without any kind of
thoughtful analysis.

1765
01:29:07,249 --> 01:29:09,308
- No real hearings?
- No real hearings.

1766
01:29:09,351 --> 01:29:11,410
And I wasn't about to--

1767
01:29:11,454 --> 01:29:14,582
I got cornered into voting

1768
01:29:14,623 --> 01:29:17,285
for the Iraq resolution
based upon some lies

1769
01:29:17,326 --> 01:29:19,226
that they made to me and I wasn't going
to go through that again.

1770
01:29:19,261 --> 01:29:22,560
I will not wait on events
while danger is gathering.

1771
01:29:22,598 --> 01:29:26,090
I will not stand by as peril
draws closer and closer.

1772
01:29:26,135 --> 01:29:28,968
Use fear and then you
get done what you want.

1773
01:29:31,006 --> 01:29:33,600
And they created
in this window--

1774
01:29:33,642 --> 01:29:36,372
2 months before election--
this pressure cooker.

1775
01:29:36,412 --> 01:29:39,108
People understand that
the House of Representatives

1776
01:29:39,148 --> 01:29:41,776
needs to pass this piece
of legislation.

1777
01:29:41,817 --> 01:29:44,752
Mr. Speaker, my message
to the American people...

1778
01:29:44,787 --> 01:29:47,779
don't let Congress
seal this Wall Street deal.

1779
01:29:47,823 --> 01:29:50,383
These criminals have
so much political power

1780
01:29:50,426 --> 01:29:52,860
they can shut down the normal
legislative process

1781
01:29:52,895 --> 01:29:55,295
of the highest lawmaking
body in this land.

1782
01:29:55,331 --> 01:29:57,265
All the committees
that should be scanning

1783
01:29:57,299 --> 01:30:00,427
every word of what is being
negotiated are benched.

1784
01:30:00,469 --> 01:30:03,199
And that means the American
people are benched too.

1785
01:30:03,239 --> 01:30:05,469
We are constitutionally sworn

1786
01:30:05,508 --> 01:30:07,635
to protect and defend
this republic

1787
01:30:07,676 --> 01:30:10,907
against all enemies
foreign and domestic.

1788
01:30:10,946 --> 01:30:13,744
They say it's gonna be
Y2K all over again.

1789
01:30:13,782 --> 01:30:16,273
This is the same politics
of fear we are hearing

1790
01:30:16,318 --> 01:30:18,809
from the fat-cat financial
bullies from Wall Street.

1791
01:30:18,854 --> 01:30:21,414
Why aren't we asking Wall Street
to clean up its own mess?

1792
01:30:21,457 --> 01:30:24,915
Why aren't we helping
American families faced with bankruptcy?

1793
01:30:24,960 --> 01:30:28,054
Why aren't we reducing debts
from Main Street instead of Wall Street?

1794
01:30:28,097 --> 01:30:29,928
Is this the United States Congress

1795
01:30:29,965 --> 01:30:32,160
or the board of directors
of Goldman Sachs?

1796
01:30:32,201 --> 01:30:34,965
The night before the vote

1797
01:30:35,004 --> 01:30:37,871
the American people
in unprecedented numbers

1798
01:30:37,907 --> 01:30:40,933
flooded Capitol Hill
with millions of messages

1799
01:30:40,976 --> 01:30:43,672
demanding that
Congress vote no.

1800
01:30:47,149 --> 01:30:50,050
The bailout package
was defeated today,

1801
01:30:50,085 --> 01:30:52,315
voted down in the House
of Representatives.

1802
01:30:52,354 --> 01:30:54,049
The stock market plunged--

1803
01:30:54,089 --> 01:30:56,751
plunged to the single
greatest point loss

1804
01:30:56,792 --> 01:30:59,090
in the Dow average
in one day ever.

1805
01:30:59,128 --> 01:31:00,720
The question is this:

1806
01:31:00,763 --> 01:31:03,129
is the failure of
the bailout reason enough

1807
01:31:03,165 --> 01:31:06,362
to vote all the incumbents
out of office in 5 weeks?

1808
01:31:06,402 --> 01:31:08,267
12 votes killed it.

1809
01:31:08,304 --> 01:31:10,499
So did the voices of a lot
of the American people

1810
01:31:10,539 --> 01:31:13,872
who called their representatives
and said no.

1811
01:31:13,909 --> 01:31:16,275
Then Congress voted no.

1812
01:31:16,312 --> 01:31:18,280
Tonight Congress
has left town.

1813
01:31:18,314 --> 01:31:21,181
It was a rebuke that Congress
and Wall Street

1814
01:31:21,216 --> 01:31:24,014
had rarely,
if ever, experienced.

1815
01:31:24,053 --> 01:31:27,147
It was what the Citibank
memo had warned against:

1816
01:31:27,189 --> 01:31:28,952
That if the peasants
ever chose

1817
01:31:28,991 --> 01:31:31,118
to exercise their
democratic rights,

1818
01:31:31,160 --> 01:31:34,152
the pillaging by the wealthy
would be over.

1819
01:31:34,196 --> 01:31:38,326
So Paulson and company headed
back up to Capitol Hill.

1820
01:31:38,367 --> 01:31:41,666
And faster than you can say
"Check, please,"

1821
01:31:41,704 --> 01:31:45,470
they cut a backroom deal
with the help of the Democrats.

1822
01:31:47,209 --> 01:31:48,699
This issue supersedes
an election.

1823
01:31:48,744 --> 01:31:50,644
We need to get this right.
We need to do it quickly.

1824
01:31:50,679 --> 01:31:52,112
I agree with the secretary.

1825
01:31:52,147 --> 01:31:54,581
It's not gonna openly cost
all these hundreds of billions.

1826
01:31:54,617 --> 01:31:56,585
We will recover most of it,
maybe all of it.

1827
01:31:56,619 --> 01:31:59,713
The Democrats became

1828
01:31:59,755 --> 01:32:03,282
the delivery man
for a bill

1829
01:32:03,325 --> 01:32:05,657
for the Republican
president.

1830
01:32:05,694 --> 01:32:09,186
The presidents and presidents-
to-be made phone calls

1831
01:32:09,231 --> 01:32:12,359
and members-- I know
at least 2 members

1832
01:32:12,401 --> 01:32:14,801
who have an interest
in the US Senate,

1833
01:32:14,837 --> 01:32:16,031
and promises were made.

1834
01:32:17,439 --> 01:32:19,634
Within days, the Congress

1835
01:32:19,675 --> 01:32:21,666
did an amazing about-face

1836
01:32:21,710 --> 01:32:25,771
and gave the banks the 700-plus
billion they wanted,

1837
01:32:25,814 --> 01:32:27,679
the people be damned.

1838
01:32:27,716 --> 01:32:30,651
On this vote
the yeas are 263,

1839
01:32:30,686 --> 01:32:33,985
the nays are 171.
The motion is adopted.

1840
01:32:34,023 --> 01:32:38,357
It was very carefully planned
to happen when it did,

1841
01:32:38,394 --> 01:32:42,421
to involve the players
that it did.

1842
01:32:42,464 --> 01:32:46,457
The message was carefully handled.

1843
01:32:46,502 --> 01:32:48,527
They had Congress right where
they wanted them.

1844
01:32:48,570 --> 01:32:51,698
You don't think it
was just happenstance?

1845
01:32:51,740 --> 01:32:53,571
No.

1846
01:32:53,609 --> 01:32:57,170
This was almost like
an intelligence operation

1847
01:32:57,212 --> 01:33:00,579
that had to be coordinated
at the highest levels.

1848
01:33:00,616 --> 01:33:03,176
This whole fiasco shows you

1849
01:33:03,218 --> 01:33:07,917
that there are some forces--

1850
01:33:07,956 --> 01:33:10,550
That are not democratic.

1851
01:33:10,592 --> 01:33:12,457
Right. That are in control.

1852
01:33:12,494 --> 01:33:15,258
Big time.

1853
01:33:15,297 --> 01:33:18,357
They did a masterful job.
Very well executed.

1854
01:33:21,070 --> 01:33:22,298
Do you think it's too harsh

1855
01:33:22,337 --> 01:33:25,738
to call what has happened
here a coup d'état?

1856
01:33:25,774 --> 01:33:27,332
A financial coup d'état?

1857
01:33:27,376 --> 01:33:30,504
No, because I think
that's what's happened.

1858
01:33:30,546 --> 01:33:33,811
- A financial coup d'état?
- Yeah.

1859
01:33:35,584 --> 01:33:37,176
I could agree with that.

1860
01:33:38,520 --> 01:33:40,613
I could agree with that
because the people here

1861
01:33:40,656 --> 01:33:42,590
really aren't in charge.

1862
01:33:42,624 --> 01:33:45,115
Wall Street is in charge.

1863
01:33:46,895 --> 01:33:48,920
Where's our money?

1864
01:33:48,964 --> 01:33:51,364
I don't know.

1865
01:33:51,400 --> 01:33:53,732
Citigroup is spending $50 million

1866
01:33:53,769 --> 01:33:55,396
on a luxury corporate jet.

1867
01:33:55,437 --> 01:33:57,997
You don't know?
But you're the person--

1868
01:33:58,040 --> 01:34:01,032
you're in charge of--
they put you in charge to find out.

1869
01:34:01,076 --> 01:34:02,771
Goldman Sachs has set aside

1870
01:34:02,811 --> 01:34:05,177
6.8 billion for bonuses.

1871
01:34:05,214 --> 01:34:08,547
But Treasury followed
a don't-ask-don't-tell policy.

1872
01:34:08,584 --> 01:34:10,814
They didn't ask the banks

1873
01:34:10,853 --> 01:34:13,083
what they were going to do
with the money.

1874
01:34:13,122 --> 01:34:16,717
And not having asked them,
the banks are not required to tell.

1875
01:34:16,759 --> 01:34:19,421
AIG poolside meetings
at a Valley resort...

1876
01:34:19,461 --> 01:34:20,655
Doesn't make any sense.

1877
01:34:20,696 --> 01:34:23,392
We're getting word
that 73 people

1878
01:34:23,432 --> 01:34:26,367
received at least
$1 million apiece.

1879
01:34:26,401 --> 01:34:28,528
Why would the Department
of Treasury

1880
01:34:28,570 --> 01:34:30,731
not require the banks
to tell them

1881
01:34:30,773 --> 01:34:32,365
what they're doing
with our money?

1882
01:34:32,407 --> 01:34:36,104
You're going to have
to ask Secretary Paulson that question.

1883
01:34:36,145 --> 01:34:38,978
Because I've asked
that question

1884
01:34:39,014 --> 01:34:42,245
in my role as head of the Congressional
Oversight Panel,

1885
01:34:42,284 --> 01:34:44,377
and so far I haven't gotten an answer.
Maybe you'll get a better one.

1886
01:34:46,655 --> 01:34:48,623
Good afternoon.
Hank Paulson's office.

1887
01:34:48,657 --> 01:34:50,181
Yeah, this is Michael Moore.

1888
01:34:50,225 --> 01:34:51,954
I'd like to talk
to Mr. Paulson.

1889
01:34:51,994 --> 01:34:54,053
- I'm sorry. Your name again?
- Michael Moore.

1890
01:34:54,096 --> 01:34:55,654
- Michael Moore?
- Yup.

1891
01:34:56,197 --> 01:34:58,894
Hello? Hello?

1892
01:34:58,934 --> 01:35:01,732
This is crazy what they're doing
with our money.

1893
01:35:01,770 --> 01:35:04,534
If I could get them
to actually give the money back--

1894
01:35:04,573 --> 01:35:06,308
I'd be in favor of that.

1895
01:35:24,193 --> 01:35:26,627
We're here to get the money
back for the American people.

1896
01:35:26,662 --> 01:35:28,493
I understand, sir,
but you can't come in.

1897
01:35:28,530 --> 01:35:29,963
- Can you just take the bag?
- No.

1898
01:35:29,998 --> 01:35:31,556
- Take it up there?
- Absolutely not.

1899
01:35:31,600 --> 01:35:33,534
Fill it up.
I got more bags.

1900
01:35:33,569 --> 01:35:35,366
10 billion probably
won't fit in here.

1901
01:35:35,404 --> 01:35:36,564
You can't help me
get the money?

1902
01:35:36,605 --> 01:35:37,765
I can't help you
get the money.

1903
01:35:37,806 --> 01:35:40,001
What would happen if I made
a run for it right now?

1904
01:35:42,144 --> 01:35:44,704
So I went to another bank.

1905
01:35:45,914 --> 01:35:46,972
We want our money back.

1906
01:35:47,015 --> 01:35:48,573
I went to all the banks.

1907
01:35:48,617 --> 01:35:50,881
- You've seen this guy?
- Yeah.

1908
01:35:50,919 --> 01:35:53,251
Okay, we're here to make
a citizen's arrest, actually.

1909
01:35:53,288 --> 01:35:55,688
Just drop it
from the windows.

1910
01:35:55,724 --> 01:35:58,284
And everywhere I went...

1911
01:36:00,028 --> 01:36:01,325
I got the same reaction.

1912
01:36:01,363 --> 01:36:03,524
We're actually here
to make a citizen's arrest

1913
01:36:03,565 --> 01:36:05,055
of the entire board
of directors

1914
01:36:05,100 --> 01:36:06,226
and the executives here.

1915
01:36:06,268 --> 01:36:07,633
Why don't you speak
to my supervisor?

1916
01:36:07,669 --> 01:36:09,500
- That's him right here.
- Where's he at?

1917
01:36:09,538 --> 01:36:11,335
- In the white shirt? Blue tie?
- Yup.

1918
01:36:11,373 --> 01:36:12,738
- That's him.
- Receding hairline?

1919
01:36:12,774 --> 01:36:16,335
They're using the money
to buy other companies.

1920
01:36:16,378 --> 01:36:19,040
This is our money.

1921
01:36:19,081 --> 01:36:21,106
This is a police officer.

1922
01:36:21,149 --> 01:36:23,276
I wanted to make a citizen's
arrest of the CEO.

1923
01:36:23,318 --> 01:36:25,013
Mr. Blankfein.

1924
01:36:25,554 --> 01:36:28,318
But you're here, so maybe
you could help me.

1925
01:36:28,357 --> 01:36:31,815
- Let's do it outside.
- $170 billion of our taxpayer money.

1926
01:36:31,860 --> 01:36:35,091
- You're not allowed in the building, sir.
- But I'm here to make an arrest.

1927
01:36:35,130 --> 01:36:37,530
- I'm here to make an arrest.
- Make it outside, sir.

1928
01:36:37,566 --> 01:36:38,999
I can't make it outside.
They're upstairs.

1929
01:36:39,034 --> 01:36:40,934
I'll make an arrest, sir.

1930
01:36:40,969 --> 01:36:42,630
You can arrest somebody?

1931
01:36:42,671 --> 01:36:44,468
If you can arrest somebody,
I can arrest somebody.

1932
01:36:44,506 --> 01:36:45,905
Sir, leave the building, sir.

1933
01:36:45,941 --> 01:36:47,306
Who else do you want
to leave the building?

1934
01:36:47,342 --> 01:36:49,139
Your cameraman and your crew.
Come on out, sir.

1935
01:36:49,177 --> 01:36:52,044
They don't speak English.
Donde?

1936
01:36:53,682 --> 01:36:56,344
These guys have broken
so many laws, you know?

1937
01:36:56,385 --> 01:36:59,980
This is money.
It's theft, it's fraud.

1938
01:37:09,498 --> 01:37:11,898
I'm gonna take it back
to the US Treasury

1939
01:37:11,934 --> 01:37:13,731
right in this car.

1940
01:37:13,769 --> 01:37:16,397
It's safe.
You can trust me.

1941
01:37:19,841 --> 01:37:23,140
There's just these little hints

1942
01:37:23,178 --> 01:37:27,615
that the unimaginable

1943
01:37:27,649 --> 01:37:32,279
could occur, which is that...

1944
01:37:34,723 --> 01:37:37,817
people in general

1945
01:37:37,859 --> 01:37:40,487
in the United States
could actually

1946
01:37:40,529 --> 01:37:43,930
become angry

1947
01:37:43,966 --> 01:37:45,866
at the wealthy.

1948
01:37:45,901 --> 01:37:49,393
Shame on you!
Shame on you!

1949
01:37:49,438 --> 01:37:51,599
People who became rich in this country

1950
01:37:51,640 --> 01:37:55,736
in the last decades
were not even making

1951
01:37:55,777 --> 01:37:59,611
the things
that everybody loved.

1952
01:37:59,648 --> 01:38:03,049
They were playing games

1953
01:38:03,085 --> 01:38:05,485
that ended up actually
harming everybody.

1954
01:38:09,291 --> 01:38:13,785
So some kind of disease
has entered into the economy.

1955
01:38:15,397 --> 01:38:19,060
It was unusual for Americans
to turn against the rich

1956
01:38:19,101 --> 01:38:22,332
because of the carrot that had
always been held out in front of us,

1957
01:38:22,371 --> 01:38:25,568
that we too could be
one of them someday.

1958
01:38:25,607 --> 01:38:28,371
People were starting not to believe that.

1959
01:38:28,410 --> 01:38:31,106
And that frightened the rich.

1960
01:38:31,146 --> 01:38:35,242
Because off in the distance
they heard something coming

1961
01:38:35,283 --> 01:38:37,945
and it wasn't another dry martini.

1962
01:38:37,986 --> 01:38:40,750
It was the friggin' people.

1963
01:38:42,657 --> 01:38:45,023
We are ready to take this country

1964
01:38:45,060 --> 01:38:47,221
in a fundamentally new direction.

1965
01:38:47,262 --> 01:38:49,856
That's what's happening
in America right now.

1966
01:38:49,898 --> 01:38:53,561
Change is what's happening
in America.

1967
01:38:53,602 --> 01:38:55,263
Holy shit.

1968
01:38:55,303 --> 01:38:58,295
This was not
what Wall Street wanted.

1969
01:38:58,340 --> 01:39:00,831
What if he won?

1970
01:39:00,876 --> 01:39:03,709
What would happen
to their way of life?

1971
01:39:05,547 --> 01:39:07,981
So they did what they always do.

1972
01:39:08,016 --> 01:39:10,177
They threw as much money
at him as they could.

1973
01:39:11,887 --> 01:39:15,323
Goldman Sachs became his
number-one private contributor

1974
01:39:15,357 --> 01:39:18,190
with nearly $1 million in contributions.

1975
01:39:20,028 --> 01:39:23,623
But yet they still weren't sure
what he would do.

1976
01:39:23,665 --> 01:39:26,566
How did he really feel about them

1977
01:39:26,601 --> 01:39:29,071
and their way of life?

1978
01:39:29,071 --> 01:39:32,973
My attitude is that if the economy
is good for folks from the bottom up,

1979
01:39:33,008 --> 01:39:34,168
it's gonna be good for everybody.

1980
01:39:37,279 --> 01:39:39,372
Senator Obama is running
to spread the wealth.

1981
01:39:39,414 --> 01:39:41,848
Joe the Plumber said to him

1982
01:39:41,883 --> 01:39:44,477
that plan sounded like socialism.

1983
01:39:48,090 --> 01:39:49,614
I love America.

1984
01:39:49,658 --> 01:39:53,458
I want to make sure it stays a democracy
and not a socialist society.

1985
01:39:56,798 --> 01:40:00,199
I really think he's gonna bring socialism
if he gets half a chance.

1986
01:40:00,235 --> 01:40:02,965
I don't trust Obama at all.

1987
01:40:04,573 --> 01:40:06,541
I left Europe 4 decades ago

1988
01:40:06,575 --> 01:40:08,839
because socialism has killed
opportunities there.

1989
01:40:08,877 --> 01:40:12,574
"Someone is going to have to
give up a piece of their pie

1990
01:40:12,614 --> 01:40:14,844
so someone else can have more."

1991
01:40:14,883 --> 01:40:16,214
I want all my pie.

1992
01:40:17,686 --> 01:40:20,587
Barack Obama is a socialist,
it's that simple.

1993
01:40:24,426 --> 01:40:27,259
The scare campaign wasn't working.

1994
01:40:27,295 --> 01:40:30,924
In fact, the more they called
Obama a socialist,

1995
01:40:30,966 --> 01:40:34,026
the more he went ahead in the polls.

1996
01:40:34,069 --> 01:40:36,765
And by using the word so much,

1997
01:40:36,805 --> 01:40:41,071
it made a new generation curious
about what that was.

1998
01:40:41,109 --> 01:40:43,737
For instance, few of them knew

1999
01:40:43,778 --> 01:40:46,474
there was actually a socialist
in the United States Senate.

2000
01:40:46,515 --> 01:40:49,746
Of course he was from
the gay state of Vermont.

2001
01:40:51,186 --> 01:40:52,881
You say that you're a socialist.
Tell me what that means.

2002
01:40:52,921 --> 01:40:54,786
I'm a democratic socialist,

2003
01:40:54,823 --> 01:40:57,553
which means that the function
of government is to represent

2004
01:40:57,592 --> 01:40:59,025
middle income and working people

2005
01:40:59,060 --> 01:41:01,426
rather than just the wealthy
and the powerful.

2006
01:41:01,463 --> 01:41:03,328
One of the things that we've done here,

2007
01:41:03,365 --> 01:41:06,163
we've become very religious
in worshipping greed.

2008
01:41:06,201 --> 01:41:08,533
We put on the front pages
of the magazines

2009
01:41:08,570 --> 01:41:10,162
guys who have made
billions of dollars.

2010
01:41:10,205 --> 01:41:12,833
We ignore the cops, the firemen,
the teachers, the nurses

2011
01:41:12,874 --> 01:41:16,071
who every day are doing so much
in improving the lives of people.

2012
01:41:16,111 --> 01:41:17,510
We've got to change our value system.

2013
01:41:18,146 --> 01:41:20,310
That doesn't sound too bad.

2014
01:41:20,348 --> 01:41:24,409
I mean, it sounds like something
maybe we should try.

2015
01:41:24,452 --> 01:41:26,147
Within a few months,

2016
01:41:26,188 --> 01:41:28,247
the Rasmussen poll reported

2017
01:41:28,290 --> 01:41:30,884
that only 37% of young adults

2018
01:41:30,926 --> 01:41:33,724
now favor capitalism over socialism.

2019
01:41:33,762 --> 01:41:37,095
I hope the economy will...

2020
01:41:39,401 --> 01:41:42,302
At 11:00 we project Barack Obama

2021
01:41:42,337 --> 01:41:44,965
President-Elect
of the United States of America.

2022
01:42:18,673 --> 01:42:21,107
Just 2 years earlier

2023
01:42:21,142 --> 01:42:23,337
had anyone predicted
this moment,

2024
01:42:23,378 --> 01:42:25,938
they would have been
considered crazy.

2025
01:42:27,215 --> 01:42:29,308
But that's how fast
things change.

2026
01:42:31,987 --> 01:42:34,478
It was in an instant

2027
01:42:34,522 --> 01:42:38,151
a farewell to the old America.

2028
01:42:41,162 --> 01:42:44,791
The country
was electrified by his victory.

2029
01:42:44,833 --> 01:42:47,666
And suddenly people
were inspired

2030
01:42:47,702 --> 01:42:50,572
to do things they never
would have done before.

2031
01:42:51,473 --> 01:42:53,202
Like the sheriff in Detroit

2032
01:42:53,241 --> 01:42:56,039
who decided it was time
to break the law

2033
01:42:56,077 --> 01:42:58,170
in order to help the people.

2034
01:42:58,213 --> 01:43:00,238
Doesn't it seem kind of strange to you

2035
01:43:00,282 --> 01:43:03,547
they would seek a government bailout?
I thought that's not what they do.

2036
01:43:03,585 --> 01:43:06,679
1-0-1 radio.

2037
01:43:06,721 --> 01:43:10,282
I thought the free market
is you sink or swim.

2038
01:43:10,325 --> 01:43:13,726
I just saw them sink
and cry like babies

2039
01:43:13,762 --> 01:43:16,322
for assistance from everybody else.

2040
01:43:17,499 --> 01:43:21,629
Today I will be stopping
all mortgage foreclosure sales

2041
01:43:21,670 --> 01:43:23,331
in Wayne County.

2042
01:43:23,371 --> 01:43:27,000
I cannot in clear conscience
allow anymore families

2043
01:43:27,042 --> 01:43:29,567
to lose their homes
through foreclosure sales.

2044
01:43:29,611 --> 01:43:32,375
What must the banks have thought

2045
01:43:32,414 --> 01:43:35,474
seeing the law that was set up
to protect their interests

2046
01:43:35,517 --> 01:43:37,246
being subverted?

2047
01:43:37,285 --> 01:43:40,277
Do you think the free market
has failed Detroit?

2048
01:43:40,322 --> 01:43:43,553
Well, I mean, I think that the free market
failed the country.

2049
01:43:43,591 --> 01:43:45,860
You know, this is crazy.

2050
01:43:45,860 --> 01:43:47,828
Neighborhoods that are
completely destroyed

2051
01:43:47,862 --> 01:43:50,194
because too many homes
have been foreclosed.

2052
01:43:50,231 --> 01:43:53,291
And then you wonder,
is this really America

2053
01:43:53,335 --> 01:43:55,394
or is this a third-world country?

2054
01:43:55,437 --> 01:43:56,927
Exactly what are we doing here?

2055
01:43:56,971 --> 01:44:01,101
Until things get so bad that people
can do nothing but protest,

2056
01:44:01,142 --> 01:44:03,110
and then those
are called revolutions.

2057
01:44:03,144 --> 01:44:07,137
And sometimes revolutions begin

2058
01:44:07,182 --> 01:44:08,410
in unlikely places.

2059
01:44:08,450 --> 01:44:10,315
Wake up.

2060
01:44:10,352 --> 01:44:12,013
Living in the back of a truck

2061
01:44:12,053 --> 01:44:16,251
after a bank foreclosed on
the home they had owned for 22 years,

2062
01:44:16,291 --> 01:44:19,692
the Trody family of Miami,
with the help of their neighbors,

2063
01:44:19,728 --> 01:44:22,162
took matters into their own hands.

2064
01:44:22,197 --> 01:44:25,189
On behalf of this family
and this community,

2065
01:44:25,233 --> 01:44:28,669
we liberate this home for this family.

2066
01:44:28,703 --> 01:44:30,603
Cut the sign down.
Take it off.

2067
01:44:31,238 --> 01:44:32,902
Yay!

2068
01:44:32,941 --> 01:44:35,671
When I say community,
y'all say power.

2069
01:44:35,710 --> 01:44:38,757
- Community!
- Power!

2070
01:44:39,481 --> 01:44:42,555
- Community!
- Power!

2071
01:44:42,884 --> 01:44:45,250
It wasn't long before
the guy from the bank

2072
01:44:45,286 --> 01:44:47,481
who had evicted them came back.

2073
01:44:47,522 --> 01:44:49,251
See this?

2074
01:44:49,290 --> 01:44:50,951
I want you to go ahead
and take a picture of that.

2075
01:44:50,992 --> 01:44:53,392
You're trespassing.

2076
01:44:53,428 --> 01:44:55,953
We did an eviction here and the people
went back inside the property.

2077
01:44:55,997 --> 01:44:58,659
Yes.
So I need police assistance.

2078
01:44:58,700 --> 01:45:00,258
When all these houses are empty

2079
01:45:00,301 --> 01:45:02,701
the value of everybody
else's house goes down.

2080
01:45:02,737 --> 01:45:05,831
So if you can keep
these people in this house

2081
01:45:05,874 --> 01:45:08,104
that will help not only them...

2082
01:45:08,143 --> 01:45:11,112
So you see, the situation is that
the people--

2083
01:45:11,146 --> 01:45:13,137
if the bank lets them go back inside,

2084
01:45:13,181 --> 01:45:16,673
then the bank misses the opportunity
to sell the house to somebody else.

2085
01:45:16,718 --> 01:45:19,346
The banks are selling
so many houses right now.

2086
01:45:19,387 --> 01:45:22,879
Well, if the bank lets everybody
get back inside the house for free--

2087
01:45:22,924 --> 01:45:24,858
Then people will have places to live.

2088
01:45:24,893 --> 01:45:27,623
People fighting back
was an unusual sight.

2089
01:45:27,662 --> 01:45:30,688
So 9 police cars
responded to the call.

2090
01:45:30,732 --> 01:45:32,723
Considering the neighborhood,

2091
01:45:32,767 --> 01:45:34,997
the response time
was impressive.

2092
01:45:35,036 --> 01:45:36,936
- You are not in charge.
- I'm not saying I'm in charge.

2093
01:45:36,971 --> 01:45:39,462
I'm saying she doesn't want to be isolated.
You don't have to answer any questions.

2094
01:45:39,507 --> 01:45:41,702
You don't have to say
anything to them, okay?

2095
01:45:41,743 --> 01:45:43,643
But the Trodys stood their ground.

2096
01:45:43,678 --> 01:45:46,272
We don't have nowhere else to go.

2097
01:45:46,314 --> 01:45:49,215
- This was the backup plan.
- We're forced to live inside of a truck.

2098
01:45:49,250 --> 01:45:52,219
This was our plan B.
We don't have no plan C.

2099
01:45:52,253 --> 01:45:54,721
That is our grandma and it's not right.

2100
01:45:54,756 --> 01:45:57,247
She's been in this house for 22 years
and y'all gonna put her out?

2101
01:45:57,292 --> 01:45:59,283
How do you feel putting people
out of their homes

2102
01:45:59,327 --> 01:46:01,454
every single frickin' day?

2103
01:46:01,496 --> 01:46:03,896
You should rather be home
instead of do something like that.

2104
01:46:03,932 --> 01:46:07,265
Where is the money the federal
government put in the bank?

2105
01:46:07,302 --> 01:46:11,261
We should be telling you that you're
trespassing because this is our house.

2106
01:46:17,612 --> 01:46:20,911
<i>* Rooted like a tree,
rooted like a tree</i>

2107
01:46:20,949 --> 01:46:23,440
<i>* We are here</i>

2108
01:46:23,485 --> 01:46:26,454
<i>* Stand up strong...</i>

2109
01:46:26,488 --> 01:46:29,048
Let's go.

2110
01:46:29,090 --> 01:46:31,115
- We did good. We did good.
- All right.

2111
01:46:31,159 --> 01:46:34,458
The police and the man
from the bank were sent packing.

2112
01:46:34,496 --> 01:46:36,691
Ain't no power
like the power of the people.

2113
01:46:36,731 --> 01:46:38,995
And the power of the people don't stop.
Say what?

2114
01:46:39,033 --> 01:46:41,661
Ain't no power
like the power of the people.

2115
01:46:41,703 --> 01:46:44,263
And the power of the people don't stop.
Say what?

2116
01:46:44,305 --> 01:46:46,967
Don't leave your home.

2117
01:46:47,008 --> 01:46:48,373
Because you know what?

2118
01:46:48,409 --> 01:46:50,673
When those companies say
they have your mortgage,

2119
01:46:50,712 --> 01:46:53,647
unless you have a lawyer
that can put his finger

2120
01:46:53,681 --> 01:46:56,172
or her finger on that mortgage,
you don't have that mortgage.

2121
01:46:56,217 --> 01:47:00,176
And you're gonna find that they can't find
the paper up there on Wall Street.

2122
01:47:00,221 --> 01:47:04,214
So I say to the American people,
you be squatters in your own homes.

2123
01:47:04,259 --> 01:47:06,784
Don't you leave
in Ohio and Michigan,

2124
01:47:06,828 --> 01:47:08,989
in Indiana and Illinois
and all these other places

2125
01:47:09,030 --> 01:47:11,123
where our people are being
treated like chattel.

2126
01:47:11,165 --> 01:47:14,328
And this Congress is stymied.

2127
01:47:15,703 --> 01:47:18,501
It's not every day you get
to see a member of Congress

2128
01:47:18,540 --> 01:47:21,276
encouraging open rebellion.

2129
01:47:21,276 --> 01:47:23,506
Back in Chicago,

2130
01:47:23,545 --> 01:47:25,911
the workers at Republic
Windows & Doors

2131
01:47:25,947 --> 01:47:27,209
had a bright idea.

2132
01:47:28,850 --> 01:47:31,182
They decided that on
second thought,

2133
01:47:31,219 --> 01:47:34,416
it wasn't okay to be fired
without notice,

2134
01:47:34,455 --> 01:47:37,549
to be denied their vacation
and severance pay

2135
01:47:37,592 --> 01:47:40,618
and to have their
medical benefits cut off.

2136
01:47:42,730 --> 01:47:45,426
So they came up with a plan.

2137
01:47:45,466 --> 01:47:48,401
Tell Bank of America
and the owners of the company

2138
01:47:48,436 --> 01:47:50,927
that it was a new day in America.

2139
01:47:50,972 --> 01:47:52,906
They weren't going
to leave the building

2140
01:47:52,941 --> 01:47:56,240
until they were paid
what they were owed.

2141
01:47:56,277 --> 01:48:00,236
Yes, it was a good old fashioned
sit-down strike.

2142
01:48:03,017 --> 01:48:05,315
We understand that perhaps

2143
01:48:05,353 --> 01:48:08,618
some bad business deals
were made.

2144
01:48:08,656 --> 01:48:11,887
But guess what?
We don't make business deals.

2145
01:48:11,926 --> 01:48:14,190
We make windows and doors.

2146
01:48:14,228 --> 01:48:16,162
Why should we be punished?

2147
01:48:28,710 --> 01:48:31,042
The union organizers
and the workers

2148
01:48:31,079 --> 01:48:34,776
prepared for a police assault
that was sure to come.

2149
01:48:34,816 --> 01:48:37,444
I'm gonna take the chance.

2150
01:48:37,485 --> 01:48:39,385
You're prepared to be arrested?

2151
01:48:39,420 --> 01:48:41,650
I am prepared to be arrested
if it's necessary.

2152
01:48:41,689 --> 01:48:45,648
We've been here since yesterday
and we aren't going anywhere.

2153
01:48:45,693 --> 01:48:47,524
We are committed to this.

2154
01:48:47,562 --> 01:48:49,894
It wasn't long before the media showed up.

2155
01:48:49,931 --> 01:48:52,832
And given the mood of the country
toward the bailout,

2156
01:48:52,867 --> 01:48:56,826
even the TV anchors had run out
of sympathy for the banks.

2157
01:48:56,871 --> 01:49:00,602
In Chicago, a group of factory workers
watched like the rest of us

2158
01:49:00,642 --> 01:49:03,270
as taxpayers bailed out
the financial industry.

2159
01:49:03,311 --> 01:49:06,576
Now these laid-off workers
are demanding Bank of America

2160
01:49:06,614 --> 01:49:09,310
spend some of its
bailout money on them.

2161
01:49:09,350 --> 01:49:11,443
It says "Bank Robbers of America."

2162
01:49:11,486 --> 01:49:14,649
Look, if we the taxpayers
are going to provide

2163
01:49:14,689 --> 01:49:17,681
a bailout for companies
like Bank of America,

2164
01:49:17,725 --> 01:49:20,592
then the least they can do
is use those funds

2165
01:49:20,628 --> 01:49:23,119
on American workers
and companies.

2166
01:49:23,164 --> 01:49:26,292
$25 billion to Bank of America.

2167
01:49:26,334 --> 01:49:28,700
How do people sleep at night
when they act like that?

2168
01:49:28,736 --> 01:49:30,328
I don't get it.

2169
01:49:30,371 --> 01:49:32,271
Because what's the point
of bailing them out

2170
01:49:32,306 --> 01:49:34,968
if there aren't any jobs?

2171
01:49:35,009 --> 01:49:37,534
The strike went on day after day.

2172
01:49:37,578 --> 01:49:40,342
The police had not yet come.

2173
01:49:40,381 --> 01:49:43,179
But the son of a Chicago
steelworker did.

2174
01:49:43,217 --> 01:49:47,381
He just also happened to be
the bishop in Chicago.

2175
01:49:47,422 --> 01:49:49,413
Ladies and gentlemen,

2176
01:49:49,457 --> 01:49:51,652
I am Bishop James Wilkowski.

2177
01:49:51,693 --> 01:49:54,890
I know that you are all undergoing

2178
01:49:54,929 --> 01:49:56,954
a great trial.

2179
01:49:56,998 --> 01:49:59,728
You are teaching

2180
01:49:59,767 --> 01:50:02,133
to our young people

2181
01:50:02,170 --> 01:50:04,195
that it is just

2182
01:50:04,238 --> 01:50:07,799
to challenge
that which is unfair.

2183
01:50:08,843 --> 01:50:12,939
I grew up on the far southeast
side of Chicago

2184
01:50:12,980 --> 01:50:14,709
and I saw what happened

2185
01:50:14,749 --> 01:50:18,082
when all the steel mills
disappeared.

2186
01:50:18,119 --> 01:50:20,986
And I saw the impact that it had

2187
01:50:21,022 --> 01:50:22,785
on families.

2188
01:50:22,824 --> 01:50:24,724
But this time

2189
01:50:24,759 --> 01:50:26,818
we are with you.

2190
01:50:26,861 --> 01:50:29,796
And we will not abandon you.

2191
01:50:29,831 --> 01:50:31,822
In the name of the Father
and the Son

2192
01:50:31,866 --> 01:50:33,493
and the Holy Spirit.
Amen.

2193
01:50:33,534 --> 01:50:35,102
The body of Christ.

2194
01:50:37,805 --> 01:50:39,332
The body of Christ.

2195
01:50:41,976 --> 01:50:43,500
The body of Christ.

2196
01:50:45,847 --> 01:50:48,645
When it comes to the situation

2197
01:50:48,683 --> 01:50:52,084
here in Chicago
with the workers

2198
01:50:52,120 --> 01:50:55,988
who are asking for the benefits
and payments

2199
01:50:56,023 --> 01:50:58,719
that they have earned,
I think they're absolutely right.

2200
01:51:02,330 --> 01:51:05,595
What's happening to them
is reflective of what's happening

2201
01:51:05,633 --> 01:51:07,601
across this economy.

2202
01:51:07,635 --> 01:51:10,263
He said, "What's happening to them
is reflective of what's happening..."

2203
01:51:10,304 --> 01:51:12,238
He said what is happening to those workers

2204
01:51:12,273 --> 01:51:14,867
is reflective to what's happening
across this economy.

2205
01:51:14,909 --> 01:51:17,776
I was watching Obama's press
conference this morning.

2206
01:51:17,812 --> 01:51:20,110
I just got out of bed and decided

2207
01:51:20,148 --> 01:51:22,878
the best thing I could do
was to feed people.

2208
01:51:22,917 --> 01:51:24,407
So I brought some food.

2209
01:51:24,452 --> 01:51:26,750
- I brought some sandwiches.
- Good.

2210
01:51:26,788 --> 01:51:30,588
In fact, lots of Chicagoans
showed up to support the workers.

2211
01:51:30,625 --> 01:51:32,183
The workers have become
a national symbol

2212
01:51:32,226 --> 01:51:34,251
for thousands of employees
laid off across the country.

2213
01:51:34,295 --> 01:51:36,525
The sit-in has grabbed
the attention of politicians

2214
01:51:36,564 --> 01:51:40,193
who believe it exemplifies an imbalance
between a Wall Street

2215
01:51:40,234 --> 01:51:44,034
that gets government help
and a Main Street that gets the shaft.

2216
01:51:44,071 --> 01:51:46,062
The question started to be asked:

2217
01:51:46,107 --> 01:51:48,575
Was this is the beginnings of a worker's
revolt against Wall Street?

2218
01:51:51,179 --> 01:51:53,306
The people united.

2219
01:51:53,347 --> 01:51:55,406
We'll never be defeated.

2220
01:51:55,449 --> 01:51:59,283
Bail out workers, not the banks.
Bail out workers, not the banks.

2221
01:51:59,320 --> 01:52:03,654
Pledges of financial support and
food showed up by the truckload.

2222
01:52:03,691 --> 01:52:07,058
It's really beyond what we had
at first initially imagined.

2223
01:52:07,094 --> 01:52:09,892
And so now we're dreaming a little bit.

2224
01:52:09,931 --> 01:52:12,923
We even had a conversation--
well, what if we just tried

2225
01:52:12,967 --> 01:52:14,696
to run the factory like a cooperative?

2226
01:52:14,735 --> 01:52:16,760
We don't have any money.
We're not capitalists.

2227
01:52:16,804 --> 01:52:19,898
We're having those kind
of conversations

2228
01:52:19,941 --> 01:52:22,671
and the workers are thinking about it
and it's a difficult thing

2229
01:52:22,710 --> 01:52:24,974
'cause, you know, if you've been
told your whole life

2230
01:52:25,012 --> 01:52:28,311
that things are the way
other people tell you they are,

2231
01:52:28,349 --> 01:52:30,340
to be able to think
I can make it different

2232
01:52:30,384 --> 01:52:33,478
is quite a big deal.

2233
01:52:35,690 --> 01:52:38,352
We're all over the national news.
Everyone is watching you

2234
01:52:38,392 --> 01:52:41,725
because they're so inspired by you.

2235
01:52:44,398 --> 01:52:46,229
After 6 days of the sit-in

2236
01:52:46,267 --> 01:52:49,498
Bank of America decided
enough was enough.

2237
01:52:49,537 --> 01:52:51,732
Better to pay off
these workers now

2238
01:52:51,772 --> 01:52:55,139
and hope their little
revolution goes away.

2239
01:52:55,176 --> 01:52:58,907
And so the bank and the company
agreed to all the worker's demands.

2240
01:52:58,946 --> 01:53:01,847
Yes we did!
Yes we did!

2241
01:53:01,883 --> 01:53:05,546
The average package for each worker

2242
01:53:05,586 --> 01:53:09,454
will be very close to $6,000.

2243
01:53:09,490 --> 01:53:12,721
But this is about more
than just money.

2244
01:53:12,760 --> 01:53:16,218
It's about what can be achieved

2245
01:53:16,264 --> 01:53:20,257
when workers organize
and stand up for justice.

2246
01:53:20,301 --> 01:53:22,360
Just to fight--
fight fight fight fight fight

2247
01:53:22,403 --> 01:53:24,769
just to get the most basic thing

2248
01:53:24,805 --> 01:53:26,568
that people should take for granted

2249
01:53:26,607 --> 01:53:30,407
and that's legally theirs.

2250
01:53:30,444 --> 01:53:34,448
We just fight so hard just for
the most basic things in life.

2251
01:53:36,751 --> 01:53:39,879
It's a fight we knew
all too well in Flint, Michigan.

2252
01:53:39,921 --> 01:53:43,288
For it was here that my uncle
and his fellow workers

2253
01:53:43,324 --> 01:53:46,054
first brought down the mighty
corporate interests

2254
01:53:46,093 --> 01:53:47,754
that dominated their lives.

2255
01:53:49,997 --> 01:53:53,398
It was the day before
New Year's Eve in 1936.

2256
01:53:53,434 --> 01:53:56,870
Hundreds of men and women
took over the GM factories in Flint

2257
01:53:56,904 --> 01:53:59,236
and occupied them for 44 days.

2258
01:54:01,108 --> 01:54:04,475
They were the first union that beat
an industrial corporation.

2259
01:54:04,512 --> 01:54:06,810
And their actions eventually resulted

2260
01:54:06,847 --> 01:54:09,315
in the creation of a middle class.

2261
01:54:09,350 --> 01:54:12,478
But back in these days of the Flint
sit-down strike,

2262
01:54:12,520 --> 01:54:16,854
the police and the company thugs
were not going to just stand by.

2263
01:54:16,891 --> 01:54:20,486
After a bloody battle one evening,
the Governor of Michigan,

2264
01:54:20,528 --> 01:54:23,691
with the support of the President
of the United States

2265
01:54:23,731 --> 01:54:27,531
Franklin Roosevelt,
sent in the National Guard.

2266
01:54:27,568 --> 01:54:31,595
But the guns of the soldiers
weren't used on the workers.

2267
01:54:31,639 --> 01:54:33,300
They were pointed at the police

2268
01:54:33,341 --> 01:54:35,309
and the hired goons,

2269
01:54:35,343 --> 01:54:38,870
warning them to leave
these workers alone.

2270
01:54:40,014 --> 01:54:42,847
For Mr. Roosevelt believed
that the men inside

2271
01:54:42,883 --> 01:54:47,047
had a right to a redress
of their grievances.

2272
01:54:48,389 --> 01:54:51,620
7 years later,
President Roosevelt was too sick

2273
01:54:51,659 --> 01:54:55,493
to go up to the Capitol and give his
annual State of the Union Address.

2274
01:54:55,529 --> 01:54:57,360
Ladies and gentlemen,

2275
01:54:57,398 --> 01:55:00,265
the President of the United States.

2276
01:55:00,301 --> 01:55:04,829
It has been my custom to deliver
these annual messages in person.

2277
01:55:04,872 --> 01:55:07,898
So he gave it from
the White House over the radio.

2278
01:55:07,942 --> 01:55:11,002
When it was over he asked
the newsreel cameras

2279
01:55:11,045 --> 01:55:14,105
to step into his room because he
wanted the American people

2280
01:55:14,148 --> 01:55:17,777
to see one particular part
of his speech.

2281
01:55:17,818 --> 01:55:21,447
The President of the United States
then took the radical step

2282
01:55:21,489 --> 01:55:24,185
of proposing a second Bill of Rights

2283
01:55:24,225 --> 01:55:25,624
to the Constitution.

2284
01:55:25,659 --> 01:55:29,288
In our day certain economic truths

2285
01:55:29,330 --> 01:55:32,527
have become accepted
as self-evident.

2286
01:55:32,566 --> 01:55:35,126
A second Bill of Rights

2287
01:55:35,169 --> 01:55:38,935
under which a new basis of security
and prosperity

2288
01:55:38,973 --> 01:55:41,237
can be established for all

2289
01:55:41,275 --> 01:55:44,972
regardless of station
or race or creed.

2290
01:55:45,012 --> 01:55:47,810
Among these are:

2291
01:55:47,848 --> 01:55:51,807
The right to a useful
and remunerative job;

2292
01:55:51,852 --> 01:55:55,310
The right to earn enough to provide
adequate food

2293
01:55:55,356 --> 01:55:56,914
and clothing and recreation;

2294
01:55:56,957 --> 01:55:59,482
The right of every farmer

2295
01:55:59,527 --> 01:56:01,961
to raise and sell his products

2296
01:56:01,996 --> 01:56:05,124
at a return which will
give him and his family

2297
01:56:05,166 --> 01:56:07,532
a decent living;

2298
01:56:07,568 --> 01:56:11,504
The right of every businessman
large and small

2299
01:56:11,539 --> 01:56:14,906
to trade in an atmosphere of freedom,

2300
01:56:14,942 --> 01:56:18,639
freedom from unfair competition
and domination

2301
01:56:18,679 --> 01:56:21,807
by monopolies at home or abroad;

2302
01:56:21,849 --> 01:56:25,307
The right of every family
to a decent home;

2303
01:56:25,352 --> 01:56:28,981
The right to adequate medical care

2304
01:56:29,023 --> 01:56:32,925
and the opportunity to achieve
and enjoy good health;

2305
01:56:32,960 --> 01:56:36,293
The right to adequate protection

2306
01:56:36,330 --> 01:56:39,731
from the economic fears
of old age,

2307
01:56:39,767 --> 01:56:42,258
sickness, accidents

2308
01:56:42,303 --> 01:56:44,134
and unemployment;

2309
01:56:44,171 --> 01:56:47,231
The right to a good education.

2310
01:56:47,274 --> 01:56:51,677
All of these rights spell security.

2311
01:56:51,712 --> 01:56:54,738
And after this war is won,

2312
01:56:54,782 --> 01:56:58,149
we must be prepared
to move forward

2313
01:56:58,185 --> 01:57:01,279
in the implementation
of these rights

2314
01:57:01,322 --> 01:57:05,088
to new goals of human happiness
and wellbeing.

2315
01:57:05,126 --> 01:57:09,620
For unless there is security
here at home,

2316
01:57:09,663 --> 01:57:14,498
there cannot be lasting peace
in the world.

2317
01:57:23,944 --> 01:57:27,243
Roosevelt would be dead
in little over a year.

2318
01:57:30,050 --> 01:57:33,383
He would not live to see
the end of the war.

2319
01:57:33,420 --> 01:57:37,254
Nor would there be any enactment
of his new Bill of Rights.

2320
01:57:44,732 --> 01:57:47,724
Had he lived and succeeded,

2321
01:57:47,768 --> 01:57:50,100
every American,
regardless of race,

2322
01:57:50,137 --> 01:57:53,265
would have had a right
to a decent job...

2323
01:57:56,210 --> 01:57:57,802
a livable wage...

2324
01:58:00,381 --> 01:58:01,780
universal health care...

2325
01:58:03,817 --> 01:58:05,546
a good education...

2326
01:58:07,988 --> 01:58:10,149
an affordable home...

2327
01:58:12,293 --> 01:58:14,557
a paid vacation...

2328
01:58:18,365 --> 01:58:20,993
and an adequate pension.

2329
01:58:23,837 --> 01:58:26,431
None of this would come to pass.

2330
01:58:28,509 --> 01:58:32,843
No American would be
guaranteed any of this.

2331
01:58:36,450 --> 01:58:39,078
But the people of Europe and Japan

2332
01:58:39,119 --> 01:58:41,815
got every one of these rights.

2333
01:58:41,855 --> 01:58:44,517
How did that happen?

2334
01:58:44,558 --> 01:58:49,291
After the war, the people
of Roosevelt's administration

2335
01:58:49,330 --> 01:58:52,299
went overseas
to help rebuild Europe.

2336
01:58:52,333 --> 01:58:56,326
During this time new constitutions
were written

2337
01:58:56,370 --> 01:59:00,830
for the defeated nations
of Germany, Italy and Japan.

2338
01:59:00,874 --> 01:59:03,570
The Italian constitution

2339
01:59:03,611 --> 01:59:06,580
guaranteed all women equal rights.

2340
01:59:06,614 --> 01:59:09,412
And this was 1947.

2341
01:59:09,450 --> 01:59:13,614
The German constitution
said that the state has the right

2342
01:59:13,654 --> 01:59:17,090
to take over property
and the means of production

2343
01:59:17,124 --> 01:59:19,024
for the common good.

2344
01:59:19,059 --> 01:59:22,119
And here's what we wrote up
for the Japanese.

2345
01:59:22,162 --> 01:59:25,563
All workers have a right
to organize into a union.

2346
01:59:25,599 --> 01:59:29,433
And academic freedom
is guaranteed.

2347
01:59:29,470 --> 01:59:32,337
For the next 65 years

2348
01:59:32,373 --> 01:59:34,432
we would not become the country

2349
01:59:34,475 --> 01:59:36,375
that Roosevelt wanted us to be.

2350
01:59:37,544 --> 01:59:41,207
Instead, we became this...

2351
01:59:48,789 --> 01:59:51,485
I remember thinking
during the Katrina flood,

2352
01:59:51,525 --> 01:59:53,459
"Why is it always the poor

2353
01:59:53,494 --> 01:59:55,325
who have to suffer the misery?

2354
01:59:55,362 --> 01:59:57,796
Why isn't it ever Bernie Madoff
up on the roof

2355
01:59:57,831 --> 01:59:59,526
screaming for help?

2356
01:59:59,566 --> 02:00:01,329
Or the head of Citibank

2357
02:00:01,368 --> 02:00:04,860
or the hedge fund guys
at Goldman Sachs?

2358
02:00:04,905 --> 02:00:07,999
Or the CEO at AIG?"

2359
02:00:08,042 --> 02:00:10,272
It never is these guys, is it?

2360
02:00:10,311 --> 02:00:14,042
It's always those who
never got a slice of the pie

2361
02:00:14,081 --> 02:00:16,379
because these men
took it all

2362
02:00:16,417 --> 02:00:18,647
and left them with nothing,

2363
02:00:18,686 --> 02:00:20,449
left them to die.

2364
02:00:22,990 --> 02:00:25,788
I refuse to live in a country like this.

2365
02:00:25,826 --> 02:00:27,919
And I'm not leaving.

2366
02:00:41,842 --> 02:00:45,175
We live in the richest
country in the world.

2367
02:00:45,212 --> 02:00:48,807
We all deserve a decent job,

2368
02:00:48,849 --> 02:00:52,615
healthcare, a good education,

2369
02:00:52,653 --> 02:00:55,884
a home to call our own.

2370
02:00:55,923 --> 02:00:58,448
We all deserve FDR's dream.

2371
02:01:00,094 --> 02:01:02,358
And it's a crime that we don't have it.

2372
02:01:03,630 --> 02:01:05,257
And we never will,

2373
02:01:05,299 --> 02:01:08,757
as long as we have a system
that enriches the few

2374
02:01:08,802 --> 02:01:11,202
at the expense of the many.

2375
02:01:12,873 --> 02:01:15,433
Capitalism is an evil.

2376
02:01:15,476 --> 02:01:17,535
And you cannot regulate evil.

2377
02:01:19,646 --> 02:01:23,446
You have to eliminate it
and replace it with something

2378
02:01:23,484 --> 02:01:26,510
that is good for all people.

2379
02:01:26,553 --> 02:01:30,512
And that something
is called democracy.

2381
02:01:43,470 --> 02:01:45,995
Crimes have been committed
in this building.

2382
02:01:46,039 --> 02:01:48,803
I am here to make a citizen's arrest.

2383
02:01:48,842 --> 02:01:52,334
Please come down
and step away from the building.

2384
02:01:52,379 --> 02:01:54,574
Do not be afraid.

2385
02:01:54,615 --> 02:01:57,550
Federal prison is a nice place.

2386
02:02:01,622 --> 02:02:04,591
You know,
I can't really do this anymore

2387
02:02:04,625 --> 02:02:07,617
unless those of you who
are watching this in the theater

2388
02:02:07,661 --> 02:02:09,720
want to join me.

2389
02:02:09,763 --> 02:02:11,788
I hope you will.

2390
02:02:11,832 --> 02:02:14,562
And please, speed it up.

2391
02:02:16,370 --> 02:02:20,306
<i>* Arise ye workers
from your slumber</i>

2392
02:02:20,340 --> 02:02:23,741
<i>* Arise ye prisoners of want,
that's right</i>

2393
02:02:23,777 --> 02:02:27,907
<i>* For reason in revolt
now thunders</i>

2394
02:02:27,948 --> 02:02:30,849
<i>* Chains of hatred, greed
and fear</i>

2395
02:02:30,884 --> 02:02:35,344
<i>* Away with all
your superstitions</i>

2396
02:02:35,389 --> 02:02:39,382
<i>* Servile masses arise, arise</i>

2397
02:02:39,426 --> 02:02:43,192
<i>* We'll change henceforth
the old tradition</i>

2398
02:02:43,230 --> 02:02:46,722
<i>* And spurn the dust
to win the prize</i>

2399
02:02:46,767 --> 02:02:50,601
<i>* So comrades, come on and rally</i>

2400
02:02:50,637 --> 02:02:54,437
<i>* And the last fight let us face</i>

2401
02:02:54,475 --> 02:02:57,933
<i>* The Internationale</i>

2402
02:02:57,978 --> 02:03:02,108
<i>* Unites the whole darn
human race</i>

2403
02:03:02,149 --> 02:03:04,379
<i>* So comrades, come on</i>

2404
02:03:04,418 --> 02:03:06,147
<i>* Let's go rally</i>

2405
02:03:06,186 --> 02:03:09,917
<i>* And the last fight let us face</i>

2406
02:03:09,957 --> 02:03:13,358
<i>* The Internationale</i>

2407
02:03:13,393 --> 02:03:17,659
<i>* Unites the whole darn human race</i>

2408
02:03:17,698 --> 02:03:21,657
<i>* No more deluded by reaction</i>

2409
02:03:21,702 --> 02:03:25,103
<i>* On tyrants only we'll make war</i>

2410
02:03:25,138 --> 02:03:29,370
<i>* The soldiers too will take strike action</i>

2411
02:03:29,409 --> 02:03:32,435
<i>* They'll break ranks and fight no more</i>

2412
02:03:32,479 --> 02:03:36,643
<i>* And if those cannibals keep trying</i>

2413
02:03:36,683 --> 02:03:40,278
<i>* To sacrifice us to their pride</i>

2414
02:03:40,320 --> 02:03:44,416
<i>* Each at the forge must do their duty</i>

2415
02:03:44,458 --> 02:03:48,019
<i>* And we'll strike while the iron is hot</i>

2416
02:03:48,061 --> 02:03:52,088
<i>* So comrades, come on, let's go rally</i>

2417
02:03:52,132 --> 02:03:55,932
<i>* And the last fight let us face</i>

2418
02:03:55,969 --> 02:03:59,132
<i>* The Internationale</i>

2419
02:03:59,172 --> 02:04:03,506
<i>* Unites the whole beautiful
human race</i>

2420
02:04:03,544 --> 02:04:07,344
<i>* So comrades, come on, let's go rally</i>

2421
02:04:07,381 --> 02:04:11,408
<i>* And the last fight let us face</i>

2422
02:04:11,451 --> 02:04:14,579
<i>* The Internationale</i>

2423
02:04:14,621 --> 02:04:20,423
<i>* Unites the whole darn
human race.</i>

2424
02:04:36,176 --> 02:04:39,145
<i>* Jesus Christ was a man</i>

2425
02:04:39,179 --> 02:04:41,739
<i>* That traveled through the land</i>

2426
02:04:41,782 --> 02:04:46,981
<i>* A carpenter true and brave</i>

2427
02:04:47,020 --> 02:04:49,648
<i>* And he said to the rich</i>

2428
02:04:49,690 --> 02:04:52,215
<i>* Give your goods to the poor</i>

2429
02:04:52,259 --> 02:04:57,356
<i>* And they laid Jesus Christ
in the grave</i>

2430
02:04:57,397 --> 02:05:00,161
<i>* He went to the sick</i>

2431
02:05:00,200 --> 02:05:02,998
<i>* And he went to the poor</i>

2432
02:05:03,036 --> 02:05:05,630
<i>* And he went to the hungry</i>

2433
02:05:05,672 --> 02:05:08,232
<i>* And the lame</i>

2434
02:05:08,275 --> 02:05:10,675
<i>* And he said that the meek</i>

2435
02:05:10,711 --> 02:05:13,578
<i>* Would inherit the whole world</i>

2436
02:05:13,614 --> 02:05:18,642
<i>* And they laid Jesus Christ in the grave</i>

2437
02:05:19,820 --> 02:05:21,651
<i>* One day Jesus stopped</i>

2438
02:05:21,688 --> 02:05:24,486
<i>* At a rich man's door</i>

2439
02:05:24,524 --> 02:05:29,484
<i>* What must I do to be saved?</i>

2440
02:05:30,497 --> 02:05:32,658
<i>* Take all you own</i>

2441
02:05:32,699 --> 02:05:35,133
<i>* And give it to the poor</i>

2442
02:05:35,168 --> 02:05:40,333
<i>* And they laid Jesus Christ in the grave</i>

2443
02:05:40,374 --> 02:05:42,865
<i>* When the love of the poor</i>

2444
02:05:42,909 --> 02:05:45,605
<i>* Shall one day turn to hate</i>

2445
02:05:45,646 --> 02:05:48,274
<i>* When the patience of the workers</i>

2446
02:05:48,315 --> 02:05:50,783
<i>* Gives away</i>

2447
02:05:50,817 --> 02:05:53,843
<i>* It would better for the rich</i>

2448
02:05:53,887 --> 02:05:56,412
<i>* If they'd never been born</i>

2449
02:05:56,456 --> 02:06:01,291
<i>* So they laid Jesus Christ in the grave</i>

2450
02:06:07,200 --> 02:06:09,828
<i>* When Jesus came to town</i>

2451
02:06:09,870 --> 02:06:12,430
<i>* All the working folks around</i>

2452
02:06:12,472 --> 02:06:17,705
<i>* Believed what he did say</i>

2453
02:06:17,744 --> 02:06:20,770
<i>* But bankers and preachers</i>

2454
02:06:20,814 --> 02:06:23,044
<i>* Nailed him to the cross</i>

2455
02:06:23,083 --> 02:06:28,077
<i>* And they laid Jesus Christ in the grave</i>

2456
02:06:28,121 --> 02:06:30,885
<i>* Well, the people held their breath</i>

2457
02:06:30,924 --> 02:06:33,791
<i>* When they heard about his death</i>

2458
02:06:33,827 --> 02:06:39,060
<i>* And everybody wondered why</i>

2459
02:06:39,099 --> 02:06:42,262
<i>* It was the landlord and soldiers</i>

2460
02:06:42,302 --> 02:06:44,429
<i>* Lawmen they had hired</i>

2461
02:06:44,471 --> 02:06:49,738
<i>* That nailed Jesus Christ in the sky</i>

2462
02:06:49,776 --> 02:06:52,609
<i>* We would lay Jesus Christ</i>

2463
02:06:52,646 --> 02:06:55,274
<i>* In the grave, Lord, Lord</i>

2464
02:06:55,315 --> 02:06:59,411
<i>* We would lay Jesus Christ
in the grave</i>

2465
02:07:00,420 --> 02:07:03,014
<i>* If Jesus preached today</i>

2466
02:07:03,056 --> 02:07:05,820
<i>* Like he preached in Galilee</i>

2467
02:07:05,859 --> 02:07:10,694
<i>* They would lay Jesus Christ
in his grave.</i>