In this episode, Front Running takes a look at the policies for Wall Street reform causing bankers to publicly denounce some of the Democratic candidates. Bankers are warning socialism and ruin will follow any reform, but voters want some justice for the system they believe has delivered record levels of inequality.
For this episode of Front Running, Max and Stacy are joined by guests Dr. Michael Hudson, a former balance of payments economist at Chase Manhattan Bank and author of “Super Imperialism,” and Randy Voller, the former mayor of Pittsboro, North Carolina and the former head of the Democratic Party of North Carolina. Barack Obama had been voted into office in 2008 on the hope of change on Wall Street where bankers had just taken the world economy to the brink of disaster. Young voters and Occupy Wall Street activists wanted bankers punished for the widespread fraud that was evident to almost all in the aftermath of the global financial crisis. Instead Obama, once in office, vowed to ‘look forward, not back’ and his attorney general, Eric Holder, implemented the ‘Holder Doctrine’ whereby banking crime was not prosecuted for fear of collateral damage to the economy. Still yearning for economic and financial justice, however, Democratic voters are demanding action is taken by the next Democratic administration, and some of the candidates are promising it. Front Running guests review the plans and policies being presented, from a financial transaction tax to the restoration of Glass-Steagall, and ask whether the system is beyond repair at this point. Tune in to hear what Front Running has to say about ending Wall Street fraud and the bank bailouts which inevitably follow.
