On The Monitor this week:
- A round up of US national security news with Jonathan Landay
- William Black on the Trump administration’s dismantling of the Obama administration’s already insufficient post-2008 financial regulations
More about this week’s guests:
On The Monitor this week:
- Is Wall Street in the Saddle? We discuss Hillary Clinton’s relationships with Wall Street and Donald Trump’s conflicts of interest with Nomi Prins
- What of the media’s role in understanding our elections? We talk about AT&T’s proposed acquisition of Time Warner with Victor Pickard
More about this week’s guests:
Nomi Prins is author of All the Presidents’ Bankers: The Hidden Alliances That Drive American Power and just wrote the piece “Waking Up in Hillary Clinton’s America: Wall Street in the Saddle” for TomDispatch.com.
Quote: “At the heart of American political consciousness right now lies a soul-crushing reality for millions of distraught Americans: the choices for president couldn’t be feebler or more disappointing. On the one hand, we have a petulant, vocabulary-challenged man-boar of a billionaire, who hasn’t paid his taxes, has regularly left those supporting him holding the bag, and seems like a ludicrous composite of every bad trait in every bad date any woman has ever had. On the other hand, we’re offered a walking photo-op for and well-paid speechmaker to Wall-Street CEOs, a one-woman money-raising machine from the 1 percent of the 1 percent, who, despite a folksiness that couldn’t look more rehearsed, has methodically outplayed her opponent. … In this election, Hillary has crafted her talking points regarding the causes of the last financial crisis as weapons against Trump, but they hardly begin to tell the real story of what happened to the American economy. The meltdown of 2007-2008 was not mainly due to ‘tax policies that slashed taxes on the wealthy’ or a ‘failure to invest in the middle class,’ two subjects she has repeatedly highlighted to slam the Republicans and their candidate. It was a byproduct of the destruction of the regulations that opened the way for a too-big-to-fail framework to thrive. Under the presidency of Bill Clinton, Glass-Steagall, the Depression-era act that once separated people’s bank deposits and loans from any kind of risky bets or other similar actions in which banks might engage, was repealed under the Financial Modernization Act of 1999. In addition, the Commodity Futures Modernization Act was passed, which allowed Wall Street to concoct devastating unregulated side bets on what became the subprime crisis. … One possible contender for treasury secretary in a new Clinton administration would be Bill Clinton’s Under Secretary of Domestic Finance and Obama’s Commodity Futures Trading Commission chairman, Gary Gensler (who was — I’m sure you won’t be shocked — a Goldman Sachs partner before entering public service). These, then, are typical inhabitants of the Clinton inner circle and of the political-financial corridors of power. … Among the emails sent to John Podesta that were posted by WikiLeaks is an article I wrote for TomDispatch on the Clintons’ relationships with bankers. ‘She will not point fingers at her friends,’ I said in that piece in May 2015. ‘She will not chastise the people who pay her hundreds of thousands of dollars a pop to speak or the ones who have long shared the social circles in which she and her husband move.’ I also suggested that she wouldn’t call out any CEO by name. To this day she hasn’t.” Prins’ past pieces include “Madoff in the White House? How Trump’s Conflicts of Interest Could Become Ours.”
Victor Pickard is associate professor at the Annenberg School for Communication at the University of Pennsylvania. He is author of the book America’s Battle for Media Democracy: The Triumph of Corporate Libertarianism and the Future of Media Reform. He also recently wrote the piece “Media and Politics in the Age of Trump.”
Quote: “AT&T’s proposed acquisition of Time Warner would create a media behemoth with dangerous concentrations of political and economic power. With one corporation controlling so much production and distribution of news and entertainment media, this vertical integration poses significant potential hazards for millions of consumers and could harm the health of our democratic discourse. AT&T is already one of the nation’s largest internet and phone providers, as well as the largest pay-TV operator with its recent acquisition of DirecTV. By acquiring Time Warner’s media empire, which includes CNN, HBO, and Warner Bros, AT&T can privilege its own programs over competitors’ and prevent other internet and cable companies from having access to them. Such a merger deserves close regulatory scrutiny from the Justice Department. It raises serious antitrust concerns, especially since the lack of competition resulting from such mega-mergers can lead to higher costs and fewer choices for consumers. Much of the American media system is already plagued by prohibitive costs and poor services and this merger would not make things better — indeed, it could make things considerably worse. It could also spur a new wave of mergers between other content and distribution companies, encouraging an already highly concentrated media system to become more consolidated. In the coming weeks and months, we will no doubt hear from industry representatives that such a merger would provide many public benefits. But historically this has rarely been the case. Moreover, there’s growing pressure from antitrust circles — as well as activists and leading politicians — to reverse the trend toward vertically-integrated oligopolies. This proposed deal may provide a crucial test case for whether the era of new media monopolies has begun to recede.”
Pickard is also co-editor, with Robert McChesney, of the book Will the Last Reporter Please Turn out the Lights: The Collapse of Journalism and What Can Be Done To Fix It.