Sunday, September 21, 2008

The Financial Crisis and Yankee Stadium

"When it came to paying for the new pleasure dome costing $1.3 billion, the millionaires on the field and King Midas in the skybox came up with some razzle-dazzle plays to finance their wealth machine. Tax-free bonds, requiring ordinary citizens to subsidize the construction... . Meanwhile, there will be more luxury suites and party rooms where the fat cats gather, safely removed from the sweaty masses."
Today marks the last day for Yankee Stadium, The House That Ruth Built. Bill Moyers was inspired Friday afternoon to use that event as a subtle parable for the financial crisis that is now consuming -- and dramatically changing forever -- our nation.

It's a parable worth keeping in mind as we learn more about the emerging Bush Administration's plan to fork over $700 billion to one unelected person, the Secretary of Treasury, to pass along to whichever of his Wall Street buddies he cares to, without prior review by any administrative agency, court, Congress, or even the president.

Moyers begins with a (partial) list of Wall Street CEOs of failed financial corporations and the truck loads of money they dragged out the door as they left the mess behind them. Do yourself a favor and stick with the video as it morphs into why the 'new' Yankee Stadium holds lessons we all should learn.

A full transcript of this program segment is here.

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