• Latest News
  • Pitch a Story
  • Work with a Journalist
  • Join the Blog Squad
  • Afghanistan
  • Africa
  • Asia
  • Baltimore
  • Canada
  • Egypt
  • Europe
  • Latin America
  • Middle East
  • Russia
  • Economy
  • Environment
  • Health Care
  • Military
  • Occupy
  • Organize This
  • Reality Asserts Itself
  • US Politics
  • Pass a weak finance bill and call it victory?

    Rob Johnson: Finance reform will get weaker; hiding actual fragility of banks through accounting tricks -   June 11, 2010
    Members don't see ads. If you are a member, and you're seeing this appeal, click here


      Share to Twitter
    Share to Facebook

    I support The Real News Network because it is news - David Pear
    Log in and tell us why you support TRNN


    Dr. Robert A. Johnson - Executive Director of The Institute New Economic Thinking (INET) and a senior fellow at the Roosevelt Institute. Dr. Johnson served on the United Nations Commission of Experts on International Monetary Reform under the Chairmanship of Joseph Stiglitz. He is also the Director of Economic Policy for the Franklin and Eleanor Roosevelt Institute (FERI) in New York. Dr. Johnson was previously a managing director at Soros Fund Management where he managed a global currency, bond and equity portfolio specializing in emerging markets. Prior to that time, Johnson was a managing director of Bankers Trust Company managing a global currency fund. He also served as Chief Economist of the U.S. Senate Banking Committee under the leadership of Chairman William Proxmire (D. Wisconsin) and before that, he was Senior Economist of the U.S. Senate Budget Committee under the leadership of Chairman Pete Domenici (R. New Mexico).


    Pass a weak finance bill and call it victory?PAUL JAY, SENIOR EDITOR, TRNN: Welcome back to The Real News Network. I'm Paul Jay in Washington. We're at America's Future Now! Conference. Now joining us is Rob Johnson. He's from the Roosevelt Institute in New York, and he heads up their Global Economic Policy Project. Thanks for joining us.


    JAY: So, as we speak, there is negotiations going on between the House and the Senate on the finance reform bill. Just quickly, is the bill going to take on too-big-to-fail, this idea that the banks have a kind of structural blackmail against the American people, if you will? Is anything in this bill going to really change that?

    JOHNSON: Well, I would say the resolution powers will help, but they're necessary and not sufficient to end too-big-to-fail. Whether it's President Obama or Chris Dodd, those who've claimed that too-big-to-fail will end with this bill are exaggerating the consequences of its passage.

    JAY: So let's get into some of the stuff that is in the bill that might play a positive role. And maybe the most controversial thing right now is an amendment that was put—or it's—actually did come out in the Senate bill. Senate bill came out of the agricultural committee, I guess, Blanche Lincoln. So talk about what Lincoln added to the bill and why it's important and what seems to be happening to it.

    JOHNSON: What Lincoln did was she said that derivatives market making, which was a very profitable business—the top six derivatives dealers made over $30 billion last year—and derivatives market-making must be separated from the safety net: no access to the Fed discount window, no access to what you might call implicit subsidies in the event of a bailout.

    JAY: So if I understand this correctly, some of the investment banks that were not part under the FDIC [Federal Deposit Insurance Corporation], in other words, were not regulated banks and therefore didn't have access to the Fed discount window—which these days means practically zero percent money out the door, free money out the door to you that you can, as they are, turn around and buy T-bills and make money on. At any rate, this was a great advantage to them in terms of getting cash to shore up their positions. So the Lincoln bill would say you can't have it both ways: if you want to gamble on derivatives, you're going to have to separate that part of your company; you can't use any of the money you're getting from your traditional banking or from the Fed in your derivatives gambling. So is that what's at stake?

    JOHNSON: Yeah, the guarantee structure is designed to fortify what you might call the necessary plumbing—the payment system, traditional banking, consumer deposits through FDIC insurance. Proprietary trading on the one hand and derivatives market-making on the other are very profitable. To subsidize those further basically encourages overuse, and the overuse is paid for by what you might call the taxpayer guaranteeing [inaudible]

    JAY: Which comes back to too-big-to-fail again, because you know if you lose your gamble your rear's going to be covered through tax money.

    JOHNSON: That's right, and it encourages overuse and underpricing of derivatives. So they're bigger than they otherwise would be, and they're more profitable than they otherwise would be.

    JAY: So the drumbeats coming out of these negotiations and from the administration is that the leadership of the Democratic Party itself, from the Obama administration, Treasury Department, and the people from the House and the Senate that got picked to negotiate this, are all trying to water that down. So is that true? And if so, why?

    JOHNSON: I think it is true, and the reason why is what I will call a grand strategy of forbearance. In the spring of 2009 they decided not to acknowledge the losses, not to take over some of the insolvent banks, and to pretend, through relaxation of accounting standards, that these institutions were solvent or were capable of regaining their feet quickly. Here we are a year later, and the two most profitable activities are derivatives market making and proprietary trading. Those are like the sub pumps being used to fill the hole of these fragile balance sheets.

    JAY: Let me just remind our viewers quickly again: proprietary trading is when a Goldman Sachs, instead of taking somebody's pension money or investment money and on their behalf guiding them into another investment, they take Goldman money and they do their own direct trading and buying.

    JOHNSON: [inaudible] capital taking positions for their own book.

    JAY: Which sometimes even puts them at odds with some of the people they're advising from these other—some of their clients, essentially.

    JOHNSON: Yes.

    JAY: So two of the objectives of this legislation is limit or get rid of proprietary trading and to separate the derivatives. So if the leadership of the Democratic Party is trying to weaken both of these, again, why are they doing this?

    JOHNSON: Well, the whole structure of the bill is, essentially, instead of hard-wiring legislation and new rules, they're trying to give the Fed discretion as the regulator when to impose and when to enforce rules. And that's consistent with this idea of continued forbearance. They want to let these banks continue to earn their way back to strength. And their highest margin, highest profitability activities are proprietary trading, trading for the house, with subsidized money, and derivatives market making, which is another way to make profits that are enhanced by having access to the safety net. Those two things are the pumps that are trying to drive [inaudible] The administration, the Senate, and House leadership are quietly—'cause they don't want to admit that these banks are still fragile, but those are the strategies used to dig out of this hole.

    JAY: So President Obama a few months ago, when he tried to sell the bailouts and defend why they were following the policy they were, said, we're only strengthening Wall Street because we're really trying to strengthen Main Street, but you got to do that to get this. So is that true?

    JOHNSON: The credit allocation system is a necessary but not sufficient condition for real economy strength. The strategy that they've chosen is to use this forbearance to strengthen these balance sheets. It's not the only way, but it's the way they've chosen. When you talk to treasury officials or White House officials, they will often tell you that after TARP there was no chance of going back and doing proper restructuring and proper bailouts with more of taxpayers' money. The public was very, very hostile after that September/October 2008, around the time of Lehman Brothers' failure. So they felt in many ways they had no option but forbearance because the public would be outraged. Unfortunately, during forbearance, with 30 percent rates on credit cards—many small businesses used to be charged 7.99 percent, with payday lending at 30 percent, without restructuring mortgages, that the public has borne the brunt while the bankers paid themselves renewed bonuses in 2009 and made everybody angry again. So it might have been the bailouts and repair, what you might call more instant repair, like in the RFC case—Reconstruction Finance Corporation in the 1930s that Roosevelt did. The credit system would've gotten back on its feet sooner. But instead, with forbearance, this is a prolonged grind, and a burden is imposed on the backs of the users of credit.

    JAY: So what's the real alternative? I mean, if you could write this legislation, what would it be?

    JOHNSON: If I could write this legislation, I would make more transparent the accounting standards, snapshot these balance sheets.

    JAY: But if it was really transparent, people would run for the hills, because if I understand correctly, the amount of debt they're hiding on their books right now would show that they're practically insolvent.

    JOHNSON: Well, with a lot of mortgages underwater, so-called first mortgages, equity lines of credit, and second mortgages should be worthless. My understanding from security analysts is they're being carried at $0.80 on the dollar on the books of many banks. That's a fiction. The biggest danger of this fiction has been that by playing along with the fiction allowed overstated earnings and overstated bonus pools. Last year, over $40 billion was paid in bonus pools. That money should have been used to recapitalize these banks.

    JAY: I mean, if you want a cynical look from the outside, the policies seem to have been far more about defending those bonus points and defending the individuals who were running these institutions than about fixing the American economy.

    JOHNSON: Those are big donors to the political process both on the Hill and in the administration. People depend upon the mother's milk in politics, called money, to get reelected.

    JAY: Now, I heard Goldman Sachs had a dinner last night and the guest speaker was Condoleezza Rice. What message are they trying to send here?

    JOHNSON: They're probably talking about oil spills. Condoleezza Rice had a lot of influence in the national security and oil world.

    JAY: But is this sort of a message that—to the Democrats, like, while you're negotiating the finance reform bill, let us remind you we may have other alternatives?

    JOHNSON: I think they've been serving that reminder both, I would say, last fall and this spring during the financial reform process. We've seen the money from the Federal Election Commission shift markedly towards the Republicans. Democrats are in a dangerous place regarding passage, because if they don't pass the bill, the American public can look at them and say, you had the White House, majority in the House, you had 59 votes in the Senate, and you didn't pass financial reform? You're not fit to govern. If they do pass a bill that's watered down—and it's largely been watered down 'cause of this competition over fundraising from the financial industry, and the Republicans have played a role in this—at the end of it they can pass a bill that's not strong enough, the public will know it, and Republicans can vote against it and say, "See? The Democrats are in the pocket of Wall Street." This is a very, very treacherous game in terms of politics right now. The public policy is not being well served, 'cause the role of money in politics is far too great. And that's true in health care, in energy, and most powerfully in finance.

    JAY: In the real world of today's politics—and what I'm about to propose may not be passable in the real world of today's politics, but without some kind of public option, in other words, some kind of public type of banking, is this actually fixable? I mean, has it simply gotten to a point that the existing structure of the finance sector is essentially—some people have called so parasitic that it really isn't fixable? In other words, like, go gamble, but don't use any public money, and let's take our public money and build a public institution.

    JOHNSON: Well, what you have to ask is: who's going to run the public institution in a healthy manner? Some might argue that it can't be any worse than what we just had.

    JAY: I mean, I would say a good place to start is it shouldn't be someone that used to run Goldman. That might be a good place to begin for your hiring committee.

    JOHNSON: That might be supported by the body politic at this point. But you'll also see, on the other side, Freddie Mac and Fannie Mae do not have a stellar track record. And what concerns me—.

    JAY: But to a large extent after they were mostly privatized, though.

    JOHNSON: After the middle of 2007, Tom Ferguson and I, who I know you've had as a guest on the program, have written a paper about how it was mysterious that Fannie Mae's balance sheet started to expand in subprime mortgages just as everybody else's balance sheet on Wall Street was declining. And what we're suggesting—we don't have a smoking gun, but what we're suggesting is that was almost like a pre-TARP bailout. Those were asset purchases on a public balance sheet that next year the Republicans are going to make hay with, because when they come back and recapitalize and restructure Freddie and Fannie, they can point to much bigger losses. Should have been bigger losses on the balance sheets of the private sector.

    JAY: Well, I'm just saying that that's not a very good model for judging whether a public institution can work or not, because it wasn't, you know, clearly a public institution with a public mandate.

    JOHNSON: [inaudible] it was a hybrid [inaudible]

    JAY: It was a weird hybrid, yeah. I mean, there are—for example, I understand in South Dakota there is essentially a publicly owned bank, and apparently people are quite happy with it.

    JOHNSON: Well, my first job was with Cadillac Motor Company. My second job was with the Republican Senate Budget Committee. And unlike many people who have what you might call religion about the private sector and public sector, I thought the Senate Budget Committee under Pete Domenici was much better run than Cadillac Motor Company in the 1970s. So I'm a little bit confused about saying public sector can't be good, private sector can only be good. I think it's—how would I say it? Original sin is inside the soul of both public and private agents. It makes it complicated. We have seen over the course of history, though, many public credit institutions used very politically, and we've seen very, very substantial losses and mismanagement. So I am somewhat cautious about a public option. On the other hand, the American people right now should be doing what Gerald Taylor said on a panel I was on yesterday at this conference, which is: we should be talking about what is the purpose of a financial system, what is the purpose of a bank, what role does it play in a healthy society. Obviously, the institutions we've had in recent years are kind of ungovernable and doing things that are quite unrelated to that mission.

    JAY: If the Lincoln piece of the Senate bill is not in the final legislation, in other words, if it's so watered down that it's not meaningful, in fact, if the whole bill is essentially so watered down, would you still think it should be voted for? Or would it be better to say this thing isn't real and you should go back and get something real?

    JOHNSON: A little bit depends on psychology. I think some of the consumer financial protection dimensions have a shot at being a stepping stone of progress. I think that there are pieces that may involve rating-agency reform that could be healthy. I think the resolution powers are a step in the right direction. But in terms of what you might call the danger of saying, well done, mission accomplished, when—.

    JAY: 'Cause that's what they said about the health-care bill. Once they finally pass something, you know, now everybody's calling it a victory, all the same people that two weeks before it was voted for were saying it's an atrocity.

    JOHNSON: Codifying corporate monopolies and pushing off the budget fight that medical costs that are two to three times what they are in the rest of the world, which are now going to lead to a fight over curtailment of Medicare, is not a victory. That's kind of a passing moment. But the codification—.

    JAY: But that seems to be the plan here is you fight, you pass something weak, and then you call it a victory.

    JOHNSON: You know, that's the marketing spin. We'll see if the American people believe that in November.

    JAY: Thanks for joining us.

    JOHNSON: My pleasure.

    JAY: Thank you for joining us on The Real News Network.

    DISCLAIMER: Please note that transcripts for The Real News Network are typed from a recording of the program. TRNN cannot guarantee their complete accuracy.


    Our automatic spam filter blocks comments with multiple links and multiple users using the same IP address. Please make thoughtful comments with minimal links using only one user name. If you think your comment has been mistakenly removed please email us at


    Latest Stories

    The Modern History of Venezuela and Popular Democracy - Edgardo Lander on RAI (9/9)
    Obama's Wrong Headed Approach To China
    Assessing the U.S. Environmental Movement
    UAW Case Shows Weakness of Labor Law
    Exclusive Investigation Uncovers How BP Uses Bribes To Do Business
    The Modern History of Venezuela, The Protests and Democracy - Edgardo Lander on RAI (8/9)
    Greek Politics 4 Years After The Financial Crisis
    CBO Report Confirms U.S. Deficit Back to Normal Level
    Israel Uses Refugees as "Currency" in Arms Trade with Africa
    Who Will Pay for Climate Change Disaster?
    Canada Shifts to Right Under Harper, Mimicking the United States
    The Savings and Loan Crisis Demonstrates the Importance of Glass-Steagall
    South African Platinum Miner's Struggle Challenges ANC Leadership
    TRNN Original Report: Manning Determined to Fight Back After Army Upholds 35- Year Sentence
    Hundredth Anniversary of the Ludlow Massacre
    The Bundy Ranch Standoff Demonstrates Values Shared by Corporations and the Far Right
    The Resegregation of American Schools
    The Modern History of Venezuela, Why Still So Much Crime? - Edgardo Lander on Reality Asserts Itself (7/9)
    What Role Has Russia Played in Eastern Ukraine?
    Can Johns Hopkins Afford to Pay A Living Wage? (2/2)
    University Sit-In Targets World's Largest Private Coal Company
    The Modern History of Venezuela and the Need for a Post-Oil Economy - Edgardo Lander on RAI (6/9)
    Can Johns Hopkins Afford to Pay A Living Wage? (1/2)
    One Percent of Environmentalists Killings Lead to Convictions
    Investigation Finds Former Ukraine President Not Responsible For Sniper Attack on Protestors
    The Modern History of Venezuela from 1973 to the Caracazo Massacre - Edgardo Lander on Reality Asserts Itself (3/9)
    Ukraine Transitional Gov't Moves Militarily To Reclaim Seized Buildings
    IPCC Report Flawed By Narrow Focus on Carbon Emissions
    The Modern History of Venezuela: The Bolivarian Revolution - Edgardo Lander on Reality Asserts Itself (5/9)
    Obama Signs Directives to Reduce the Gender Wage Gap
    Eastern Ukraine Lacks Political Representation in Kiev
    Demystifying the Role of Mitigation in the Most Recent IPCC Report
    Hypersurveillance State Won't Prevent Another Boston Marathon Bombing
    The Modern History of Venezuela from 1973 to the Caracazo Massacre - Edgardo Lander on Reality Asserts Itself (3/9)
    Univ. of Maine Faculty Reinstated After Students Protest Against Cuts
    The Modern History of Venezuela from 1908 to 1973 - Edgardo Lander on Reality Asserts Itself (2/9)
    IMF Will Address Global Inequality, Says Managing Director Christine Lagarde
    Raising Big Banks' Leverage Ratio Good, But Not Nearly Enough
    TRNN Replay: Austerity Road to 19th Century
    Has Palestinian Maneuvering Revived Peace Talks?
    Late Jackson Mayor Lumumba's Son Wins Primary to Replace His Father, Runoff Election Ahead
    Quebecers Reject PQ and Elect a Liberal Government Representing Big Business
    TRNN Debate: Decriminalization vs. Legalization
    The Beginning of the Chavez Era - Edgardo Lander on Reality Asserts Itself (4/9)
    "Off With His Head": Court Upholds Obama's Power to Kill
    Workers at Nation's Top Hospital Strike For Fair Wages
    From Exile to Radicalization in Venezuela - Edgardo Lander on Reality Asserts Itself (1/9)
    Rwanda 20 Years Later: Genocide, Western Plunder of Congo, and President Kagame
    Ukrainian Protesters in the East Demand More Autonomy From Kiev Government
    Hunger Strikers Demand President Obama Halt His Record 2 Million Deportations
    Indian Parliamentary Elections - A Primer With Vijay Prashad
    West Looks to Carve Up Ukraine & Privatize Industries Held by Kleptocrats
    Where Are Israeli-Palestinian Peace Negotiations Headed?
    The Multiple Kingdoms of Saudi Arabia (5/5)
    Do the Afghan Presidential Elections Signify Progress?
    Republican Presidential Hopefuls Pay Homage to Billionaire Casino Tycoon Sheldon Adelson
    Will Extremist Lieberman Become Israel's Next Prime Minister?
    Why do the Saudis Want the US to Attack Iran? (4/5)
    Immigrant Advocates and Families Tell President Obama 'Not One More'
    Elections, Pipelines, and Protests - The Canada Panel
    Chris Hedges on "Israel's War on American Universities"
    Baltimore Residents Decry Lack of Affordable Housing
    Yellen Talks the Talk But Will She Walk the Walk?
    Hopkins Hospital Workers Speak Out against "Poverty Wages"
    Will Venezuela's New Floating Exchange Rate Curb Inflation?
    The European Central Bank's War on Wages is Pushing Europe's Economy to the Brink
    Supreme Court Decision Opens Floodgates for More Campaign Cash
    Charles Keating, the Financier Behind the Savings and Loan Scandal, Dies at 90
    Saudi Arabia and the al-Qaeda Monster (3/5)
    Maryland Residents Voice Opposition to Natural Gas Fracking Export Facility
    Supreme Court Ruling Gives Wealthy Individuals More Influence Over Elections
    What are the Saudis Afraid Of? - Madawi Al-Rasheed (2/5)
    Baltimore's MICA Adjunct Professors Set to Vote on Unionization
    Boycott of Israel Moving to Next Level?
    Hypocrisy Dressed Up as "Realism" Justifies American Alliance with Saudi Dictatorship
    Immigration Reform in the Shadows of Cesar Chavez's Legacy
    Leaked Senate Report Shows Use of Torture As "Ineffective"
    UN Report Says Climate Change Will Threaten Food Production Worldwide
    The Hypocrisy of US Calling for Enforcement of International Law
    How the Ecuadorian Economy Grew in a Global Recession
    'Shadows of Liberty' Trailer
    Kristina Borjesson on Why CBS Shut Down Her investigation into Flight 800 (2/8)
    Glen Ford on Racism in the American Media (3/8)
    Paul Jay on What Drives Corporate Media and What Drive The Real News (4/8)
    Creating a New Media Paradigm After Citizens United (5/8)
    Should The Left Engage with the Mainstream Media? (6/8)
    What Is the Financial Backing For The Real News? (7/8)
    Standing up to Character Assassination (8/8)
    Oligarchs, Fascists and the People's Protest in Ukraine
    TRNN Debate: Is Obamacare In the Interest of Workers?
    Too-Big-To-Fail Advantage Remains Intact For Big Banks
    Obama and the Saudi Agenda
    TRNN Replay: Investigating the Saudi Government's 9/11 Connection and the Path to Disilliusionment - Sen. Graham on Reality Asserts Itself pt 1
    The Iraq War's Real Legacy
    Petitions with 100,000+ Signatures Call for Snowden's Passport to be Reinstated
    We Need to Harness People Power - Andy Shallal on Reality Asserts Itself (4/4)
    BC Pipeline Fight and Quebec Elections - The Canada Panel
    Jonathan Schell - 1943-2014: Board Member of TRNN on Why We Need The Real News
    Teachers on Strike from the UK to Argentina
    Connecticut Poised to Become First State with $10.10 Minimum Wage
    Oil Spill Threatens Wildlife and Local Economy
    DC School Test Scores Up, But Poor Black Kids Are Doing Worse - Andy Shallal on RAI (3/4)
    Obama's Proposal To End NSA Bulk Data Collection Won't Protect Privacy
    How Google, Apple & The Biggest Tech Companies Colluded to Fix Workers' Wages
    An American Should be One that Questions Their Government - Andy Shallal on RAI (2/4)
    What's Driving Putin & Obama's Posturing on Ukraine?
    Hundreds of Students & Faculty Occupy College Campus to Fight Cuts to Public Higher Ed
    Due Process 'Impossible' In Harsh Death Sentencing Of Over 500 Muslim Brotherhood Members
    Has Anglo-American Capitalism Run Out of Steam?
    Being the "Other" in America - Andy Shallal on Reality Asserts Itself (1/4)
    TRNN Debate: Should Baltimore 'Ban The Box'?
    How Fallujah Became the Iraqi Government's New Battleground
    Why I Decided to Blow the Whistle on the NSA
    NASA Climate Predictions Show Serious Threat To Humanity
    Professor Who Teaches Israel-Palestine Conflict Accuses College of Violating His Academic Freedom
    CIA and NSA Wrongdoing Requires Independent Investigation, Says Former Church Committee Staff
    Are Tuition Breaks Enough To Combat High Student Debt And Low Graduation Rates?
    Industries Across the U.S. Are Stealing Wages From Their Lowest Paid Workers
    Who In Ukraine Will Benefit From An IMF Bailout?
    NSA Recording All International Calls From U.S.
    Israel "Making Lives Miserable" for Africans, Hoping They 'Self-Deport' (2/2)
    BP Gets Green Light to Drill in Gulf, But Has Safety Improved?
    Residents Still Not Drinking Tap Water Two Months After West Virginia Spill (1/2)
    Libya's Descent Into Turmoil Three Years After NATO Intervention
    From Pipelines to Peladeau - Canadian Report
    Israel "Making Lives Miserable" for Africans, Hoping They 'Self-Deport' (1/2)
    Congressional Progressive Caucus Budget Strikes Back Against Austerity
    Libya Three Years Later - Chaos and Partition
    Why Was Gaddafi Overthrown?
    Should Ukraine and West Accept De Facto Crimea Joining Russia? (2/2)
    Tony Benn Saw Socialism as the Culmination of Democratization
    Why Didn't Bush/Cheney Attack Iran and Can Obama Make and Sell a Deal? - Gareth Porter on Reality Asserts Itself (3/3)
    After Late Mayor Lumumba is Laid to Rest, What's Next for Jackson, Mississippi? (2/2)
    Crimea Referendum: Self Determination or Big Power Manipulation? (1/2)
    Sen. Graham: President Must Side with Openness About CIA and 9/11
    Manufacturing a Narrative for War - Gareth Porter on Reality Asserts Itself (2/3)
    Protesters Hit the Streets of Brooklyn to Demand $15 Minimum Wage
    Hammer: 'Moral Bankruptcy' Behind Massive GM Recall
    White House Withholds Thousands of Documents from Senate CIA Probe
    I Grew Up Believing in Time Magazine's Version of America - Gareth Porter on RAI (1/3)
    Western European Banks Vulnerable to Ukrainian Sovereign Debt Crisis
    TRNN Debate: What's Driving Inflation in Venezuela? (2/2)
    CIA vs. Senate: Who Is Obama Protecting?
    Will Tipped Workers Get Excluded Again From Minimum Wage Hike?
    TRNN Debate: What's Driving Inflation in Venezuela? (1/2)
    After Late Mayor Lumumba is Laid to Rest, What's Next for Jackson, Mississippi?(1/2)
    TRNN Replay: A Look at Who's Poised to Become No.2 at the Fed
    How Right-Wing Nationalism Rose to Influence in Ukraine (2/2)
    Netanyahu Attacks Boycott As Campaign Enters New Phase
    Moving Towards a Police State - Michael Ratner on Reality Asserts Itself (7/7)
    Fighting Reagan's Secret, Illegal Wars - Michael Ratner on Reality Asserts Itself (6/7)
    Puerto Rican Independence Movement and Cuba Further Radicalized Me - Michael Ratner on RAI (5/7)
    The Butcher of Attica - Michael Ratner on Reality Asserts Itself (4/7)
    MLK and a Radicalizing Moment in American History - Michael Ratner on Reality Asserts Itself (3/7), Real News Network, Real News, Real News For Real People, IWT are trademarks and service marks of IWT.TV inc. "The Real News" is the flagship show of IWT and Real News Network.

    All original content on this site is copyright of The Real News Network.  Click here for more

    Problems with this site? Please let us know

    Linux VPS Hosting by Star Dot Hosting