Dylan Ratigan: "Why Are Our Politicians So Desperate To Perpetually Protect The Banks . . . ?" Interview With David Stockman

David Stockman, former Budget Director for Ronald Reagan, says he believes Ben Bernanke is finished, done. He says we need to address the disastrous problems in the banking system, not print more money which has only enriched Wall Street and encouraged massive speculation in commodities, derivatives, etc.

Stockman says it was an Urban Legend that Wall Street's problems in 2008 could have resulted in a Great Depression should the bailout have never happened. He also says the thing to have done would have been to allow the banks to sort out their own problems and restructure after certain of them failed.

Possibly the most contentious example which Stockman describes was what should have happened to GE. Stockman says the blame for GE almost going under rests on the shoulders of CEO Jeff Immelt. Instead of a bailout by the government for GE Capital, Stockman says GE should have been allowed to force their shareholders to take a massive hit, that GE should have gone back to the markets with secondary offerings for their errant behaviour in investing in massive derivative schemes to boost profits.