Will Anyone Be Held Responsible for the Economic Crisis?

Four years ago, independent journalist Danny Schechter came out with a film called “In Debt We Trust,” which warned of the coming credit crisis. Your Call had him on the show to discuss the film, but Schechter had a difficult time getting media attention. He was often called a “doom and gloomer” and an “alarmist” for raising warnings, but as we all know now, those warnings came true.

He says his latest film proves that the financial crisis was built on a foundation of fraud and criminal activity, and people need to be brought to justice and serve jail time. It’s called, “Plunder: The Crime of Our Time.” It looks into how the crisis developed, from the mysterious collapse of Bear Stearns to the shadowy world of trillion dollar hedge funds.

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During the Savings & Loan crisis 20 years ago, 1,852 S&L officials were prosecuted and 1,072 were jailed. Over 500 CEOs and top officers were indicted. Will anyone be held accountable for this economic crisis?

Schechter says the recession may have been artificially shortened and sweetened by the stimulus, but tens of thousands of people are still losing their jobs and their homes as a result of the bailout.

Guest:

Danny Schechter is a veteran journalist who writes and speaks about economic and media issues. He is a multiple Emmy Award winner, having been a producer for ABC News, CNN and other major networks. His daily blog “News Dissector”appears on MediaChannel.org.

He has directed numerous films including “In Debt We Trust” and “Weapons of Mass Deception.”

Your Call is daily call-in show on KALW 91.7 FM in San Francisco and 88.9 FM in Santa Cruz.

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Watch the Trailer for Schechter’s latest film, “Plunder: The Crime of Our Time”: