With thousands of people in the streets across the country for the May Day protests, we wanted to take a look back at what sparked it all. We spoke to Dennis Kelleher, the President & CEO of Better Markets, a nonprofit that promotes the public interest in the US and global financial markets. He says the big banks function like a mafia, coming together to act in their own best interests.
Let’s take a look at some of the lasting impact of the financial crisis on ordinary Americans — just the basics, to start. We’ve got a massive, ongoing unemployment crisis, clocking in at 8.2% in March, which we at the DR Show refuse to accept as a “new normal.” We’ve got a continuing high foreclosure rate and 11 million homes still underwater. Home values have declined by one third since the crisis, and are at 2002 levels. We’re looking at one of the highest levels of food stamp use in history — nearly 15% of Americans are using them.
Dennis Kelleher says Wall Street is using its complaints about regulatory costs in a coordinated effort to kill financial reform in Congress, the regulatory agencies and the courts. He talks to Dylan in this video: