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COCKBURN: No. A lot of people—you know, he had a lot of company, but he was a particularly egregious example. I mean, he was a person whose, you know, public career has had, as far as I can see, no redeeming feature whatsoever. He went on to his reward, which was to be vice chairman of UBS, the giant Swiss bank, which itself, you know, managed to lose a huge amount of money when Wall Street crashed in 2007-2008. And UBS, of course, has also more recently been in the news ’cause it turned out—also it was alleged by authorities here—they were running a very handy tax evasion scheme for American taxpayers. But, no, Phil Gramm, Senator Graham, as we still call him, he’s still there. He’s still very powerful in Texas politics. He still has not issued one iota of remorse for his role in basically creating this disastrous situation that’s ruined millions of people and made millions of people homeless.

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COCKBURN: Sure. I mean, what Michael Greenberger was talking about there was the creation of the legalization of this credit default swap, which is basically a form of gambling. It’s basically a way of taking bets, making bets on whether companies and bonds and various other financial instruments would fail or not, and it was actually something that was rendered illegal in 1929. So they legalized it, and that enabled them to make, basically—well, to persuade themselves that they weren’t taking any risk in them giving people these very, you know, squishy loans, the subprime loans, and all sorts of other credit, like cars. They’d taken bets so that if they failed, if the loans went bad, they were covered. I mean, it gets a little bit more complicated than that, but that’s basically it. This kind of legalized gambling, Wall Street gambling, this is really almost a culminating stage of something that had been going on since at least 1980, or since the Reagan administration, ’cause what Reagan and his merry men hated and what Wall Street always hated was the New Deal, was the reaction to the 1929 crash when, you know, we’d had all sorts of regulation and law enforcement, which had stopped these idiots, you know, for a while at least, you know, bringing the economy down around our ears. But, you know, with all sorts of legislative, you know, lobbying and paying off politicians and corrupting the media and, you know, part of a huge offensive, what we had was the stage set by 2000 for the whole lawless condition on Wall Street that has brought us, you know, the current financial meltdown, which is still going on.

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