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Shortly after Jamie Dimon's appearance on Fox last month, PBS's Bill Moyers had former Chairman of the Board of Governors of the Federal Reserve System and head of President Obama’s Economic Recovery Advisory Board, Paul Volcker, whose namesake is the Volcker rule that Wall Street has been lobbying so hard to water down or get rid of, as his guest.

In light of the recent debacle at JPMorgan Chase where Dimon's company lost at least $2 billion on high risk derivatives trading, his advice for Dimon during this interview is downright prescient; If you want to participate in proprietary trading, give up your banking license.

Paul Volcker on the Volcker Rule:

You’d think after such a calamitous economic fall, there’d be a strong consensus on reinforcing the protections that keep us out of harm’s way. But in some powerful corners, the opposite is happening. Business and political forces, including hordes of lobbyists, are working hard to diminish or destroy these protections. One of the biggest bull’s-eyes is on the Volcker Rule, a section of the Dodd-Frank Act that aims to keep the banks in which you deposit your money from gambling it on their own — sometimes risky — investments. [...]

Volcker contends the rule aims to curb conflicts of interest between bankers and their customers. He suggests that former investment companies like Goldman Sachs and Morgan Stanley, which sought banking licenses during the economic crisis in order to access federal protection against failing, should now turn in those licenses if they want to do speculative trading.

“You shouldn’t run a financial system on the expectation of government support. We’re supposed to be a free enterprise system,” Volcker tells Moyers. “The problem of course is once they get rescued, does that lead to the conclusion they’ll get rescued in the future?”

Transcript of the clip below the fold and you can watch the entire interview at the link above.

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Here's Keith back in 2007 being interviewed by another person that I deeply regret is no longer on the air, Bill Moyers. Full transcript available here.

I thought I'd share one portion of the transcript here where Keith talked about leaving MSNBC during the Monica Lewinsky scandal and whether he'd ever do it again.

BILL MOYERS: Yeah, I noticed when you a sportscaster you never took sides between the teams on the field. But a lot of people think you've taken sides now. They think you've taken sides with the progressive or liberal story.

KEITH OLBERMANN: They didn't say that a lot during the Lewinsky thing. I always find that kind of ironic as I've seen some of the criticism from the right. But, what I've done on the air in the last 4 1/2 years, and particularly in the last year and a half since the special comments began, is really journalism. It's saying here's what you're being told. Here's the identifiable objective fact to the situation. This statement from the government may be a lie. And what we all did in this country, those who had voted for this president and those who did not, was to say we're in dire trouble. We've been attacked. Let's rally around him, give him all the support we can, and we will suspend our disbelief. The moment that it began to be obvious that we were being manipulated, used-- that was when my suspicions began to take voice.

BILL MOYERS: I watched you walk off when you were at MSNBC and they were covering the Lewinsky scandal. And I believe you said, "This is ridiculous."

KEITH OLBERMANN: Yeah.

BILL MOYERS: This is drip, right?

KEITH OLBERMANN: Right.

BILL MOYERS: You walked away.

KEITH OLBERMANN: Yeah.

BILL MOYERS: Would you do it again?

KEITH OLBERMANN: I think probably it won't happen. But I would say that there were circum-- there were circumstances in this show, there was one occasion where I was prepared to go out the door an hour before one of the shows because we had one of those conflicting moments. This is very early on again. This is 2003. When we were all still in that kind of, "Gee, should we suspend our disbelief? What if he's-- what if George Bush is right and this is the kind of threat that he portrays?" He-- it's probably exaggerated because he's a politician, number one. But number two, what if he's right? I think a lot of us were saying, "Well, okay, let's just tread gently." MSNBC hired a guy named Michael Savage. And he came on and did-- not only did he do a show once a week that was basically just spattering invective on people he didn't like and these people change from week to week, but it was terribly produced. I mean, it was an awful show. And he was-- he looked like he was standing in front of a chalkboard somewhere in somebody's basement with a camera. One night I walk in, my boss is out of town. And the guy actually running the show at the point said, at countdown, said-- "We're going to run a Michael Savage commentary. I've got to go now." And he ran away. And I said, "We're not running a Michael Savage commentary. That's in the"-- and he was gone.

I called my agent. Now, I'd just gotten back to MSNBC. I left, as you said, under the Lewinsky circumstances. A lot of bridges were burned. Came back. Everybody hugged. It's three or four months in. I'm enjoying it. I think I'm making a difference. I'm getting that little sort of skeptical thing back. And here we're going to have a Michael Savage commentary in the middle of it. So I finally got a hold of my agent. And I said, "I have to walk out, don't I?" She said, "Yep, you do." And I said, "Yeah, I guess so. Well, it was a nice career." I'm going to try to get a hold of my boss in Washington. And I called him and I said, "I can't"-- he said, "Can you find some reason not to run it that doesn't pertain to the politics?" I said, "Are you saying to me if I go and look at it and it doesn't meet production standards we don't have to run it?" "I might be saying that, yes. Just give me something to work with." And I went in and looked at it and the guy repeated himself nine times. So I called the guy back and said-- "It's very badly produced. He's repeating himself. I don't think you should run it." "Okay, good enough." But those things still happen, and I'm sure they'll still happen.

Here's part two.

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From Bill Moyers final broadcast of the Journal following his interview with Jim Hightower. Bill's last guest on The Journal was author Barry Lopez.

BILL MOYERS: You've no doubt figured out my bias by now. I've hardly kept it a secret. In this regard, I take my cue from the late Edward R. Murrow, the Moses of broadcast news.

Ed Murrow told his generation of journalists bias is okay as long as you don't try to hide it. So here, one more time, is mine: plutocracy and democracy don't mix. Plutocracy, the rule of the rich, political power controlled by the wealthy.

Plutocracy is not an American word but it's become an American phenomenon. Back in the fall of 2005, the Wall Street giant Citigroup even coined a variation on it, plutonomy, an economic system where the privileged few make sure the rich get richer with government on their side. By the next spring, Citigroup decided the time had come to publicly "bang the drum on plutonomy."

And bang they did, with an "equity strategy" for their investors, entitled, "Revisiting Plutonomy: The Rich Getting Richer." Here are some excerpts:

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From Bill Moyers Journal William K. Black on Fraud:

On Thursday, April 22, President Barack Obama made the case for increased regulation of the financial industry in a televised speech at Cooper Union in New York City. It was widely billed as President Obama's chance to harness the momentum behind reforming Wall Street and move forward the bills being considered in the House and Senate. Those measures face stiff opposition from most of the Republican Party and an army of lobbyists from Wall Street who have the ear of members of Congress on both sides of the aisle.

William K. Black thinks President Obama didn't acknowledge a key component in the financial crisis that the bills before Congress won't address — fraud. A former regulator who helped crack down on massive fraud during the savings and loan crisis in the 1980s, Black tells Bill Moyers on THE JOURNAL that, despite evidence of fraud at the top banks, prosecutions seem far away. "If you go back to the savings and loan debacle, we got more than a thousand felony convictions of the elite. These are not, you know, tellers or something. We today have zero convictions, zero indictments, zero arrests of any of the elite, non-prime lenders that, through their fraud, drove this crisis."

Bill Moyers last broadcast is going to be next week. You'll be sorely missed Bill. Transcript of the clip below and you can watch the entire interview here.

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Sadly, Bill Moyers Journal is going off the air at the end of the month. This was one of Moyers' better segments to finish off his return to PBS after some time in exile, which started with his documentary that is a must see from back in April of 2007, Buying the War. If you've never seen it, go watch it on line at Moyers' site here.

Bill sat down with Simon Johnson and James Kwak to talk about Wall Street and their dirty dealings that have yet to be reformed, why we need to get rid of "too big to fail", whether the reforms being considered by the Congress now are strong enough and what we need to do to keep from having another collapse of our financial system.

Sadly there's a huge hole that is about to be left in what's left of real journalism in our country with Moyers leaving the airways. Mr. Moyers, you will be missed. He did say that he's not going away all together thankfully.

The JOURNAL on-air will be coming to an end on April 30th but the conversation continues online and on our blog. We'll be posting commentary, features and selections from the Moyers Digital Archive. Stay in touch even after we're off the air at this address and through RSS feeds, podcasts, Facebook, Twitter, YouTube and our newsletter. Sign up below. We look forward to hearing from you.

In the mean time, Bill was still taking on the establishment here and talking about solutions for some meaningful reform to our financial systems. The panel agreed that what the Democrats are doing now is watered down, but better than nothing. Of course the Republicans just want to obstruct for political gain. I think this is one issue that as Bill noted in the beginning of the segment that there should be some agreement on from all sides of the aisle.

I really don't understand and this is not just from watching this segment, why more businesses aren't yelling bloody murder about Wall Street's tactics since they really seem to have no one's best interest at heart besides their own and the short term gain of a few who are placing their bets against the American dream, the American people, and American businesses. These people are nothing but leaches drawing blood from the rest of society, and something needs to be done to stop them and yesterday would not be too soon.

You can read the transcript of the entire segment here and watch the entire video here.

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Bill Moyers thinks we're aren't going to know what hit us with this recent Supreme Court ruling and our money in politics, and sadly I agree with him. It has been the corporate takever of our democracy.

BILL MOYERS: Over the course of a long career in journalism, I've covered this story of money in politics more than any other. From time to time, I've been hopeful about a change for the better, but truth is, it just keeps getting uglier every year.

Those who write the checks keep buying the results they want at the expense of the public. As a reputedly self-governing democracy, we desperately need to address the problems that we‘ve created for ourselves, but money makes impossible the reforms that might save us.

Nothing in this country seems to be working to anyone's satisfaction except the wealth machine that rewards those who game the system. Unless we break their grip on our political institution, their power to buy the agenda they want no matter the cost to everyone else, we're finished as a functioning democracy.

In this I am sympathetic to the people who show up at tea party rallies asking what happened to their jobs, their pensions, their security — the America they believed in. What's happened, says the political scientist Sheldon Wolin, is the increasing cohabitation of state and corporate power.

This is why I find the supreme court ruling so preposterous and ominous. Five radical judges have taken a giant step toward legitimating the corporate takeover of democracy. "One person, one vote" — stop kidding yourself. As I once heard a very rich oilman tell congress after he paid $300,000 to the democratic party to get a moment of President Clinton's ear, "Money is a bit more than a vote." The huge sums of money that already flood our elections will now be multiplied many times over, most likely in secret.

Just this week, that indispensable journalistic website Talking Points Memo.com reported that an influential Washington lobbying firm is alerting corporate clients on how to use trade associations like the Chamber of Commerce as pass-throughs to dump unlimited amounts of cash directly into elections. They can specifically advocate or oppose a candidate — right up to election day — while keeping a low profile to prevent "public scrutiny" and negative press coverage. We'll never know what hit us, and like the titanic, we'll go down but with even fewer lifeboats.

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Bill Moyers reaired part of his interview with Howard Zinn from Dec. 11, 2009.

Howard Zinn died at the age of 87 on January 27, 2010

"They're willing to let people think about mild reforms and little changes, and incremental changes, but they don't want people to think that we could actually transform this country."

Transcript via Bill Moyers Journal.

BILL MOYERS: Like Richard Trumka, the historian Howard Zinn, who died this week, was a man who believed that working people couldn't wait for a better life - they had to fight for it.

He once wrote, "historically, government, whether in the hands of Republicans or Democrats, conservatives or liberals, has failed its responsibilities until forced to by direct action: sit-ins and freedom rides for the rights of black people, strikes and boycotts for the rights of workers, mutinies and desertions of soldiers in order to stop a war. Voting is easy and marginally useful, but it is a poor substitute for democracy, which requires direct action."

Howard Zinn didn't just write history, he lived it, practicing what he preached, gaining enemies and critics by leaping into the fray himself. A working class kid from Brooklyn, he came home from fighting for America in World War II, to fight alongside other Americans for justice, peace, and jobs.

His fame and popularity came from helping us see America from the ground up - as ordinary people struggling to gain and hold their place in it. When no history book told that story as it should be told, he wrote the book himself -- A PEOPLE'S HISTORY OF THE UNITED STATES. It became a perennial best seller.

He appeared on the JOURNAL just last month to tell us about a television special, THE PEOPLE SPEAK, based on his people's history. Here is a little of what we talked about:

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Bill Moyers sat down with Eric Alterman and Melissa Harris-Lacewell to discuss President Obama's first year in office. This portion is where they get into his attempts at bi-partisanship and the fact that it's not working out very well for him and the failure of the media to paint Republicans as the obstructionists they are. I will disagree with Alterman on one point. I don't excuse any of the mainstream media for their behavior and I think it's ridiculous to assert they don't know what they're doing. They know exactly what they're doing and it's pushing a corporate agenda that's good for their bottom line. Being not as bad as Fox is a pretty low bar to hurdle. Sadly many of them are barely hurdling it and right behind them with being a propaganda machine for anyone looking out for corporate America's interest, whatever letter is behind their name.

Good stuff all in all. You can watch the entire interview at the Bill Moyers Journal site.

BILL MOYERS: Is it the problem that we lay too much on any President? It's only been a year this week that he was inaugurated. And yet, one year after he took the oath of office, he's being repudiated. Repudiated for what?

ERIC ALTERMAN: Well, it the narrative of the media go from one form of hysteria to another. And what you need if you want to be an effective President is a theory of change. How do you move the system? I thought Barack Obama had a brilliant theory of change as a candidate. He said we're all friends here. We're all Americans. We're all basically interested in the same thing. Let's stop fighting with each other the way the Bush Administration wants us to do. And this nasty Dick Cheney fellow is always trying to get us riled up. Let's find what we agree on and move forward.

And then I thought that once he became President he could say, okay, I tried. I tried it the nice way with these people. But they just won't cooperate. Now it's time to slap them around a little and get something done. He hasn't taken that step. He's giving the impression that he can be pushed around. And I think he needs to push some people around, even at a short term political cost, just to show that there's something to fear with this President.

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Bill Moyers talks to Thomas Frank about whether the Republicans are headed for some victories this coming election due to our collective memory loss about how horrid the Republicans are at governing, sadly enabled by the Democratic leadership which looks clueless as how to counter it all too often. From Moyers' report:

Will Rogers once said, "The short memories of American voters is what keeps our politicians in office." But as Democrats face what many believe will be a tough mid-term election, historian Thomas Frank argues that it might just be the other way around for incumbent Democrats. The Republican Party, which lost Congress and the White House in the last four years, may be poised for a comeback. A comeback Frank believes is only possible because Americans have forgotten what their country looked like under conservative rule, "That's the disease of our time...that sort of instant forgetting."

On BILL MOYERS JOURNAL, Frank looks into the not-so-distant past to describe what America looked like before the time of President Obama, focusing on the last ten years, which he's called "A Low, Dishonest Decade" in a recent column for the WALL STREET JOURNAL. Frank believes that many of the crises that afflicted America during the oughts should be laid at the feet of the conservative movement. Frank's list is long: the inadequate response to Katrina; the Enron, Abramoff and Madoff scandals; the mismanaged Iraqi reconstruction; two mismanaged and unpopular wars; and the 2008 financial disaster. Frank argues that it can all be traced back to an intentional dismantling of the government's oversight infrastructure, driven by a belief that government is always bad: "This is why the wreckage that I've described can't be separated from the conservative ideology and the conservative movement, generally: Because of their hatred of big government and their disdain and contempt for the federal workforce." But according to Frank, the financial disaster has wiped clean Americans' memories. They are mad at the bankers and mad about the economy, and conservatives may ride a wave of populist outrage back into power.

Full transcript below the fold.

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For anyone that didn't catch it, go watch Moyers' interview with David Corn and Kevin Drum:

America's big banks are back on top. Just a year after their financial gambles brought the American economy to the brink of collapse, requiring a massive federal bailout, they're back in the black and paying themselves healthy bonuses. With so many Americans facing economic hardship, the banks' good fortunes have led to resentment and even some rage among those outside the financial industry. Yet, according to Washington watchers — and sheer dollars spent — the banking industry lobby remains among the most powerful in the nation's capital.The latest issue of MOTHER JONES magazine looks into this discrepancy, calling it the "accountability deficit." The magazine commissioned a series of articles investigating why no one has been brought to account for crashing the economy. Two contributors to the issue, David Corn and Kevin Drum, join Bill Moyers on the JOURNAL to explain how the banking lobby continues to hold so much power in the nation's capital.

Here is Bill's commentary following the segment.

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