The No-Shame Zone

The No-Shame Zone

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On the day after the one-year anniversary of Lehman Brothers’ collapse, I find myself wishing every American could gather this evening for a screening at 209 West Houston – home to the great independent movie theater Film Forum, which for the past two weeks has been showing "American Casino," a bracing new documentary by Leslie and Andrew Cockburn about the subprime mortgage meltdown. The film is admittedly not a lot of fun to watch. What it inspires instead is rage: at the officials (Alan Greenspan, Phil Gramm) who trumpeted the virtues of financial deregulation; at ratings agencies that pretended to scrutinize whether mortgage-backed bonds being sold and resold were trustworthy (while actually handing the job to the banks that were paying them); at financiers who kept repackaging the mortgage-backed junk into inscrutable financial instruments; at predatory lenders who deliberately targeted low-income minority communities that are now awash in foreclosures.

The most amazing thing to me about the film was the utter lack of remorse expressed by the people who conspired to create the mess. The closest we come to an apology is a half-hearted admission from former Fed Chairman Alan Greenspan, who is shown telling Congress he was "shocked" that allowing large, unaccountable financial institutions to pursue their self-interests might cause problems. But nobody seems to be genuinely sorry. The people who made money from selling the junk kept it. The banks that profited so handsomely proceeded to get bailed out. The communities preyed on by predatory lenders are now full of boarded-up buildings and foreclosed homes. And, as The Times reported this weekend, bonuses and pay on Wall Street have gone right back to pre-crisis levels.

Is it too much to expect people who become millionaires by knowingly deceiving their fellow citizens to feel some measure of responsibility and shame?

 

Become a Sustaining Donor This September

Between the reemergence of right-wing red-baiting and Donald Trump’s use of the chilling National Security Presidential Memorandum–7 to criminalize left political organizing, we’re seeing McCarthyism reborn before our eyes.

This assault on democracy cannot be ignored or wished away. Resisting it requires bravery in the face of threats and repression, a steadfast commitment to the truth, and the unwavering belief that we can—and will—overcome this darkness.

We must have an independent media that sets the record straight, unearths corruption and abuses of power, and advances a politics of justice and dignity for all if we’re to win this fight.

That’s why I’m writing to you today. This September, The Nation needs to add 100 monthly donors to sustain our progressive journalism. Your contribution makes the next investigative report, the next truth-speaking column, and the next pathbreaking essay all possible. 

I hope you’ll support our work with a recurring donation today. If you donate $10 or more a month, we’ll send you a brand new “Hands Off the Free Press!” sticker to recognise your commitment to our cause. Please, donate today. 

Onward,

Katrina vanden Heuvel
Editor and Publisher, The Nation

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