Also in this playlist...
This transcript is automatically generated
Oliver Stone great to see you thank you for being here appreciate it when I saw the movie over the weekend I liked it it was what what.
Impress me about it was the research I mean it's a really good summary of how we get into the financial meltdown.
Among I mean that's a background for the movie the foreground for -- -- people but apparently it's six stories of shark of a shark take really these people betraying each other.
And -- love the each one is torn their own way -- of mother in this.
Susan Sarandon and Shia -- that if a father and daughter with Carey Mulligan and Michael Douglas and then too -- -- -- -- to financial psychopaths as Josh Roland and Michael Douglas.
Separately trying to trap Shia LaBeouf as -- -- investment banker in this it's.
Financial shenanigans all of the question is -- which is the worst guy whether it's the Michael Douglas -- the -- Hillary just.
-- -- there's one line were -- big gecko character Michael Douglas confronts the guys even worst even former shark and he says.
I got to deal.
You stop telling lies about me and I'll stop telling the truth about -- it's one of the -- is that your line.
Actually I -- that from I have to admit from Adlai Stevenson.
Really at -- -- how did you do the research for the W Stevenson said and about.
Who was in about it he said about MacArthur publisher McCarthy -- may be one of the the Russians who knows.
It was it doesn't exist and that's it was Richard stop telling the truth about your.
It did impress me that the fact that a lot of the the details of what happened in the financial.
DG -- do research and Wall Street.
Or extensively and we talked to as many people who talk to -- -- some of the bigger.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But we you know we we learned a lot from people who.
For example the -- was reports -- -- very hard to penetrate so.
Brian cartwright and Alex -- who were in those meetings at various times helped us.
To get behind the opening -- -- the photos -- -- there have been done in the movie ever.
So we really bear interest at -- course -- trying to simplify very complicated stuff -- -- movie time which is quick I don't know if you knew this but Fox Business is suing the Federal Reserve to try to get people open their books hello Warren so for.
They've been very very confidence about opening up how did you get information about the way they do business.
Well -- a lot of that was what I mean come on the journalist broke that story.
The whole concept of the government -- trader billion dollars is enormous story.
So they covered to death and we did not want to make a documentary that was in others because.
At -- -- the fox people filled people said.
-- can you take that these weren't leveraged people don't know what that is -- -- you know we have we needed it I don't care if they don't know it is but.
If we emotionally could make it clear -- the -- that there's something going on what leverage means is ultimately gonna make sense -- Discount window words like that they you know the -- will be too if you look at the eighties movie.
It did have a lot of complicated.
Vocabulary but -- -- emotions were clear I think the same is true you know what's at stake from the people whose.
Heart is being torn out that's not what but when you started making -- -- -- at the financial meltdown was just just beginning so no it was that it was over we started in 2009.
Who has started to yeah I start.
There was script had been written in 2006 it was another with a 2008.
But -- went back in 2000 one of the first of a -- was Eliot Spitzer -- people.
He investigated AIG and Goldman and he was going to -- that -- to Goldman this is an interest in story evil empire resides between the story of them.
They're going long shorts and to remind -- that stimulants.
You know look at the market and make money by it was concept of losing money and about it being a -- essentially you make money going in the human political and stunned innocently -- of course you know with the computers that they have the supercomputers -- frequency trading.
You have a situation where you can really.
If you're Smart you -- clean up but what disappointed me.
About the movie you didn't focus as much on a bailout.
The bailout itself as it is another story that you're -- coverage that we were were.
Middle class America was forced to bail out the -- that's true mean listen it's not a documentary and but the middle class person in the movie there's so much evidence of it because.
The new Wall Street is a different ball -- I mean.
Maybe unions in the old movie that Martin Sheen was a father and his labor union was stripped it was it was it was it was emasculated by -- When he cannibalized the airlines.
The -- betrayed the father.
In the new movie there's no Libyans except -- pension and its pension funds you know they got raped by the bankers but the mother Susan Sarandon.
It is the only middle class person that believes she's a nurse Shia LaBeouf smothered and she is of flipping houses because you could make more money and she gives up in over her head.
-- she's been bailed out by herself and re right so that it's on a personal level that you -- Enormous changes but.
It's not a document now what Wall Street does -- mean what we're very often the worse that what Wall Street does which is epitomized in the film.
It's not necessarily business in America and he do you have any problem and sort of portraying.
This movie is the way business is done in America -- most business 70% of it anyways small and and medium sized business and most business pay their debts exceed that right now like -- is this is you don't go to day when you have enormous amounts of leverages these banks did.
You're tempted to go 35421.
With a particular -- off the government's failure out.
I don't know that they knew that the government would bail them out but they -- the key moment they settled second Federal Reserve board meetings when Josh Olin says if you don't.
Save us yet to scare people to say it was you have to -- -- tell the truth but you've got to help but otherwise the whole system is gonna collapse they scared.
America -- -- says at the end of the week if the money markets don't roll over.
All the banks in this -- be close now that's a key moment.
Now whether we did the right thing I think he still up in the air I think Eliot Spitzer will say they should not have given them money to the banks.
They should give the money should patent to the mortgage funds and gun Fannie Mae and Freddie Mac out of the situation there at that fix the mortgage market.
The whole thing would be different two years later there would have been a moment of great pain.
But these house would be gone you know -- Goldman for our economy.
On -- you have you have corrupt banks which also have corrupt.
Government institutions as well which is essentially what we're -- -- radar data and do their job and all they were they were investing in the same lousy so prior to Goldman Sachs once.
But the well with with Fannie -- infringement you know that's a big mess and so much sadness at his oath of extrasolar yeah the government -- Told -- equipment now now.
A lot of people might not know your dad was was in Wall Street right that there -- -- that sort of -- -- over in his grave -- But father dies at 85 -- started 31 under the depression he would hardly have -- he.
So now you can imagine with.
With the banks doing with it with billions billions of goes what what did you hated about what Gordon -- Was insider trading -- -- was -- illegal -- -- -- would go -- of these companies he he's street and he take the company's.
And he can lesson for the cash so there's a lot of tournaments aren't people rightly it's part of what's destroyed America was the productivity of America.
Has been used for money purposes people in of people take over companies get a take the best assets -- in the maximized in the rid of the company.
Do you think America's been destroyed though it on the way to -- the productivity of our country dropped enormously in those years as a waitress -- real productivity is increased as a result of computers and stuff like that that's that's the thing is a pretty place a financial services -- -- company in this country the corporate profits of financial -- -- more than 40% back in 1980.
Seven it was sixteen per -- So if you call that crop productivity financial services increased -- but that's on paper.
And that's like what we -- steroid banking -- -- moving money around the system I would like pricey real productivity.
Well I'd like justice be competing with China as well as Germany and I think we -- we have a great country and we have people who are very ingenious.
But it's not just about computers we've got to find ways to make good products.
We do it and hand we have to revitalize or manufacture widgets which is pulled out of work or how do you how do they were as we don't have wal mart's run -- campaign.
Low wage lousy jobs that you don't -- people line up for those low wage but that's because they have no choice Wal-Mart.
Commodities that are working -- mcdonalds.
And it's -- on a good choice and less well let me have been great if we can all work for you know comment on the -- -- -- a thousand -- week but we can't we gotta start somewhere.
-- Wal-Mart took -- -- final weeks of history of this class action suits against Wal-Mart to go your -- right -- it's probably against -- whether class action suits against everybody you know just think that everybody's doing everything at Wal-Mart -- monopoly essentially and it was allowed to do it yeah it was allowed to -- -- -- certain -- -- -- about Wal-Mart I don't tell right -- talking about business in America.
Yeah you know I think business in America is should be competitive should be healthy people should be encouraged to agree to full employment economy.
And that's in the new and I'd like to see people who were -- What I'm thinking of is that there's a difference between the Wall Street mentality.
That that aspect of capitalism and then small and midsize businesses are different -- about -- -- does -- say they don't know too much of the bank -- right that the bankers don't have that and the private equity for I think the way the point which -- is -- -- free market cap was that part I think your west.
Enthusiastic about it but at the -- -- -- both agree.
That a lot of these corporations.
Should never been bailed out by the government average that was really the probably middle class America was forced to bail out the millionaires and billionaires.
That was when we got it started way back when those -- -- would -- at Lockheed Chrysler that -- back to those cases.
About long range capital in 1998 that should have been let go and brunch it was a disaster and -- was ignored it was on the books.
Appalachian chain those who lost reported that -- -- ignore this.
The accounting also don't forget the accounting companies will remember Arthur Anderson used to meet a lot to me.
When that went down with -- Enron I was shocked to accounting can be the way of accounting exchange.
It's the transparency is gone the -- part of it is because of their relationship with government though again the government comes into play here it's the big guys who can afford the million dollar lawyers and lobbyists in Washington.
They're the ones who get the special kind of weighs all of regulated drugs chase and a little -- all -- that the new financial regulation bills -- -- -- -- that was -- big guys that Goldman Sachs are doing fine.
But the small and midsize banks are not their fault.
I'm not sure about that OK -- -- that's news to me.
I think if if you run a bank clean and what they called Vanilla -- -- gonna do okay I think the Canadian banks.
We're a good example we were able to shoot the royal bank -- and then they were before most open.
Whereas the goldmans and the mortgage had no interest in the -- it.
And it's interesting to see that the Canadian banks pull through this crisis and does their books were ordered that they ran the -- a dating show that toxic -- and and running bad books.
Lehman Brothers a case in point says Fannie -- -- Detroit by the way.
As those of government but it's toxic because the government and business -- in this collusion and on a large level too big to fail.
They scare you you've got to say that I should let him go don't get scared by the I think by now we have new banks if all these old banks clean about including Goldman what if there have been a whole new set of Mexicans if they didn't actually need for banks to come into the system.
By now two years later we start to have people Goodyear's psychologically you're growing up so I I would rather have a small bank become big.
And could find its way in this new system -- to support these big banks on medication basically with dollars I think you've got a great point it's funny that a free market guy like me and the guy who's now I would get this drug I believe in markets can you can tell us what's in there and distribute well I do I do -- my father -- capitalism doesn't work on paper but it works in reality it was a rough mr.
They always believed in it but it's been under it needs to have moderation capitalism in moderation -- -- -- it.
No profit without production and I think this there's a truth about production that's been lost here.
If you take money you make money -- money but it doesn't mean anything that's what the banks -- doing -- -- -- so.
I think we lost what America was about which is productivity.
Well and you say I associated business we are talking about as you were growing up by associated business we get rich mentality.
That -- well be true for the Wall Street folks are talking about but.
For that 70% of America that is small and medium sized business that's not the case they put all of their profits back into their company you know suck them out the with a private equity -- Do it but then also those private equity -- sold junk to the American motivated.
Those guys should go to jail for what they're so if you did know that that was -- -- those sub primes.
As well as programs -- were terrible the countrywide scandal and -- -- that -- to the American people salute to endowments and salute.
To pension -- union pension funds teachers association.
I was wrong and then again countrywide that the bailout from the government by Chris Dodd who was getting a little favor from countrywide is well on his mortgages so they got a bill that was a 300 dollar billion dollar bill you know.
Written just to take their toxic assets off the book.
You've appointment mean government when he gets into this money game it becomes very confusing -- night and I don't agree with the bailout.
I think we have the government did get into the game went for it for the -- -- Franklin Delano Roosevelt got in in the thirties and they put a set of regulations all of which were stripped.
That the commodities futures and modernization acts Robert Rubin is is responsible.
As anybody in the in the recent Treasury Secretary for Clinton so Summers by the way has resigned and so is Alan Greenspan.
They let the country go and they believed in free market free market -- and version does not work.
-- your hero numbness in your -- but Alan Greenspan is a big devote to your Mandarin outside here.
He believe totally in premarket he told Brooke's report back in the ninth late nineties that.
I don't believe you should prosecute fraud he says that are in the great dialogue I don't -- -- I think the market will prosecute fraud and its -- I'll tell you one of my heroes was -- Freeman who said the biggest enemy of the free market is not the socialist.
It's the corporation that wants a free market for everybody except him -- agree with that -- -- correct except -- Friedman missed the boat because a lot of places because.
What he created he was -- apostle for a lot of for Ronald Reagan and I think.
There's a need for free market at the same time it has sent moderation in regulation -- Friedman was a big supporter of the -- dictatorship.
In the 1970s he went down there and he gave me great advice.
And it was working -- worked jointly work dictator you know I would I would of their agreement there are a lot of dictators that don't have free market policies and they don't work.
That's true to this was a dictatorship that work with Maria -- -- if you're right though eventually controlled the market by shooting people.
A lot of people look at your support for who coach Robertson -- that in fact there is kind of admission or Varejao the poverty levels and they in Venezuela but -- around her -- well he's a corrupt at all he's the government.
He -- he has no money of his -- he's one of the east studies -- -- most non transparent -- everybody is trying to get real figures they run three sets of books you can't -- out -- on the World Bank -- vacuum that the poverty level was eradicated 50% of it was -- extreme -- 70%.
By the way this whole thing about him being a socialist I got the figures from you may not agree with a -- 8% of the economy was nationalist 8% of the GDP that's not a lot.
At the end of the day you go to Venezuela you have bonds have -- -- -- you can make I -- guys in the 810%.
12% in the bonds up until about a year ago so.
That as well as very much -- working out and he's been in power.
They have pulled in about 700 billion dollars of revenue from oil.
And from taxable and the answer about where that money is going there's a lot of on his visit Taiwan -- is deals with all the governments and the rest of the governments of Latin America my -- there -- -- Nicaragua -- though there -- a lot.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Let me tell it is one of the most corrupt non transparent places in Latin America -- -- You're gonna get burger over Venezuela before I ever did indeed owners say it's insane it was is even more problem that's the hope that it was terrible before that it -- they're trying to cut through the corruption by having -- -- accounts by sending a lot of the money from the development banks to his bank account -- myself.
That are red hair he has discounted oil to like a 160000.
American families is through -- it's a great PR effort it's working in Boston but it's a PR effort it's it's it's this much of -- when he I mean nobody talks about that they do you're talking about.
You know I'm one of the few that we've we've talked about -- on -- -- -- let the -- made promises and he's he's been a lot.
Pretty good that he does in terms of sending money for people that's fine but he's a corrupt guy you're gonna get hurt if you think he's not OK find out about -- right but finally -- on Wall Street what would you like folks the walk away with.
What is the is that sort of the moral as -- -- -- Trust between people human values the concept of what money can do to trust.
And I think on a macro level it's our trust with things and that we trust -- -- -- about you only.
Get 1% of my money -- maybe one and a half maybe won a court like.
There's no relation to to have my word in credit and trust by the way derived from the same Latin word -- -- -- -- things if you don't have trustee candidate bank which is a human value to the micro level you see within the all the six people in the movie they have to have trust with the -- And that's the trust between a father daughter and a son in the moment and there's an appeal say it is the -- -- -- -- The young couple the acting is superb and I -- to receive -- Shia LaBeouf is torn between telling the truth to his -- -- And he doesn't at one point also doesn't he run false rumors on social -- -- as the bad guy but even shy -- up doing the dirty stuff in the when he makes you do things you go won't do you gonna do something on -- bailout.
No I think that's a documentary it's great story that you do documentaries because it would.
Well maybe and on the open to a new way to work you know we grow together and -- free market perspective in the country where I'm doing a twelve hour.
Untold history of the United States -- -- committed showtime next year which I'm sure you'll look I'll be watching.
Filter by section