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Moore Hannity

7 October 2009

This article is about this interview, separated into three parts:

From alters for Jesus Christ to the community investment act of Jimmy Carter; no subject was off the table for Michael Moore and Sean Hannity.   Michael Moore’s new film Capitalism: A Love Story is the central subject of one of the most enjoyable interviews I’ve seen in a long while.

One of my favorite few moments within the video footage begins with Sean Hannity insisting he attends catholic mass every Sunday yet, for whatever reason, he could not recall the topic of the sermon from two nights prior.  It wraps up with Michael Moore avoiding disclosing his annual income.  He is quick to point out that the figures Hannity rambles off are earnings of the studio and not for himself alone.

Soon after, Sean Hannity suggests that Cubas internal affairs have not changed in 40 years.  Fair and balanced, eh?  Throughout the entire interview Sean Hannity makes various comments that are simply not based in fact and are purely speculative.  More examples will follow, I’m certain.

Michael Moore began to make an argument that I’ve been making for years.  When Timothy McVeigh bombed the government building in Oklahoma City, the federal government didn’t send military troops into Oklahoma to aprehend a terrorist.  Instead, the FBI arrested him based on the VIN number of a Ryder rental and the description provided my a hotel worker.  After he was apprehended he was not labeled a “terrorist.”  He was just a criminal who killed a lot of people.  In today’s world, anyone carrying mouthwash in their carry-on stands to be put aside and temporarily labeled a terrorist.  Okay, not literally but I imagine you follow my thinking.

Then it was back to Michael Moore’s income.  I couldn’t tell if Hannity was at all thrown off when Moore began naming people he’s helped.  Though I didn’t recall the family from “Roger & Me,” I do recall the man from Illinois.  A focal point in Moore’s new film were a number of American families who’s homes are being usurped from beneath them by billion dollar profiting banks such as Citibank and Bank of America.  Moore asserts that he has retained the house and legal assistance for the man from Illinois.

Hannity insisted the housing meltdown was caused by people who bought homes that they could not afford.  Moore quickly came back with “You think that this, the greatest collapse that we’ve had – certainly since the great depression, was caused by a bunch of poor people with no assets?”  Had I been at the table I would have interjected; “Derivatives are to blame.”

A derivative is defined as a financial instrument derived from some other asset or index.  In simpler language, it is a bet on a bet.  A gamble on a gamble.  Company A has 100 delinquent loans.  Studies show that 85 of the loans will be paid with interest over time.  15 loans will never be paid.  Company B says; “85 people will probably pay?  Sounds good, we could still make some money on this.  We’ll buy this asset from you.”  But the gravy train isn’t stopping yet!  Company C comes along and says to Company B; “You bought unpaid loans thinking 85 people would pay.  Our new numbers indicate that only 60 of those people might pay back their loan.  We’ll buy these assets from you and make the gamble that more than 60 will pay… and maybe we’ll profit.”  This can go on all the way from Company A to Company Z, each time being turned over with a larger wager and no actual product being created; just profit.  Profit, that is, until reality sets in an it turns out that only 15 people paid back their loans.  Values plummet, brokers get scared, and banks begin pulling properties out from under people to make up for their bad investments.

These derivatives are the product of financial deregulation.  It would suffice to say that financial deregulation is the enemy of the free market.  When there are no rules – all is fair.  Making billions of dollars at the expense of American lives becomes common place.

Getting back on track, by far my favorite quote from the interview is from Sean Hannity; “I love them [al qaeda] in the sense that I want to destroy them.”

I think I should just stop there.  I can end my first real blog entry on that cheerful thought. 🙂

  1. Travis permalink
    7 October 2009 113

    Great Article! Very well written!! Congratulations on your new endeavor!

  2. Tim permalink
    7 October 2009 629

    Part 4 of the videos.

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