Matt Taibbi Quotes

Twenty-six billion dollars of fraud: no felony cases. But when the stakes are in the hundreds of dollars, we kick in 26,000 doors a year, in just one county.

[Obamacare] was almost the perfect example of politics in the Bubble Era, where the time horizon for anyone with real power is always close to zero, long-term thinking is an alien concept, and even the most massive and ambitious undertakings are motivated entirely by short-term rewards. A radical reshaping of the entire economy, for two election cycles' worth of campaign cash – that was what this bill meant. It sounds absurdly reductive to say so, but there's no other explanation that makes any sense.

Americans spend an average of about $7,200 a year on health care, compared with the roughly $2,900 average for the other market economies that make up the OECD (Organization for Economic Cooperation and Development), and for that greatly increased outlay we get higher infant mortality, higher obesity rates, lower longevity, fewer doctors per 1,000 people (just 2.4 per 1,000 in the United States, compared with 3.1 in OECD states), and fewer acute care hospital beds (2.7 per 1,000, compared to 3.8 per 1,000 in the OECD countries).

You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again.

What this means is that the entire business model for something like Chase's credit card business is not much more than a gigantic welfare fraud scheme. These companies borrow hundreds of billions of dollars from the Fed at rock-bottom rates, then turn around and lend it out to the world at 5, 10, 15, 20 percent, as credit cards and mortgages, boat loans and aircraft loans, and so on. If you pay it back, great, it's a 500 percent or 1,000 percent or 4,000 percent profit for the bank. If you don't pay it back, the company can put your name in the hopper to be sued. A $5,000 debt on a credit card for the now-defunct Circuit City, which was actually a Chase card, became a $13,000 or $14,000 debt by the time the bank finished applying fees and penalties. Just like a welfare application, you have to read the fine print. "They make more on lawsuits than they make on credit interest," says Linda.

The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn't know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to - and did - explode.

What makes us feel pessimistic about the world, ultimately, is the way the media encourage us to believe that our fate hangs on the every move of the promise-breaking, terminally disappointing Teflon liars in Washington.

The average Tea Partier is sincerely against government spending - with the exception of the money spent on them.

Being a wiseass in a groupthink environment is like throwing an egg at a bulldozer.

Wall Street crime, in part, is a confidence game in which the criminal justice system itself is the mark.

But in more than a few cases, you can draw a straight line from a cop being laid off or a union worker having his or her pension slashed back to the week of 2008 when a handful of Lehman executives took a payoff to mark down their own inventory.

Obviously, people who commit crimes should be punished. Even people who steal socks and 'Snow White' videos should probably do time if they have priors, especially serious priors. But the punishment has to fit the crime, and the standard has to be the same for everyone.

When I heard the book (Thomas Friedman's latest) was actually coming out, I started to worry. Among other things, I knew I would be asked to write the review. The usual ratio of Friedman criticism is 2:1, i.e., two human words to make sense of each single word of Friedmanese. Friedman is such a genius of literary incompetence that even his most innocent passages invite feature-length essays.

One of the key psychological characteristics of the Tea Party is its oxymoronic love of authority figures coupled with a narcissistic celebration of its own "revolutionary" defiance. It's this psychic weakness that allows this segment of the population to be manipulated by the likes of Sarah Palin and Glenn Beck. The advantage is that their willingness to take orders has allowed them to organize effectively (try getting one hundred progressives at a meeting focused on anything). The downside is, they see absolutely nothing weird in launching a revolution based upon the ravings of a guy who's basically a half-baked PR stooge shoveling propaganda coal for bloodsucking transnational behemoths like JPMorgan Chase and Goldman Sachs.

Even in his books, where he's allegedly trying to string multiple thoughts together, Trump wanders randomly from impulse to impulse, seemingly without rhyme or reason. He doesn't think anything through. (He's brilliantly cast this driving-blind trait as "not being politically correct.") It

Everything in America is so uniform. In Russia, everywhere you go is completely insane.

In a pure capitalist system, an institution as moronic and corrupt as Bank of America would be swiftly punished by the market - the executives would get to loot their own firms once, then they'd be looking for jobs again.

In the years just after 9/11, even being breathed on by a suspected terrorist could land you in extralegal detention for the rest of your life.

2008 was to the American economy what 9/11 was to national security. Yet while 9/11 prompted the U.S. government to tear up half the Constitution in the name of public safety, after 2008, authorities went in the other direction.

Say as little as possible, hope some of the undecideds like your teeth better than the other guy's - that's usually the way this business works.

Why is JP Morgan getting so much heat? Maybe because it is a massive international crime syndicate.

In the meantime, though, the race for the Republican Party presidential nomination sure seems funny. The event known around the world as hashtagGOPClownCar is improbable, colossal, spectacular and shocking; epic, monumental, heinous and disgusting. It's like watching 17 platypuses try to mount the queen of England. You can't tear your eyes away from it. It

Joe Scarborough and Mika Brzezinski should be herded into a rocket and shot into space for their brown-nosing of Trump A

Are we talking about sending the FBI or the National Guard to close abortion clinics?" I asked. "We'll see when I get to be president," he answered. Huckabee smiled.

Everybody I knew, practically, was a journalist when I was a kid - my father, all of his friends. I never wanted to be like those people.

America is no longer a country that cares about experts. In fact, it hates experts. If you can't fit a story into the culture-war storyline in ten seconds or less, it dies.

Once you give an NFL player permission to have thoughts, you invite all kinds of mischief.

It may be that America has become too big and complicated for most people to deal with being part of. People are longing for a smaller, stupider reality.

Like wars, forest fires and bad marriages, really stupid laws are much easier to begin than they are to end.

For the broadcast business to be successful, viewers need to be not merely interested in our political melodramas, they have to be in an absolute state about them - emotionally invested in the outcome and frightened not to watch what happens next.

More and more often, we all make silent calculations about who is entitled to what rights, and who is not.

A cop ascending a staircase in a white neighborhood who was so pre-terrified of the residents that he pulled the trigger at the first sound he heard would be derided as a paranoid lunatic.
Similarly, the idea that a fat white guy selling hot smokes on a street corner was a grave threat would be laughed at as absurd. But a 350-pound black man is plausibly described in the press as someone who scared pedestrians, a threat needing to be defused.
Try to imagine a world where there isn't a vast unspoken consensus that black men are inherently scary, and most of these police assaults would play in the media like spontaneous attacks of madness. Instead, they're sold as battle scenes from an occupation story, where a quick trigger finger while patrolling the planet of a violent alien race is easy to understand.

You know, I used to live in Russia where you had officers in the military opening up the warehouses at night and taking weapons out and putting them into a truck and selling them to foreign powers. That type of stuff doesn't happen in the United States. We still have a very functioning and relatively civil society.

Capitalism is a system for determining objective value.

I get the cynicism thing all the time, although I don't really know where that comes from, because I think I'm actually the opposite of a cynic.

What we have now is a situation where politicians get a whole bunch of money from mainly business interests. Then once they hold that office, they spend all their time in office paying back over and over again those campaign contributions through various favors and contracts and that sort of thing.

It may not seem funny now, because it's happening to us, but centuries from this moment, people will laugh in wonder.

The threat posed by Bank of America isn't just financial - it's a full-blown assault on the American dream. Where's the incentive to play fair and do well, when what we see rewarded at the highest levels of society is failure, stupidity, incompetence and meanness? If this is what winning in our system looks like, who doesn't want to be a loser?

I don't often get angered by the things press spokespeople say. Most of these people have difficult jobs and are often forced to be the public faces of policies they had nothing to do with creating.

The civil rights movement, legislation, and milestone court decisions of the 1950s and '60s produced remarkable changes and ended or ramped down centuries of explicit, statutory discrimination. But real integration was not one of the accomplishments.
The civil rights movement ended in a kind of negotiated compromise. Black Americans were granted legal equality, while white America was allowed to nurture and maintain an illusion of innocence, even as it continued to live in almost complete separation.
Black America always saw the continuing schism. But white America has traditionally been free to ignore and be untroubled by it and to believe it had reached the "postracial" stage of its otherwise proud history. That was until cellphones and the Internet came along.

It's increasingly clear that governments, major corporations, banks, universities and other such bodies view the defense of their secrets as a desperate matter of institutional survival, so much so that the state has gone to extraordinary lengths to punish and/or threaten to punish anyone who so much as tiptoes across the informational line.

Justice by Attrition turns courthouses like this giant complex on Schermerhorn Street into huge fun houses of unreasonableness and mindless punishment, where you can peek into just about any room and find someone absolutely beside himself with disbelief over what is happening to him.

The failure to work out sensible budgets makes it impossible for government agencies to make long-term plans, and instead leaves them scrambling to spend money in the short term.

This is part of the reason that the AIG bailout is so troubling: when at least $13 billion worth of taxpayer money given to AIG in the bailout ultimately went to Goldman, some of that money was doubtless going to cover the bets Goldman had made against the stuff the bank itself was selling to old people and cities and states. In other words, Goldman made out on the housing bubble twice: it fucked the investors who bought their horseshit CDOs by betting against its own crappy product, then it turned around and fucked the taxpayer by making him pay off those same bets.

You might think otherwise, but it doesn't naturally follow that because a law has been passed by Congress and signed by the president, said law actually has to be implemented.

If anything, the bailouts actually hindered lending, as banks became more like house pets that grow fat and lazy on two guaranteed meals a day than wild animals that have to go out into the jungle and hunt for opportunities in order to eat.

Curiously, for instance, the drop in violent crime is most pronounced in cities with high immigrant populations.

For aiding and abetting drug cartels suspected in more than twenty thousand murders, groups famous for creating the world's most gruesome torture videos - the Sinaloa Cartel in particular, with its style of high-volume reprisal killings and public chainsawings and disembowelings, makes al-Qaeda look like the Peace Corps - HSBC got a walk. Tory Marone, for smoking their product and passing out on a park bench, got sent to jail.

A loose definition of the Tea Party might be fifteen million pissed-off white people sent chasing after Mexicans on Medicaid by the small handful of banks and investment companies who advertise on Fox and CNBC.

I look around. You'd have to be out of your fucking mind to write, as Marcus did, that Black History Month is a ploy to lever more entitlement money out of Congress, but the ho-hum nonresponse of the white crowd reading this bit of transparent insanity is, to me, even weirder.

Some states have actually increased funding for fraud investigation because the programs are paid for by federal funds they would lose if they weren't spent - in other words, rather than lose funding because of reduced welfare rolls, states simply increase the amount of staff for welfare fraud investigation.

Most people, when they imagine New England, think about old colonial homes, white houses with black shutters, whales, and sexually morbid WASPs with sensible vehicles and polite political opinions. This is incorrect. If you want to get New England right, just imagine a giant mullet in paint-stained pants and a Red Sox hat being pushed into the back of a cruiser after a bar fight.

One loves one's country the way one loves a family member. And sometimes that family member does really embarrassing, shitty things. But you still love them.

Sniper is a movie whose politics are so ludicrous and idiotic that under normal circumstances it would be beneath criticism. The only thing that forces us to take it seriously is the extraordinary fact that an almost exactly similar worldview consumed the walnut-sized mind of the president who got us into the war in question.

I believe now that there's real fear of what happens once The Narrative blows up - because once we've ripped the rich to shreds, what we're left with is a whole bunch of broke people wondering where the hell their money went, without even a soothing fairy tale to help them get to sleep at night.
People in the financial community who actually worked in that world, the traders and the bankers themselves who joked with me about "those motherfuckers," did not have these illusions. You're not going to be good at making money if you need there to be a halo around the moneymaking process. The only people who really clung to those illusions were the financial commentators, right up to the point where those illusions became completely unsustainable.

It's not a stretch to say the whole financial industry revolves around the compass point of the absolutely safe AAA rating. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for.

Our leaders know we're turning into a giant ghetto and they are taking every last hubcap they can get their hands on before the rest of us wake up and realize what's happened.

TV is the ultimate leveling phenomenon. It makes everyone, rich and poor, equally incapable of dealing with reality. That

The print magazine and print journalism industry is obviously in a great deal of trouble, and one of the things that happened when this business started to give way to the Internet and to broadcast television is that a lot of organizations started cutting specifically investigative journalism and they also started cutting fact-checkers.

Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class.

Washington politicians basically view the People as a capricious and dangerous enemy, a dumb mob whose only interesting quality happens to be their power to take away politicians' jobs ... When the government sees its people as the enemy, sooner or later that feeling gets to be mutual. And that's when the real weirdness begins.

The man who once famously pronounced "I know words, I have the best words" scorched through the primaries using the vocabulary of a signing gorilla ("China - money - bad!").

In America, it takes about two weeks in the limelight for the whole country to think you've been around for years.

You know what an effective deterrent to crime is? Jail! And do you know what kind of criminal penalty actually makes people think twice about committing crimes the next time? The kind that actually comes out of some individual's pocket, not fines that come out of the corporate kitty.

After eighteen long months covering this dreary business, the whole campaign appears in my mind's eye as one long, protracted scratch-fight over Internet-fueled nonsense.

The lengths we went to as a society to crush someone of such modest ambitions-Garner's big dream was to someday sit down at work-were awesome to contemplate. What happened to Garner spoke to the increasing desperation of white America to avoid having to even see, much less speak to or live alongside, people like him.
Half a century after the civil rights movement, white Americans do not want to know this man. They don't want him walking in their neighborhoods. they want him moved off the corner. Even white liberals seem to, deep down inside, if the policies they advocate and the individual choices they make are any indication.
The police are blamed for these deaths, and often rightly so, but the highly confrontational, physically threatening strategies cops such as Daniel Pantaleo employ draw their power from the tacit approval of upscale white voters. Whether they admit it or not, many voters would rather that Eric Garner be dead and removed from view somewhere than living and eating Cheetos on the stoop next door.

To use an example frequently offered by Masters, imagine if someone continually showed up at car dealerships and asked to buy $500,000 worth of cars. This mystery person doesn't care how many cars, mind you, he just wants a half million bucks' worth. Eventually, someone is going to sell that guy one car for $500,000. Put enough of those people out there visiting car dealerships, your car market is going to get very weird very quickly. Soon enough, the people who are coming into the dealership looking to buy cars they actually plan on driving are going to find that they've been priced out of the market.

The national debt is totally unlike a family budget for about a gazillion reasons, not the least of which being that families cannot raise money by fiat or deflate the size of their debt unilaterally and that family members die instead of existing infinitely.

Things that are jailable crimes on one end of that spectrum become speeding tickets on the other. We find white people on the jail end and black people on the speeding ticket end, but for the most part ... well, for the most part, you know what I mean. That winking understanding we all share about who gets the book thrown at him and who doesn't, that's where American racism has gone: unspoken and hidden, but bureaucratized and automated, and therefore more powerful than ever.

Private equity firms aren't necessarily evil by definition. There are many stories of successful turnarounds fueled by private equity, often involving multiple floundering businesses that are rolled into a single entity, eliminating duplicative overhead.

The problem with the Tea Party is that it's been used in a way that scares people into supporting an agenda that's counter to their own interests.

McCain said the lower gas prices were sitting somewhere under the Gulf of Mexico. Obama said they were sitting in the bank accounts of companies like Exxon in the form of windfall profits to be taxed.

The formula was the same formula we see in every election: Republicans demonize government, sixties-style activism, and foreigners. Democrats demonize corporations, greed, and the right-wing rabble.

Both candidates were selling the public a storyline that had nothing to do with the truth. Gas prices were going up for reasons completely unconnected to the causes these candidates were talking about. What really happened was that Wall Street had opened a new table in its casino. The new gaming table was called commodity index investing. And when it became the hottest new game in town, America suddenly got a very painful lesson in the glorious possibilities of taxation without representation. Wall Street turned gas prices into a gaming table, and when they hit a hot streak we ended up making exorbitant involuntary payments for a commodity that one simply cannot live without.

Candidates don't want to be associated with poor people, people who have jobs or are ugly; they want to be associated with a certain middle class demographic, so as a result they leave those others out completely.

Within the cult of Wall Street that forged Mitt Romney, making money justifies any behavior, no matter how venal.

In other words, you need to be a bureaucracy in order to survive one. This is the overwhelming narrative of modern American economics, that the individual, particularly the individual without a lot of money, is inherently overmatched. He's a loser. And if he falls into any part of the machine, he goes straight to the bottom.
And then there's the most disturbing truth of all. People assume that a system that favors the rich likes rich people. This isn't true. Our bureaucracies respond to the money rich people have, and they bend to the legal might the rich can hire, but they don't give a damn about rich people. You can be rich and still fall into any one of a dozen financial/legal meat grinders, from an erroneously collapsed credit score to a robo-signed foreclosure to a stolen identity to a retirement account vaporized by institutional theft and fraud.
The system eats up rich people, too, because it's not concerned with protecting any individuals, even the rich ones. These bureaucracies accomplish just two things: they make small piles of money smaller and big piles of money bigger. It's a system that doesn't care whose hands end up holding the bag, or how long those hands get to hold the bag. It just relentlessly creates and punishes losers, who get to sit beneath an ever-narrowing group of winners, who may or may not stay on top for long.
What does get preserved, in all cases, is a small constellation of sprawling, interconnected financial companies, whose na

'Prop trading' is just a fancy term for banks gambling in the market for their own profit.

I mean, people who say that the Tea Party isn't a grassroots movement, I think, are incorrect. I think in some respects, it is a grassroots movement.

By February 2016, when Trump was already steaming toward the nomination, I began to realize the extent to which he'd conned all of us. He first used the media's financial desperation to secure free coverage, but when the attention became not just negative but condemnatory, he used that, too. He

In the Orwellian dystopia the original sin was thoughtcrime, but in our new corporate dystopia the secret inner crime is need, particularly financial need. People in America hide financial need like they hide sexual perversions.

Why? Because there's a direct correlation between need and rights. The more you need, the more you owe, the fewer rights you have.

Conversely, the less you need, the more you have, the more of a free citizen you get to be. On the extreme ends of this spectrum it is literally a crime to be poor, while a person with enough money literally cannot be prosecuted for certain kinds of crimes.

To Wall Street, a firm like BP isn't just a profitable energy company with lots of assets like oil rigs and pipelines and gas stations - it's also a corporation that routinely borrows hundreds of millions of dollars to keep its business up and running.

The mistake our politicians so often make with these industry leaders is in thinking they are interested in, or respectful of, the power of government. All they want is to keep stealing. If you can offer them the government's seal of approval on that, they'll take it. But if you can't, well, they'll take that too.

The basic scam in the Internet age is pretty easy even for the financially illiterate to grasp. It was as if banks like Goldman were wrapping ribbons around watermelons, tossing them out fiftieth-story windows, and opening the phones for bids. In this game you were a winner only if you took your money out before the melon hit the pavement.

At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time.

In other countries they have histories with revolutions and class movements. In America, people don't like to think of themselves like being in a lower class. They all like to think of themselves as potential millionaires.

Gross Domestic Product - the substitution, in effect, of ideas for physical value.

I'll tell you one thing," Sorensen said. "If Hillary Clinton should ever become president, God forbid ... " The crowd hissed and booed. Sorensen raised his hands. "If, God forbid, something like that were ever to happen, one of the first things they'd try to do is tax the churches. You can count on that," he said. The crowd gasped at the audacity of the suggestion. I found it ironic that by singling out Hillary specifically, Sorensen had just done the one thing that made the church no longer deserve tax-free status.

Trump has blown up even the backroom version of the issues-driven campaign. There are no secret donors that we know of. Trump himself appears to be the largest financial backer of the Trump campaign. A financial report disclosed that Trump lent his own campaign $1.8 million while raising just $100,000. There

By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future.

The epic struggle to pass health care reform was at once a shameless betrayal of the public trust of historic proportions and proof that a nation that perceives itself as being divided into red and blue should start paying attention to a third color that rules the day in Washington - a sort of puke-colored politics that puts together deals like this one and succeeds largely through its mastery of the capital city's bureaucracy.

The church is a place where you can walk in and close your eyes and all the complex and inscrutable troubles of adult life are gone for a time. But you have to be careful to keep your eyes closed, because if you open them, what you'll see all around you are sad, middle-aged people with brittle hair and long faces, faces as old as your own, looking weary from that crooked road that God keeps promising will someday be made straight and trying to wish the world away with a children's song. Of course, if they all wish together, the wish comes true for a while.

When the Crossfire paradigm loses its force, all that's left is a bunch of people with different views all sitting together in a room, wondering why they're all paying three bucks a gallon for gas, why they have no health insurance, why their tax rates are higher than Warren Buffet's. If we're all equally a bunch of suckers, how could any of us be worth hating?

There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power.

Mike Huckabee represents something that is either tremendously encouraging or deeply disturbing, depending on your point of view: a marriage of Christian fundamentalism with economic populism.

In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave you your loan held on to it for life. If you lost your job or got too sick to work and suddenly had trouble making your payments, you could call a human being and work things out.

For a country founded on the idea that rights are inalienable and inherent from birth, we've developed a high tolerance for conditional rights and conditional citizenship.

The individual incentive not to commit crime on Wall Street now is almost zero.

In the elaborate con that is American electoral politics, the Republican voter has long been the easiest mark in the game, the biggest dope in the room. Everyone inside the Beltway knows this. The Republican voters themselves are the only ones who never saw it. Elections

We live in a country where people believe implicitly in their right to bore the living shit out of absolutely everybody within haranguing distance with tales of their miserable, lonely, and inevitably self-deluding searches for personal fulfillment in the emotional desert that is our crass commercial culture.

An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.

I think America has the best assholes in the world. I defy the Belgians or the Japanese to produce something like a Donald Trump.