Frontline: Money, Power and Wall Street
The ward-winning PBS series Frontline premiers a new show documenting the apex of power in American life in which Wall Street gets bailed out, Main Street doesn’t and the terrible implications that this had for democracy in the United States.
The show documents the largest single sector in the American economy, double the size of manufacturing sector. With the power to make and break fortunes, 11 trillion dollars of American net worth has been lost in the recent recession along with 8.5 million jobs. Calls were made for the prosecution of the banking sector, although ultimately the Occupy Wall Street movement took hold on the streets if not necessarily in the courts.
Hearings held since 2008 reveal a regulatory system that was inappropriate to oversee the modern financial system and financial vehicles that appear to defy explanation. The Frontline programme seeks to explain the origins of the crisis and the efforts by financiers to reduce risk in the system.
The show interviews reporters, analysis and the very instigators of the financial vehicles that came to cause so much inadvertent damage to the world ‘s economic system, as the JP Morgan team elected to take a model that had worked previously in the agriculture market and applied it to the financial market to reduce exposure and risk to the bank.
The show attempts to explain the new financial vehicles that led ultimately to the collapse of the markets and of entire companies. Risk was traded and it fuelled a credit boom. The acronyms and financial data remains boggling for those of us not involved but the show does its best to explain it in easy to consume language.
In this it mostly succeeds, but the whole point perhaps is that the confusing element is essential to the reason that that occurred in the first place, allowing for sub prime market deals to be bundled together and sold around the world, ensuring that when the crash occurred it hit places that had no connection to their origins.
The documentary covers where things went wrong, where we are now, and what is yet to come. As always, Frontline is fascinating and insightful and makes for recommended viewing when it screens on May 28 on Sky Channel 166.
JDB and PBS
I am delighted to announce that I have been approached by PBS in regard to a series of forthcoming projects. As a result I will be posting a series of observations relating to forthcoming shows on my website and twitter account and hope that you find my thoughts helpful.
As part of this arrangement I will be attending the premier of the new PBS documentary on Jessie Owens at the American embassy in London on Thursday May 24.
PBS offers British audiences multi-award winning and globally respected series including NOVA, FRONTLINE, AMERICAN EXPERIENCE and PBS Newshour. With weekends broadcasting the best independent documentary filmmaking and children’s shows.
The Public Broadcasting Service is one of America’s most valued brands, a non-profit organisation trusted for its integrity and loved for its quality output.
PBS broadcasts in the United Kingdom on the B-SKY-B satellite system, channel 166 and on Virgin Media, channel 243
Obama and the Death of the American Space Program
The final flight of the Space Shuttle Discovery atop of a special 747 (the like of which many people will only have seen at the beginning of the James Bond movie, Moonraker) reveals the true gulf between President Obama’s campaign rhetoric and his vision for and of the United States of America.
Barack Obama campaigned as a visionary, using a high rhetorical style, the like of which had not been heard since the heady days of the 1960s and the presidential campaign of John F. Kennedy, whose siblings Obama so assiduously courted. He was anointed as a Kennedyesque figure for the 21st century, but almost as soon as he was elected the rhetorical style dimmed along with his apparent vision for the United States of America.
The high rhetoric of the campaign was replaced by a dull monotone delivered from the omnipresent TelePrompTer. The soaring exhortation of a better tomorrow was replaced by a hectoring tone and with a moral and intellectual superiority more reminiscent of Carter than Kennedy.
President Kennedy was known to quote Proverbs 29:18: “Where there is no vision the people perish.” America faces such a situation today under President Obama and this is exemplified in the state of the space programme.
The role of NASA in the American psyche has been essential since President Kennedy made the astronaut the hero of the New Frontier and dedicated the United States to a mission like no other: To place a man on another world. Kennedy used the Space Program as a tool in the Cold War, but also to inspire a generation of Americans to greatness. “We chose to go to the Moon in this decade and do the other things, not because they are easy, but because they are hard,” he told an audience at Rice University. The successful accomplishment of that mission was the culmination of a dream, a political struggle and the dedication of millions of man-hours by the hard working people on Florida’s Space Coast and at installations across the nation. It epitomised the American ‘can-do’ attitude that had seen the nation grow and become the most powerfully in the world in such a short period of time. In retrospect, however, it was perhaps the apex of the American century.
With the 1970s came the decision by the Nixon administration to initiate the Shuttle programme, designed to make space travel more routine and business-like, utilising a reusable vessel capable of delivering a payload and then returning safely to earth. To a new generation, the Space Shuttle became the epitome of the United States in the 1980s as it soared majestically into the clear blue skies over the Kennedy Space Centre, taking the United States into space and making such missions seem routine. But the launches never lost the ability to strike awe into all who witnessed them. There was something in the power, the majesty, the danger and the romance of the space mission that drew all in homage. It was a thrilling, exciting and dangerous exercise, which continued the original quest that Kennedy had inspired.
Politicians of all parties were happy to revel in the reflected glory of the space mission and the recognition that it separated the United States from all other nations. It was an extension of Manifest Destiny and the epitome of American Exceptionalism in the third millennium. Even President George W. Bush announced plans to send a manned mission to Mars to continue the ongoing American mission to take mankind beyond the confines of its home planet.
However, the President of the United States has now terminated the shuttle program and cancelled the manned mission to Mars. At a stroke he has announced America’s abdication of space at precisely the moment when America’s competitors appear capable of assuming a foothold in that vital region. To do so is folly and gives credence to those who claim that this president fails to recognise the exceptionalism of the United States. His actions add fuel to those who wish to talk and write endlessly of an inevitable American decline.
NASA’s Space Centre in Florida, for all the romance associated with it, has become a sad reflection of its heyday, it’s facilitates yearning for a new mission to once again inspire the world with American ingenuity. Newt Gingrich recently spoke of developing a Moon base if elected president, a sentiment that received mockery around the world. However, whilst it is clear that ‘Moonbase Gingrich’ is about as likely as a Gingrich Administration, at least the former Speaker was offering a vision of a return to the glory days of America’s space mission. The present occupant of the Oval Office offers no such vision and as a result the very rationale for NASA may perish.
The world’s media covered the final flight of the Discovery but they appeared to miss the point. This was not a flight of fantasy, but rather a one-way trip to become a museum piece, to be stared at by children, too young to recall its magic and majesty, and mourned by those who could. It will be placed in a mausoleum by a president who campaigned as a visionary and appears capable only of presiding of the diminution of the United States; a president who appears not to appreciate the power of imagination and ideas that helped propel the American people from sea to shining sea and then out into the stars.
The final flight of the Discovery across the skies above Washington DC resembled the sad, lonely flight of Air Force One on November 25, 1963, as it flew low over the nation’s capital, crossed the Potomac and dipped its wings in final salute to the memory of the man who had inspired the moon mission and whose body was at that very moment being lowered into the ground at Arlington National Cemetery.
“Without vision the people perish.” It is such vision that America, its people and its space program require today from its President.
(This article originally appeared on The Commentator website Apil 18, 2012)
My Latest Article on The Commentator
I am pleased to announce that the first of my weekly postings for The Commentator has appeared this lunchtime. The piece, which laments the last flight of the Space Shuttle and the accompanying reduction in America’s national vision under President Obama, is available at here