That was good stuff. Nice to hear an intelligent conversation without a bunch of propaganda ruining it. Here's the key points he made:
(1) China fucks up everyone else by manipulating their currency, creating an un-level playing field, making globalization a fixed game in their favor by subsidizing cheap labor and making their manufactured goods artificially cheaper elsewhere.
(2) The credit bubble was enabled somewhat by China's monetary policies, then exploited by a massively under regulated US banking system that allowed the banks to grow huge and create those scam products like the bundled mortgage derivatives, and that caused the crash.
(3) Obama missed a chance to break up the banks in 2009, and as a result they are still growing larger, still too big to fail, and basically we have fixed nothing since 2008.
(4) The American public is fairly stupid about how little domestic policy can now effect positive economic change since the global banking system effects everyone, and there is little domestically that can help get our economy going without global coordination and cooperation.
Not much there to disagree with. Spot on for the most part, right?
And of course I still blame most of this on the Republicans. They are responsible for deregulating the banks (Phil Gramm and Tom Delay). They are responsible for blocking any financial reforms under Obama, deciding on a political strategy in 2009 of resisting every move Obama makes. And equally damaging now, the Right and Romney continues with the massive lie that this is all Obama's fault, that Romney knows how to fix this, that the answer is more tax cuts and less regulation.
Wall Street needs an ass kicking, and they did not get it from Obama cause they backed him in 2008. They back Romney now. Who is more likely to try to fix the system after 2012...Obama or Romney? Well with Obama the odds are low, and with Romney the odds are very high he will actually enable them to gain even more power.