Andrew Ross Sorkin, the New York Times reporter who runs the influential business blog Dealbook, was a guest on The Daily Show last night to promote his book “Too Big to Fail,” which explores the origins of the financial crisis and how it played out.
Stewart started the interview off with a bit of humor, stalling after he welcomed the youthful Sorkin on the show, telling him that need to wait until his father arrived before he could start the interview. They then turned to the book.
Sorkin said that the changes we need to make the system since we pulled back from the precipice have not been made: “A year later we are in no better shape than we were a year before… There are no new rules.”
While the banks have indeed de-leveraged to a certain extent, Sorkin noted, there is still no rule allowing them to return to massively leveraging themselves and causing another crisis to occur: “Every time we’ve had a crisis it’s been about leverage and debt, and every time we have never learned the original lesson.”
Stewart got heated when discussing what the banks are doing to people with arbitrary credit card rate hikes and other such practices. He told Sorkin he hesitates to use a term of “sexual violence,” but that’s what the banks are doing to people. “I won’t disagree with you,” Sorkin replied.
The interview with Sorkin concluding that there will not be progress or accountability on Wall Street and that we need to take the crack pipe away from them.
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|