Catch all the excitement on YouTube: Juggernaut Trailer
Rahm Emanuel, President Obama’s Chief of Staff at the time: You never want a serious crisis to go to waste.
Text: The worst economic crisis since the 1930s.
Pres. George W. Bush: We’ve seen triple-digit swings in the stock market; major financial institutions have teetered on the edge of collapse; and some have failed.
David Harvey: And the answer was, ‘Get out your credit cards. We’ll give everybody credit cards.’ And American households, British households, all roughly doubled or tripled their debt over the last twenty or thirty years.
Text: Solutions that only made the problem worse.
Paul Krugman: Then it started to come apart.
Andrew Napalitano: A turn to central planning from Washington D.C. greater in magnitude than anything since the New Deal, of course we don’t know how it’s going to turn out.
Steve Scully (interviewer): Deficit of eleven trillion dollars. At what point do we run out of money?
Barack Obama: Well, we’re out of money now.
Text: So how did we get into this mess?
Jonathan Rauch: A beneficiary of this program if you were to get rid of the cotton subsidies stands to lose tens or hundreds of thousands of dollars; the stakes are enormous. If, however, this program went away tomorrow, the American taxpayer would gain–and this is an approximate estimate–one dime a year.
Interdependency advocate: What happens in Malta, and Indonesia, and Japan, affects what happens in Texas and Wisconsin; what happens in Massachusetts affects what’s happening in South America.
Raghuram Rajan: The push towards low-income housing, the extreme stimulus given by the Fed, the willingness to intervene if the system got into trouble. If we bet and take more risk, we make tons of money; if we lose, somebody else will pick up the pieces.
Free-market economist: How is it that government is going to be able to spend a dollar in such a way that generates a dollar or more in value?
Niall Ferguson: If you look at the Congressional Budget Office data, the United States is never again going to run a balanced budget, never. I mean, beyond our lifetimes, every year there’s going to be a trillion dollars in new debt.
Pres. Barack Obama: You would think they would be saying ‘Thank you’.
Narrator: From the heights of corporate greed…
Rep. Baron Hill: You’re not going to tell me how to run my congressional office.
Narrator: …to the depths of government mismanagement…
Finance commentator: Stop spending! Stop spending! Stop spending!
Narrator: …comes a new theory of political economy that is bound to shake up the status quo.
Text: It cometh.