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← Michael Moore on the Rachel Maddow Show - Part 2 (11/3/11)

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Showing Revision 3 created 07/24/2012 by Esther Premkumar.

  1. . . . Bill Gates toda urging the world's 20 major economies to support the popular idea
  2. of a financial transaction Tax. We used to have one of these in this country from 1914 till the mid-60s.
  3. Then they repealed it. The basic idea is a very, very small tax, something like a quarter of a percent on financial trades.
  4. National Nurses United marched today in Washington in support of a financial transaction tax.
  5. Democrats Tom Harkin of Iowa and Representative Peter Defazio of Oregon have introduced a bill
  6. that will reinstate the financial transaction tax in this country.
  7. Worldwide, the idea of doing this globally in all financial markets, is getting vocal support from the Archbishop of Canterbury, today.
  8. From the Pope who put an official catholic church statement on this last week.
  9. Also, conservative German Chancellor Angela Merkel and the conservative French President Nicolas Sarkozy.
  10. President Obama talked with Merkel and Sarkozy today about possible bank fees or taxes.
  11. And in his book "Confidence Men" and here last night in an interview in show show, author Ron Suskind
  12. reports that President Obama, at least, used to personally support this idea, of there being a financial transaction tax.
  13. The member of his economic team, specifically Laurence Summers, apparently strongly pushed against it
  14. and we didn't get one. Well, now Summers is gone from the administration
  15. but still, as of today at least, the U.S. does not support a global financial transaction tax,
  16. even though our allies France and Germany do. Not to mention the Pope.
  17. We often here a critique of the Occupy Wall Street movement that it is not specific enough,
  18. that nobody knows what the demands are. Well, here is one! Here is a very specific demand from everybody
  19. from the Pope to American nurses to Bill Gates to the German Chancellor. Isn't that sort of
  20. seem doable? Michael Moore is still here with us tonight for the interview. Michael, thank you for sticking around.
  21. Yes. Thank you. It's doable. It's very easy to do. - It does seem doable, right?
  22. And it's so simple. It's, it's, it's not all everybody trying to get their claws into the rich.
  23. It's just a half a penny or a quarter of a penny per dollar that is traded on the stock market
  24. or for these derivatives that they're still selling, or these credits default swaps that they're still messing around with.
  25. Every time they do this, just a half of a penny or a quarter penny goes to the government.
  26. This would raise in the United States a minimum of 350 billion dollars a year of extra income.
  27. Er, add that on to the 2 billion dollars a week that we are still spending on the wars.
  28. If we could bring the troops home and that, that's another 100 billion a year.
  29. 450 extra billion dollars would go a long way, er, to help things here. And, er, there, there is no reason that that can't be
  30. introduced now. And, frankly, the Democrats should do it. They should push it. And, and if the Republicans
  31. can't, go along with this, then, then let them try and run on that. That this wasn't a tax on Mr. and Mrs. America.
  32. This is half a penny, half a penny per dollar that's being traded, that used to be taxed, er, that isn't taxed any longer
  33. and it hurts this country.
  34. One of the reasons I wanted to talk to you about this, erm, Michael, is I know, not only that you 've been visiting many
  35. of the Occupy protests, but also because I know that you think strategically about how America changes
  36. on things that we are not supposed to be able to change about, and I wonder how you feel about this issue
  37. of the, the specificity of what the Occupy protesters are asking for. The agenda that we are talking about
  38. just a few minutes ago, is a very broad but simple agenda that systems should not just work for the rich.
  39. But then there is something like calling for that tax which couln't be more specific.
  40. Do you think that, that specificity or the generality of the goals helps in terms of people understanding it?
  41. Does it make it more complicated?
  42. Yes, no, and I think there is a lot of people out there that are, who support Occupy Wall Street
  43. and are just waiting for "OK, what's the marching orders here?" What, what are we going to get behind?
  44. And a lot of the general assemblies have already passed resolutions saying that we need to reinstitute Glass-Steagall.
  45. Ah, that we need to get rid of the Bush tax cuts for the rich. Erm, that, you know, there is, there is quite a program that
  46. is coming together. This is one of those things that's so easy. Just as, just as we also need [cough] to tax every. . if, if,
  47. if our FICA tax, social security tax is around 7%, but that, but the wealthy after 110,000 dollars pays zero social security tax.
  48. Zero FICA tax. That they, they, er, I mean literally. And you've covered this on your show - this is just another
  49. simple idea. If you're making 40,000 a year, they're taking 7% out of your, out of your check for this tax.
  50. But the wealthy person has zero % taken out, if they make over 110,000 dollars. And, er, er, it's such a simple idea.
  51. And I think the majority of the country would be behind it. Obama said he was behind it at one time. And, I think what we need
  52. with this movement is, we need to keep things broad and keep the discussion going, at the same time,
  53. we're going to start focusing on some specific things and, and we need to push Congress and the President.
  54. We're not going away. This movement is only going to get bigger. You can see by the polls.
  55. It just gets more support each week and, erm, and I think that, erm, you know, just give the movement a few more
  56. weeks. It's only six weeks old. And it already has the support of tens of millions of Americans,
  57. which is unheard of for a brand new movement in this country. That usually takes decades.
  58. So, Occupy Wall Street has it already, erm. Now, the next steps will take place and, I gotta tell ya, I hope I'm not being
  59. pollyanna here but I'm just very optimistic that, erm, some good things are going to come out of this.
  60. But there's, there's going to be push back from Congress and from these corporations. But it's too late. They overplayed
  61. their hand, they got too greedy. The people are not going away.
  62. Six weeks old and already talking. That's the way I like to think of it. Michael Moore, filmaker and author of the
  63. new book "Here Comes Trouble. Stories From My Life". Michael, thank you so much for making time to talk to tonight.
  64. We really appreciate it, my friend.
  65. Thank you so much and everyone here in Denver thanks you too here, Rachel.
  66. Alright, we will be right back.