Glenn and Larry discuss the LIBOR rate-fixing scandal. Larry gets into the details about how LIBOR works, lamenting a lack of transparency in the gigantic global financial derivatives market. Larry tells how his visit to the Goldman Sachs trading floor made him sick to his stomach. They use the Tylenol drug tampering crisis to explicate our banking woes. Larry explains why leverage plus opacity plus limited liability is a formula for perpetual financial crisis, and recommends creating a financial version of the FDA to certify the “health” of financial instruments. Glenn and Larry outline why banking is different than any other kind of business.Play entire video
Journalist Tony Ortega explains how the organization has used its canonical texts to justify incidences of child sexual abuse. Plus: Scientology vs. the IRS.Play this clip on MeaningofLife.tv
Bill Scher and Matt Lewis discuss whether Joe Biden can maintain populist appeal without making promises to the Sanders wing of the Democratic Party. Plus: Sunday Night Football, interrupted.