Elizabeth Warren on “Colbert”: “We Can’t Have Capitalism If There Aren’t Rules”

Elizabeth Warren went on The Colbert Report Monday to discuss her new memoir A Fighting Chance, which is “totally for real no joking guys please believe me” not a campaign book. The senator from Massachusetts and the future Late Show host discussed a lot of things including but not limited to how Reagan forged a culture of deregulation and leniency on Wall Street that led directly to the 2008 financial crisis and how the people responsible for said crisis who ran the biggest banks in America have still not been held responsible.

I grew up in an America that was investing in kids. It was investing in public universities. It had a high minimum wage. It was an America that said every kid had a fighting chance.And that’s how we built America’s great middle class. Then starting in about the 1980s we started turning in another direction…And what happened is [Reagan] had a couple of ideas. The first one was that they would fire the cops. Not the ones on main street but the ones on Wall Street…making sure that our largest financial institutions actually followed the law…If we don’t have basic rules what happened is what happened then. And that is the big financial institutions made billions of dollars by cheating people on credit cards and mortgages…There’s been a lot of freeloading, but the freeloading has been by the biggest financial institutions who got bailed out by the American taxpayers, who broke the law and were never held responsible…Here’s the key part—nobody went to jail for any part of this. The only people in America today who go to jail are regular folks. Big financial institutions get out there, they launder drug money, they violate the law, and still no one is held accountable. I think that’s fundamentally wrong.

Why won’t Elizabeth Warren let banks launder their drug money in peace?
Watch:

 

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with The Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with The Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate