My OperaA TV Commercial you will never see
Wednesday, April 28, 2010 6:53:51 PM
By Barry Ritholtz - April 28th, 2010, 7:00AM
Here is a commercial I want to see someone create, that I’d like to see go viral:
The screen is dark. There is a soft heartbeat in the background
White letters appear on the screen: 1998 Glass Steagall Repeal
Voiceover: In 1998, the Glass Steagall act was repealed by Congress. Since 1932, it successfully kept banks separated from Wall Street (pause) . . . After its repeal?
(Citigroup, Countrywide, and Washington Mutual logos on screen. They shatter and collapse).
Voiceover: Major banks collapsed, causing the worse recession in generations and costing taxpayers billions.
(Heartbeat gets a little louder and quicker).
White letters Commodity Future Modernization Act of 2000
Voiceover: In 2000, Congress passed the Commodity Future Modernization Act. It made one group of financial instruments — Derivatives — completely free from all regulation (pause) . . . The result?
(AIG logo appears, explodes)
Voiceover: The AIG collapse cost taxpayers $185 billion in bailouts.
(Heartbeat is now louder and faster).
Letters: 2004 SEC permits Wall Street to dramatically increase its leverage
Voiceover: In 2004, the 5 biggest investment houses in the country got permission to lever up (pause) . . . The result?
(Logos appear; Bear Stearns, Lehman blow up; Merrill Lynch turns gray and keels over; Goldman Sachs, Morgan Stanley spiderweb crack — but don’t fall)
Voiceover: Lehman & Bear — gone. Taxpayers spent billions helping Bank America rescue Merrill Lynch. Goldman and Morgan became bank holding companies.
(Heartbeat is very rapid and loud).
More white letters: 2010 Financial Reform legislation . . . is . . . blocked
(heartbeat stops . . . screen fades to white light)
Voiceover: Partisan fighting in Congress is blocking financial reform . . . but YOU can help move it forward. (heartbeat starts again) Tell your congressman and senator to stop listening to Wall St lobbyists, and pass financial reform NOW.
Because the last thing any of us wants is another financial heart attack.
Lettering: Please pass financial reform . . . or else.
(heartbeat stops, letter replaced with flatlined EKG)
Lettering: Call your congressman today (phone number)
~~~
