The No-Shame Zone

The No-Shame Zone

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On the day after the one-year anniversary of Lehman Brothers’ collapse, I find myself wishing every American could gather this evening for a screening at 209 West Houston – home to the great independent movie theater Film Forum, which for the past two weeks has been showing "American Casino," a bracing new documentary by Leslie and Andrew Cockburn about the subprime mortgage meltdown. The film is admittedly not a lot of fun to watch. What it inspires instead is rage: at the officials (Alan Greenspan, Phil Gramm) who trumpeted the virtues of financial deregulation; at ratings agencies that pretended to scrutinize whether mortgage-backed bonds being sold and resold were trustworthy (while actually handing the job to the banks that were paying them); at financiers who kept repackaging the mortgage-backed junk into inscrutable financial instruments; at predatory lenders who deliberately targeted low-income minority communities that are now awash in foreclosures.

The most amazing thing to me about the film was the utter lack of remorse expressed by the people who conspired to create the mess. The closest we come to an apology is a half-hearted admission from former Fed Chairman Alan Greenspan, who is shown telling Congress he was "shocked" that allowing large, unaccountable financial institutions to pursue their self-interests might cause problems. But nobody seems to be genuinely sorry. The people who made money from selling the junk kept it. The banks that profited so handsomely proceeded to get bailed out. The communities preyed on by predatory lenders are now full of boarded-up buildings and foreclosed homes. And, as The Times reported this weekend, bonuses and pay on Wall Street have gone right back to pre-crisis levels.

Is it too much to expect people who become millionaires by knowingly deceiving their fellow citizens to feel some measure of responsibility and shame?

 

We cannot back down

We now confront a second Trump presidency.

There’s not a moment to lose. We must harness our fears, our grief, and yes, our anger, to resist the dangerous policies Donald Trump will unleash on our country. We rededicate ourselves to our role as journalists and writers of principle and conscience.

Today, we also steel ourselves for the fight ahead. It will demand a fearless spirit, an informed mind, wise analysis, and humane resistance. We face the enactment of Project 2025, a far-right supreme court, political authoritarianism, increasing inequality and record homelessness, a looming climate crisis, and conflicts abroad. The Nation will expose and propose, nurture investigative reporting, and stand together as a community to keep hope and possibility alive. The Nation’s work will continue—as it has in good and not-so-good times—to develop alternative ideas and visions, to deepen our mission of truth-telling and deep reporting, and to further solidarity in a nation divided.

Armed with a remarkable 160 years of bold, independent journalism, our mandate today remains the same as when abolitionists first founded The Nation—to uphold the principles of democracy and freedom, serve as a beacon through the darkest days of resistance, and to envision and struggle for a brighter future.

The day is dark, the forces arrayed are tenacious, but as the late Nation editorial board member Toni Morrison wrote “No! This is precisely the time when artists go to work. There is no time for despair, no place for self-pity, no need for silence, no room for fear. We speak, we write, we do language. That is how civilizations heal.”

I urge you to stand with The Nation and donate today.

Onwards,

Katrina vanden Heuvel
Editorial Director and Publisher, The Nation

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