Educational Media Reviews Online

This entry in the series of Bill Moyers Journal briefly but thoughtfully examines events and issues pertaining to the U.S. housing crisis and international trade developments, as well as an in-depth personal interview with Victor Gold on his views on the Republican party. The program concludes with a Bill Moyers editorial on global media mogul Rupert Murdoch.

The program starts off with a discussion of a proposed trade bill, set to protect workers and the environment. A closer look, however, shows that the bill presented by Congressional Republicans and supported by a majority of Congressional Democrats, is loaded with fine print. Lori Wallach, author and globalization expert, sheds light on the “Death Star” trade agreement. It is designed to be more of a compromise between the President and Congressional Democrats, and does not amply address low wages and poor living conditions for foreign workers, and the subsequent loss of U.S. jobs. This interview does an excellent job of illustrating problems with NAFTA policies, and the shifting of jobs and markets as a result. Finally, Wallach calls for evidence of a commitment to enforcement of the bill’s environment provisions.

Bill Moyers then takes an inside look at the excessive sale of mortgages on the secondary market, subprime and flexible rate mortgages, and the alarmingly high rates of default and delinquency. The current U.S. housing crisis has been brought about by exorbitant amounts of loans and lack of proper credit reviews. To make matters worse, many Americans cashed out equity in their homes, decreasing their stake in the property. The high number of defaults has in turn caused a glut in the housing market, widening the gap between homeowners’ equity and property value. The viewer also learns what fail-safes failed and how.

In a very lively interview, long time Republican Victor Gold reflects on what he perceives as the decline of the Republican Party. Gold cites the recent inclusion of the religious right and the “neocons” (those who wish to export US morals abroad) for the decline of the GOP. He makes an amusing but personally somber appeal for candor in the federal government ala Barry Goldwater. Gold and Moyers have a spirited exchange about the disconnect and “celebritization” of the office of the President.

The program closes with a ripping editorial on Rupert Murdoch, his acquisition of The Wall Street Journal, and the malignancies of consolidation within the media. Moyers holds nothing back when speaking of Murdoch’s political influences and business tactics.

The individual segments of this journal are outstanding, especially the portion on the housing debacle, serving as a primer on the entire real estate and banking crisis in the U.S. Prospective purchasers of this program, however, must firmly keep in mind that the true unifying thread in this journal entry is the date. While the interviewing and purposeful questioning within is top notch, the time sensitivity issue may be a source of concern. Many of the issues discussed in the future tense, such as the August 2007 sale of Dow Jones. That said, the program does an outstanding job of examining antecedents and foreseeable outcomes of the issues, as does the entire series.