But Wall Street would not be shamed for the economic pain it had inflicted. At the same time as leading hedgefunds financed a campaign advocating cuts to the benefitsretirees expected to receive, they lobbied lawmakers torelax the rules governing pension fund investments so thatthey could siphon off a chunk of the $2.6 trillion thatremains under public pension funds’ management.And, as Taibbi writes…This war isn’t just about money. Crucially, in waysinvisible to most Americans, it’s also about blame. Instate after state, politicians are… using scare tactics andlavishly funded PR campaigns to cast teachers,firefighters and cops – not bankers – as the budget-devouring boogeymen responsible for the mounting fiscal problems of America’s states and cities.
Moyers & Company’
s Joshua Holland caught up withMatt Taibbi last week to discuss this vexing story. Belowis a lightly edited transcript of our conversation.
Joshua Holland: Matt, this is a maddening piece. I amgoing to bill you for my blood pressure medication. Imean you better hope that Obamacare getsimplemented.