Explore Quotes by Matt Taibbi

In a pure capitalist system, an institution as moronic and corrupt as Bank of America would be swiftly punished by the market - the executives would get to loot their own firms once, then they'd be looking for jobs again.

In the '50s and '60s, journalism wasn't a profession. It wasn't something you went to college for - it was really more of a trade. You had a lot of guys who came up working in newspapers at the copy desk, or delivery boys, and then they would somehow become reporters afterward and learn on the job.

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

In modern American politics, being the right kind of ignorant and entertainingly crazy is like having a big right hand in boxing; you've always got a puncher's chance.

I didn't know Michael Hastings very well, but one thing about him was always obvious - he was born to be in the news business, he loved it, he was made for it. He wrote about Iraq and Afghanistan as places he had always been destined to visit.

It's not a stretch to say the whole financial industry revolves around the compass point of the absolutely safe AAA rating. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for.

If anything, the bailouts actually hindered lending, as banks became more like house pets that grow fat and lazy on two guaranteed meals a day than wild animals that have to go out into the jungle and hunt for opportunities in order to eat.

Criminal justice, as it pertains to the Goldmans and Morgan Stanleys of the world, is not adversarial combat, with cops and crooks duking it out in interrogation rooms and courthouses. Instead, it's a cocktail party between friends and colleagues who from month to month and year to year are constantly switching sides and trading hats.

In other countries they have histories with revolutions and class movements. In America, people don't like to think of themselves like being in a lower class. They all like to think of themselves as potential millionaires.

Creating legislation is a tough process. But watering down legislation? Strangling it with lawsuits and comment letters and blue-ribbon committees? Not so tough, it turns out.

For the broadcast business to be successful, viewers need to be not merely interested in our political melodramas, they have to be in an absolute state about them - emotionally invested in the outcome and frightened not to watch what happens next.

Comparing your family budget to the sovereign debt of the United States is a little like comparing two kindergartners tossing a paper airplane to the Apollo 11 mission.

Candidates don’t want to be associated with poor people, people who have jobs or are ugly; they want to be associated with a certain middle class demographic, so as a result they leave those others out completely.

By incentivizing Wall Street players to sniff out inefficient or corrupt companies and bet against them, short-selling acts as a sort of policing system; legal short-sellers have been instrumental in helping expose firms like Enron and WorldCom.

By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future.

'Nobody goes to jail.' This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth - and nobody went to jail.

John Boehner is the ultimate Beltway hack, a man whose unmatched and self-serving skill at political survival has made him, after two decades in Washington, the hairy blue mold on the American congressional sandwich.

Amendments occupy a great deal of most legislators' time, particularly those lawmakers in the minority. Members of Congress do author major bills, but more commonly they make minor adjustments to the bigger bill.

2008 was to the American economy what 9/11 was to national security. Yet while 9/11 prompted the U.S. government to tear up half the Constitution in the name of public safety, after 2008, authorities went in the other direction.

In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave you your loan held on to it for life. If you lost your job or got too sick to work and suddenly had trouble making your payments, you could call a human being and work things out.

The one thing that I do is take really complicated systems and subjects and make them accessible to regular people.