genius, he was able to link economic faith with faith in america. >> incredible moment. that does it for us. hope you enjoy the cnn original series the eighties which starts now. in money matters this morning, wall street, where leaping stocks have investors jumping. >> we're going to turn the bull loose. >> one of the great things about this nation is that we can seek profit. >> is money the number one goal? >> yes. >> you've had 29-year-olds making a million dollars a year, expecting to make two million the year after that. >> if you have plastic money, nothing is holding you back. >> history will show the bakers were honest people. >> insider trading could be wall street's watergate. >> i am afraid recently we called it success.

♪ ♪ u.s. economy which used to be the envy of the world, inflation is rising and standard of living is declining. >> there was tremendous inflation, not much growth.

the country was not in a great depression in 1980 but the united states was in the dumps. >> on wall street, it was cold, gray, wet, and miserable. there was no comfort to be found outside. for investors, there was not much inside either. the tickers carried almost nothing but bad news. >> come off a terrible decade for investing. people were skeptical of the stock market. it was a sleepy wall street back then. >> most economists expect a serious recession with 2 million more americans losing their jobs. >> i regret to say that we're in the worst economic mess since the great depression. >> literally from the first moments of his presidency on, president reagan let it be known his top priority is the nation's economy. >> i put a freeze on pending regulations, set up a taskforce under vice president bush to review regulations with an eye toward getting rid of as many as possible. >> the idea was markets work

better than government controls. >> this bill represents the first step in our administration's comprehensive program of financial deregulation. >> introducing deregulation, finance got more creative and more profitable, too. >> in money matters this morning, wall street, where leaping stocks have investors jumping. >> when the market opens for trading, the dow-jones average will stand at the highest level ever. >> the past few months have been among the wildest in wall street's history. stock and bond prices soared in a frenzy of activity. optimists on wall street talk about the beginning of economic recovery. >> supporters of deregulation point to the soaring stock market as evidence a deregulated economy makes money for everyone. >> the stock market took off and the public saw it happening, they would read about it. all sorts of people that used to have nothing to do with this world started pouring their money into it. that's in large part what drove

prices to go even higher. >> the ronald reagan motorcade rolled onto wall street to the new york stock exchange. >> >> in the last five years we've moved from malaise to hope, confidence and opportunity. the volume of shares traded hitting record highs, and more americans than ever before participating in the market. we're bullish on the american economy. >> ronnie, ronnie, ronnie. >> reagan shows up at the stock exchange, ronnie, ronnie is a way of saying america is back. that was ronald reagan's genius, he was able to link economic faith with faith in america. >> the '80s airs tonight at 9:00 >> no sitting president visited the stock exchange before, no one would have beaten him if a floor was taken. they gave him round after round of cheers. >> we're going to turn the bull loose. >> the whole world from reagan's white house on was basically saying wall street was the

engine of our economy. it represents growth. it represents opportunity. it represents the american dream. >> so these guys were saying we're going to go do it. >> this was the draw on wall street, the smell of money. this is where the action is, this is the over the counter trading. more than 17,000 daily transactions involving millions of shares and millions of dollars, made and lost here every day. and it is a game for young people. when you get home at the end of the week, look back at what you've done sitting at this desk, what gives you a sense of satisfaction? >> i guess making a lot of money. >> for yourself. >> for the firm. >> when the economy started to recover, become more vibrant, there was a sense of ex-i will racial, we survived this miserable period, let's celebrate, party, we have money to spend. >> today the fad among young people is big salaries, fancy clothes, fast cars, and they're

called yuppies. who are these yuppies? >> that's a person that owns a mcintosh, eats fine quiche and drinks wine, and that's me. i am having a great time. >> for this generation, business is hip. capitalism is no sin. it is in. >> is money the number one goal? >> yes. ♪ all of the fun is waiting for you at the castle, trump's castle ♪ >> where millionaires are a dime a dozen, a new billionaire is in town. his town is new york city, made his money from manhattan real estate. puts his name on almost everything he builds, says it is a symbol of quality. others say it is part of the hype. >> donald trump, he is the brand, he is the symbol of a swash buckling approach to commerce, entrepreneurship and

consumption. >> we now have people that have become celebrities just from being rich. take the trumps as a good example. their celebrity is generally that they're rich. >> donald trump has also ventured into gambling and professional football, says he could negotiate a nuclear disarmament treaty with the soviets. >> they say he is power hungry. >> what about the name of trump city, trump tower, trump plaza, trump castle. >> it sells, mike. has nothing to do with the ego. all i know is it sells. >> what do you do? >> security. >> we don't need security. >> leona helmsley was wife of harry, one of the big developers of new york. >> i asked for something, i did not get it from you, i want it. >> she was the queen of mean.

the idea was that she was so mean because she wanted you to have a great experience in one of her hotels. really? is it just me? >> that's paradise. i am taking inventory, i own this, and this, and that one and that one. >> he plays monopoly. >> with real buildings. >> they bought this connecticut estate a year ago, 26 acres, 28 rooms for the two of them. and this building structure is what? >> the enclosure of the swimming pool. >> up top? >> on top we're going to have a dance floor. >> she became a symbol of the excesses of the '80s. >> am i comfortable? i make a living.

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they give me so much back. i can't even imagine how i could possibly give them what they give me. >> reporter: this is the way we live now. music is playing. everything is perfect in the mal. >> in the 1980s, you have 16,000 malls popping up like mushrooms, become the high temples of shopping. >> pam and elizabeth come to the mall almost every day, call themselves mall rats. >> i love it. >> consumerism took over in the

'80s. people emerged from the '70s, tough economic times, and went wow, we can now spend. >> honey that's going to set your eyes off. >> the economy started to grow. it was largely consumer driven growth, but the consumer economy was founded by debt. >> the national bankruptcy debt is soaring. their annual income is $32,000. they have over $12,000 in unsecurity debts when they bought a new home, bought a new washer, dryer, microwave often and beta max recorder, then went bankrupt. >> i knew i didn't have the money. if you have plastic money, there's nothing holding you back. >> it became acceptable to have debt and a credit card. more than acceptable. you wanted to pull it out and use it. >> live from tampa bay, the home shopping club. >> americans seem utterly hooked

on home shopping. >> i have you for two of the plush musical bun east. >> there are home shopping club parties, like minded consumers gathered together to do what comes naturally. >> i want four of those bird figures. >> you don't have to leave the house and stuff will come to you. welcome to america.. >>. >> reporter: send me $100 immediately. i need quick money. >> now, quit talking about saying you believe in god. now. faith is an act. >> in all, there are 1600 television ministers. of $1.5 billion grossed annually, just three of them, pat robertson, jimmy swaggert, jim baker took in close to $500 million. >> the prime time preachers say

they need money to stay on the air, and need to stay on the air to raise money. money for the kind of electronic equipment any network would be proud to own. >> i believe god wants us in the next 30 days to have every one of these bills paid in full and ptl can live if we pay the bills. >> if we paid the bills, if we would all do something. >> as teleadvantage lichl goes, he understands preaching on television is not just standing up, giving a fire and brimstone speech, he understands the johnny carson approach, the being more intimate, showing your life-style and beautiful family brings in people. he is a brilliant entrepreneur and salesman of himself. >> here are jim and tammy. >> the appeal is powerful. last year a million people respond to the bakers' constant requests for money. >> how many do you have now? >> about 30. >> 30 what?

>> silver 7,000 clubs. >> that's $90,000. >> praise god. >> the bakers have been criticized for their own lavish life-style. >> just because i am a christian doesn't mean i don't love nice things. i love nice things. jim and i work very hard for nice things. >> they say the difference between men and boys are the price of the toys. >> luxury cars, a string homes from palm springs to california. >> the gospel of prosperity. they think by them living well, having rolls royces, everyone will think god shines that countenance on them and then us. pto becomes the basis for theme sparks. >> we just built better bait to reach people. >> you could have a lifetime partnership with ptl for one time gift of $1,000. four days and three nights every

year for the rest of your life. >> that mix of god and greed ends up derailing them, leads them to breaking the rules they preach about. >> jim baker stepped down as head of the praise the lord or ptl ministry. >> baker's resignation came because of a sexual encounter seven years ago. >> jessica hon is to be paid monthly as long as she keeps quiet about the incident. >> turns out jim baker has been paying off a secretary, and that shakes the evangelical world. >> the evidence seems to indicate that effort and money were expended to cover moral failure. >> if jim baker paid jessica hahn hush money, quote, unquote, what else is he doing with ptl money. >> do you worry about the investigation? >> not at all. >> history will prove the bakers were honest people. >> we interrupt for an nbc special report. >> jim baker, defrocked head of

ptl ministry was found guilty on 24 counts of fraud and conspiracy. >> baker was selling partnerships at heritage usa, even though he knew they were oversold. for example, heritage grand hotel could accommodate only 25,000 partnerships, but 65,000 were sold. for the lower priced bunk house partnerships, about 7,000 were sold for a building that had 8 rooms. >> they sent $15 a month for 15 years. thought by giving to them god would ease her pain and that of her ailing husband. >> i have been giving to them when i don't have enough to live on. >> baker could be sentenced to 120 years in prison, fined over $5 million. >> i would say i feel sad but encouraged in god. >> tammy baker said she could best describe her feelings in song. >> on christ the solid rock i

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♪ ♪ (whispers rocket)

we visit t. boone pickens,

the highest paid ceo in the country. even here, wall street is in charge. wall street being a parrot, green as in men. he reigns over a foyer that runs the length of the house. at the end of that foyer, we find boone pickens. good morning, sir, how are you? >> good morning, harry. >> why don't we head to the trophy room, if you don't mind. >> sure. >> t. boone pickens was a texas oil man who became the original corporate raider. he would buy a bunch of stock in a company, talk about how the executives needed to be tossed out, make a play to take over the company. >> pickens company is one-twentyth the size of phillips moves stock privately. pickens let's it be known he wants to buy another 15% from shareholders and gain a seat on the corporate board. >> there's one thing i want to put in place, stockholders own companies and management are

employees. >> phillips agreed to buy back stock to prevent him buying. >> it is no secret you made about a half billion through losing on your attempted take you'res. do you go into it knowing loss will stand you well. >> if you make money, it makes it easier. i remember someplace a guy got up, said i've got a question. he said you're making a lot of money out of this. i said the shareholders are, too. he said yes, but you're a fast buck artist. who would want to be known as a slow buck artist. i see it as the enterprise system working at its best. >> he was the first investors to see how undervalued companies were. all these famous deals brought this new reality to the

attention of other investors who followed in his wake, sought to imitate what he did. >> i freely admit i am an investor. >> it is not wrong to want to profit in capitalist america.. it . >> reporter: >> he doesn't want to run the companies, just a run up of stock prices. >> it lists him among 400 richest people, estimating wealth at over $200 million. >> where is my share of profits. >> he gave commencement speech in 1986 at berkeley and became famous for one line. >> i urge you as part of your mission seek help. it's all right. >> a new film, wall street, used his words as the basis for some

dialogue. >> greed is good. greed is right. greed works. >> when michael douglas in the movie said greed is good, it was a cartoon expression, but there's truth to it. there was a sense it is okay to be greedy, okay to maximize your wealth. >> what i want to see above all is that this country remains a country where someone can always get rich. >> big companies gobbling up little companies. little companies gobbling up big companies. eight years ago, 1500 corporate takeovers. last year 4,000 involving over $200 billion. >> this is leverage buyout. the company bore east using assets as clat ral. the company issues ious. because it is risky, they carry high interest rates and they're called junk bonds. >> you may not have heard of

michael milliken of the firm of drexel, burn ham, lambert this wall street whiz is said to be the most powerful financier in america., brought respectability to low rated junk bonds, and used the money for corp raids. >> reporter: t been pickens couldn't have raided them. >> the gulf deal is first time i saw milliken. he said if you want to take over gulf, it will cost you 13 billion. he said i can get that 13 billion. >> he is the guy pickens goes to. most haven't heard of him. >> he doesn't care about publicity or pride, all he cares is making money, doing deals. having power. >> he was a howard hughes figure that you never saw, just heard. >> it was his genius, i think that's the correct word, that

created an entire market and fueled this takeover phenomena. >> we romanticize these characters. the fact of the matter is these are fat cats, first cousins to the financial manipulators, robert barrens. >> trying to make a buck out of nothing and putting people to work. >> economists agree some unemployment and hardship is important in making the united states lean and mean again. the takeover specialist called corporate restructuring. >> they need some kick to become more efficient, lessen trenched. that will probably do the economy good. >> goodyear fended off a hostile takeover bid but it didn't come cheap. >> they bought back half the stock, took on huge debt. plants closed, workers laid off.

they pay $1 million in interest to 17 banks. >> they buy up a company with its own assets, dismember it, and erode the industrial base of this country. >> maybe we didn't understand how it worked, but we saw a lot of people losing their jobs and a few people getting super rich. and the vibe of the culture being. >> that's cool. >> how much is enough? >> enough what? >> enough money, enough power, enough takeovers. >> this is my work, this is what i do. let me do what i do. it is not a question of how much. pet moments are beautiful, unless you have allergies. flonase is the first and only nasal spray approved to relieve both itchy, watery eyes and congestion. no other nasal allergy spray can say that. go ahead, embrace those beautiful moments.

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the run on the bank began. >> i need that money. >> i made decision after weighing several options we had to close all 71 privately insured savings and loan institutions. >> he is faced with the clem a of solving the worst crisis in ohio history. called the worst crisis since the depression. >> deregulatory climate of the

1980s, savings and loans had invested in mortgages, were free to invest in what they wanted. >> they were taken over by entrepreneurs that saw them as piggy banks. >> vernon savings was shut down by regulators. sad else with $1.3 million in bad loans. the owner lived a life of private jets, yachts, mansions. >> they took risks that should have been untenable for a banker, when it went blewy, the industry went belly up. >> this is the third day of the run on the old court savings and loan association. >> only thing i can do. i have no choice, we have to close. >> i don't think it is right. >> this year a record 260 banks closed, 800 in the past five

years. bad loans to the third world, to the oil industry, to real estate developers. >> one of the reasons bankers made outrageous loans is because of federal deposit insurance. if it went well, you rake in profit. if it went poorly, the government picks up the tab. >> they got into that commercial real estate market. lost their shirt. >> all over the united states people are building projects for which there were no buyers, mile after mile of partially completed condos. and they're all on the s and l books. >> something wrong about the savings and loan industry today, and it isn't me. >> charles keating was a lawyer who got into banking and was able to buy a savings and loan. when keating bought lincoln savings and loan of irvine, california, used it as a private piggy bank for his own ambition, like the venetian hotel which cost $500,000 per room to build.

>> that hotel is a magnificent investment for savings and loan stock, no question about it. >> the real problem is when appraisers looked at it, they said not such a bad hotel, but worth 200 million, not 300 million. >> bill black was one of the regulators who was the guy that spearheaded going after keating. >> we discovered likely fraud, just really basic things that no honest bankers would do. >> examiners looked at 52 loans lincoln made. there were no credit reports on borrowers in all 52. >> on top of that, charles keating has lincoln savings sell uninsured junk bonds and targets the widows in the retirement community. >> there were 23,000 customers who would buy $250 million of these bonds. >> we had sold our home in sherman oaks. my husband had a stroke.

we moved here, went to lincoln savings down here. >> how much did you venture. >> you really want to know? it was $30,000. for us that was quite a bit. >> capitalize on this, the bond salesmen were told, the weak, meek, ignorant are always good targets. >> the regulators look at this, say this guy is a disaster, man, we have to stop this. by that time keating had a construction company in arizona, thrifts in california. through several states. he was able to call on congressmen and senators and say get the dogs off my back. >> this morning the s and l crisis goes to capitol hill. the senate ethics committee looking into charges against five senators accused of intervening with federal banking officials on behalf of charles keating. the keating five, republican

john mccain and alan cranston, don regal, they received 1.3 million in campaign contributions or donations to favored causes. former bank board chairman says the senators tried to subvert the regulatory process. >> i was told to come alone. i did. >> did you find that unusual? >> absolutely. never happened before. the whole time i was in washington i never saw that. >> and no witnesses. >> no, no witnesses. deniability. perfectly built into the meeting. >> they said they wanted us not to take enforcement action against lincoln savings. the only thing that got them to back off is when we finally said we're making criminal referrals, you're going to bat for criminals. >> awaiting trial on charges of criminal fraud, keating refused to testify to the senate. >> was there something wrong with five senators, yes, it is a

bad appearance. the real question is did john mccain abuse his office. the evidence indicates clearly no. >> the keating five became a symbol of the '80s because it is a group of distinguished u.s. senators accused of taking bribe money. they get off the ho hook eventually, but it rocked the country showing not only corporate amer ka had corruption -- >> one question had to do with whether financial support in any way influenced several political figures that took up my cause. i want to say in the most forceful way i can, i certainly hope so. ♪

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no . financial scandal causing increasing concern involving investors making killings on wall street not because of luck and skill but inside information not available to anyone else. >> this coded document may be a secret earnings report showing disastrous loss or assessment of

future profits. if you're one of the 32 million americans that own stock, sh information can cost you money or earn you money, perhaps millions of dollars, if you find it out first. in either case, it is illegal. >> single biggest currency on wall street has always been information. in the '80s, that information was trading back and forth and investors were talking to their buddies, they went to business school and law school with, who were working on deals to find out. it was pervasive. >> security and exchanges commission which monitors potential abuses, says penalties aren't strict enough. >> this is a serious course of misconduct and the sanction is akin to asking someone to put the cookies back in the cookie jar. >> in tonight's money matters, biggest insider stock trading case ever. >> dennis levine collected 12.5 million in profits, with advance knowledge of 54 take yoefrs, from a phone booth call an

accomplice in the bahamas that bought stocks in the names of two dummy corporations set up in panama. >> it was the first time the sec nailed down insider trading by a big deal maker. somebody with a million dollar a year salary which apparently wasn't enough. >> insider trading could become wall street's watergate. >> plea bargains is now under way with dennis levine. they may develop a new list of suspects. >> we start the investigation. once his lawyer advised of the interest to cooperate, he would give information. to him it was another deal. >> i think the judge made clear he would give him a heavier sentence, except for the cooperation. >> dennis levine was one guy doing insider trading, that's not something that's new. what dennis levine did was lead to ivan boesky. >> they stunned wall street when they announced boesky has the

biggest fine from stock trading and barred. >> he claimed what he would never do, use insider information to buy huge blocks of stock in companies secretly involved in takeover deals. >> he was a crook, handing bags of cash to people that would give inside information. >> if we had capital punishment for white collar crimes, i would say he would be a prime candidate. >> self described as a man whose arrogance was stripped away. no doubt the man is a symbol of what's wrong with wall street. >> the news of boesky was the bombshell on wall street. >> what do we call greed the day before filed? >> we call it success, some people that turned out to have engaged in criminal activity like ivan boesky were hailed at heroes at the peak of their careers. >> millions of investors are

appalled at the boesky affair. >> get every one of them, put them in jail. >> there have been more than 48 cases of insider rading, brought by the new york u.s. attorney rudolph guilliani. >> he had the aura of being the best man in law enforcement. >> maybe we can't catch all of them, we can sure as heck deliver a message if you do get caught, you're going to lose your liberty, go to prison. >> today the prospect of a widespread scandal more certain, finding out ivan boesky is talking. >> it is like finding a private book of clients. >> he takes a fall, all over wall street they're practically jumping out windows. he has been taping phone calls and private talks for three months. wall street big shots are wetting their -- you get the idea. >> of course he was guilty. there would be no defense.

all he had was bargaining power. >> let me ask you this. levine was a fish, boesky was the shark, who's the whale they're going to catch? >> i don't know. >> drexel burnham? >> i don't know. >> until a few years ago, a little known firm. shot to the top by specializing in junk bonds, high interest and high risk. >> drexel and the head of his department made a deal with ivan boesky to make millions illegally. for example, california company came to him and said they were getting a takeover. he whispered that to boesky bought the scott, shared the prove its with milken's firm. he betrayed his client, secretly

earned 6.5 million more at the client's expense. >> authorities worry further disclosures from that affair may weaken public confidence in financial markets and weaken the markets themselves. >> came from inside, looks like a mad house. >> the bull market is over. >> bloodbath. >> calling it the monday massacre, worst drop in wall street history. >> i call it the nearest meltdown. >> by closing bell, the dow-jones average was down more than 500 points. >> this is a crash that people hadn't seen since the great depression. no one had seen the stock market fall that quickly, that fast. >> paper losses, more than $500 billion, october 19, 1987 wall street's black monday. >> that crash was one of the first signs of how dangerous this new era could be, that what the market had given the market could take away, and it could

take it away really, really quickly. >> there are only two emotions on wall street, fear and greed. usually we have excess of one or the other. >> we have now excess of fear. sir, this alien life form at an alarming rate. growing fast, you say? we can't contain it any long... oh! you know, that reminds me of how geico's been the fastest-growing auto insurer for over 10 years straight. over ten years? mhm, geico's the company your friends and neighbors trust. and deservedly so. indeed. geico. expect great savings and a whole lot more.

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it's just my guess is 1989 rather than 1987. >> a little present for the president. >> presidents always seem to get that as their gift after the national guard ral inaugurals. >> i promise you, that i try to raise the taxes and i'll say no. they'll try given and i'll say no. and they'll try one more time and i'll say to them read my lips, no new taxes! >> in 1988, george w. bush is taking on the reagan mantle. >> when the president calls, some come running. all agree the savings and loan crisis is is an urgent problem. >> could the s & l be bailed out

without raising taxes? >> i don't think they will. >> the only way to do that was to pass new legislation because now we had to start dipping into taxpayer money. >> no one needs to worry about one nickel of their money in these institutions. >> this legislation says to tens of millions of s & l depositors, you will not be the victim of others' mistakes. thank you all very much and now i'm proud to sign this monster. >> essentially george bush is covering the biggest overdraft in history. >> bush caves. he raises taxes. that kills him politically but saves america economically. >> listen carefully to this number -- $500 billion. that's the latest estimate of what the failure of hundreds of

federally insured savings and loans will eventually cost american taxpayers. >> mr. keating, how soon can you make bail? >> no questions. >> the once rapid growth of keating's now failed savings and loan have been backed by what are now worthless bounds, the majority bought by seniors. >> charles keating was convicted in two trials but both of those verdicts were overturned and then he pled guilty to avoid a retrial and was allowed out for time served. >> the climate had gone from celebrating the section seses of wall street to condemning them pretty quickly. >> tonight's headline milkin pleads guilty in what may be the largest case of fraud ever to rock wall street, a case which ended with a plea bargain with

the government. >> the judge said his crimes merited his removal from society. she sentenced the one-time king of wall street to ten years of prison. >> he did go to jail for just under two years. i'm confident when he left he was at a minimum a millionaire and possibly a billionaire. >> the game of monopoly could have been made for donald trump. when you borrow $2 million and the economy goes into a tail spin and you can't pay the interest on your loans, the bankers move in. donald's $100 million yacht goes to the boston savings and trust company. his trump shuttle goes to northwest airlines. the man who was the darling of the 80s is seen as a man in trouble and he knows it. >> insofar as we can say that the 80s was a period of hedonism

and excess, the end of the 8 0s was the hangover. >> leonia and harry helmsley were booked on 189 counts of fraud, tax evasion and extortion. the government charges they renovated their connecticut estate and wrote the cost off as a business expense on their taxes. >> a housekeeper said, quote, we don't pay taxes. only little people pay taxes. >> for some the sentence was too light. >> i have done nothing wrong. i'm innocent. my only crime is that i'm leonia helmsley. >> no many how many white collar thieves get locked away or how long they're locked up, the

public will still be paying for this long after they're out. >> what did this add up to? simply it was the decade of greed. >> we learned that greed may be good but too much greed is bad and that sometimes people on wall street get a little too greedy but they learn their lesson and they would never do it again. >> some argue that today's bright spotlight on unethical behavior has exaggerated the problem, but there's no denying the problem is real. and if we excuse unethical conduct by saying, well, everyone does it, it's really okay unless you get caught or it's not against the law, we miss the point of why it's important we not do it period. the point may be no less of national survival as a people who can live together honorably.

if we let lying, cheating and stealing be an acceptable way of life, it's not just dollars lost, it's the spirit of the country that will be lost. the decision is ours. there is no better symbol of the 80s than donald trump but no within in the 80s, in the not even donald trump himself, could have predicted where we are right now. this is "cnn tonight,"i'don lemon. the man who wrote "the art of the deal" tweeting great day in d.c. with speaker ryan and republican leadership, things working out really well. >> paul ryan pointing out, it just might take more than a day. >> the process of unifying the republican party, which just finished a primary about a week