that's it for us tonight. thanks for watching. i'll see you right back here tomorrow night. "the 80s: greed is good" starts right 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. >> we've had 29-year-olds making a million dollars a year, expecting to make 2 million the year after that. >> but if you've got plastic money, there's nothing holding you back. >> history will prove the bakers were honest people. >> insider trading could become wall street's watergate. >> what do we call greed the day before an indictment? >> i'm afraid recently we called it success.

♪ ♪ the u.s. economy, which used to be the envy of the world, is in the most serious trouble since the great depression. inflation is rising while standard of living is declining. >> there was tremendous

inflation. and 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. and for investors there was not much inside either. the tickers carried almost nothing but bad news. >> we'd come off a terrible decade for investing. people were skeptical of the stock market. it was a very sleepy wall street back then. >> most economists expect a serious recession, with at least 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 that his top priority is the nation's economy. >> i put a freeze on pending regulations and set up a task force under vice president bush to review regulations with an eye toward getting rid of as many as possible. >> the philosophy behind deregulation was that markets

work better than government controls. >> this bill represents the first step in our administration's comprehensive program of financial deregulation. >> introducing deregulation, finance began to get much more creative and frankly much more profitable too. >> in money matters this morning, wall street, where leaping stocks have investors jumping. >> when the market opens for trading this morning, the dow jones industrial average will stand at its highest level ever. >> the past few months have been among the wildest in wall street's history. >> 65. >> stock and bond prices soared in a frenzy of activity. optimists on wall street are talking about the beginnings of economic recovery. >> the supporters of deregulation point to the soaring stock market as evidence that a deregulated economy makes money for everyone. >> the stock market took off like a market. and the public saw this happening. and they would read about it. and so all sorts of people who used to have nothing to do with this world started pouring their own money into it. and that's in large part also

what drove prices to go even higher. >> the ronald reagan motorcade rolled onto wall street today 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. [ crowd chanting "ronnie" ] >> reagan shows up at the stock market and yelling "ronnie" was a way of saying america's back. that was ronald reagan's genius. he was able to link economic faith with faith in america. >> no sitting president has ever visited the stock exchange before but it's safe to say no recent president would have beaten mr. reagan for the honor if a vote had been taken among

the floor traders. 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. and so these guys were basically saying, we're going to go do it. >> this is the big draw on wall street, the smell of money. >> this is where the action is. this is the over-the-counter trading floor at shearson lehman. more than 17,000 daily transactions involving millions of shares and millions of dollars. made and lost here every day. and it's a game for young people. when you get home at the end of the week and you you look back at what you've done sitting in this desk, what gives you a sense of satisfaction? >> i guess making a lot of money. >> for yourself or for the company? >> for myself and for the firm, yeah. >> when the economy started to

recover and become more vibrant i think there was a great sense of exhilaration, we survived this miserable period, let's celebrate, let's party, we have money to spend. >> today the fad among young people is to have big salaries, fancy clothes and fast cars, and they're calls upies. but who are these partiers with portfolios? >> a yuppie is a person who owns a macintosh, eats quiche and drinks fine wine. that's me. i'm having a great time here. >> a 29-year-old is making a million a year, expecting to make a millimeter and a half next year and 2 million the year after that. >> capitalism is no sin, it's in. >> is money the number one goal? >> yes. ♪ all of the fun is waiting for you at the castle ♪ ♪ trump's castle >> in a world where mere millionaires are a dime a dozen there's a new billionaire in town. he's 40 years old, his town is new york city, and he has made his money mainly from manhattan

real estate. >> he puts his name on almost everything he builds, says it's a symbol of quality. others say it's part of the hype. >> donald trump. he is the brand, and he is the symbol of a new swashbuckling approach to commerce, to entrepreneurship, and also to conspicuous consumption. >> we definitely do now have people who have become celebrities just from being rich. i'll take the trumps as a good example. i mean, their celebrity is generally that they are rich. >> donald trump has also ventured into gambling and professional football and says he could negotiate a nuclear disarmament treaty with the soviet union. >> they say he's land hungry, money hungry, power hungry. >> the power's nonsense. i love the creative process. >> what about the name of trump city, trump tower we're sitting in, trump plaza? trump castle. >> it sells, mike. all i know is -- >> that's all it is? >> it has nothing to do with the ego. all i know is it sells. >> what do you do? >> security. >> we don't need security.

you'll go outside. there's people outside. >> leona hemsley was the wife of harry helmsley, one of the major, much bigger than trump, real estate developers in new york. >> i asked for something. i did not get it from you. i want it. >> you have nothing to do? >> leona helmsley, the queen of mean. the idea was that she was so mean because she wanted you to have a great experience at one of her hotels. really? seemed like she was just mean. >> oh, my. >> it's paradise. he stands here and he says, i'm taking inventory. i own this, i own this, i own this, and that one and that one and that one. >> he plays monopoly but with real buildings. >> with real buildings. >> they bought this connecticut estate a year ago, 26 acres, 28 rooms, for just the two of them. >> and this building structure is just what? >> tell him. >> it's the enclosure of the swimming pool. >> and up top? >> up top we're going to have of course a dance floor.

♪ in an old-fashioned way >> leona helmsley became a kind of symbol of the excesses of the '80s. >> am i comfortable? i make a living.

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holiday inn has been a part of the team. you're on the fourth floor. it makes life on the road much easier. book your next journey at holidayinn.com this is the way we live now. nice, even temperature. no rain, no snow, no loud noises. music is playing. everything's perfect in the mall. >> in the 1980s you have 16,000 malls popping up like mushrooms, and they become the high temples of the great american religion, shopping. >> pam and melissa, 15 years old, come to the mall almost every day. they call themselves mall rats.

>> i love it. it's only $24. >> consumerism definitely took off in the '80s. people emerged from the 1970s, which were tough economic times, and went, wow, we can now spend. >> i want you to think about this also. >> that's what's going to set your eyes off. >> the economy started growing. and it was largely a consumer-driven growth. but the consumer economy was funded by debt. >> the national bankruptcy rate is soaring. greg and diana fairley, annual income $32,000, they had over $12,000 in unsecured debts when they bought a new home. then they bought a new washer, a dryer, a microwave oven and a betamax tv recorder. then they went bankrupt. >> i knew i didn't have the money, but if you've got plastic money there's nothing holding you back. >> all of a sudden it was acceptable to have debt, became very acceptable to have a credit card. more than acceptable. you wanted to pull it out of your wallet and use it. >> live from tampa bay, florida it's the home shopping club.

>> every doodad and tchotchke that man's hand has wrought. americans seemed utterly hooked on home shopping. >> the order has been completed for one of the ruby bracelets. so i have you down for two of the plush musical bunnies. >> there are home shopping club parties. like-minded consumers gather together to do what comes naturally. >> i want to follow up those bird figurines. >> you don't have to leave your house, and stuff will come to you. welcome to america. >> give us 300 more people to call on their credit card right now. >> if you and enough people will send me $100 immediately, i need some very quick money. >> go to the phone right now. now! >> quit talking about saying you believe in god without ever acting on his world. now! faith is an act! >> in all, there are 1,600 television ministers. and of the $1.5 billion grossed annually, just three of them, pat robertson's, jimmy swaggarts, and jim bakker's took

in close to $500 million. >> the primetime preachers say they need the money to stay on the air, and they 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 i believe god wants us to have everyone of these bills paid. >> it pays the bills if we would all do something. >> jim baker is the one who truly gets it. he understands preaching on television is not just about standing up and getting a speech. he understands the age of television, being more intimate and showing your lifestyle and your beautiful family is central of bringing people in. he's a brilliant entrepreneur. >> here are jim and tammie. >> their field is powerful, last

year a million people responded to the baker's constant request for money. >> how many do you have right n now? >> just about 30,000 silver clubs. >> i love nice things and jim and i work very, very hard for nice things. the only difference between men and boys are the prices of cars. >> they create the gospel of prosperity which they think by them living well everyone thinking god is shining and is counting on them and us. >> it became the vehicle for their media umpire and theme park. >> if we are going to be vicious of men, we have have been using

pretty lousy baits. we just built better bait to replace people. >> you can have a one time gift for $1,000. four days and three nights every year for the rest of your life. >> that mix of god and greed end up dwelling them and leading them breaking the very rules they were preaching about. jim bakker has stepped down. >> bakker's resignation came because of a sexual encounter even years ago. jessica hahn is to paid monthly as long as she keeps quiet on the incident. >> efforts and money have been ex pended to cover moral failure. >> if jim bakker would pay jessica hahn hu"hush money." what else had he been doing

>> history will prove the bakker is a great people. >> jim bakker had been found guilty of all 24 counts of fraud in north carolina. >> he kept a lifetime partnership even though he knew they were over sole. >> the heritage grand hotel can accommodate 25,000 partnerships but 65 thousands were foes. for the lower bunk house partnership about 7,000 were sould f sold. >> the club $15 a month for 15 years. she thought by giving it to them god would ease pain from her husband. >> i would say i feel sad but

encouraging god. >> tammie bakker confessed her feelings in songs. >> it is not over until it is over. this cnn original series, "the eighties eighties" brought to you by men's wear house. i have a blog called

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♪ today we travel to the lone star state to visit the entrepreneur picken, the highest paid ceo in the country. even here wall street is in charge. he reign over an entry foyer that ranks the entire end of the house. at the end, we found boone pickens, how are you? >> good morning harry. why don't we head into the trophy room if you don't mind. >> boone was a texas oil man. talk about how the executives need to be talked about and make a play that takes over the congressm company. >> it is only 120. now pickens let it be known that he wants to buy another 15% from

the shareholders and thus gain a seat on the corporate board. >> there is one thing i want to put in place its its stockholder's own company and management employees. >> the profit of pickens and his partner of $89 million. >> there is no secret. about half a billion dollars to your attempt taking over. do you go into it anticipating the losses are going to stand you very well. >> well, you never like to lose. if you lose and make money, that makes it a little easier. >> i remember at some place and the guy got -- i have a question, he said, you are making a lot of money out there. i said the shareholders are, too. yes, you are a fast buck artist. >> fast buck artist? who in the hell are going to know a slow buck artist. pickens was really the first major investor to realize how

under valued american companies were and what you can buy there. it was his early tilt at golf that he services and all these famous deals brought this new reality to the tension of other investors who followed his wake and sought to imitate what he did. >> i am an investor. >> it is not wrong to want to profit and capitol of america. it is fair. >> ivan boesky, he does not want to run those companies, just the profit in the stock prices. >> he's among the fourth richest man in america estimated of $200 million. >> where is my share of profit? >> he really became famous for one line and that's bid. >> i heard you. seek wealth.

[ cheers ] >> it is all right. [ cheers ] >> a new film "wall street" used boesky's words as some of the dialogues. >> greed is good and greed works. >> there was a cartoon expression. there is truth to it. there is a sense that it is okay to be greedy and it is okay to maximize your world. what i want to see above all is this country remains a country where someone can always get rich. >> big companies gobbling up little companies and little companies gobbling up big companies. eight years ago there is 1500 take overs. this type of deal is called a leverage buy out. the company borrows the money using its asset collateral for

the loans. >> now, you may not have heard the investment banking firm of lambert incorporated. this 40 years old wall street quiz is the most powerful in america. he brought low rated junk bonds and use the money, finance corporate raids taking over without mike, pickens could not raise the petroleum. >> he said if you really want to take over golf, it is going to cost you $13 billion. >> yeah, i get it. i can get the $13 billion. >> he's the guy that boone pickens go es to and most peopl have not heard about it. >> all he cares about is making money and doing deals and having power.

>> those of us even in the press never saw, you just heard. >> it was milken's genius that created an entire marketing and fuel take over phenomenon. >> the fact the matter is, these are fat cats, first cousin to be financial manipulators of the late 19 century. >> these guys are out there trying to make a buck by doing nothing. >> economists agreed that some unemployment and hardship is unavoidable in the process of making the united states lean and mean again. the take over specialists called it corporate restructuring. >> corporate america needs some kick to become a little bit more efficient and less entrenched and that'll do our economy a lot of good. >> victory did not come cheap.

good year won by buying half the start and stocks take off. the company pays a million dollar a year in interest to 17 banks worldwide. >> they buy a company with its own asset and dismembered it. >> maybe we did not understand how it all worked but we saw a lot of people losing their jobs and a few people getting super rich. the vibe of the culture being, that's good >> how much is enough? >> enough what? enough money and enough power and influence and take overs. >> 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 "the eighties" brought to you by

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what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. it was a week to remember. the doors were locked. the run on ohio save loans be n began. >> i don't have a lot, golly, i need that money. >> i made a decision after weighing several options that we had to close all 71 of the privately insured institutions.

>> the worse financial crisis in ohio history. a situation that's being called the worse banking crisis in the u.s. since the depression. >> in a deregulatory climate of the 1980s, savings traditionally invested only in mortgages. >> we are try to invest in anything they wanted. >> the entire snl got taken over by -- >> don dickinson lived a life of yachts and mansions. >> the entire industry ultimately went belly up. >> get in line. >> all right, quiet now. >> i am going to disperse a whole bunch of you. >> this is the third day of the run on the court's savings and loans corporation.

>> i have no choice. we have to close. >> this year, a record of 260 banks will go bust. that's almost 800 in the past five years. bad loans to the third world and the oil industry. bad loans to real estate developers. one of the reasons bankers made outrageous loans was federal positive insurance. if the loan went well, you break in profit and if the loan went poorly, then fed regulations pick up the tab. >> all of the united states, people were building projects for which there were no buyers, mile after mile after these partially completed condos and they're all on the snl's books. >> there is something wrong of the savings of today. it is not me. >> charles teeting was as lawyer who got in to banking and able to buy saving and loans.

>> he used it as a private piggy bank like the venetian hotel which cost $500,000 a room to build. >> no question about it. when our appraisers looked at it, it is not a bad hotel but it is worth $200 million and not $300 million. >> bill black is as guy that spear headed and going after keitting. >> we discovered fraud and basic things that no honest bankers would do. the examiners looked at 52 real estate loans that lincoln had made, there were no credit reports on the borrowers in all 52. >> charles keitting had lincoln savings sell uninsured junk bonds and he targeted the widows

and the economy. >> we had sold our homes in sherman oak. we moved down here. >> how much did you venture? you really twoowant to know? >> it was $30,000. for us it was quite a bit. >> the week, meek and ignorant are always good targets. >> the regulators look into this and saying this guy is a disaster, man. we got to stop this. by that time, keitting had a n construction company in arizona. he was able to call on congressmen and senators, like that hey, get these dogs off my back. >> the senate ethics committee

is looking to charges five senators accused of intervening on behalf of charles keating. republican john mccain and john glenn and dennis, the keating five reported a total of $1.5 million. edwin gray says the senator tried to subvert the regulatory process. >> i was told to come along. >> i did. >> did you find that unusual? >> absolutely. >> never happened before. >> the whole time i was in washington, i never saw that. >> and no witness? >> no witnesses. >> deniably. >> they said they wanted not to take the enforcement action against lincoln savings. the only thing got them to back off when we finally said we are making criminal referrals.

you are going in for criminals. >> keating refused to testify at the senate. >> was there something wrong with five senators? >> yes, it is a bad appearance. the real question is did john mccain abused his office? the evidence indicates clearly, no. the keating five became a symbol of the '80s. senators choose to taking bribe money and getting off the hook eventually. it blocked the country because it showed that not only was corporate america was being questioned for corruption but the u.s. senate seems to be a be hive of bribery. >> one question among the recent weeks, it had to do with whether my financial report in any way influence of several political figures who took out my cards. i want to say in the most force full way that i can. i certainly hope so.

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inside information that's not available to anyone else. this document maybe a secret earning in report showing future profits. if you are one of the 32 million americans who own stocks, such information can cause you money or earn you money. >> the single biggest currency on wall street had always been information. in the '80s that information was traded back and forth. >> it was pro-vasive. >> personalities are not strict enough. >> the presence of this sanction is a kin asking someone to put the cookies back to the cookie jar. >> investment bakker collected

$12.6 million. he would call an accomplice from the bahamas which lavine set up in panama. lavine case was the first time the scc were able to nail down. somebody with a million dollars salary was not apparently enough. >> inside trading could become wall street's water gate. >> authorities maybe able to develop a list of new suspects. >> we start the investigation and once his lawyer advised him of the interest to corporate, he would give you the information. >> i think the judge made clear that he would have given lavine a heavier sense. >> he was one guy doing inside trading. what levin did was lead to ivan

boesky. >> he was fined of the largest from inside stalking and he has been barred now. >> using inside information to find blocks of stocks. >> handing bags of cash to people who would give him inside information. >> if we had capitol punishment, i would say he would be a prime candidate. >> ivan boesky appeared in court. no doubt the man had become a symbol of what's wrong of wall street. >> what did we call greed of the day before? >> i am afraid recently we called it success that some of the people who have now turned out to engage in criminal

activities such as ivan boesky. that they were held as heroes at the peak of their career. >> they should get every one of them and put them in jail. >> since 1984, there is been 48 cases from insider trading brought by rudolph julliani. he was the best man in the world without a cape. >> we can sure deliver a message. if you do get caught, you are going to go to prison. >> today of the prospect of a much wider scandal scene, the market was off more than 40 points. ivan boesky was talking and then some. >> this is like arresting the madame of a brothel. >> it comes up as he's been taping his phone call and his

private talks for three months. wall street big shots begin there. well, you get the idea. >> of course, ivan boesky, was guilty. all he had was bargaining power. >> levine was a fish and boesky was the shark, who's the whale they're going to catch? >> i don't know. >> that's possible >> in the middle of all this is drexel lambert. high interests but also high risk. drexel made a deal with ivan boesky made millions of dollars illegally. >> the government charges.

boesky bought the stocks and made millions and shared the profit. milken betrayed his client and earned $6.5 million more at the client's expense. >> further exposure weaken the market themselves. >> this came from inside. i guess the market is over, huh? >> they're calling it the monday ma massac massacre. >> i thought the nearest thing to a melt down. >> the dow jones industrial average was down more than 500 points. >> the crash people had not seen since the great depression. no one had seen the stock market falls back that fast. >> paper losses of more than $500 million. >> 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 and what the market can take away really quickly. >> we had an excess of one or another. we have now an excess of fear. "the eighties" brought to you by geico. 15 minutes can save you 15% more on insurance. visit geico.com today to see how much you can save. if you have alligator arms, you avoid picking up the check. what? it's what you do. i got this. thanks, dennis! if you want to save fifteen percent or more on car insurance, you switch to geico. growwwlph. it's what you do. oh that is good crispy duck.

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my guess is 1989 rather than 1987. >> a little president for the new president. >> presidents always seem to manage to get that as their gifts as the inaugural. >> i promise you if congress tries to raise taxes when i am president, and you know they will. i will say no. >> they'll try one more time and i will say no. if they try the third time and i will stair them right in the eye and i will say to them "read my lips" no new taxes. >> in 1988, george bush, taking on the reagan's mantle. "read my lips, no taxes." >> he left george bush holding the bank facing with a

staggering problem. >> could the snl bail that without a tax increase, is there any way to do it? >> i don't think there is. that's becoming the conclusion of most people. bush had to fill the smoking hole left by reagan for him. the only way to do that was to pass new legislation because now we had to start dipping into taxpayers' money. >> no one needs to worry about one nickel of their money of this institution. >> this legislation says to tens of millions of snl doepositors. you will do not be the victims of other people's mistakes. >> bush came and raised the tax. that killed 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 federal insurance savings and loans will eventually cost american taxpayers. >> how soon can you make bail? >> no question. >> keating failed and had been fuelled of a sale of a quarter billion dollars worth of unenshi unensured and now worth less bonds. many lost their life savings. >> charles keating was convicted in two trials. both of those verdicts were over turned and that he pled guilty to avoid a retrial and was allowed out for time served. >> the comment had gone from celebrating the excess of call street to condemning them pretty quickly. >> tonight's headline, milken

pleads guilty of the largest fraud ever to rock wall street. >> judge wood says milken, he was sentenced to prison. >> i am confident when he left he was at a minimum of a billionaire and quite possibly a multi billionaire. >> the game of monopoly could have been invented for donald trump. monopoly is a tricky game. when you borrow $2 billion and the economy goes on a tail end. donald's hundred millions or yachts go to the boston's trust. his trump's shuttle goes to northwest airlines.

the man was the darling of t ththe ththe the '80s is the man of trouble and he knows it. >> the end of the decade was the hang over. >> one of the richest couples in the world were today treated as common criminals booked in manhattan of fraud and tax evasion and extortion. >> the cost off as a business expense when they wrote it off. >> a former housekeeper told her quote, we don't pay taxes, only little people pay taxes. >> helmsley was fined and ordered to serve community hour service. >> i have not done anything wrong. my only crime was to own a home

>> no matter how many white collar feeds, the public will still be paying for this long after they're out. so, what did the 1980s add up to? we put that question to a fair number of people and more than 95% of them said simply, it was the decade of greed. >> well, we learned that greed may be good but too much greed is bad and at some time people on wall street get too greedy but they learned their lesson and they would never do it again. >> some argued that today's bright spotlight unethical behavior had exaggerated the problems but no denying that it is real >> it is really okay unless you get caught which is not against the law, we miss the point of why it is important that we do

not do it, period. people who can live together hon honorly. it is not just a few good evening, thank you for joining us, tonight, breaking news, late reaction from the trump campaign, some deeply hateful remarks that his former butler has been making, dangerous enough to get the secret service involved. it's not a meeting between former rivals like reagan and obama and clinton in 2008. this is the man who has gotten more votes than any other republican contender, sitting down with