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, 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. >> if you have plastic money there's nothing holding you back. >> history will prove the bankers were honest people. >> insider trading could become wall street's watergate. >> what do we call agreed the day before indictment? >> i'm afraid recently we called it success.

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 the 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 would 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 two million more americans losing their jobs. >> i regret to say 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 control. >> 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 profitable. >> in money matters, wall street, where 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 history. stock and bond prices soared in a frenzy of activity. optimists are talking about the beginnings of economic recovery. >> 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 rocket. 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. that's in large part also what drove prices to go even higher.

>> the ronald reagan motorcade rolled on the wall street today to the new york stock exchange. >> in the last five years, we've moved from maise, 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. [ applause ] >> when reagan shows up at the stock exchange yelling "ronnie, ronnie," is a way of saying america's back. that was ronald reagan's genius. he was able to link economic faith to faith in america. >> no sitting president had visited the new york stock exchange before. seemed 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 is the engine of our economy.

it represents growth. it represents opportunity. it represents the american dream. 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. 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 look back at what you've done, what gives you a sense of satisfaction? >> i guess making a t of money. >> for yoursel >> myself and the clients. >> when the economy started to recover and become more vibrant, there was a great sense of exhilaration that 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.

they are called yuppies. >> but who are these partiers? >> a yuppy is a person who owns a mcintosh and drinks white wine and that's me. i'm having a great time. >> a 29-year-old is making a million dollars a year, expecting to make $1.5 million next year and $2 million the year after that. >> for this generation, business is hip. capitalism is no sin, it's in. is money the number one goal? >> yes. ♪ all of the fun is waiting for you at castle ♪ ♪ trump's castle >> in a world where millionaires are a dime a dozen, there's a new billionaire in town. he's 40 years old. his town is new york city. he's made his money mainly from manhattan real estate. >> he puts his name on almost everything he builds. he says it's a symbol of quality. others say it's part of the hype. >> donald trump is the brand, and he is the symbol of a new swashbuckling approach to commerce, entrepreneurship and

conspicuous consumption. have become celebrities just who from being rich. i'll take the trumps as example. their celebrity is generally that they are rich. >> donald trump has 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 is 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 -- >> that's all it is? >> it has nothing to do with the ego. all i know is it sells. >> that do you do? >> security. >> we don't need security. let's go outside. we have people outside. >> leona helmsley was the wife of harry, 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? >> 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. the reality, she was just mean. >> oh, my. >> it's paradise. he standing 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 what? >> it's the enclosure of the swimming pool. >> and up top? >> on top we're going to have, of course, a dance floor. >> she became a kind of symbol of the excesses of the '80s. >> am i comfortable? i make a living. my name is barbara and i make dog chow natural.

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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 over in the '80s.

people emerged from the '70s from tough economic times and went wow, we can now spend. >> i want you to think about this also. >> that's what is 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 a diana, annual income, 2,000. they had $12,000 unsecured debts when they bought a washer, dryer, a beta max tv recorder, then went bankrupt. >> if you've got plastic money, there's nothing holding you back. >> it was 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. >> americans seemed utterly hooked on home shopping.

>> your order has been completed for one of the ruby bracelets. >> 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 four of those birds. >> 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 acting on his word. now. faith is an act! >> in all, there are 1600 television ministers. over $1.5 billion grossed annually, just three, pat rort jimmy swaggert and jim bakker took in $500 million.

>> they say they need the money to stay on the air. 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 every one of these bills paid in full, and ptl can live if we pay our bills. >> we can pay the bills. if we would all just do something. >> as televangelism grows, jim bakker understands that preaching on television is not just about standing up and giving a fire and brimstone speech, he understands in the age of television, the johnny carson approach to televangelism is essential because it brings people in. he's a brilliant entrepreneur and brilliant salesman of himself. >> and here are jim and tammy! >> their appeal is powerful. last year, a million people responded to the bakkers' constant requests for money. >> how many do you have right

now? >> just about 30. >> 30 what? >> silver 7,000 clubs. >> that's $90,000. >> praise god. >> the bakkers have been criticized for their own lavish lifestyle. >> just because i'm a christian doesn't mean i don't like nice things. i love nice things. we work very hard for nice things. >> they say the only difference between men and boys is the price of their toys. >> like a fleet of luxury cars and string of fancy homes from palm springs, california to south carolina. >> they create the gospel of prosperity. they think by them living well and having rolls-royces, everything will think god is shining upon them and us. and ptl becomes the vehicle for their media empire, for their theme parks. >> if we are to be fishers of men, that's what the bible says, we've been using some pretty lousy bait. we've just built better bait to reach people. >> you can have a lifetime partnership with ptl for a 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 and leading them to breaking the very rules that they're preaching about. >> jim bakker has stepped down as the head of the praise the lord or ptl ministry. >> it came because of a sexual encounter seven years ago. >> jessica hahn is to be paid monthly as long as she keeps quiet. >> it turns out jim bakker has been paying off this secretary, and that shakes the evangelical world. >> the evidence indicates that effort and money have been expended to cover moral failure. >> if jim bakker paid jessica hahn hush money, what else has he been doing with the ptl money? >> do you worry about the investigation? >> not at all. history will prove the bakkers were honest people. >> we interrupt this for a special report. >> jim bakker, the defrocked head of the ptl ministry, has been found guilty on all 24

counts of fraud and conspiracy by a jury in charlotte, north carolina. >> he kept selling lifetime partnerships at heritage u.s., even though they were oversold. the heritage grand hotel could only accommodate 25,000 partnerships but 65,000 were sold. and for the lower priced bunk house partnerships, about 7,000 were sold for a building that had only eight rooms. >> jim and bakker's ptl club was sent $15 a month for years. she thought it would ease the pain of she and her ailing husband. >> i have helped make millionaires of those people when i don't have enough to live on. >> bakker could be sentenced to 120 years in prison and fined over $5 million. >> i would say i feel sad, but encouraged in god. >> tammy bakker said she can best describe her feelings in song. ♪ on christ the solid rock i stand ♪

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even here, wall street is in charge. wall street being a parrot, green as in money. he reigns over an entry foyer that runs the entire length of the house. and at the end of that foyer, we find this morning boone pickens. good morning, sir, how are you? >> good morning, harry. >> let's go ahead and head into the trophy room, if you don't mind. >> sure. >> t. boone pickens was a texas oilman 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 and make a play to take over the company. >> the company is only 1/20th the size of phillips, buys 5.8% of the stock privately. now he wants to buy another 15% from the shareholders and gain a seat on the corporate board. >> there's one thing i want to put in place is that stockholders own companies and management is employees. >> phillips agreed to buy back its stock from t. boone pickens.

to stop his takeover bid. the profit to pickens and partners, $89 million. >> there's no secret you have made about $500 million through losing on your attempted takeovers. do you go into it anticipating a loss is still going to stand you very well? >> you never like to lose, but if you lose and make money, well, it makes it a little easier. >> i remember the guy got up and said, i have a question. he said, you're making a lot of money out of this. and i said the shareholders are, too. he said yes, but you're a fast buck artist. fast buck artist? i said, who in the hell would want to be known as a slow buck artist. >> i see it as a free enterprise system working at its best. >> pickens was the first investor to realize how undervalued american companies were and what you could buy there. and it was his early tilt at all these famous deals that brought this new reality to the

attention of other investors, who followed in his wake and sought to imitate what he did. >> i freely admit, i want to make a profit. i freely admit i'm not robin hood. >> it is not wrong to want a profit in capitalist america. it's fair. >> ivan boeski made a fortune buying into companies being taken over by takeover artists. >> "forbes" magazine lists him among the 400 richest people in america. estimating his wealth at well over $200 million. >> where's my share of the profits? >> ivan gave the commencement speech in 1986 at berkeley and he became famous for one line in that speech. >> i urge you, seek wealth. it's all right. >> a new film "wall street" used his words as the basis for some

of the dialogue. >> greed is good. greed is right. greed works. [ applause ] >> when michael douglas said "greed is good," there's a cartoon expression. but there's truth to it. there was a sense that it is okay to be greedy. it is 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, there were 1500 corporate takeovers. last year there were 4,000 involving $200 billion. >> this kind of deal is called a leveraged buyout. the company borrows the money, using its assets as class collateral for the loan. the company issues ious. because it's so risky, those ious carry high interest rates, called junk bonds. >> you may not have heard of

michael milken, but this 40-year-old wall street whiz is said to be the most powerful financier in america. he brought respectability to low rated junk bonds and used the money to finance corporate raids and takeovers, without mike milken, pickens couldn't have raided several companies. >> the gulf deal is the first time i saw milken. he said if you really want to take over gulf, it's going to cost you $13 billion. i said yeah, i get it. and he said, i can get the $13 billion. >> he's the guy that pickens goes to and most people haven't heard of him. >> that's the way he likes it. he doesn't care about publicity and pride. he just cares about doing deals and having power. >> he was this shadowy figure that those of us in the press never saw. you just heard it's milken. >> it was milken's genius that created an entire market and

fueled this takeover phenomena. >> we romanticize these characters, but these are fat cats, first cousins to the financial manipulators, the robber barons of the late 19th century. >> they're trying to make a buck by doing nothing and putting people out of work. >> economists agree that some unemployment, some hardship is unavoidable in the vitally important process of making the united states lean and mean again. what the takeover specialists call corporate restructuring. >> corporate america needs some kick now and then to become a little more efficient and less entrenched. that will probably do our economy a lot of good. >> goodyear fended off a hostile takeover bid. victory didn't come cheap. >> goodyear won by buying back half its stock and taking on a huge debt. plants were closed and workers laid off. the company pays $1 million a day in interest to 17 banks worldwide.

>> they jump out of the closet, shout gotcha and buy up the 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 good. >> how much is enough? >> enough what? >> enough money, enough power, enough influence, enough takeovers? >> this is my work. this is what i do. let me do what i do. it's not a question of how much. (vo) what's your dog food's first ingredient? corn? wheat? in new purina one true instinct grain free with beef, real beef is number one. no corn, wheat or soy. support your dog's whole body health with purina one. it's easy-drinking... it's refreshing... ♪ if you've got the time ♪

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it was a week to remember. banker's hours posted on the doors of savings and loan institutions in ohio didn't mean a thing. the doors were locked. >> the run began when home state savings bank was besieged by depositors who wanted their money. >> i don't have a lot of money and i need that. >> i made a decision after weighing several options we had to close all 71 of the privately insured savings and loan institutions. >> they're faced with the dilemma of solving the worst financial crisis in ohio history. a situation that is being called the worst banking crisis in the u.s. since the depression.

>> in the deregulatory climate of the '80s, savings and loans which had traditionally been doing business in mortgages, were free to do anything they wanted. >> the entire industry got taken over by entrepreneurs who saw them as piggy banks. >> vernon savings was shut down by federal regulators. saddled with $1.3 billion in bad loans. the owner lived a life of private jets, yachts and mansions. >> they took risks that should have been untenable for a banker. when it all went down, the entire industry went belly-up. >> quiet down! >> i'm going to disperse the whole bunch of you. >> this was the third day on the run on the savings and loan corporation. >> i have no choice, we have to close. >> i don't think it's right. it's our money. this year, a record 260 banks will go bust. that's almost 800 in the past five years. bad loans to the third world.

bad loans to the oil industry. bad loans to real estate developers. >> one of the reasons bankers made outrageous loans was because of federal deposit insurance. if the loan went well, you rake in the profit. if it went poorly, then the federal government picks up the tab. >> with deregulation, the s&ls got into that commercial real estate market and lost their shirt. >> all over the united states, people were building projects for which there were no buyers, mile after mile of these partially completed condos. and they're all on the s&l's books. >> there's 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, he used it as a private piggy bank for his own ambitions, like a hotel that cost $500,000 per room to build. >> that hotel is a magnificent

investment for savings and loans dollars, no question about it. >> when the appraisers looked at it, they said it's not such a bad hotel but it's worth $200 million, not $300 million. >> we discovered likely fraud. just really basic things that no honest banker would do. the examiners looked at 52 real estate loans lincoln made. there were no credit reports on the borrowers in all 52. >> on top of that, charles keating has lincoln savings sell uninsured junk bonds and he targets the widows and 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 down here, went to lincoln savings.

>> how much? >> you really want to know? >> yes. >> it was $30,000 and for us, that was quite a bit. >> capitalize on this, the bond salesmen were told. the weak, meek, and ignorant are always good targets. >> the regulators were looking at us saying this guy is a disaster, man. we have got to stop this. but by that time, keating had a construction company in arizona. he had thrifts in california. his tentacles spread out to several states. so he was able to call on congressmen and senators like that and say hey, get these dogs off my back. >> this morning, the s&l crisis goes to capitol hill. the senate ethics committee looking at charges against five senators accused of intervening with federal banking officials on behalf of charles keating. >> the keating five are john mccain and democrats allen

cranston, john glenn, and two others. they reportedly received a total of $1.3 million in donations. edwin gray 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. >> no witnesses? >> no, no witnesses. deniability. perfectly built into the meeting. >> they said they wanted us to not take the 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. >> now awaiting trial, keating has refused to testify to the senate. >> was there something wrong with five senators meeting? yes, it's a bad appearance.

but 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's a group of distinguished u.s. senators accused of taking bribe money. they get off eventually, but it rocked the country because it showed the u.s. senate seemed to be a beehive of bribery. >> one question among the many raised in recent weeks had to do with whether my financial support influenced several political figures who took up my cause. i want to say, in the most forceful way that i can, i certainly hope so.

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a financial scandal involves investors who make killings on wall street not because of luck or skill but because of inside information not available to anyone else. >> this coded document might be a secret earnings report showing disastrous losses or a confidential assessment of future profits. if you are one of the 32 million

americans who own stock, such information can either cost you money or earn you money, perhaps millions if you find it out first. in either case, it is illegal. >> the single biggest currency on wall street has always been informion. and 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 actually working on these deals to find out. it was pervasive. t-securities and exchange commission says currently penalties aren't strict enough. >> this is a serious course of misconduct and at present, the sanction is simply akin to asking someone to put the cookies back in the cookie jar. >> the biggest insider stock trading case ever. >> investment banker dennis levine collected $12.5 million in illegal profits by gaining advanced knowledge of 54 takeovers and then from a phone

booth would buy an accomplice in the bahamas who would buy stock in two dummy corporations he had set up in panama. >> it was the first time the s.e.c. has been able to nail down insider trading. somebody with a million dollar a year salary which apparently wasn't enough. >> insider trading could become wall street's watergate. >> authorities might be able to develop a list of new suspects. >> we start the investigation, and once his lawyer advised him that it's in his interest to cooperate, he would give you the information. to him, it was just another deal. clear that he would have given a heavier sentencexcept for the cooperation. >> dennis levine was one guy doing insider trading and that's not something that's new. but what he did was lead to ivan boski. >> the securities and exchange commission stunned wall street today when it announced investor ivan boski has been fined the largest penalty ever for insider

stock trading and has been barred from the securities industry. >> he did what he claimed he would never do, use insider information to buy huge blocks of stock in companies secretly involved in takeover deals. >> he was an out and out crook. handing bags of cash to people who would give him inside information. >> if we had capital punishment for white collar crimes, i would say he would be a prime candidate. >> i vun b oeski arrived in court to hear himself described as a man whose arrogance has been stripped away. there's no doubt he's become a symbol of what's wrong with wall street. >> the indictment was like the bombshell on wall street. >>. >> what do we call greed the day before an indictment is filed? >> recently, we called it success. some of the people who have turned out to engage in criminal activity were being hailed at heroes while they were at the peak of their careers. >> many of america's small investors have been appalled.

>> i think they should get every one of them, puthem in jail. >> more than 48 cases of insider trading bought by rudolph giuliani. >> he had the aura of being the best man in law enforcement to do it. >> maybe we can't catch all of them but we can deliver the message if you get caught you will lose your liberty. you will go to prison. >> today, the market was off more than 40 points. this after it was learned that ivan boesky was talking, and then some. >> this is like arresting the madame of a brothel and finding her private book of clients. >> this guy takes a fall and all over wall street they're practically jumping out windows. it comes out he's been taping his phone calls and maybe private talks for three months. and wall street big shots began wetting their -- well, you get the idea. >> of course, he was guilty. there was going to be more defense.

all he had was bargaining power. who could he deliver? >> levine was a fish, boesky was a shark. who is the whale they're going to catch? >> i don't know. >> he drexel burnham? >> in the middle of all this is drexel. it shot to the top of this world by specializing in junk bonds. >> the commission says dxel and the head of his junk bond department made a secret deal with ivan boesky to make millions illegally. >> california company wics came to the firm and told them it was planning a takeover. the government charges he whispered that secret to ivan boesky in new york. he bought the stock, made profit but milken betrayed his client and earned $6.5 million more at the client's expense.

>> authorities are worried that further disclosures resulting from the affair may weaken public confidence in financial markets and weaken the markets themselves. >> it's a mad house. >> i guess the bull market's over. >> it's a blood bath down there. >> they're calling it the monday massacre. the worst drop in wall street history. >> i call it the nearest thing to a meltdown i ever want to see. >> by the closing bell, the dow jones industrial average was down more than 500 points. >> this is a crash 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 18, 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 take it away really, really quickly.

>> only two emotions on wall street. one's fear, the other is greed. usually we have an excess of one or the other. >> i think we have now an excess of fear. w...that not only made a a big first impression... ...but was designed to withstand sunlight this bright... ...this bright... ...or even this bright. if a paint could protect your door's color against the strongest uv rays... ...it makes you wonder... is it still paint? aura grand entrance from benjamin moore®. only available at independently owned paint and hardware stores.

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1987. >> a new pres pt for the new president. >> presidents always seem to manage to get that as their gift after the inaugurals. >> i promise you if congress tries to raise the taxes when i'm president and you know i will, i'll say no and they'll try one more time and i'll say no. i'll stair them in the eye and say to them read my lips. no new taxes. >> in 1988, george h.w. bush is running to take on the regan mantle. read my lips, no new taxes. >> when ronald regan left the white house in january, he left george bush holding the bag, filled with an assortment of tag staggering problems. >> all agree the savings and loan crisis is a big problem. >> is there any other way to do it besides a tax increase?

>> i don't think there is. >> bush had to fill the smoking hole left by regan and the only way to do that was to pass new legislation because now we have to dip into taxpayer's money. >>o one needs toorry aut one nickel of their mon in these institutions. >> this legislation says to 10s of millions of snl depositers 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 over draft 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

the failure of hundreds of federally insured savings and loans will eventually cost taxpaye taxpayers. >> did you make bail? >> the once rapid growth of the failed savings of california habeh habeen fuelled by uninsured and now worthless bonds. many losing their life savings. charles ceting 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. >> the headline was guilty. the individual case of fraud ever to rock wall street. the case which ended in a plea bargain with the government.

>> the crimes merited his removal from society. she sentenced the one time king of wall street to 10 years in prison. >> he did go to jail for just under two years. though i'm confident he was at minimum a billionaire and quite possibly multibillionaire. >> the game of monopoly could have been invented for donald trump but monopoly is a tricky game. when you borrow $2 billion and the economy goes into a tail spin and you can't pay the interest on your loans, the bankers move in. the hundred million dollar yacht goes to the savings and trust company. his interest goes to bankers trust. 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. >> in so far as we can say that the '80s was a period of

heedenism and excess, then the end of the decade was the hang over. >> it's more like the rich are taking their tumble now. >> one of the richest couples in the world were treated as common criminals. booked on tax evasion, extortion. they renovated their $11 million connecticut estate and wrote it off as a business expense on their taxes. >> a former house keeper says mrs. helmsl said only little people pay taxes. >> she was sentenced to four years in prison and ordered to spend 750 hours of community service. >> i have done nothing wrong. i'm innocent. my only crime is that i'm leonau helmsly. >> no matter how many white collar thieves get sent away, 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. >> 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 as exaggerated the problem but there's no denying the problem is real and if we excuse unethical conduct by saying 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 than national survievlg val as a peo who can do it together honorably. if we let liing and cheating be

a way of life, it's the spirit of the country that will be lost. the decision is ours. ♪ we have intelligent machines creeping into our lives. >> the popularity of these video game sz nothing short of a phenomenons. >> automatic cameras, mobile telephones. >> a major moment in the history of flight. >> experts tell us, all of this is just the tip of the iceberg of what's to come. >> there's literally a hyperculture that's forming, virtually a cult. >> we're no longer on the merge of a revelation,