most shoppers like squeezing the tomatoes? will we have a cashless, paperless society and do we want one? these are the social questions that society should answer. >> in money marries, wall street where leaping stocks have investors jumping. >> we will turn the bull loose. >> one of the great things about this nation is we can seek profit. >> is money the number one goal? >> we had 29-year-olds making two million in a year. >> if you have plastic money, nothing will hold you back. >> they will prove honest people. >> insider trading could be watergate. >> what do we call greed the day before an indictment?

>> recently we call it success. u.s. economy that used to be the envy of the world is in the most serious problem since the

great depression. inflation is rising. >> there is not much growth. ta we were not in a great depression, 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. >> people were skeptical of the stock market. it was a sleepy wall street back then. >> most expect a serious recession with two million more americans losing their jobs. >> we are in the worst economic mess since the great depression. >> 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 towards getting rid of as many as possible. >> the philosophy is markets worked better than government controls. >> this represents the first step in a financial program. >> introducing deregulation began to get much more creative and profitable, too. >> in money matters, wall street where leadershiping stocks have investors jumping. >> when the markets open for trading, the dow jones average will stand at the highest ever. >> 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 stock market that a deregulated economy makes money for everybody. >> the stock market took off like a rocket and the public saw this happening and they would read about it. 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 which drove prices to go even higher. >> the motorcade went on the new york stock exchange. >> the last five years we moved from melase to hope, confidence and opportunity. the volume of shares hitting record highs and more americans thereafter ever before participating in the market. we're bullish on the america. >> reagan shows up and they were like ronnie! ronnie! that was a way of saying america is back. he was able to link economic faith with faith in america. >> it seemed to say no recent president would beat mr. reagan for the honor if a vote had been taken. they gave him round after round of cheers. >> we are going to turn the bull

loose. >> the whole world from reagan's white house on was saying wall street was the engine of our economy. it represents growth. it represents opportunity and the american dream. these guys were basically saying we are going to go do it. >> this is the big draw on wall street. the smell of money. >> this is where the action is. over the counter for lehman. involving millions of shares and millions of dollars made and lost and it's a game for young people. >> when you look back at what you have done sitting at this desk, what gives you a sense of satisfacti satisfaction? >> i guess making a lot of money. >> for yourself? >> 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 and party. we have money to spend.

>> the fad is to have big salaries, fancy clothes and fast cars. they are yuppies. who are the partiers with portfolios like this. >> a yuppie owns a mcintosh and eats quiche and drinks white wine. >> a 29-year-old makes a million a year and two million the year after that. >> capitalism is no sin. it's in. >> is money the number one goal? >> yes. ♪ >> in a world where mere millionaires are a dime a dozen, there was a billionaire in town. he is 40 years old and made his money in manhattan real estate. >> he said it's a symbol of quality. others say it's hype. >> donald trump is the brand and

he is the symbol of a swash buckling approach to conspicuous consumption. >> people have become celebrities just from being rich. their celebrity is that they are rich. >> donald trump ventured into gambling and professional football and could negotiate with the soviet union. >> the power is nonsense. i love the creative process. >> what are about the name of trump city. trump plaza. trump castle? >> it sells. it has nothing to do with the ego. all i know is it sells. >> what do you do? >> security. >> we don't need security. there are people outside. >> leona helmsly was much bigger than trump real estate

developers in new york. >> i asked for something and did not get it from you. i want it. >> leona was the queen of mean. the idea was 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 said i'm taking inventory. i own this and this and this and that one and that one. >> he plays monopoly with real buildings. >> 26 acres and 28 rooms for just the two of them. this building structure is just what? >> it's the enclosure of the swimming pool. >> and up top? >> up top we are going to have of course a tennis court. >> and an old fashioned way. >> leona hemsly was a symbol of the excess of the 80s. >> i make a living.

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need a hair smoother get super fruit moroccan argan oil. with fructis sleek & shine. hair is super sleek, even in 97% humidity. no parabens. garnier fructis sleek & shine. super fruit. super hair. garnier. . >> this is the way we live now. no snow, no rain, no loud noises. everything is perfect in the mall. >> you have 16,000 malls popping up like mushrooms and they are the temples of the great american religion, shopping. >> pam and melissa come to the

mall almost every day. they call themselves mall rats. >> i love it. it's only $24. >> consumerism took over in the 80s. people emerged from tough economic times and said wow, we can now spend. >> i want to you think about this also. that's going to set your eyes off. >> the economy started growing and this was largely a consumer-driven growth for the economy that was funded by debt. >> the bankruptcy rate is soaring. the annual income is $32,000. they had $12,000 in unsecured debt when is they bought a home and they bought a washer and drier and microwave and beta max tv recorder and went bankrupt. >> i knew i didn't have the money, but if you have plastic money, nothing is 40e8ding you back. >> it became acceptable to have a credit card. you wanted to use it.

>> live from tampa bay, florida, it's the home shopping club. >> every doo dad and choch key. >> the order has been completed for one of the ruby placements. i have you down for two. >> there were parties and like minded consumers band to do what comes naturally. >> i want four of the bird figurines. >> you don't have to leave your house and stuff comes 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 quick money. >> go to the phone right now. now! quit talking about believing in god without ever acting. >> in all there are 1600 television minsters and of the

$1.5 million, three of them took in close to 5$500 million. >> the prime time creatures said they need the money to stay on the air and need to stay on the air to raise money. money for the kind of electronic equipment any television station would be glad to own. >> god wants us to have the bills paid in full. >> it pays the bills if we would all just do something. >> telee vanj limp grows, jim baker gets it. he said it's not just about standing up and giving a speech, but in the age of television, the johnny carson approach and the be more ibtimate showing your lifestyle and beautiful family is essential because it brings people in. he is a brilliant entrepreneur and salesman of himself. >> here are jim and tammy!

>> the appeal is powerful. last year a million people responded to the bakers's constant request for money. >> how many do you have? >> about 30. >> 30 what? >> silver 7,000 clubs. >> that's $90,000. >> praise god. >> they have been criticized for their lavish lifestyle. >> i love nice things and we work very, very hard for nice things. >> the only difference between men and boys is the price of their toys. >> a fleet of cars and a string of fancy homes from palm springs, california to south carolina. >> they create the prosperity by them living well and having rolls royces, everyone will think god is shining upon them and thus upon us. that becomes the vehicle for their media empire and theme parks. >> that's what the bible said. we are fishers of men. we have been using lousy bait.

we built better bait to reach people. >> you can have a lifetime partnership with ptl for a one-time gift of $1,000. four days of three nights every year for the rest of your life. >> the mix of god and greed ends up derailing them and breaking the very rules they are preaching about. >> jim baker stepped down as the head of the ptl ministry. >> his resignation came because of a sexual encounter. >> jessica hahn is to be paid monthly as long as she keeps quiet. >> he has been paying off this secretary. >> it seems to indicate the effort and money. >> he paid jessica hahn hush money, what else has he been doing with the money? >> do you worry about the investigations? >> not at all.

>> history will prove the bakers were honest people. >> we interrupt this program for a special report. >> jim baker from the ptl ministry is found guilty on all 24 counts of fraud and experience in charlotte, north carolina. >> he told lifetime partnerships even though he knew they were oversold. the heritage grand hotel could accommodate 25,000 partnerships and 65,000 were sold. for the lower price, about 7,000 were sold for a building that had eight rooms. >> a caller sent them $15 for 15 years and thought god would ease her pain and the pain of her husband. >> i don't even have enough to live on. >> baker could be sentenced to 120 years in prison and 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. ♪ ♪ it's not over till it's over. or keep tabs on them. he skipped orientation for the beach? he takes after me. join t-mobile, buy an iphone 8, get an iphone 8 on us. where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com.

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. >> today we travel to the lone star state to visit tycoon, entrepreneur, t boone pickening, the highest paid ceo in the country. wall street is in charge. green as in money. he reigns over a foyer on that runs the entire length of the house and at the end of the foyer, we find this morning, boone pickens. good morning, sir. how are you? >> good morning, harry. >> why don't we head into the trophy room, if you don't mind. >> t boone pickens was a texas oil man who became the original corporate raider. he would buy stock in a company and talk about how executives needed to be tossed out and take over the company. >> it's only 1/20th the size. he buys the stock privately and he lets it be known he wants 15%

from the shareholders and gain a seat on the corporate board. >> one thing i want to put in place. the stockholder's own companies and management and employees. >> they agreed to buy back stock to stop his take over bid. the profit to pickens and his partners, $89 million. >> it is no secret that you made about a half billion dollars for losing on the attempted takeovers. do you go in anticipating the loss is going to stand you very well? are. >> you never like to lose, but if you lose and make money, it makes it easier. >> someplace a guy got up and said i have a question. he said you are making a lot of money out of this. i said the shareholders are, too. he said yes, but you are a fast buck artist. fast buck artist. who in the hell would want to be known as a slow buck artist. >> it's free enterprise at its best. >> he was the first major

investors was the first early tilts at golf and services 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'm an investor and want to make a profit. >> it is not wrong to want to profit in capitalist america. it's fair. >> ivan bosky doesn't want to run the companies just to profit from the run up in the stock prices. >> forbes magazine estimates his wealth at over $200 million. >> where is my share? >> he gave the commencement speech at berkeley and became famous for one line in the speech. >> seek wealth.

it's all right. >> you found wall street, use his words as the basis for the dialogue. >> greed is good. greed is right. greed works. >> when michael douglas said greed is good, it was a cartoon expression, but there was truth to it. there was a sense it is okay to be greedy and maximize your wealth. >> 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. there were . >> this was a leveraged buy out. they borrow using assets as

collateral for the loan and in return the company issues ious. because it's so risky, they carry high interest rates and called junk bonds. >> you may not have heard of michael milken, but this 40-year-old wall street wiz is said to be the most powerful financeur in america. he brought respectability to junk bonds and used the money for corporate raids and takeovers. without mike milken, they couldn't have rated gulf, union and phillips petroleum. >> he said if you want to take over gulf, it's going to cost $13 billion. he said i can get the $13 billion. >> he's the guy that t boone pickens goes to. i don't know has heard of him. >> here doesn't care about publicity. he just cares about doing deals and having power. >> he was the shadowy figure

that those of us in the press never saw. you just heard. >> it was milken's genius. that is the correct word. it created the market and fuelled the take over phenomenon. >> we romanticized the characters. they are fat cats's first cousins to the financial manipulators, robert barons of the late 19th century. >> they are out there trying to make a buck by doing nothing and putting people out of work. >> economists agree that some unemployment and hardship is unavoidable in making the united states lean and mean again, but the specialists are called corporate restructuring. >> they need a kick to become more efficient, less entrenched and that will probably do the economy a lot of good. >> thursday they fended off a

hostile take over bit. >> they took on a huge debt. plann plants were closed and the company pays interest to 17 banks worldwide. >> they jump out of the closet and shout and 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 works, but we saw a lot of people lose their jobs and a few people getting super rich. the vibe of the culture being -- >> 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. from any one else. why accept it from an allergy pill? flonase relieves sneezing, itchy, watery eyes and a runny nose, plus nasal congestion, which most pills don't. it's more complete allergy relief.

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>> parit was a week to remember. banker's hours didn't mean a thing. the doors were locked. >> the run on ohio savings and loans began when they were besieged by depositors who demanded their money. >> i don't have a lot and i need that money. >> i made a decision after weighing options that we had to close all 71 of the privately owned savings and loans

institutions. >> the worst financial crisis in ohio history, a situation called the worst banking crisis in the u.s. since it the depression. >> the deregulatory climate invested only in mortgages were free to invest in anything they wanted. >> what happened was the s and l industry got taken over sbi entrepreneur who saw them as piggy banks. >> saddled with bad loans, the owner lived a life of private jets, yachts and mansions. >> they took risks that should have been for a banker. it ultimately went belly up. >> quiet down. >> i'm going to disburse the whole bunch. >> this was the third day of the old savings and loan association.

>> we have no choice. we have to close? >> that's how i want it. >> 260 banks will go bust. 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 is the federal deposit insurance. if it went well, you rake in the profit. if it went poorly, the federal government picked up the tab. >> the deregulation they got into the 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 partially completed condos on the s and l books. >> something wrong with the industry and it's not me. >> charles keating was a lawyer who got into banking and able to buy a savings and loan.

>> when are keating bought lincoln savings and loans, he used it as a piggy bank for his ambitions like a hotel that cost $500,000 per room to build. >> it's a magnificent investment. no question. >> the real problem is when our appraisers look at it, they said it's worth 200 million, not $300 million. >> he was a regulator who spearheaded going after keating. >> we discovered likely fraud. really bank thing that is no honest bankers would do. they looked at 52 real estate loans that lincoln made and 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 targeted 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 down here and went to lincoln savings down here. >> how much did you get? >> you really want to know? $30,000. for us that was quite a bit. >> capitalize on this, the bond sales men were told. the weak, meek, and ignorant are always good targets. >> the regulators are saying this guy is a disaster, man. we have got to stop this. by that time, keating had a construction company in arizona, thrifts in california. his tentacles were spread out to several states and he called on congress men and senators like that and said hey, get these dogs off my back. >> this morning the s and l crisis goes to capitol hill to

look at five senators accused of intervening with federal banking officials on behalf of keating. the keating five are john mccain and democrats alan cranston, john glen, on donald regal. they received a total of $1.3 million in campaign contributions or donations to favored causes. >> edwin gray said 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 not to take the enforcement action against lincoln savings. the only thing that got them to back off is when we finally said we are making criminal referrals. you are going to bat for

criminals. >> now awaiting trial on criminal fraud, keating is refusing to testify to the senate. >> was there something wrong? 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 80 says because it's distinguished u.s. senators accused of taking bribe money. they get off the hook, but it rocked the country because it showed that not only was corporate america being questioned for corruption, but 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 in any way influenced several flit cal 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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>> the financial scandal causing increasing concern involves people who make killings on wall street because of inside information not available to anyone else.

>> this coded document shows disastrous losses or a confidential assessment of future profits. if you are one of the 32 million americans who own stock, such information can cost you money or earn you money. perhaps millions in you find out first. in any case, it is illegal. >> the single biggest currency has always been information. in the 80s, that information was trading back and forth and investors were talking to their buddies and they went to business school and actually working on the deals to find out. it was pervasive. >> the securities and exchange commission that monitors abuses said penalties are not strict enough. >> this is serious misconduct and 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

by getting advanced knowledge of 54 pending take overs and he would call an accomplice who would buy stock in the names of two dummy corporations set up in panama. >> he was able to nail down insider trading and somebody with a million dollar a year salary that apparently was not enough. >>. >> insider trading could be wall street's watergate. >> plea bargaining is under way with dennis levine. they may be able to develop a list of new suspects. >> we sought the investigation and once his lawyer advised him it was in his interest to cooperate, he would give you the information to. him it was another deal. >> the judgment was clear that he would give mr. levine set for the cooperation. >> dennis levine was doing insider trading, but he led to ivan bow ski. >> the securities and exchange commissioned stunned wall street

when they announced ivan boesky has been barred from the securities industry. >> he did what he publicly claimed he would never do. use insider information to buy huge blocks of stock in companies secretly involved in take over deals. >> he was an out and out crook. handing bags of cash to people who gave him information. >> he would be a prime candidate for white collar crimes. >> to hear himself described as a man whose arrogance has been str stripped away. >> this was like the bombshell of the decade on wall street. >> what are do we call greed the day before it was filed. >> recently we called it success. the people who turned out to engage in criminal activity were hailed as heroes at the peak of

their careers. >> millions of small investors have been appalled. >> they should get every one and put them in jail. >> since 1984, there have been 48 cases brought by new york's u.s. condition, rudolph giuliani. >> back then rudy was the best man in law enforcement without a cape. >> maybe we can't catch all, about you we can deliver a message that if you get caught, you will go to prison. >> today as the prospect of a wider scandal seemed certain, the market was off more than 40 points after it was learned that ivan boesky was talking. >> this is like arresting the madam of a brothel and finding her private book of clients. >> he takes a fall and wall street is practically jumping out windows. he has been taping phone calls and private talks for three months and big shots -- you get

the idea. >> he was guilty. there was no defense. all he had was bargaining power. who could he deliver? >> levine was a fish. boesky was a shark. who is the whale? >> i don't know. it's possible. >> in the middle of all of this until a few years ago, a little known wall street firm that shot to the top of the wall street world by specializing in junk bonds. high interest, but high risk. >> the head of the junk bond department made a secret deal with convicted stock swindler to make millions illegally. >> california company wicks came to his firm and told them it was planning a take over. the government changes he whispered that secret to ivan boesky and he made millions and shared with the firm and the

bottom line is milken betrayed his client and earned 6.5 million more at the client's expense. >> further disclosures resulting from the affair may weaken public confidence in markets and weaken the markets themselves. >> i just came from inside and it's a madhouse. >> the bull market is over. >> it's a blood bath. >> the monday massacre. >> it's the nearest thing to a melt down i want to see. >> by the closing bell, the dow jones was down more than 500 points. >> this was a crash that was not seen since the great depression. no one had seen it fall that quickly that fast. >> losses $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. what the market had given, the market could take away and take it away really, really quickly. >> one is fear and one is greed. we have an excess of one or the other. we have an excess of fear. introducing the all-new volkswagen jetta with app-connect and available beats audio. ...to give you the protein you need with less of the sugar you don't. i'll take that. [cheers] 30 grams of protein and 1 gram of sugar. new ensure max protein. in two great flavors.

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we always do. it's just a question of when. my guess is it's probably 1989, rather than 1987. >> a little present 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 taxes when i'm president, and you know they will, i'll say no. they'll try one more time and i'll say no. and if they try a third time, i'll stare them right in the eye and i'm going to say to them, read my lips. no new taxes! >> in 1988, george h.w. bush is running to take on the reagan mantle. read my lips, no new taxes. >> when ronald reagan left the white house in january, he also left george bush holding the ball, filled with an assortment of staggering problems. >> when the president calls, some come running. all agree the savings and loan crisis is an urgent problem.

>> could the s & ls be bailed out without a tax increase? is there any other way to do it? >> i don't think there is, and that's becoming the conclusion of most people. >> bush had to fill this smoking hole left by reagan for him, and the only way to do that was to pass new legislation. because now we had to start dipping into taxpayer money. >> the senator says only bailout is for depositors, not for bad bankers. >> 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 lincoln savings of california had been fueled by the sale of a quarter billion dollars' worth of uninsured and now worthless bonds. the majority bought by seniors, many losing their life savings. >> 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 excesses of wall street to condemning them pretty quickly. >> tonight's headline, milken pleads guilty in what may be the largest individual case of fraud

ever to rock wall street. a case which ended in a plea bargain with the government. >> judge kemba wood said the crimes merited his removal from society. she sentenced the one-time king of wall street to ten years in prison. >> he didn't end up serving anywhere near that. he did go to jail for just under two years. i'm confident when he left, he was at a minimum a billionaire, quite possibly a 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 tailspin and you can't pay the interest on your loans, the bankers move in. donald's $100 million yacht goes to the boston safe deposit and trust company. his half interest in the grand hyatt hotel goes to banker's 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. >> insofar as we can say that the '80s was a period of hedonism and excess, the end of the decade was the hangover. >> it's more like the rich are taking a tumble now. >> leona and harry helmsley, one of the richest couples in the world, were today treated as common criminals. booked in manhattan on 139 counts of fraud, tax evasion and extortion. the government charges the helmsleys renovated their 11 million estate and wrote the cost off as a business expense. >> a former housekeeper said mrs. helmsley told her, "we don't pay taxes, only little people pay taxes." >> helmsley was sentenced to four years in prison, given a $7 million fine, and ordered to serve 750 hours of community service. to some, the sentence was too light. >> i have done nothing wrong. i'm innocent. my only crime is that i'm leona helmsley. >> no matter how many white collar thieves get sent away, no

matter how long they're locked up, 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 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, or 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 survival, as a people who can live together honorably. if we let lying, cheating, and stealing become an accepted way of life, it's not just a few dollars that will be lost, it's the spirit of the country that will be lost. the decision is ours. -- captions by vitac -- www.vitac.com in this present crisis, government is not the solution to our problem. government is the problem. >> if ever a policy reflected a president's own character, it's reaganomics. >> we have faith in our program and we're sticking with it. to the paid political complainers, put up or shut up. >> the president was hit. >> the story from middle east sources is that iran has helped the united states free a hostage from lebanon. >> they called it the reagan revolution. but for me it always seemed more like a rediscovery of our values. once you begin a great movement,