Rogers weve had 29yearolds making 1 million a year, expecting to make 2 million the year after that. Diana ferry but if youve got plastic money, theres Nothing Holding you back. History will prove the bakkers were honest people. Reporter Insider Trading could become wall streets watergate. Pauley what do we call greed the day before an indictment . Im afraid recently, weve called it success. Robinson 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 our standard of living is declining. Thomas 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. Dobyns 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. Mclean wed 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. President reagan i regret to say that were 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 nations 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 worked better than government controls. This bill represents the first step in our administrations comprehensive program of financial deregulation. Tett 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. Cordtz the past few months have been among the wildest in wall streets history. I need 65. Stock and bond prices soared in a frenzy of activity. Red sheet, pick up tanner optimists on wall street are talking about the beginnings of economic recovery. Gumbel the supporters of Deregulation Point to the soaring stock market as evidence that a deregulated economy makes money for everyone. Sorkin 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. And thats in large part also what drove prices to go even higher. Donaldson the Ronald Reagan motorcade rolled onto wall street today to the New York Stock Exchange. In the last five years, weve moved from malaise to hope, confidence, and opportunity with the volume of shares traded hitting record highs and more americans than ever before participating in the market. Were bullish on the american economy. [ cheers and applause ] [ Crowd Chanting ronnie ] when reagan shows up at the stock exchange, them yelling Ronnie Ronnie is a way of saying americas back. And that was Ronald Reagans genius. He was able to link economic faith with faith in america. Donaldson no sitting president had ever visited the New York Stock Exchange before, but it seems safe to say that no recent president wouldve beaten mr. Reagan for the honor if a vote had been taken among the floor traders. They gave him round after round of cheer. Were going to turn the bull loose. Auletta the whole world from reagans 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. And so these guys were basically saying were gonna go do it. Brokaw this is the big draw on wall street the smell of money. This is where the action is. This is the overthecounter Trading Floor of shearson lehman. More than 17,000 daily transactions involving millions of shares and millions of dollars made and lost here every day. And its a game for young people. When you get home at the end of the week and you look back on what youve done sitting in this desk, what gives you a sense of satisfaction . I guess, uh. Making a lot of money. For yourself or for the company . 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. You know, we survived this miserable period, lets celebrate. Lets party. We have money to spend. Today, the fad among young people is to have big salaries, fancy clothes, and fast cars, and they are called yuppies. Rose but who are these partiers with portfolios, these yuppies . A yuppie is a person who owns a macintosh, who eats fine quiche, and drinks white wine, and thats me. Im having a great time here. 29yearolds making 1 million a year, expecting to make a million and a half next year and 2 million the year after that. Shriver for this generation, business is hip. Capitalism is no sin. Its in. Shriver is money the numberone goal . Yes. All of the fun is waiting for you at the castle trumps Castle Wallace in a world where mere millionaires are a dime a dozen. Theres a new billionaire in town. Hes 40 years old, his town is new york city, and hes made his money mainly from manhattan real estate. He puts his name on almost everything he builds says its a symbol of quality. But others say its part of the hype. Troy 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. Smith we definitely do now have people who have become celebrities just from being rich. Ill 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. Wallace they say hes landhungry, moneyhungry, powerhungry. The power is nonsense. I love the creative process. Wallace what about the name of trump city . Trump tower were sitting in . Trump plaza . Trump castle . It sells, mike. All i know is thats all it is . It has nothing to do with the ego. All i know is it sells. What do you do . Security. We dont need security here. Lets go outside. We have people outside. Auletta Leona Helmsley 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 . Connelly Leona Helmsley, the queen of mean. The idea was that she was so mean because she wanted you to have a great experience in one of her hotels. Really . Seemed like she was just mean. Oh, my. Its paradise. He stands here and he says im 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. Wallace 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. Its the enclosure of the swimming pool. And up top . On top, were going to have, of course, a dance floor. Dance in an oldfashioned way Leona Helmsley became a kind of a symbol of the excesses of the 80s. Am i comfortable . I make a living. Heres how tommy lost 30 lbs on noom weight. Im tom. Noom helped him use psychology to lose weight. The mindful aspect made me feel more conscious about what i was eating and why i was eating it. Its actually working. 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At the Alzheimers Association walk to end alzheimers, this is why we walk. Theyre why we walk. We walk in the Alzheimers Association walk to end alzhiemers because were getting closer to beating this disease. Join us. Rsv can be a dangerous virus. [sneeze]. For those 60 and older. Its not just a cold. And if youre 60 or older. You may be at increased risk of hospitalization. [coughing]. From this highly. Contagious virus. Not all dangers come with warning labels. Talk to your pharmacist or doctor. About getting vaccinated against rsv today. Wherever you go. Wherever you stay. All you need is one key. Earn and use rewards across expedia, hotels. Com, and vrbo. Kuralt this is the way we live now. Nice even temperature, no rain, no snow, no loud noises, music is playing. Everythings perfect in the mall. Troy in the 1980s, you have 16,000 malls popping up like mushrooms. And they become the high temples of the Great American religion shopping. Kuralt pam and melissa, 15 years old, come to the mall almost every day. They call themselves mallrats. I love it, too, pam. Its only 24. Tett 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 Florentine Plum also. Honey, thats whats gonna set your eyes off. Brands the economy started growing, and it was largely a consumerdriven growth. But the Consumer Economy was funded by debt. Kiker the National Bankruptcy rate is soaring. Greg and diana ferry 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 didnt have the money, but if youve got plastic money, theres Nothing Holding you back. All of a sudden, it became very acceptable to have debt. It became very acceptable to have a credit card. More than acceptable if you wanted to pull it out of your wallet and use it. Live from tampa bay, florida, its the Home Shopping club. [ horn squeaks ] safer every doodad and and tchotchke that mans hand hath wrought. Americans seem utterly hooked on Home Shopping. Your order has been completed for one of the ruby bracelets. So, i have you down for two of the plush musical bunnies. [ Cowbell Clanging ] safer there are Home Shopping club parties. Likeminded consumers gather together to do what comes naturally. I want four of those bird figurines. You dont have to leave your house, and stuff will come to you. Welcome to america. Jim bakker 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 word. Now faith is an act koppel in all, there are 1,600 television ministers. And of the 1. 5 billion grossed annually, just three of them pat robertsons, jimmy swaggarts, and jim bakkers took in close to 500 million. Safer 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 every one of these bills paid in full, and ptl can live if we pay our bills. It pays the bills if we would all just do [voice breaking] something. Troy as televangelism grows, jim bakker is the one who truly gets it. He understands that preaching on television is not just about standing up and giving a fireandbrimstone speech. He understands that in the age of television, the Johnny Carson approach to televangelism, that being more intimate, showing your lifestyle, and your beautiful family is essential because it brings people in. And hes a brilliant entrepreneur, and hes a brilliant salesman of himself. Ptl and now here are jim and Tammy Clayton their appeal is powerful. Last year, a Million People responded to the bakkers constant request for money. Tammy bakker how many do you have right now . Just about 30. 30 what . Silver 7000 clubs. Thats 90,000. Praise god. Clayton the bakkers have been criticized for their own lavish lifestyle. Well, just because im a christian doesnt mean i dont like nice things, either. I love nice things, and jim and i work very, very hard for nice things. They say the only difference between men and boys is the price of their toys. Rose toys like a fleet of luxury cars and a string of fancy homes from palm springs, california, to tega cay, south carolina. Troy they create what i call the Gospel Of Prosperity where they think that by them living well, by them having rollsroyces that everyone will think, ah. God is shining his countenance upon them, and thus upon us. And ptl also becomes the vehicle for their media empire, for their theme parks. Jim bakker if we are to be fishers of men thats what the bible says, we are fishers of men weve been using some pretty lousy bait. Weve just built better bait to reach people. You can have a Lifetime Partnership with ptl for a onetime gift of 1,000. Four days and three nights every year for the rest of your life. Troy that mix of god and greed ends up derailing them, and ends up leading them to breaking the very rules that they are preaching about. Television evangelist jim bakker has stepped down as the head of the praise the lord, or ptl, ministry. Hazinski bakkers resignation reportedly came because of a sexual encounter seven years ago. Hall jessica hahn is to be paid monthly as long as she keeps quiet about the incident. It turns out that jim bakker has been paying off this secretary, and that shakes the evangelical world. The evidence seems to indicate 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 investigations that are going on . Jim and tammy not at all. History will prove the bakkers were honest people. We interrupt this program for an nbc news 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. Jones bakker kept selling Lifetime Partnerships at heritage usa even though he knew they were oversold. For example, the Heritage Grand Hotel could accommodate only 25,000 partnerships, but 65,000 were sold. And for the lowerpriced bunkhouse partnerships, about 7,000 were sold for a building that had only eight rooms. Gumbel Estelle Pollard sent jim and tammy bakkers ptl club 15 a month for 15 years. She thought that by giving to them, god would ease her pain and that of her ailing husband. I have been one to help make millionaires out of those people when i dont have enough to even live on. Jones bakker could be sentenced to 120 years in prison and fined over 5 million. I would say i feel sad, but encouraged in god. Hall tammy bakker said she could best describe her feelings in song. On christ, the solid rock i stand all other ground is sinking sand its not over till its over. please dont go by harry casey, Richard Raymond finch ping please dont go please dont go please dont go please dont go dont goooooo dont go away please dont go wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Smith today, we travel to the Lone Star State to visit tycoon entrepreneur t. Boone pickens, the highest paid ceo in the country. Even here, wall street is in charge. Wall street being a parrot green, as in money. He reigns over an entry foyer that runs the entire length of the house, and at the end of that long foyer, we find this morning boone pickens. Good morning, sir. How are you . Good morning, harry. Why dont we go ahead and head into the trophy room, if you dont mind . Sure. Nocera t. Boone pickens was a texas oilman who became the original corporate raider. He would buy a bunch of stock in the company, talk about how the executives needed to be tossed out, and make a play to take over the company. Rodriguez pickens company, mesa petroleum, which is only 1 20th the size of phillips, moves first by buying 5. 8 of the stock pr