Goldman Sachs’ $500 Million Mea Culpa

Cannibal-Capitalism

This institution deserves the full force of anti-trust law deployed against it. Maybe in open court we’ll get a glimpse into the real workings of this unworthy amalgam of greed and arrogance.

Once Again on the President, the Congress, and the Jobless

Jobless

As we note, the heightened attention to the crisis, and hopefully proposals for Congressional action, the alarming jobless figures will be repeated over and over. The employment situation is dire and from all indications it is going to get worse.

Seeing Red: The Budget Deficit – Past, Present and Future

Budget-balloon

The dangers of a foreign retreat from Treasury securities are slight in the short-term but increase over time as the public debt continues to grow. Americans would do well to realize that things which cannot go on forever tend not to.

New York Times: “American Workers Are Overpaid”

Maze

If recent resistance by IBEW and UNITE HERE members are any indication, the Times’ BreakingNews folks and corporate America have a long way to go before convincing workers that it is they, rather than their high-paid, amply-bonused bosses, whose compensation should be downsized.

The Great Disconnect Between Stocks and Jobs

Unemployment

In the Great Recession of 2008-2009, companies are going a step further. They’re using this sharp downturn to cut payrolls even below where they were when times were good. Outsourcing abroad, setting up shop in China and elsewhere, contracting out, replacing people with software and automated machines – they’re doing whatever it takes to get payrolls down so earnings bounce up.

Obama, China, and Wishful Thinking About American Jobs

China-budget

The dirty little secret on both sides of the Pacific is that both America and China are capable of producing far more than their own consumers are capable of buying. In the U.S., the root of the problem is a growing share of total income going to the richest Americans, leaving the middle class with relatively less purchasing power unless they go deep into debt.

Think First About the Unemployed, Not the Politicians … and Act

unemployed

What’s happening to the lives of the legions out of work – particularly the young men and women – has to take second place to the fortune of the President and his party. The human crisis would be real regardless of who is in the Oval Office and is what should move the President and the Congress to do the right thing.

How Obama Can Convince Congress to Enact a Larger Stimulus, and Why He Must

jobs-underwater

The Administration’s biggest economic mistake so far was to badly underestimate last January how bad the employment situation would become by Fall. As a result, it low-balled the stimulus — settling for a plan that, while avoiding even worse job losses, didn’t go nearly far enough.

Wall Street and Goldman Sachs Party On

Goldman

It’s ironic that all we hear on FOX News and right-wing talk radio is how “socialistic” the Obama Administration is when in reality the way the administration has handled the Wall Street crisis is anything but “socialistic.”

Health Care Reform Is Critically Important, But Getting Americans Back to Work Is More So

Urinal-cake

If Obama and the Democrats lose one or both houses of Congress in the midterms, it will be because the president learned only the most superficial lesson of the Clinton years. Health-care reform is critically important. But when one out of six Americans is unemployed or underemployed, getting the nation back to work is more so.

Too Big to Fail: Why the White House and Congress Won’t Break up the Big Banks

Wizard

The right idea is to break up the giant banks. I don’t often agree with Alan Greenspan but he was right when he said last week that “[i]f they’re too big to fail, they’re too big.”

Drinking Motivational KoolAid: How It All Works Financially

get-motivated

Even the soberest fiscal conservatives cannot avoid the power of this pitch and will jump out of his or her seat with wallet wide open! You may get in for $19, but more than half of you will spend many hundreds if indeed not thousands more.

Small Farmers Fight Land Theft in Colombia

Honduras

Much of what has happened in Colombia in the past 20 years is the violent theft of land, a major reason why Colombia has the second highest number of internally displaced people in the world.

Why Wall Street Reform Is Stuck in Reverse

Geithner

Executives and traders on the Street have become the single biggest sources of money for Democrats as well as Republicans. And with mid-term elections looming next year, you can bet every member of Congress has a glint in his or her eye directed at the Street.

Wall Street Is More of a Threat to Obama’s Domestic Agenda than Afghanistan

Wish-I-could-find-a-job

The Congress, always in hock to Wall Street, is dragging its feet in passing anything near the sweeping regulatory restructuring that is needed if we are to prevent Goldman Sachs and the rest of the gang from exploiting their “moral hazard” by using the federal treasury as the mother of all “credit default swaps.”

The Despair of Childcare

Beautiful Black Family-Reading

Organizations like Moms Rising are fighting to raise awareness about a number of issues that make the industrialized United States seem like an anachronism compared to its counterparts. Excellence in childcare is on the agenda

Will Obama Save America from Capitalism

Barack Obama Cartoon - Wall Street Pigs

If the Obama administration wants to be a truly transformational force in American history, rather than a slightly-better-than-average, one-term presidency with good intentions, it will give America the new New Deal.

Why the Dow Broke 10,000, and Why You Should Still Watch Your Wallet

Fat CEO Cartoon Living in A Cardboard Box - The Recession is Over

Anyone who hasn’t learned by now that there’s almost no relationship between the Dow and the real economy deserves to lose his or her shirt in the Wall Street casino.

To “Americans For Prosperity,” Capitalism Already Is a Love Story

Newt Gingrich cartoon

It’s amazing that even after the entire Wall Street house of cards collapsed a year ago requiring the public sector to rescue the private sector these fierce advocates of free-market fundamentalism can still show their faces in public, let alone gather to rail against the evils of the government that saved their asses.

Specifically, What Should Be Done for Jobs?

Alan Greenspan cartoon

It would be hard to get a new stimulus package through Congress, but no member who’s up for reelection next year when unemployment is likely to be in double digits wants to be accused by rivals of voting against steps to help small businesses, public schools, childrens’ health, and average working people who need a tax cut.

Fuzzy Thinking: Obama, Capitalism, and Socialism

Capitalism Socialism crash cartoon

An honest criticism of corporate and government abuses, inefficiencies, and undemocratic ways should always be welcome, but not fuzzy thinking and scare tactics.

The Truth About Jobs That No One Wants to Tell You

Job-loss

In other words, ten percent unemployment really means twenty percent underemployment or anxious employment. All of which translates directly into late payments on mortgages, credit cards, auto and student loans, and loss of health insurance.

Why the Dow is Hitting 10,000 Even When Consumers Can’t Buy And Business Cries “Socialism”

Greed

The Dow is up despite the biggest consumer retreat from the market since the Great Depression because of the very thing so many executives are complaining about, which is government’s expansion.

Full Disclosure of Congressional Stock Portfolios

There is a movement underway to require members of Congress and the U.S. Supreme Court to provide full disclosure of their stock portfolios.

The Continuing Disaster of Wall Street, One Year Later

Zombie-Bankers

Let’s be clear: Wall Street today is up to the same tricks it was playing before its near-death experience: Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. “Our model really never changed, we’ve said very consistently that our business model remained the same,” says Goldman Sach’s chief financial officer.

Goodbye Luis, Welcome to the Jobless Ranks

labor-day

Job cuts in August were lower than they’ve been in recent months. But a deeper look at the data shows why it will take millions of new jobs to dig American workers out of this recession’s deep pit.

The Real News About Jobs and Wages: An Ode to Labor Day

woot

If we’ve learned anything from the Great Recession-Mini Depression of the last 18 months, it’s that the skewing of income and wealth to the top has made our economy far less stable.

Don’t Succumb to Deficit Hysteria

red-ink

The only item worth looking at is the part of the report that predicts the government will have nearly a $1.6 trillion deficit in the fiscal year that ends this September 30 — but not because that number is alarmingly large. It strikes me as alarmingly small.

Obama’s Second Biggest Test: Reforming Wall Street, and Why Early Indications Aren’t Hopeful

finger

itigroup — the giant Wall Street bank still on life-support courtesy of $45 billion from American taxpayers — wants to pay its 25 top executives an average of $10 million each this year, and award its best trader $100 million. Whaaaaaat?

The New Volt and an Old Nash Rambler

1956_Nash_Rambler

American Motors and Nash have long-since disappeared. But if the auto industry could build that kind of fuel-efficient, gas-powered engine in the 1950s, why did it stop and why is the Volt such a big deal?

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