The Collapse of the American Economy: Treating the People’s Economy Instead of Wall Street’s Cold

By nearly all accounts (except for the fervent Republican ideologues), the American economy is on the verge of collapse. Both Congress and Wall Street are very quick to shift the burdens of greed and decadence from the insolvent banks to the backs of the taxpayers through a $700 billion bailout. This expenditure is equivalent to [...]

Economic Bailout for Dummies

The rhetoric of fear made its way into the election as still President Bush (for 111 more days) put on his serious face, stared into the camera, and lied to bail out his Wall Street pals just like he did for his oil buds six years earlier. They need us to buy into this Ponzi [...]

Grassroots Movement to Give American Homeowners a Bailout – Anthony Samad’s Tips of the Week

Tip 1: Grassroots Movement to give American Homeowners a bailout There is a grassroots and on-line movement to get Congress to give American homeowners the same kind of bailout they are giving Wall Street. Many people, including Whoopi Goldberg, Bill Clinton and others are asking for banks to write down subprime mortgages given during the [...]

Congress Passes Wall Street Relief Act of 2008

At a news conference held a short time ago, a bi-partisan claque of Congressional leaders stood before cameras to declare, finally and with great relief, “We have a Pope bailout!” Let the puff of white smoke rise from the Capitol’s chimney. Except none of them said exactly what is in the deal. How much money [...]

The Bailout: The Really Small Print Is Really, Really Scary

Assuming that the Bush-Paulson Wall Street bailout gets changed drastically by the time it’s passed, we can all tip our hat to Mother Jones. With everyone on the Hill screaming about the power grab Treasury Secretary Henry Paulson is trying to engineer, the magazine’s Nomi Prins deserves a deep thanks for noticing the really, really, [...]

Fiction Is Better Than This Reality

“What will be the next thing that challenges us? That makes us work harder and go farther? You know, when smallpox was eradicated, it was considered the single greatest humanitarian achievement of this century. Surely, we can do it again. As we did in the time when our eyes looked towards the heavens, and with [...]

Paulson, Bernanke, Try Hustling Congress

Wimpie

Here we go again. As the Bush administration did with the Patriot Act and Iraq War resolution, Henry Paulson and Ben Bernanke spent today trying to hustle Congress into new territory using the familiar administration tactic of hysteria. Fortunately, this time it looks as if more than a few members have read the fine print [...]

From A Dog Named Checkers To The Wholesale Looting Of America

On today in 1952, Republican vice-presidential candidate Richard Nixon went on television to deliver what came to be known as the “Checkers” speech. Appearing on flickering, black-and-white sets across America, his wife seated next to him like the stage prop she’d play for the rest of Nixon’s life, he denied allegations of improper campaign financing.

Congress: Look Before You Leap on the Proposed Wall Street Bailout

I urge you to oppose any bailout for Wall Street firms or investment banks, unless and until they completely open their books to examination by all Americans. President Bush, Treasury Secretary Henry Paulson, and Federal Reserve Board Chair Ben Bernanke appear to be rushing in to accept obligations of unknown size without Congressional authorization and [...]

Go Ahead — Spend It, We’ll Print More

In a stunning deregulation reversal, President Bush in a one-minute statement before retreating back into his sealed White House bunker, called for the creation of a massive $700 billion dollar toxic mortgage bailout RTC-like organization to allow ‘business as usual’ for his Wall Street, white tie base. When you can print your own money you [...]

Who Builds the Economy? Democratic Presidents Do!

by Richard M. Mathews – I wrote recently about how Democratic presidents create many more jobs than do Republican presidents. What about the rest of the economy? I don’t want to talk down the economy as George W. Bush’s team did when he was running for president in 2000. They insisted that the economy was [...]

What, Me Worry?

Over the past week, President Bush held a state dinner for Ghana’s president, surveyed Texas hurricane damage, posed with Youth of the Year award finalists and met with Army General David Petraeus.

Thanks, GOP, For Ruining A Country So Your Friends Could Get Wealthy

Back in 2000, I was warned that the world’s financial markets were heading towards disaster. The warning came from a lawyer whose law firm was helping create the instruments that began imploding a year ago and came tumbling down on Monday.

Is the End Near for the Poorest Rich Nation on Earth?

When I was a kid in Milwaukee, there was a guy who walked up and down Wisconsin Ave., the main drag, wearing a sandwich board proclaiming, “Repent! The End Is Near.” Of course, he meant his warning in a “come to Jesus now” sort of way. But if the fellow is still alive, I hope [...]

The Republican’s Change Campaign Pal(in)es in Comparison with Reasons Some White Women Need Not to Vote for Obama

The Republican National Convention picked up steam and ratings with the pick of Alaska Governor, Sarah Palin. If you had told me that more people would watch John McCain’s acceptance speech than watched Barack Obama historic acceptance speech, I would have told you “crack is whack” and stay off the drugs. Most people would have [...]

Blame Ronald Reagan For Our Current Economic Crisis

by Robert Brent Toplin– Ronald Reagan rarely catches any blame these days for the present economic mess that is destabilizing markets in the United States and around the world. In fact, Americans often praise the former president for taking the country in bold new directions during his years in the White House. Politicians contribute to [...]

The Mothership Hovers Above D’Town: Close Encounters With Progressive Policy

by Brad Parker — Beneath a massive prop that resembled nothing as much as it did the “Mothership” from “Close Encounters of the Third Kind”, strode the stars for the first scene of the 2008 Democratic Convention. Down the gangway they strolled, to a strong R&B beat and a tightly scripted teleprompter. As they read [...]

McCain, Obama, and the Inherent Advantage of Caring More About Ends Than Means

We’ve been here before: The Republican attack machine at full throttle, spewing lies in best-selling books, on Fox News, on talk radio. The mainstream media reporting on the controversy, thereby giving it more air time and squeezing out the Democrats’ affirmative message. Followed by accusations by Democrats that Republicans are playing unfairly. Responded to by [...]

The Fed and Authoritarian Capitalism

greenspan

Chinese authoritarian capitalism, on display this week in Beijing, has me thinking about America’s democratic capitalism and how we practice it. Start with the U.S. economy’s most powerful government agency: The Fed, of course. Its decision this week to hold short-term interest rates steady was wrong, in my view; it should have lowered them because [...]

Who Creates Jobs? Democratic Presidents Do!

A recent poll asked whether private companies, Congress, or the president has the most to do with creating new jobs. I find it amusing when pollsters ask for opinions on something that is purely factual. Only 5% got the right answer and said it is the president. Look at the private sector job growth results [...]

Creating a Quality Economy, Part 3

by Mark Pash, with Brad Parker — Education is very, very important to individuals in a capitalistic system – especially math and science education in our high tech world. It is also very important to a democratic society in general. But, it is only one of the important components for a successful economy. Brazil, Russia [...]

Death of Buick City

Kumar 1950s Buicks

I traveled to Lapeer in Michigan recently to visit an old, dear friend. Lapeer happens to be near the motor city of Flint. I was given a tour of Flint by his wife Sue. Flint was getting ready to have a “celebration” of GM’s 100th anniversary (if you can call it a celebration). I was [...]

Creating a Quality Economy, Part 2

Line Chart with Rats

By Mark Pash, with Brad Parker – Capitalism does significantly raise the standard of living but not for all and not enough for many. Therefore, it is up to government to take a more active role in the economy in order to overcome these flaws with as little hindrance as possible. In other words, one [...]

Creating a Quality Economy, Part 1

Batman Cartoon

by Mark Pash, with Brad Parker — The economic philosophy of the Progressive Democratic Party is designed to advance human commerce for the betterment of all, while protecting the business environment from itself and the government. Commerce is not perfect and is vulnerable to both human nature and the major flaws of capitalism.

The Heart of the Economic Mess

Poverty

The Federal Reserve Board’s “beige book” for June and July offers a clear explanation for why the economy has slowed to a crawl. It shows American consumers cutting way back on their purchases of everything from food to cars to appliances to name-brand products. As they do so, employers inevitably are cutting back on the [...]

A Short Primer on McCainomics Versus Obamanomics: Top-Down or Bottom-Up

Fannie Mae Mortgage Crisis

by Robert Reich — McCain and Obama represent two fundamentally different economic philosophies. McCain’s is top-down economics; Obama’s is bottom-up.

Laissez-Faire Economics? It’s a Code Word for One-Sided Interventions

Milton Friedman

As he refines his economic message on the campaign trail this summer, Republican John McCain has made it clear that, previous positions notwithstanding, he has now embraced the Republican economic orthodoxy: eliminate regulation, cut taxes on corporations and the wealthy, and the free and unfettered market will take care of everything. This economic formula was [...]

The Gift That Keeps On Giving

by John MacMurray — Before we begin, please keep the following numbers in mind: $7.00 and $10.00. Then hold onto 92 and 164. They all relate to public education, and we’ll explain them in a minute. By making public education the focal point of California’s ongoing budget mess, Republican legislators in California and other states [...]

Crony Capitalism, Not Competition, Marks Bush Oil Policy in Iraq

Sherwood Ross

Eight universities were in the running to get the Bush Presidential Library but Hunt Oil Co. head Ray Hunt, of Dallas, an economics major from Southern Methodist University, co-chaired the SMU search effort and came out on top. His long time pals-ship with “The Decider” may have had more than a bit to do with [...]

Dubai, Or Not To Buy

Oil

by Jerry Drucker – Apologies to the Bard, a great writer who has never been involved in a plagiarism suit. Well, maybe Sir Francis Bacon. This piece was originally written when the question was being asked: Should Dubai guard our most strategic U.S. Ports? The answer to the question follows the soliloquy.

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