Thoughts on the End of a Hell of a Year

2009

The biggest thing to happen to me this year was the birth of my first grandchild, a little girl named Ella. I know this kind of thing happens all the time and frankly I get bored with people who go all gushy about the birth of kids or grandkids.

A New New Deal Must Be For ALL

rosieweb

by Eileen Boris, Lisa Levenstein, and Sonya Michel President-elect Barack Obama’s economic stimulus plan has provoked comparisons with Franklin Delano Roosevelt’s New Deal. Like Roosevelt, Obama is promising to pull the country out of a depression with massive job creation through infrastructure spending. But, like FDR before him, it looks as if Obama is on [...]

Economics 101: Who’s Up, Who’s Down

bailouts

by Robert Brent Toplin – Customers at my local Barnes & Noble store are likely to get the impression that books about Franklin D. Roosevelt are all the rage these days. When they stand in line to pay the cashier, they come upon a large display of volumes dealing with FDR and the Great Depression. [...]

The Housing Bubble Continues to Burst

waiting_for_santa

by Robert Reich – The National Association of Realtors said today that home prices have now dropped to the point where they’ve wiped out all the gains in housing prices since 2004. 2004, not incidentally, was when interest rates last hit bottom, and the Feds looked the other way while mortgage bankers began shoving money [...]

Why I Love Rachel Maddow

Rachel Maddow and Laura Tyson

by Charley James – A few nights ago, Rachel Maddow was discussing the Wall St. bailout on her MSNBC show with guest Dr. Laura Tyson. Tyson, a former economics advisor to Pres. Clinton and now a professor at UC-Berkeley, was defending the banks who received bailout money for their total lack of disclosure or transparency [...]

Raising Taxes Is Good for the Economy

santa-in-crisis

by Adam Eran – The Census Bureau reports that California ranks 10th among states in income, but only 22nd in tax burden. Nevertheless, the Republican mantra has been that higher taxes are so damaging that government should avoid them at all costs — especially in downturns like the current one. This sentiment is so pervasive [...]

The Economy: Do We Have Any Idea What We’re Doing?

lightning-stock-market

by John Peeler – It is a commonplace these days to argue that the Bush administration helped to bring on the worst economic crisis since the Great Depression by clinging blindly to the dogma of the free, unregulated market as the solution to every problem. That is certainly an accurate accusation. At virtually every opportunity [...]

States’ Budget Crises: Share the Pain, Share the Dough

sanjose-football

by Carl Bloice – It’s probable that by the time this is read, officials in San Jose, California, will have eliminated athletic programs from all 11 of the city’s high schools. It might not seem like much to some, given the declining economic situation in the country and the kinds of budget cuts being made [...]

Too Big To Fail: Unless It’s the Entire EEKonomy!

tbtf

by Gene Rothman – A new Goldilocks gauge has gripped the Guardians of Greed. Too Big to Fail (TBTF) used to be one size fits all. Big corporations would be bailed out only if they were Big Enough. But now, the fickle public has grown Leery of the Too Large. It may now be seen [...]

The Logic of Keynes in Today’s World

jobs

by Robert Reich – Not long ago I was talking to someone who once had been a deficit hawk but the current recession had turned into a full-blooded Keynesian. He wanted a stimulus package in the range of $500 to $700 billion. “Consumers are dead in the water,” he said, fervently, “so government has to [...]

The Grapes Of Writhing

falling-vault

Should we pity the rich? For the first time in the lives of many of them, they are in as much financial trouble as the middle class, poor, and working poor. It just shows up differently. Friends from the days when I lived in Manhattan are writing increasingly gloomy e-mails saying that there are so [...]

Masters of the Universe No More

opulence

By Denis Campbell – New York City suburb, Greenwich, Connecticut, has 55 houses for sale asking $9 million dollars or more. Staff at East Hampton Airport on Long Island, a scene of private Gulfstream jet gridlock, says traffic is down 35%. Bettridge Jewelers on Wall Street sees traffic mostly selling off jewels to make mortgage [...]

Are We Courting a Populist Backlash?

auto-wave

by Robert Reich – The government is doing a lousy job helping distressed homeowners. And according to John Dugan, the Comptroller of the Currency, the little that’s been done has had surprisingly little effect. Nearly 36 percent of homeowners holding mortgages whose terms were adjusted to give them more leeway defaulted on payments within three [...]

Shall We Call It a Depression Now?

economy

by Robert Reich – Friday’s employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September — for a total of over 1.2 million over the last three months — begs the question of whether the meltdown we’re experiencing should be called a Depression.

Holiday Gloom in Silicon Valley

computer-sisyfus-copy

by Carl Bloice – A couple of days before Thanksgiving one of my downstairs neighbors matter of factly told me he had lost his job. He’d been abruptly laid off by a local information technology startup company. “They let go so many people I don’t know how they are going to get the work done,” [...]

Slavery, American Style, Must Go!

world-balloon

ho says there are no slaves in America? The greatest domestic issue facing President-elect Obama is not the bailout of the bankers and insurers but the task of lifting tens of millions of hard-working American wage-slaves out of dire poverty. These are the folks who hold one – and sometimes two or even three – [...]

Bail Out the Big Three and Revitalize the Economy

1947_cadillac_series_62_convertible

by John Paul Rossi – The other week, the appeal of the Big Three’’s executives for a $25 billion taxpayer bailout for their desperately ailing firms failed. Neither the fractious lame duck Congress, nor the Bush administration were willing to help.

Another Great Depression?

great-depression

The United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression? The answer is: Very close. Here’s why. The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American [...]

Mayor Villaraigosa, Please Help Our Neighbors

homeless man

In Los Angeles Zipcode 90042, there are 385 families that may be evicted before the holidays. Of these, 211 live in bank-owned properties, 59 have homes that up for auction, and 115 have homes in foreclosure. We encourage you to sign Motion 07-2438-69, which was proposed by City Council President Eric Garcetti, seconded by Councilmember [...]

How Obama Is Already Taking Charge

by Robert Reich – Obama’s immediate challenge is to fill the leadership vacuum created by a lame-duck president with historically-low approval ratings who seems to have lost interest in his job (at this writing, he’s out of the country) and who’s disappeared from the media, and a Treasury chief who has all but punted on [...]

Keeping Jobs at Home: Give the Workers Control

by John Peeler – Robert Reich, writing on the LA Progressive (November 19, 2008), calls for a “Bottom-Up Bailout,” by which he means not aiding the auto manufacturers, but rather providing direct credit and loan guarantees to small businesses and individuals, and supporting those big companies whose managers and workers are willing to put up [...]

A Bottom-Up Bailout Rather Than Trickle-Down

Hank Paulson has just about burned through $300 billion, and it’s not clear what the public has got out of it. Perhaps things would be worse without the bailout but they’re certainly no better. Wall Street banks have not significantly stepped up their loans to small businesses, college students, car buyers, or distressed homeowners. Much [...]

Bloomberg Sues The Fed For Disclosure

by Charley James – Lost in the wake of Henry Paulson’s announcement Wednesday that Treasury is “changing direction” in how it doles out money in the bank rescue plan is a little-noticed lawsuit filed last Friday by Bloomberg LP, the business news wire service. It is suing the Federal Reserve Board’s governors for public records [...]

The Mini Depression and the Maximum-Strength Remedy

by Robert Reich – This is not the Great Depression of the 1930s, but nor is it turning out to be merely a bad recession of the kind we’ve experienced periodically over the last half century. Call it a Mini Depression.

Related Posts Plugin for WordPress, Blogger...