BP, Corporations, Capitalism, Progressivism, and Government

Clockwise: Jane Addams, Teddy Roosevelt, Sinclair Lewis, Eugene Debs

Walter Moss: We can grant that capitalism can have many beneficial effects and that other systems like socialism can have their defects, nevertheless the essence of capitalism is the selling of goods and services and making a profit, and it has no higher moral goal. Essentially an economic system, it provides no adequate answers for how to deal with such problems as unsafe working conditions, unfair business practices, pollution and other environmental degradation, public health, slum housing, or the abuse of child labor. This absence of any higher comprehensive social philosophy led to efforts to supplement it by providing an overall philosophy of the public good. This absence led to Progressivism.

Alan Greenspan: As Unrepentant as Ever

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Joseph Palermo: He still wants to blame a “few bad apples,” instead of looking at his own role fanning the flames and pouring gasoline on the fire while the $8 trillion housing bubble was being pumped up. Greenspan said AIG’s problems were with insurance, but Born countered that if CDSs had been insurance they would have been regulated. Greenspan is bullshitting us again.

Greenspan, Summers, and Why the Economy Is So Out of Whack

Alan Greenspan

Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.

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.

More Orly Taitz!

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No wonder even Ann Coulter — Ann Coulter! — has distanced herself from Taitz saying, in effect: “I don’t want to encourage that woman, she’s a nutjob!”

Blue Dog Democrats and Republican Triangulation

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Senator John McCain’s daughter, Meghan McCain, has served up a devastating critique of the direction the Republican Party has taken recently. “If figureheads like Ann Coulter are turning me off,” Ms. McCain writes, “then they are definitely turning off other members of my generation as well.” She understands that when the GOP’s dominant personalities are [...]

Media Tries to Undermine Obama Agenda

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Barack Obama has been President for eight weeks, and much of the traditional media remains incapable of making sense of his agenda. In one corner we have hosts like Hardball’s Chris Matthews, who appears to be compensating for pro-Obama campaign comments by giving excessive voice to the president’s critics. Or we have CNN’s John King, [...]

The New Deal and the New New Deal: Countering Conservative Claptrap

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The stock market reached a six-year low today. Why? Some blame loose talk (including that of former Fed Chair Alan Greenspan) about nationalizing the nation’s banks. Others blame Obama’s new plan for helping homeowners who may not be able to pay their mortgages. But the real culprit is the accelerating decline in aggregate demand — [...]

The Real Fight Starts After the Stimulus is Enacted

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he real stimulus debate hasn’t even started yet. Congress will pass President Obama’s stimulus package in the next two weeks, more or less as he wants it. The House has already done its part, and the Senate appears likely to follow suit. But when the economy starts to turn up again, perhaps as early as [...]

Retro-Hooverites All

bridge collapse

e’re lucky the Democrats have large majorities in Congress because every Republican member of the House of Representatives voted against the $825 billion stimulus bill today. The vote was 244 to 188, with 11 like-minded Democrats joining in the betrayal. Even a face-to-face meeting with the President on Capitol Hill failed to sway any of [...]

The Lesser Schlep

I want a girl like Sarah Silverman. She’s as pretty as Sarah Palin, much funnier, a lot smarter and she’s a nice . . . girl. Plus, she’s got what it takes to come before the nation and shamelessly call out the lot of Jews who are closet racists. Her video titled The Great Schlep [...]

Now Greenspan Tells Us!

Whoops! My bad. Sorry. In effect, this is what former Fed chair Alan Greenspan is telling members of the House Committee of Government Oversight and Reform today by admitting he was wrong about unfettered free markets regulating themselves.

Funeral for “McCain-Palin Socialism”

Reagan’s America is dead. If not dead, it lies fallen on a US economy near ruin. The recent collapse of several financial giants and the extreme concentration of wealth in a few hands have reached levels unmatched since the 1930s Great Depression Era. Former Federal Reserve Chairman Alan Greenspan, who witnessed firsthand the Great Depression, [...]