Ellen Brown: The Goldman Sachs coup that failed in America has nearly succeeded in Europe—a permanent, irrevocable, unchallengeable bailout for the banks underwritten by the taxpayers.
Randy Shaw: Here’s a thought. What if the progressive media stopped reporting on every silly idea promoted by Sarah Palin and used that time to report on positive actions by the federal government to help people. I get emailed press releases announcing such accomplishments each day, so the stories are out there but are not covered.
Paul Hogarth: The anti-incumbent mood is not confined to the racist Tea Parties on the Right – but is just as potent on the Left, where progressives are disenchanted by a President who promised hope and change, only to capitulate to Joe Lieberman to pass a health care bill that requires us to all buy private insurance.
Robert Reich: Republicans have been looking for a way to oppose Senate Dems on financial reform without looking like patsies for the Street. And now they think they’ve found it — by trying to make Democrats look like patsies for the Street. The strategy is surely the handiwork of Republican pollster Frank Luntz who for months has been telling Republicans “the single best way to kill any legislation is to link it to the Big Bank Bailout.”
Robert Watson: There is a lot of misinformation circulating on talk radio, at town hall meetings, in the blogosphere, and around office water coolers about President Barack Obama. For instance, Obama is criticized for allegedly doing nothing and for doing too much. While Obama, like all presidents, has made mistakes, his presidency has thus far been marked not just by bitter opposition but by an ambitious array of initiatives and numerous accomplishments. His is turning out to be one of the most active presidencies in history.
Joseph Palermo: Unless the Congress moves some progressive legislation quickly there’s going to be trouble this fall because any political party that is stupid enough to allow a couple of shmucks like Joe Lieberman and Ben Nelson, or the outcome of a special election in New England, to unravel its governing coalition doesn’t deserve to be in power.
Robert Reich: Mad-as-hellers don’t trust big government. But they don’t trust big business and Wall Street, either. They especially hate it when big government gets together with big business and Wall Street – while at the same time Main Street is in shambles and millions of people are losing their jobs and homes.
No president in modern times walks a tightrope as exquisitely as this one. His balance is a thing of beauty. But when it comes to this economy right now — an economy fundamentally out of balance — we need a federal government that moves boldly and swiftly to counter-balance the huge recessionary forces still at large
In a word: No. The plan doesn’t stop stop bankers from making huge, risky bets with other peoples’ money. It does increase capital requirements and oversight, but it doesn’t require bankers to take their pay in long-term stock options or warrants, and it doesn’t even hint that banks should go back to being partnerships instead [...]
It’s the kind of thing I expect to hear from deficit hawks and chicken littles — from the self-described “fiscally responsible” right, from the scolds Ross Perot and Pete Peterson, from my former cabinet colleague Bob Rubin. But yesterday I was shown slides developed by the putatively liberal Center for American Progress intended to make [...]
“Demonizing the bankers as if they and they alone created the financial meltdown is both inaccurate and short-sighted,” Citigroup chairman Richard Parsons told reporters recently. “Everybody participated in pumping up this balloon and now that the balloon has deflated, everybody has some part in the blame.” Oh no we don’t. Talk about dissembling. The truth [...]
GM just announced it was laying of 21,000 more of its workers, as a means of assuring the Treasury Department the company is worthy of more bailout money. A Treasury official was quoted as saying approvingly that the goal is a “slimmed-down” GM. What? Having General Motors or Chrysler cut tens of thousands of jobs [...]
I don’t know whether Bank of America shareholders will oust Ken Lewis from his chairmanship this week. I don’t know if Treasury Secretary Timothy Geithner will eventually do it, either. What really worries me is I don’t know who would actually be responsible for doing the deed, or by what criteria. When it comes to [...]
Just because I lost a big chunk of my total retirement savings over the last year doesn’t mean I should be upset that 25 hedge-fund managers reaped a total of $11.6 billion during the same interval, according to Institutional Investor’s Alpha Magazine — including $2.5 billion for James Simons of Renaissance Technologies and $2 billion [...]
As President Obama begins his first European tour this week, starting with the G20 economic summit, he’s finding that much of the rest of the world has suddenly become quite uppity. If all goes as planned, by the time these word are published, floats will have departed in late morning April 1 on a “Financial [...]
Charles Blow, the “moderate” who seems to write a lot of words but never takes a clear stand on anything, recently lamented on the op-ed page of the New York Times about what a small matter the $165 million in bonuses really were compared to the $170 billion AIG received in government welfare. Sheryl Gay [...]
The global economy has been put into the economic equivalent of a full nelson by a financial system threatening to collapse under the weight of a complicated pyramid scheme. The Bush administration sounded dire warnings and cobbled together a vaguely flushed-out rescue plan promising the injection of up to $700 billion of taxpayers’ dollars into [...]
$700,000,000,000… oh what a relief, it is! With apologies to Alka-Seltzer, one chamber crawled out of the sandbox and reached an unpopular but bipartisan decision to save global credit markets last night as banks held a Russian Roulette pistol with six chambers full to our heads and yelled, “Stop me before I shoot.” Crisis over? [...]
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 [...]