Joseph Palermo: The credibility of Anthony Weiner’s loud liberal voice in the House of Representatives, who recently showed the temerity to take on Justice Clarence Thomas for his conflict of interest in Citizens United, is now toast
Banks Should Pay for the Foreclosure Crisis
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Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.
Bank Errors Cause Damage to Credit, Distress to Homeowners
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Marian Wang: Some consumers have been surprised to see damage to their credit score after requesting information from the banks.
Foreclosure Paperwork Scandal
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Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.
Los Angeles Homeowners Take to the Streets to Protest Foreclosure Abuses
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Peter Dreier: In Los Angeles this Thursday, members of the Alliance of Californians for Community Empowerment (ACCE) — a statewide community organizing group — will sponsor a demonstration at a major bank that will include civil disobedience and probably arrests.
Friday Feedback: Fighting Over Scraps
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Friday Feedback: I saw a great sign downtown today in the Immigration Reform March, “Jose didn’t take your job — Goldman-Sachs did.” It is time that those who are having a hard time began to show the courage to blame the ones who have really trampled on them: Goldman-Sachs, Lehman Brothers, Bank of America, Chase, Exxon, BP, and the filthy rich who didn’t get that way by doing the work
Defiant Wall Street Welfare Kings Come to Washington
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Joseph Palermo: The Democrats ensconce themselves in huge amounts of Wall Street campaign money and in exchange they pursue the short-sighted prerogatives of a bunch of rich guys who have already been bailed out and have shown the world that they’re nothing but a gang of white-collar crooks.
Too Big to Fail: Why the White House and Congress Won’t Break up the Big Banks
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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.”
Connecting the Offshore Dots
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Rachel Maddow’s example on MSNBC was a simple enough explanation of how $21 billion dollars in annual tax revenue disappears from US coffers through legal loopholes that create tax shell corporations. Mr. Bill Hypothetical, based in Texas, earns $50,000 annually and pays a 25% tax rate. KBR’s profits, also based in Texas (a military contractor [...]
Will Ken Lewis Get Canned, and Will Americans Have a Say in the Corporations We Now Own?
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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 [...]
Citizens, Not Serfs
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On the “Tonight Show” recently, President Obama discussed the need to change the “culture of entitlement” on Wall Street. It needs more than changing. How about scrapping it completely and then grafting on a little bit of character and common sense? The other day, I asked a Bank of America representative why, after I used [...]
Watchdog: No, Hank, You Didn’t Get a Good Deal for the Taxpayer
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Former Treasury Secretary Hank Paulson said last October that the taxpayers shouldn’t fret about putting $250 billion in the nation’s banks: “This is an investment, not an expenditure, and there is no reason to expect this program will cost taxpayers anything.” But a draft report from the Congressional Oversight Panel for the TARP says Paulson [...]
If They’re Too Big To Fail, They’re Too Big Period
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by Robert Reich – According to Treasury Secretary Hank Paulson, the biggest Wall Street banks now getting money from the government are just “too big to fail.” Fed Chairman Ben Bernanke uses a different euphemism – he calls them “systemically critical.” The point is that if any of them goes down, it could take the [...]
The Collapse of the American Economy: Treating the People’s Economy Instead of Wall Street’s Cold
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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 [...]
What, Me Worry?
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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.
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