Ellen Brown: A crisis in a major nation such as Spain or Italy could lead to a chain of defaults beyond anyone’s control, and beyond the ability of federal deposit insurance schemes to reimburse depositors.
Winner Takes All: The Super-Priority Status of Derivatives
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Ellen Brown: “Too big to fail” now trumps all. Rather than banks being put into bankruptcy to salvage the deposits of their customers, the customers will be put into bankruptcy to save the banks.
Have 147 People Hijacked the Global Economy?
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RJ Eskow: And when the next crisis comes, “147 people” will react to it exactly the same way they reacted to the last one. You can almost hear them now, can’t you? You can’t blame us, they’ll say. Nobody could’ve seen this coming. How do we know that?
JP Morgan’s Loss Could Be America’s Gain
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Joseph Palermo: With new evidence mounting each day that the system is as broken as it was before the meltdown of September 2008 and will likely require another colossal taxpayer bailout at some point, the public might be able to compel even the isolated 1 percenters among Washington’s policy elite to take heed.
How Greece Could Take Down Wall Street
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Ellen Brown: As Aristotle told this ancient Greek tale, Midas died of hunger as a result of his vain prayer for the golden touch. Today, the Greek people are going hungry to protect a rigged $32 trillion Wall Street casino.
Who Will Be the Un-Bloomberg? What Mayors Should Say About Wall Street
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Tom Hayden: In light of the police actions in New York, Berkeley, Oakland, Denver, Portland and beyond—and as massive national demonstrations are about to take place—it’s not too late for the mayors to use their political stature to speak out about the crises befalling their cities.
Jamie Dimon’s Bizarre Idea About Why Recovery Stalled
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Robert Reich: According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation. I’m not making this up.
How Koch Industries Manipulates Oil Market
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Lee Fang: Koch along with Enron pioneered a number of complex financial products to leverage its privileged position in the energy industry.
Why Raising Taxes on the Wealthy Helps Everyone, Including the Rich
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Howard Roth: It does not make sense to tax that lower fifty percent of the population with 2.5 percent of the the total wealth, because practically all of their income is money already in circulation. You need to take the money from the top ten percent.
The White House Should Stop Pandering to the Street; Support Three Critical Banking Reforms
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Robert Reich: The White House dismisses all three of these three measures “populist,” as if that adjective is the equivalent of “irresponsible.” But in fact, these amendments are necessary in order to restore trust in our financial system. They would reduce Wall Street’s tendency to take huge risks, pocket the wins, and fob off the losses on the public.
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.
Fraud on the Street
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Robert Reich: It’s now clear Lehman Brothers’ balance sheet was bogus before the bank collapsed in 2008, catapulting the Street and the world into the worst financial crisis since 1929. The Lehman bankruptcy examiner’s recent report details what just about everyone on the Street has known since the firm imploded – that Lehman defrauded its investors. Even Hank Paulson, in his recent memoir, referred to Lehman’s balance sheet as bogus.
Why Obama Must Take on Wall Street
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Robert Reich: It has been more than a year since all hell broke loose on Wall Street and, remarkably, almost nothing has been done to prevent all hell from breaking loose again.
The Continuing Disaster of Wall Street, One Year Later
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Let’s be clear: Wall Street today is up to the same tricks it was playing before its near-death experience: Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. “Our model really never changed, we’ve said very consistently that our business model remained the same,” says Goldman Sach’s chief financial officer.
Goldman and JPMorgan — The Two Winners When The Rest of America is Losing
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Antitrust law was designed to prevent just this sort of market power and political heft. The Justice Department or the Federal Trade Commission should investigate the new-found dominance of Goldman and JP — and, if warranted, break them up.
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