Skewed Wealth Distribution and the Roots of the Economic Crisis

david barber

David Barber: What I do know is that while “social psychology” may have had some small role as a causal factor in the Crash of ’08, it was the actual structure of the American and world economies which brought on the crisis. And if in fact we enter a second round of this Crash, it will not stem from what Dr. Shiller calls a “weakness and vulnerability of confidence,” but will result from the same structural elements of our economy as those that brought on the “first dip.”

The Oil Next Time

oil spill

Robert Illes: So in the spirit of not letting any national calamity go to waste, the Republicans and their media mouthpieces have doggedly tried to hang the spill baby spill around the current President’s neck: Obama’s Katrina? read the graphics beneath the Fox “news” propagandists.

These Foliticians Are America’s Problem

oil spill

David Love: To be sure, the BP accident is an environmental threat that speaks to the deadly serious pitfalls of off-shore drilling. But it is also a crisis of bad political intentions, from the right-wing lobbyists such as FreedomWorks that worked with BP to push for more oil drilling, to the corporate lackeys at the 2008 GOP convention who shouted “drill baby dril.” Let’s not forget former Vice President Dick Cheney, who championed deregulation of the oil industry with his energy task force, and whose companyHalliburton figures prominently in the oil rig disaster.

Generations

Generations

Joseph Palermo: he Boomers have contributed so much to the world and transformed it in so many amazing ways — technologically, sociologically, emotionally, etc. (made possible by the investments in education of their parents) — Yet they’ve decided to let their children fend for themselves. They’ve so failed us. The Boomers have made more money collectively than any generation in human history but they appear intent on hogging it all.

Massachusetts: Timidity of Hope Won’t Cut It

Democrats Need Spine

Joseph Palermo: The Obama Administration cut far too many deals with the same corporate special interests that have dominated Washington since the Reagan years. Obama watered down his agenda. The Democratic base stayed home. The Republicans were energized beyond belief. And the Democratic candidate in a Democratic state lost the “Lion of the Senate’s” seat.

So Much Happening in Washington and So Little to Show for It, So Far

Politics Elephant cartoon

The public doesn’t know what’s going on because the national media would rather report on the sexual escapades of famous people or social trends or high finance (a recent Pew study of economic reporting shows the vast majority of stories about the Great Recession have focused on Wall Street rather than Main Street).

Experts Wrong: Newsom Clear Beneficiary of Villaraigosa Non-Entry

gavin_newsom_thumbs_up

According to the San Francisco Chronicle’s Matier & Ross, nearly all of the political experts they consulted felt that California Attorney General Jerry Brown would gain more than Gavin Newsom from the non-entry of Los Angeles Mayor Antonio Villaragosa in the 2010 Democratic race for Governor. Not to be too blunt, but this analysis is […]

Does the Obama Plan for Reforming Wall Street Measure Up?

evasive-money

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 […]

California’s Death Throes: A View From Sacramento

arnold

California Governor Arnold Schwarzenegger and his Republican colleagues are using the trauma of the economic collapse and the record state budget deficit to implement policies they’ve been advocating for years. “This budget ought to be solved in one chunk, at one time,” the governor says, “and let’s do it quickly.” As usual, the working poor […]

The Great Debt Scare: Why Has It Returned?

broken economy

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 […]

Stimulus Mania: Is It The 21st Century Soup Line?

soupline

The efforts to jump start the economy in the United States, in hopes of causing a global ripple, have taken on an entirely new meaning as people and industry alike wait for the $787 billion dollar economic stimulus package to drop. It’s like a “mania” as so many cities, states, industries, school districts, homeowners, small […]

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