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.
Obama Proves the Pundits Wrong
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After Barack Obama won the Iowa caucuses by a surprisingly large margin, the punditocracy was troubled. Pundits had virtually conceded the nomination to Hillary Clinton, and now went into high gear explaining the Illinois Senator’s deficiencies.
The New Deal, and the Era of Angry Populism
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The Senate voted Wednesday night; the House is scheduled to vote today. Will the deal fly? Probably. Wall Street’s gyrations since Monday have scared the hell out of a number of holdouts, notwithstanding all the negative emails and phone calls they continue to receive from constituents.
Senate Plot-Plop, Fizz-Fizz
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$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? [...]
Funeral for “McCain-Palin Socialism”
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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, [...]
Bush Bail-Out Plan Is an Insult
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The Bush bail-out plan is nothing more than a slap in the face of all working families. As Peter Dreier notes, “we have been here before—in the 1930’s Depression, when the entire economy collapsed, and in the 1980’s, when the savings-and-loan industry imploded.” It has been said that the definition of insanity is doing 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 [...]
Grassroots Movement to Give American Homeowners a Bailout – Anthony Samad’s Tips of the Week
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Tip 1: Grassroots Movement to give American Homeowners a bailout There is a grassroots and on-line movement to get Congress to give American homeowners the same kind of bailout they are giving Wall Street. Many people, including Whoopi Goldberg, Bill Clinton and others are asking for banks to write down subprime mortgages given during the [...]
Go Ahead — Spend It, We’ll Print More
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In a stunning deregulation reversal, President Bush in a one-minute statement before retreating back into his sealed White House bunker, called for the creation of a massive $700 billion dollar toxic mortgage bailout RTC-like organization to allow ‘business as usual’ for his Wall Street, white tie base. When you can print your own money you [...]
The Heart of the Economic Mess
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The Federal Reserve Board’s “beige book” for June and July offers a clear explanation for why the economy has slowed to a crawl. It shows American consumers cutting way back on their purchases of everything from food to cars to appliances to name-brand products. As they do so, employers inevitably are cutting back on the [...]
What the Lieberman-Warner Climate Change Legislation and the Selling of Indulgences Have In Common
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In the grand tradition of the savings and loan debacle of the 1980s, the mortgage-backed securities meltdown that currently threatens to undermine our financial markets, NAFTA, GATT, and the invasion and occupation of Iraq , our leaders in the Senate are once again preparing to hoist upon an unsuspecting public another catastrophe in the making. [...]
The Housing Crisis: Why the Roof Fell In
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By now everyone with a roof over his head has heard about the subprime mortgage mess. Understanding why so many homeowners are defaulting on their mortgages or what mortgage foreclosures have to do with the collapse of the housing market, however, is another matter. To get a better grasp of the mortgage mess I called [...]
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