America is a mess. Unemployment is over 10 percent, while the effective unemployment rate—which also includes the underemployed—is more like 19.2 percent.
Medicare in Crisis: The Devastating Impacts of a Corporate Health Care Bill. But now the dust is starting to settle, and the Congressional vision for health care in the U.S. is emerging. Instead of being “progressive,” it will amount to a massive, corporate-inspired attack on American workers, the elderly, and the poor. -Shamus Cooke False [...]
The Congress, always in hock to Wall Street, is dragging its feet in passing anything near the sweeping regulatory restructuring that is needed if we are to prevent Goldman Sachs and the rest of the gang from exploiting their “moral hazard” by using the federal treasury as the mother of all “credit default swaps.”
It’s amazing that even after the entire Wall Street house of cards collapsed a year ago requiring the public sector to rescue the private sector these fierce advocates of free-market fundamentalism can still show their faces in public, let alone gather to rail against the evils of the government that saved their asses.
There is a movement underway to require members of Congress and the U.S. Supreme Court to provide full disclosure of their stock portfolios.
The Lex Column in the Financial Times got it right: “… ‘less down’ is now the new ‘up’ as media watchers search for stabilization in the overall market.” The writer was referring to the world of advertising where some analysts were putting a hopeful spin on revenue that fell 18% over the first three months [...]
Unemployment reached 8.5% in March of this year, but add in the once full-time, now part-time laborers, it may be as high as 15%. Yet my fellow rail commuters somewhere between New Haven and Grand Central Terminal think they smell recovery. As one salesman put it to me, “things will come back–even better than they [...]
Everyone knows we’re in tough times with huge deficits – but there are few things more offensive than politicians using that to scare us. With the May 19th propositions sinking in the polls, Governor Arnold Schwarzenegger has threatened to lay off 1,700 firefighters during peak fire season if the measures fail. He’s even suggested that [...]
The education bubble is going to burst. It has to happen. On a daily basis, we hear about the bursting of the housing bubble. Housing values were over inflated. Millions of people found themselves with mortgages they could not afford to pay—whether through hard times and job loss, racial profiling and predatory lending by unscrupulous, [...]
n 2008, approximately 1,484 CEOs left or were fired from their jobs. But most of them left with hefty severance packages or “Golden Parachutes” which softened the fall for so many of the executives responsible for the financial crisis. General Motors CEO Rick Wagoner stepped down under pressure from the White House. His Golden Parachute [...]
The construction industry, which stands to gain the largest share of new jobs generated by the economic stimulus package — 670,000 jobs nationally — has a dismal record of insuring its workers, even in the best of times. A study released today by the Center on Policy Initiatives, Construction: Working Without a Healthcare Net, found [...]
AIG has finally come clean with the public about who was at the other end of its calamitous financial bets. The recipients of billions of taxpayer dollars were … well … pretty much the banks that we expected: Societe General, Goldman Sachs, and Deutsche Bank, to name a few. The full list is here . [...]
When I entered my friend Jason’s house he was shouting into his telephone, “Where’s my million dollars?” There was a pause, after which Jason insisted, “I want you to pay me the million dollars you promised me!” His face was red and he was angry. To my shock, my senior friend, a former U.S. military [...]
Back in December, when it was obvious that the economy was in bad shape and before we knew how precarious it could get, Fareed Zakaria, editor of Newsweek International and columnist for Newsweek and the Washington Post, wrote, “For Obama to be remembered as a great president, he has to do nothing less than rescue [...]
The two most important features of the administration’s plan to help homeowners are, first, its support for amending bankruptcy laws to allow judges to modify mortgages. This will give homeowners bargaining leverage with mortgage servicers (and give the servicers more leverage with securitized creditors on up the line) to get better terms; and, second, a [...]
Since the economic crisis we’re now in is being compared to the Great Depression, the solutions being offered are being routinely compared to the New Deal. Republicans in particular have been quick to pronounce the New Deal a failure as a way of justifying their opposition to the new stimulus package and any other federal [...]
In his second inaugural address, President George W. Bush offered a vision of an “ownership society” In America’s ideal of freedom, citizens find the dignity and security of economic independence… To give every American a stake in the promise and future of our country, we will… build an ownership society. We will widen the ownership [...]
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 [...]
he real stimulus debate hasn’t even started yet. Congress will pass President Obama’s stimulus package in the next two weeks, more or less as he wants it. The House has already done its part, and the Senate appears likely to follow suit. But when the economy starts to turn up again, perhaps as early as [...]