It’s ironic that all we hear on FOX News and right-wing talk radio is how “socialistic” the Obama Administration is when in reality the way the administration has handled the Wall Street crisis is anything but “socialistic.”
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.
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 […]