Funeral for “McCain-Palin Socialism”

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, [...]

The Financial Meltdown: My Comrades in Journalism Are At Fault Too

Although the Senate is scheduled to vote tonight to save the financial rescue package, there is a massive amount of finger pointing about who was to blame for Monday’s failure in the House vote. Democrats blame Republicans, Republicans blame Democrats, dogs blame cats, and vice versa. Alas, my former brothers and sisters toiling in business [...]

Bush Bail-Out Plan Is an Insult

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 Heart of the Economic Mess

Poverty

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 [...]

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