Bruce Reilly: 2013 is poised to become the most important year of the subprime aftermath. The five-year statute of repose, the window within which cases are arguably eligible under the Securities Act, will close.
We have been back in the United States about two weeks now but I immediately realized why I had “opted out” of this system. I had not fully unpacked from our trip to Vietnam when my e-mail was flooded with messages from my conservative friends reminding me that the president was “black”, not really from [...]
Ellen Brown: Publicly-owned banks were instrumental in funding Germany’s “economic miracle” after the devastation of World War II. Although the German public banks have been targeted in the last decade for takedown by their private competitors, the model remains a viable alternative to the private profiteering being protested on Wall Street today.
Robert Reich: Blanche Lincoln wants to force the banks to put their derivatives into separate entities that aren’t subsidized by you and me. This is just common sense. Her move would also end the big banks’ monopoly over derivatives, thereby reducing their risk to the financial system. It would also cut dramatically into the big banks’ profits.
Jim Fuller: For the first time in the 50-plus years I’ve been paying close attention to the securities markets and banking and looser attention to commodities markets — most of those years covering such businesses for newspapers and magazines — I am close to concluding that the only place for the modest savings of the average Jane or Joe is a tightly sealed jar buried in the garden or an envelope under a mattress. Maybe in a mixture of currencies.
Robert Reich: So why is the FTC nosing around Apple and not around Wall Street? Because the Federal Trade Commission Act allows the agency to stop “unfair methods of competition” almost anywhere in the economy except in the financial sector. Banks are explicitly excluded. Another reason for financial reform.
Joseph Palermo: In 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown , Simon Johnson and James Kwak point out that in September 2008 the high-flying masters of the universe were at their weakest point and had no choice but to do whatever the government demanded of them. Never mind the supreme irony of Wall Street bankers who claimed government had no place interfering in the miracles of the market begging the government to save them, it was at that time when we should have cut them down to size.
Lycia Howell: To be blunt, all but a couple of Tea Party people were unable to express why they are angry in any specific terms.They voice sentiments along the lines that “Obama is ruining the country” or that immigrants are hurting us and some referred to a nasty rap song, “Press One For English,” but they could offer no specifics to back their feelings.
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 . [...]
The United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression? The answer is: Very close. Here’s why. The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American [...]
In “Green the Bailout,” (New York Times, September 28, 2008, WK 11) Thomas Friedman argues that, confronting the crisis on Wall Street, “we don’t just need a bailout. We need a buildup. We need to get back to making stuff, based on real engineering not just financial engineering.” Citing an Indian-American immigrant friend, he argues [...]