Why Big Banks Will Pay The Piper in 2013

patching panks

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.

George Will: Always Right, Occasionally Correct

George Will

John Peeler: Obama, if he could free himself of the Wall Street crowd, is the likelier buyer of Will’s prescription of breaking up financial institutions that are “too big to fail”.

Cooperative Banking in the Aquarian Age

mayan calendar

Ellen Brown: Globally, the burgeoning movement for local, cooperatively-owned and community-oriented banks is blazing the trail toward a new, sustainable form of banking.

Occupy San Francisco: They Cannot Evict an Idea

occupy san francisco

They can tear down a tent, they can eject a body, but they cannot evict an idea once it is rooted in the hearts and minds of a People.

Foreclosures 101 – Part 2

Foreclosure Key

Kwazi Nkrumah: After U.S. housing prices peaked in mid-2006 and began a sharp decline thereafter, refinancing became more difficult.

The Foreclosure Crisis: Urgent as Ever and Could Get Worse

foreclosure sale

Carl Bloice: There are an estimated 3.5 million seriously delinquent mortgages out there. There were nearly 2.7 million foreclosure filings on about 1.9 million homes last year. That’s down from 2007, but it’s still about one out of every 69 homes in the country.

Not So Sweet Home Alabama

obama super muslim

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 [...]

Do State-Owned Banks Violate State Constitutional Provisions? No

state-owned bank

Ellen Brown: The recent interest in state-owned banks has provoked challenges on grounds that they violate state constitutional prohibitions against lending the credit of the state. The argument is not valid.

Occupy Movement at the Crossroads

occupy oakland financial planner

Randy Shaw: Successful movements must be flexible enough to change tactics in the face of roadblocks, and activists’ camping in public spaces is not strategically necessary for the Occupy movement’s success.

The Public Banking Option: The German Model

BANK OF NORTH DAKOTA

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.

Fed Policy Needs a U-Turn

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Brent Budowsky: America needs new thinking for monetary and fiscal policy. Fed policy has failed. Government policy is inadequate. Ron Paul has advanced an important debate.

Elizabeth Warren for Senator

elizabeth-warren-wide

Brent Budowsky: If Elizabeth Warren runs, she would bring the serious, honest, baloney-free and respectful debate that is long overdue in American politics.

What’s the Matter with America? The Big Disconnect

palin and miller

Charles Hayes: If America is going to have a better future, we need to put our Stone Age feelings of exceptional identity aside and intellectually guard ourselves against emotional manipulation while reasoning our way forward.

Investing in Our Future

World crisis. Europe view.

Rep. Pete Stark: The idea of a financial speculation tax is getting consideration in many corners of the world, and not a moment too soon. When the UN Summit kicks off next week, an international financial speculation tax to fund the Millennium Development Goals should be at the top of the agenda.

Lincoln to the Rescue

Paul Volcker, Blanche Lincoln

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.

Banks, Markets Now Just Shearing Pens

wall street slide

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.

Apple Isn’t the Problem; Wall Street’s Big Banks Are the Problem

apple ipad

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.

Time to Cut Goldman Sachs and Pals Down to Size

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.

Can Progressives Get Coffee to the Tea Party People?

LH_3

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.

Drive to Eliminate Social Security Accelerates

retired couple

Shamus Cooke: The nonchalance which Friedman calls for cutting Social Security is indicative of the climate in Washington, where the last remnants of liberalism have been suffocated under the heavy demands of profit-hungry corporations, especially financial institutions and big banks.

Another $8 Billion Or So on the Line for AIG

aig

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 . [...]

Holiday Gloom in Silicon Valley

computer-sisyfus-copy

by Carl Bloice – A couple of days before Thanksgiving one of my downstairs neighbors matter of factly told me he had lost his job. He’d been abruptly laid off by a local information technology startup company. “They let go so many people I don’t know how they are going to get the work done,” [...]

Another Great Depression?

great-depression

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 [...]

Surprise, Tom Friedman, the World Is Wrinkled!

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 [...]

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