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?

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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.

9/11, Financial Crisis, Church Sex Scandal? Imagine That!

Paranoia

Michael Sigman: Isn’t it precisely the job of political, financial and religious leaders to imagine disasters and then prepare for them? (Plausible ones, that is, as opposed to, say, anti-asteroid Republican Congressman Dana Rohrabacher’s crusade for funds to combat “objects coming from space that could cause colossal loss of lives on our planet.”) And if their imaginations fail them, and us, shouldn’t they be held accountable — morally and, when appropriate, criminally?

Name That Decade: the ’00s, the Whatever Decade

Hopelessness

Great pessimism during economic busts is as characteristically American as great optimism during boom times. The oh-ohs’ whateverism is less fleeting and thus more dangerous. A culture of denial, disengagement, dissociation is dysfunctional. We need a culture of engagement and responsibility, even with all our traumas, distractions and high-tech toys.

Winograd to Harman: Why Did You Vote NO on Mortgage Relief?

It behooves everyone in Congress to demand that big banks, the overnight recipients of billion-dollar bail-outs, renegotiate loans in bankruptcy court. After all, we must remember these banks, the ones we bailed out, caused the financial meltdown with predatory sub-prime lending.

So Much Happening in Washington and So Little to Show for It, So Far

Politics Elephant cartoon

The public doesn’t know what’s going on because the national media would rather report on the sexual escapades of famous people or social trends or high finance (a recent Pew study of economic reporting shows the vast majority of stories about the Great Recession have focused on Wall Street rather than Main Street).

Sorry Folks: Happy Days Are Not Here Again

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“Demonizing the bankers as if they and they alone created the financial meltdown is both inaccurate and short-sighted,” Citigroup chairman Richard Parsons told reporters recently. “Everybody participated in pumping up this balloon and now that the balloon has deflated, everybody has some part in the blame.” Oh no we don’t. Talk about dissembling. The truth […]

Reader Feedback: Behaving Like a Human Being, Complete with Foibles

Weekly the LA Progressive features a comment that was particularly noteworthy. This week we are featuring a comment submitted by Stephanie, commenting on His First 100 Days. Stephanie writers: “I think Obama has been behaving like a human being, complete with foibles. For the time being, it is just such a relief to be able […]

Guns and Butter (Again)

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When you stop to think about it, people measure how well their lives are going not by their absolute state of being but by their situation relative to their expectations. For example, a poor person in a developing country may be ecstatic about getting a pair of shoes for the first time; in contrast, a […]

Dem Bones Connected to De Debt Bone

rich-government

It is an understatement to say we are experiencing an unprecedented financial crisis along with our worldwide environmental crisis. Neither crisis needs an Austrian economist to explain it. We live in a consumer society and consumers “use things up.” In recent history, this useless, toxic “stuff” comes from China, and this sad state of affairs […]

Obama Can Learn From Jimmy Carter, Too

jimmy_carter

Jimmy Carter was the last president to ask the nation for collective sacrifice. Barack Obama ought to do the same. How should he do so? He should ask Congress to approve an economic stimulus plan and then specifically outline the sacrifices Americans will have to make over the next four years to achieve the national […]

The Economy: Do We Have Any Idea What We’re Doing?

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by John Peeler – It is a commonplace these days to argue that the Bush administration helped to bring on the worst economic crisis since the Great Depression by clinging blindly to the dogma of the free, unregulated market as the solution to every problem. That is certainly an accurate accusation. At virtually every opportunity […]

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