Progressive Media Advocates
The $75 billion federal program designed to bribe banks to modify mortgages has been a bust. No one knows the exact number of mortgages that have been modified (that will be reported next month) but housing experts I’ve talked with say it’s a tiny fraction of the number of homeowners in trouble. Seems that the big banks can’t be bothered.
This institution deserves the full force of anti-trust law deployed against it. Maybe in open court we’ll get a glimpse into the real workings of this unworthy amalgam of greed and arrogance.
The increasing willingness of other unions to openly back NUHW is most ominous for SEIU. It means that SEIU’s efforts to frame NUHW as a “rogue” labor organization guilty of “raiding” other unions has failed, and that the labor movement now sees NUHW as health care workers’ leading voice for democracy.
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 right idea is to break up the giant banks. I don’t often agree with Alan Greenspan but he was right when he said last week that “[i]f they’re too big to fail, they’re too big.”
Executives and traders on the Street have become the single biggest sources of money for Democrats as well as Republicans. And with mid-term elections looming next year, you can bet every member of Congress has a glint in his or her eye directed at the Street.
Let’s be clear: Wall Street today is up to the same tricks it was playing before its near-death experience: Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. “Our model really never changed, we’ve said very consistently that our business model remained the same,” says Goldman Sach’s chief financial officer.
Antitrust law was designed to prevent just this sort of market power and political heft. The Justice Department or the Federal Trade Commission should investigate the new-found dominance of Goldman and JP — and, if warranted, break them up.
So the fact that Goldman has reverted to its old ways in the market suggests it has every reason to believe it can revert to its old ways in politics, should its market strategies backfire once again — leaving the rest of us once again to pick up the pieces.
“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 [...]
AIG is rapidly becoming a nightmarish metaphor for the Obama Administration’s problems administering the bailout of Wall Street. One central problem is the lack of transparency. According to some news reports, Treasury Secretary Tim Geithner knew weeks ago that AIG was planning to issue the bonuses to executives in its notorious credit default swap unit, [...]
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 . [...]
Is Obama responsible for the meltdown of the Dow? The consistently wrong-headed Wall Street Journal‘s editorial page says so, as does Republican Fox News, CNN’s reliably demagogic Lou Dobbs, and now CNBC (where, full disclosure, I frequently appear as a token liberal). CNBC’s Jim Cramer, who bloviates nightly about stock picks, says Obama is pushing [...]
by Robert Reich – First prediction for 2009: A widening gap between the public’s view of the bailouts of Wall Street and Detroit, and the views of the direct beneficiaries. The public believes the bailouts will permanently change these industries, but industry insiders don’t really want to change.
by Charley James – One of Chairman Mao Tse Tung’s “sayings” immortalized in his Little Red Book deals with stealth in politics and war. “Make a noise in the east,” the Great Helmsman wrote, “and strike in the west.”
At a news conference held a short time ago, a bi-partisan claque of Congressional leaders stood before cameras to declare, finally and with great relief, “We have a Pope bailout!” Let the puff of white smoke rise from the Capitol’s chimney. Except none of them said exactly what is in the deal. How much money [...]
On today in 1952, Republican vice-presidential candidate Richard Nixon went on television to deliver what came to be known as the “Checkers” speech. Appearing on flickering, black-and-white sets across America, his wife seated next to him like the stage prop she’d play for the rest of Nixon’s life, he denied allegations of improper campaign financing.
Over the past week, President Bush held a state dinner for Ghana’s president, surveyed Texas hurricane damage, posed with Youth of the Year award finalists and met with Army General David Petraeus.
Carole Bartolotto: The good news is that you can easily replace cow’s milk with almond, soy, rice, hemp or coconut milk instead. I love Trader Joe’s Vanilla Almond Milk.
Robert Reich: The fact is, global corporations have no allegiance to any country; their only objective is to make as much money as possible — and play off one country against another to keep their taxes down and subsidies up.
James Rhodes: Perhaps it is her wildly colorful style or the exaggerated use of glowing women and hidden cats or maybe it has something to do with the tranquility of her work that connects with the “common man” — certainly an artist of the people.
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