Can Obama Stop Casino Capitalism?

obama biden

Shamus Cooke: The banking oligarchy is so intertwined with the political and economic establishment that real regulatory change cannot happen until the system itself is transformed from below, by a powerful social movement. Pleading to politicians to fix so-called Casino Capitalism is increasingly naive.

JP Morgan’s $2 Billion Case for Breaking Up Big Banks

jp morgan samurai

Robert Reich: Let’s also stop hoping Wall Street will mend itself. What just happened at J.P. Morgan reveals how fragile and opaque the banking system continues to be.

Why Goldman’s Greg Smith’s Critique Is Way Too Narrow

goldman sachs muppets

Robert Reich: If you took the greed out of Wall Street all you’d have left is pavement. The problem is endemic abuse of power and trust.

Robo-Signing Is Just the Tip of the Iceberg

watchdog

Ellen Brown: The evidence to date suggests that “robo-signing” was not a mere technical default or sloppy business practice but was part and parcel of a much larger fraud, the fraud that brought down the whole economy in 2008.

Why Obama Should Break Up Big Banks

obama staff gardem

Robert Reich: What better way for Obama to distinguish himself from Romney than to condemn Wall Street’s antics since the bailout, and call for real reform?

Obama’s Regulatory Brain

banking regulations

Robert Reich: The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on the way to being reconciled with the House bill — is that it’s regulatory. It does nothing to change the structure of Wall Street.

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.

Greenspan, Summers, and Why the Economy Is So Out of Whack

Alan Greenspan

Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.

Obama Finally Gets Tough on Wall Street

Wall Street Bailout

Robert Reich: But suddenly the winds are blowing in a different direction over the Potomac. The 2010 midterms are getting closer, and the Dems are scared. Their polls are plummeting. The upsurge in mad-as-hell populism requires that Democrats become indignant on behalf of Americans, and indignation is meaningless without a target. They can’t target big government because Republicans do that one better, especially when they’re out of power. So what’s the alternative? Wall Street.

The Three Essentials of Financial Reform

dollar-hand

As the White House unveils its long-awaited proposals to prevent another Wall Street meltdown in the future, keep a lookout for three essentials. Without them the Street will revert to its old ways as soon as the coast clears. In fact, now that the government has bailed out the Street, the biggest banks will take [...]

Why We’re Not at the Beginning of the End, and Probably Not Even at the End of the Beginning

populist-rage

Are we at the beginning of the end? Mortgage interests are now so low (the average rate on 30-year fixed mortgages was 4.87% Thursday, slightly higher than the 4.78% last week, but still the lowest level since 1971) that President Obama has begun urging Americans to refinance their homes so they can save money and [...]

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