Whoops! My bad. Sorry. In effect, this is what former Fed chair Alan Greenspan is telling members of the House Committee of Government Oversight and Reform today by admitting he was wrong about unfettered free markets regulating themselves.
We’ve Invested in Wall Street, Now It’s Time to Invest in the Rest of America
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The global economy has been put into the economic equivalent of a full nelson by a financial system threatening to collapse under the weight of a complicated pyramid scheme. The Bush administration sounded dire warnings and cobbled together a vaguely flushed-out rescue plan promising the injection of up to $700 billion of taxpayers’ dollars into [...]
The New Deal, and the Era of Angry Populism
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The Senate voted Wednesday night; the House is scheduled to vote today. Will the deal fly? Probably. Wall Street’s gyrations since Monday have scared the hell out of a number of holdouts, notwithstanding all the negative emails and phone calls they continue to receive from constituents.
Senate Plot-Plop, Fizz-Fizz
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$700,000,000,000… oh what a relief, it is! With apologies to Alka-Seltzer, one chamber crawled out of the sandbox and reached an unpopular but bipartisan decision to save global credit markets last night as banks held a Russian Roulette pistol with six chambers full to our heads and yelled, “Stop me before I shoot.” Crisis over? [...]
Who Creates Jobs? Democratic Presidents Do!
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A recent poll asked whether private companies, Congress, or the president has the most to do with creating new jobs. I find it amusing when pollsters ask for opinions on something that is purely factual. Only 5% got the right answer and said it is the president. Look at the private sector job growth results [...]
Death of Buick City
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I traveled to Lapeer in Michigan recently to visit an old, dear friend. Lapeer happens to be near the motor city of Flint. I was given a tour of Flint by his wife Sue. Flint was getting ready to have a “celebration” of GM’s 100th anniversary (if you can call it a celebration). I was [...]
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