The Detroit Bail-In Template: Fleecing Pensioners to Save Banks

detroit pensions

Ellen Brown: The Detroit bankruptcy is looking suspiciously like the scene in Cyprus in 2013, which is now becoming the model globally.

Obama Won. Now It’s Time to Change the System

barack obama

Peter Dreier: As he did during his 2008 campaign, Obama should encourage the organizers and activists who are challenging corporate power, recognizing that their ability to agitate and mobilize ordinary Americans can help him be a more effective president.

10 Most Read Articles: 2-9 June 2012

romney

Berry Craig’s ” Young Mitt Romney: Sixtyish Saber-Rattlers,” led the pack this week, matching tough-talk rhetoric today with his service-dodging behavior during his generation’s war.

Welcome to the New Normal America

obama golden valley

Joseph Palermo: Wall Street banks should be pouring money into Obama’s reelection since he’s been so good to them, and the neocons should be rejoicing in his establishing precedent for more unchecked executive power.

How Europe’s Double Dip Could Become America’s

europe austerity budget

Robert Reich: Republicans have become the U.S. party of Angela Merkel, demanding and getting spending cuts at the worst possible time – and ignoring the economic and social consequences.

Move Our Money: New State Bank Bills Address Credit and Housing Crises

move our money

Ellen Brown: We may not be able to beat the banks, but we don’t have to play their game. We can take our marbles and go home.

Occupy War! Stay After the Rose Parade to Hear Cindy Sheehan Speak!

cindy sheehan

Steve Fine: While the Occupy Movement has been busy targeting the dominance and corruption of the 1% on the domestic side, it has inadvertently given those same people a massive free pass on the foreign policy side. This needs to change.

The Way to Occupy a Bank Is to Own One

occupy la

Ellen Brown: The campaign to “move your money” has gotten a groundswell of support. Having greater impact would be to “move our money” — move our local government revenues out of Wall Street banks into our own publicly-owned banks.

Greece’s Choice — and Ours: Democracy or Finance?

greek economy

Robert Reich: Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.

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?

Create the New Economy Now!

Marcy Winograd: Create the New Economy Now! Launch a global movement for pension money investment in local communities. October 20th, LA City Hall.

A President Standing In Quicksand

polls-wide

Joseph Palermo: Obama and the Democrats are in trouble politically not because they did too much to help hurting Americans, but because they did too little.

Banks Should Pay for the Foreclosure Crisis

wall-street-wide

Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.

Why We Must Raise Taxes on the Rich

richest

Robert Reich: It’s tax time. It’s also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans.

Faith Predators: Looting the American Dream

bible

Sikivu Hutchinson: The solipsism of the prosperity gospel as vehicle for commodity capitalism mires African-American communities in an endless spiral of dependence on the supernatural.

Crying Wolf – The Republican Playbook

republican majority

Peter Dreier: Now that the Republicans control the House of Representatives, expect to hear a lot more complaints from business, corporate-sponsored think thanks, and their political allies in Congress about “job-killing” government regulations.

President John McCain’s First 18 Months in Office

ted vaill

Ted Vaill: President McCain has urged that the United Nations move its headquarters out of the U.S., and he has proposed that the U.S. leave the UN, which he calls “useless and corrupt”. He also has refused to meet with most foreign leaders in the White House, or to travel abroad, except for heavily guarded and secret trips to Iraq and Afghanistan.

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.

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.

Break Up the Banks

Stimulus

Robert Reich: As long as the big banks are allowed to remain big, their political leverage over Washington will remain big. And as long as their political leverage remains big, the taxpayer and economic tab for the next mess they create will be big. By all means, give regulators resolution authority and also impose the tightest regulations possible. But Congress and the White House shouldn’t stop there. Limits should be placed on how big big banks can become.

Bail Out Our Schools

No Child Left Behind

Robert Reich: Any day now, the Obama administration will announce $4.35 billion in extra federal funds for under-performing public schools. That’s fine, but relative to the financial squeeze all the nation’s public schools now face it’s a cruel joke.

The GOP’s Free Speech Is Now Free Lies

ronnie

The No and Know Nothing Party, aka the Greedy Obstructionist Prevaricators, started building their latest successful Corporate Ponzi Scheme by using their upside-down pyramid assault (trickle up) on America. Some 30 years ago with the onset of Ronald Reagan, the Conservatives and mega Corporations realized what they offered the people needed to be disguised, since [...]

One Free Market System for Wall Street, Another for Main Street

Upsidedown-mortgages

Robert Reich: Rather than defending the outsized paychecks of Dimon, Blankfein, and the rest of Wall Street as part of the free market system, the President needs to demand that Wall Street help homeowners on Main Street. The Obama White House should have made this a condition of getting the giant bailouts in the first place. The least it can do now is to is to make the free market system work for everyone.

Friday Feedback: Idiot Responds

Fridays the LA Progressive features a comment that was particularly noteworthy. This week we are featuring a comment submitted by Robert Illes responding to comments on his article, Obama, Never Mind FDR, How about JKP?, by Ianam. Here’s Robert’s comment: Idiot responds: The point of the article was that Polk, the only President in history [...]

The Housing Crisis and Wall Street Shame

Housing Crisis

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.

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).

Will Ken Lewis Get Canned, and Will Americans Have a Say in the Corporations We Now Own?

ken-lewis

I don’t know whether Bank of America shareholders will oust Ken Lewis from his chairmanship this week. I don’t know if Treasury Secretary Timothy Geithner will eventually do it, either. What really worries me is I don’t know who would actually be responsible for doing the deed, or by what criteria. When it comes to [...]

A Bottom-Up Bailout Rather Than Trickle-Down

Hank Paulson has just about burned through $300 billion, and it’s not clear what the public has got out of it. Perhaps things would be worse without the bailout but they’re certainly no better. Wall Street banks have not significantly stepped up their loans to small businesses, college students, car buyers, or distressed homeowners. Much [...]

If They’re Too Big To Fail, They’re Too Big Period

by Robert Reich – According to Treasury Secretary Hank Paulson, the biggest Wall Street banks now getting money from the government are just “too big to fail.” Fed Chairman Ben Bernanke uses a different euphemism – he calls them “systemically critical.” The point is that if any of them goes down, it could take the [...]

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