Robert Reich: Obama can can take on Romney and the system that allows private-equity managers to continue to make huge profits at the expense of average Americans.
Robert Reich: The latest jobs bill coming out of Washington isn’t really a bill at all. It’s the Fed’s attempt to keep long-term interest rates low by pumping even more money into the economy (“quantiative easing” in Fed-speak).
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.
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.
Robert Reich: It has been more than a year since all hell broke loose on Wall Street and, remarkably, almost nothing has been done to prevent all hell from breaking loose again.
Anyone who hasn’t learned by now that there’s almost no relationship between the Dow and the real economy deserves to lose his or her shirt in the Wall Street casino.
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 […]
Can you imagine the pickle we’d be in if George Bush still occupied the White House? Or if we had a McCain-Palin administration making the problems facing America today that much worse? That thought kept crossing my mind as I listened to Barack Obama’s press conference on my drive home from work this evening. America’s […]