by Charley James — A few nights ago, Rachel Maddow was discussing the Wall St. bailout on her MSNBC show with guest Dr. Laura Tyson. Tyson, a former economics advisor to Pres. Clinton and now a professor at UC-Berkeley, was defending the banks who received bailout money for their total lack of disclosure or transparency […]
by Gene Rothman — A new Goldilocks gauge has gripped the Guardians of Greed. Too Big to Fail (TBTF) used to be one size fits all. Big corporations would be bailed out only if they were Big Enough. But now, the fickle public has grown Leery of the Too Large. It may now be seen […]
By Denis Campbell — New York City suburb, Greenwich, Connecticut, has 55 houses for sale asking $9 million dollars or more. Staff at East Hampton Airport on Long Island, a scene of private Gulfstream jet gridlock, says traffic is down 35%. Bettridge Jewelers on Wall Street sees traffic mostly selling off jewels to make mortgage […]
by Charley James — In the 1950s, “Engine” Charley Wilson – then chairman of General Motors – said “What’s good for GM is good for America.” We’re about to find out that the reverse is also true.
by Robert Reich — The government is doing a lousy job helping distressed homeowners. And according to John Dugan, the Comptroller of the Currency, the little that’s been done has had surprisingly little effect. Nearly 36 percent of homeowners holding mortgages whose terms were adjusted to give them more leeway defaulted on payments within three […]
by Robert Reich — Friday’s employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September — for a total of over 1.2 million over the last three months — begs the question of whether the meltdown we’re experiencing should be called a Depression.
by John Paul Rossi — The other week, the appeal of the Big Three’’s executives for a $25 billion taxpayer bailout for their desperately ailing firms failed. Neither the fractious lame duck Congress, nor the Bush administration were willing to help.
by Carl Bloice — It is hemorrhaging fast and no end to the blood-letting seems to be in sight. No question, something has to be done about the auto industry. But what?