Have 147 People Hijacked the Global Economy?

global economy

RJ Eskow: And when the next crisis comes, “147 people” will react to it exactly the same way they reacted to the last one. You can almost hear them now, can’t you? You can’t blame us, they’ll say. Nobody could’ve seen this coming. How do we know that?

JP Morgan’s Loss Could Be America’s Gain

jamie dimon

Joseph Palermo: With new evidence mounting each day that the system is as broken as it was before the meltdown of September 2008 and will likely require another colossal taxpayer bailout at some point, the public might be able to compel even the isolated 1 percenters among Washington’s policy elite to take heed.

How Greece Could Take Down Wall Street

occupy los angeles

Ellen Brown: As Aristotle told this ancient Greek tale, Midas died of hunger as a result of his vain prayer for the golden touch. Today, the Greek people are going hungry to protect a rigged $32 trillion Wall Street casino.

Alan Greenspan: As Unrepentant as Ever

alan-greenspan

Joseph Palermo: He still wants to blame a “few bad apples,” instead of looking at his own role fanning the flames and pouring gasoline on the fire while the $8 trillion housing bubble was being pumped up. Greenspan said AIG’s problems were with insurance, but Born countered that if CDSs had been insurance they would have been regulated. Greenspan is bullshitting us again.

Fraud on the Street

Wall Street Bears

Robert Reich: It’s now clear Lehman Brothers’ balance sheet was bogus before the bank collapsed in 2008, catapulting the Street and the world into the worst financial crisis since 1929. The Lehman bankruptcy examiner’s recent report details what just about everyone on the Street has known since the firm imploded – that Lehman defrauded its investors. Even Hank Paulson, in his recent memoir, referred to Lehman’s balance sheet as bogus.