Joseph Palermo: Even before we’ve had a chance to recover from the Great Recession caused by their earlier malfeasance, the usual suspects among Wall Street’s “too big to fail” banks continue to plunder our society by artificially driving up commodity prices.
Joseph Palermo: The credibility of Anthony Weiner’s loud liberal voice in the House of Representatives, who recently showed the temerity to take on Justice Clarence Thomas for his conflict of interest in Citizens United, is now toast
Nick Antonicello: The Winograd message is being hijacked, lifted and repackaged by two centrists in Hahn & Bowen who’ve never had to clearly explain to Democrats what they truly stand for in any previous party contest.
Lee Fang: Koch along with Enron pioneered a number of complex financial products to leverage its privileged position in the energy industry.
Steven Hill: So according to Krugmanomics, taking on too much debt is not the problem – it’s not being able to pay the debt that is the problem. And Krugman’s solution, apparently, is to be able to depreciate your currency and/or default on your debts, leaving the creditors holding the bag.
Steven Hill: No one has been more influential in defining this narrative than New York Times columnist and Nobel Prize-winning economist Paul Krugman.
Steven Hill: Paul Krugman and others have got Japan wrong: Americans should be so lucky as to get a Japanese-style lost decade
Tracy Emblem: California allows cities and counties to purchase electricity or develop it locally through an energy provider of their choice. Currently, 68 percent of California’s electricity is generated by investor-owned utilities. Proposition 16, on the June 8 primary ballot, would alter local government’s ability to develop electricity service and is bad for California’s residents and businesses.
Joseph Palermo: The massive trading and swapping of Collateralized Debt Obligations (CDOs) and other abstractions cooked up by the fertile minds of sociopathic Wall Street “traders” not only did nothing to lubricate the real economy through financial intermediation, but they helped bring down the entire system and cost taxpayers hundreds of billions of dollars.
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.
Joseph Palermo: We can call the 2000s the “Worse Than Zero” decade or the “Big Zero,” or anything we wish, but what characterized it most for me was the near total control of corporations, especially over our civic institutions. All of the terrible economic and governing ideas from the Reagan era crested and then crashed in the last eighteen months leaving something far less than “zero” in their wake.
When Arnold Schwarzenegger calls an agreement “a really great, great accomplishment” you know average Californians are in for a fleecing.
In his most recent piece in the New York Times Paul Krugman asks: “Who would have thought that America’s largest state, a state whose economy is larger than that of all but a few nations, could so easily become a banana republic?” Here in Sacramento I’ve watched the disaster unfold before my eyes like a […]