David Love: The inequality in this nation – and the flagrant manner in which concentrated power flaunts its excesses – is so perverse that it offends the moral sensibilities and belief systems of everyday folks.
AIG is rapidly becoming a nightmarish metaphor for the Obama Administration’s problems administering the bailout of Wall Street. One central problem is the lack of transparency. According to some news reports, Treasury Secretary Tim Geithner knew weeks ago that AIG was planning to issue the bonuses to executives in its notorious credit default swap unit, […]
It’s been less than two weeks, but patterns have emerged that are likely to continue throughout Barack Obama’s presidency. First, Obama understands how to use the media. Examples are detailed below, but the best is the widespread media story last Thursday about how the usually cool Obama “lost it” — in front of cameras and […]
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 […]