Worrying about government debt is like worrying about the monster under the bed. The issue isn’t debt, it’s power.
Robert Reich: Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.
Ellen Brown: When done on a large enough scale, short selling can force prices down, allowing assets to be picked up very cheaply.
Brent Budowsky: America is a nation without leaders in an economy without jobs. We are a nation of citizens who hunger for action in a political system that refuses to act. We yearn for a president who will speak for the people of the nation with conviction, clarity, courage and compassion.
Rep. Pete Stark: The idea of a financial speculation tax is getting consideration in many corners of the world, and not a moment too soon. When the UN Summit kicks off next week, an international financial speculation tax to fund the Millennium Development Goals should be at the top of the agenda.
Robert Reich: Restoring top earners’ marginal tax rates to what they were during the Clinton administration (36 and 39 percent) won’t inhibit their spending. That’s because they already save a large portion of what they earn, and already spend what they want to spend.
Ron Wolff: Appointed judges, intellectual and political elites, mainstream journalists, bureaucrats, and Europeans — the customary targets of conservatives — fall victim to his keyboard. He almost equates property rights to the means of pursuing happiness, totally ignoring reams of evidence to the contrary. (As we know from last week’s article, nobody expects a correlation any more between belief systems and evidence.)
Back in 2000, I was warned that the world’s financial markets were heading towards disaster. The warning came from a lawyer whose law firm was helping create the instruments that began imploding a year ago and came tumbling down on Monday.
by Robert Reich — As we bail out Wall Street along with Freddie and Fannie and all the top financial executives who have been pocketing tens of millions a year, yet allow millions of homeowners and jobless Americans to sink, it’s worth contemplating what’s happening to the American economy and to our social safety nets.