Charles D. Hayes: Many full-time employees of some of America’s largest employers need government assistance, including food stamps. Guess who picks up the tab?
Mark Dempsey: American government has the legal right to create literally unlimited dollars, so it can never be insolvent. It will run out of dollars when the Bureau of Weights and Measures runs out of inches.
Ellen Brown: The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system.
John Peeler: Obama, if he could free himself of the Wall Street crowd, is the likelier buyer of Will’s prescription of breaking up financial institutions that are “too big to fail”.
Tim Gatto: We are now receiving major headlines in the mainstream media, and the frightened pawns of the corporate world are fighting back.
Jim Fuller: I confess to major reservations about those who work in and for the business schools that now take up far too much otherwise valuable space on most major college and university campuses.
Joseph Palermo: Tuesday night President Obama explained how his administration is going to respond to the most devastating human-made ecological catastrophe in the nation’s history. But he apparently doesn’t recognize how overwhelmingly popular it would be right now with the American people if he came out swinging against the malefactors of great corporate wealth like BP (or Goldman Sachs).
Robert Reich: So why is the FTC nosing around Apple and not around Wall Street? Because the Federal Trade Commission Act allows the agency to stop “unfair methods of competition” almost anywhere in the economy except in the financial sector. Banks are explicitly excluded. Another reason for financial reform.
Robert Reich: If Washington knew what was good for it and the nation, it would sever its financial connections with the Street. Better yet, it would enact legislation seeking to limit the impact of private and corporate money in politics. That goal is made more difficult to achieve by the grotesque recent Supreme Court decision (Citizens United vs. Federal Election Commission) holding that corporations, including financial firms, have the right to spend unlimited amounts on political campaigns. But there are ways around this, such as more generous public funding for candidates that choose not to take private contributions. Hopefully as well, the president will nominate Supreme Court justices who understand the importance of public trust in democratic institutions, and the difference between companies and people.
Joseph Palermo: Unless the Congress moves some progressive legislation quickly there’s going to be trouble this fall because any political party that is stupid enough to allow a couple of shmucks like Joe Lieberman and Ben Nelson, or the outcome of a special election in New England, to unravel its governing coalition doesn’t deserve to be in power.
Why didn’t Obama deliver this speech when he spoke to bankers on Wall Street a few months ago? Better late than never, I suppose, and bankers are slightly more likely to pay attention to Volcker than to Obama as evidenced by the fact that several major US bank CEOs turned down the invitation to hear the president speak.
The Dow is up despite the biggest consumer retreat from the market since the Great Depression because of the very thing so many executives are complaining about, which is government’s expansion.