Joe Mathews: Most American newspapers today are owned by little-known rich people or faceless corporations, and it’s rare that papers do things that people love or hate. The LA Times suffers from this same malady: It’s unthreatening and predictable.
Ellen Brown: Interest rate swaps are now over 80 percent of the massive derivatives market, and JPMorgan holds about $57.5 trillion of them.
This week, Shamus Cooke’s article, “Why U.S. Politicians Are Quiet About Europe’s Meltdown,” led the way, suggesting that working people in the U.S. need to learn to speak Greek, and adopt an increasingly popular slogan that rejects austerity measures: Tax the Rich!
Robert Reich: Obama can can take on Romney and the system that allows private-equity managers to continue to make huge profits at the expense of average Americans.
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.
Robert Reich: Let’s also stop hoping Wall Street will mend itself. What just happened at J.P. Morgan reveals how fragile and opaque the banking system continues to be.
Ellen Brown: The creation of credit has too long been delegated to a cadre of private middlemen who have flagrantly abused the privilege. We can avoid the derivatives trap by cutting out the middlemen and creating our own credit.
Sharon Kyle: Kamala Harris’ broad smile and “down home” style was gobbled up by the crowd as members of the African American Caucus listened and showed support for their Attorney General.
Robert Reich: Next Tuesday Americans will be deciding whether to hand over even more of our government to corporations that have been plundering America – such as Goldman Sachs, JP Morgan Chase, Citibank, Wellpoint insurance, Massey Energy, and Halliburton, the giant oil services company.
Sylvia Moore: These protests were just the latest expression of outrage among the working classes across the country, who have suffered massive job losses and wage stagnation, while failing bank behemoths who wrecked the economy got bailed out to the tune of billions of dollars.
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: Rather than defending the outsized paychecks of Dimon, Blankfein, and the rest of Wall Street as part of the free market system, the President needs to demand that Wall Street help homeowners on Main Street. The Obama White House should have made this a condition of getting the giant bailouts in the first place. The least it can do now is to is to make the free market system work for everyone.
Antitrust law was designed to prevent just this sort of market power and political heft. The Justice Department or the Federal Trade Commission should investigate the new-found dominance of Goldman and JP — and, if warranted, break them up.