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.
RJ Eskow: The CEOs of America’s largest corporations have banded together to lecture us on the importance of debt reduction. And despite their lack of qualifications and their very obvious self-interest, the media can’t get enough of them.
Robert Reich: Republicans and Wall Street executives who continue to yell about Dodd-Frank overkill are dead wrong. The fact no one seems to know Morgan’s exposure to European banks or derivatives – or that of most other giant Wall Street banks – shows Dodd-Frank didn’t go nearly far enough.
Robert Reich: Wall Street has effectively neutered the Dodd-Frank law, which is the best argument I know for applying the nation’s antitrust laws to the biggest banks and limiting their size.
Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.
Peter Dreier: In Los Angeles this Thursday, members of the Alliance of Californians for Community Empowerment (ACCE) — a statewide community organizing group — will sponsor a demonstration at a major bank that will include civil disobedience and probably arrests.
Walter Brasch: Overall, America is slowly on the path to recovery. But, to those who lost their jobs and then their homes, it just doesn’t seem that way.
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.
Tim Gatto: There’s one way to stop this coup on democracy, and that is for Congress to introduce a law specifying campaign limits and while they are at it, take corporate “personhood” and throw it in the trash bin where it belongs.
Joseph Palermo: The Democrats ensconce themselves in huge amounts of Wall Street campaign money and in exchange they pursue the short-sighted prerogatives of a bunch of rich guys who have already been bailed out and have shown the world that they’re nothing but a gang of white-collar crooks.
Executives and traders on the Street have become the single biggest sources of money for Democrats as well as Republicans. And with mid-term elections looming next year, you can bet every member of Congress has a glint in his or her eye directed at the Street.
Rachel Maddow’s example on MSNBC was a simple enough explanation of how $21 billion dollars in annual tax revenue disappears from US coffers through legal loopholes that create tax shell corporations. Mr. Bill Hypothetical, based in Texas, earns $50,000 annually and pays a 25% tax rate. KBR’s profits, also based in Texas (a military contractor […]
Former Treasury Secretary Hank Paulson said last October that the taxpayers shouldn’t fret about putting $250 billion in the nation’s banks: “This is an investment, not an expenditure, and there is no reason to expect this program will cost taxpayers anything.” But a draft report from the Congressional Oversight Panel for the TARP says Paulson […]