John Peeler: We need a capitalism in which no firm is too big to fail, in which corporations serve the public interest, and in which every person has a solid foundation for living a productive life..
Robert Reich: According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation. I’m not making this up.
Marian Wang: Prosecutors in California and Illinois have sent subpoenas to Lender Processing Services, one of the largest firms that processed mortgage documents for the banks.
Tina Dupuy: The truth is we don’t have a “free market.” Never have and probably never will. So when politicians like representatives Paul Ryan and Michele Bachmann talk about how this savior-in-theory can deliver us – it can’t.
Robert Reich: As long as the big banks are allowed to remain big, their political leverage over Washington will remain big. And as long as their political leverage remains big, the taxpayer and economic tab for the next mess they create will be big. By all means, give regulators resolution authority and also impose the tightest regulations possible. But Congress and the White House shouldn’t stop there. Limits should be placed on how big big banks can become.
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.
Is a “cap and trade” system for managing U.S. emissions of carbon dioxide likely to be as successful as the sulfur dioxide “cap and trade” program established by the Clean Air Act of 1990? Most people familiar with the sulfur program agree that it has been a success. Yet plans to use the same kind […]
By Ted W. Lieu — Just like unwary homeowners trapped in unsuitable loans and an ever-increasing mountain of debt, many of our nation’s lenders are facing significant difficulties remaining afloat.