Caitlin Vega: It’s time to stop using this economic downturn to take away workers’ rights, eviscerate environmental protections or slash our safety net. Let’s get real about what we need to move California forward. It’s all about the jobs.
With articles by Robert Reich, Joseph Palermo, Charley James, Randy Shaw, Nomiki Konst, Rev. Irene Monroe, Mario Solis-Marich, Anthony Asadullah Samad, Georgianne Nienaber, Andrea Nill, Tracy Emblem, Wayne Williams, Cathy Cockrell, Tina Dupuy, Ron Wolff, Tom Degan, Shamus Cooke, Michael Sigman, David A. Love, Sharon Kyle, Bob Letcher, Robert Illes, and Ivan Eland
Andrea Christina Nill: Last week, Sen. Jim DeMint (R-SC) said that President Barack Obama “thinks Americans are stupid” for trying to “convince” voters that Republicans are trying to obstruct financial reform. It turns out that DeMint is the one who is insulting the intelligence of the American people by suggesting that Republicans aren’t pulling every stop to try to derail a bill that has receivedwidespread public support.
Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.