Robert Reich: Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.
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.
Randy Shaw: In bypassing Elizabeth Warren, it is now clear that Van Jones’ appointment was a complete aberration, and that Obama imposed a progressive blacklist from the start
Robert Reich: The American people will continue to have to foot the bill for the mistakes of Wall Street’s biggest banks because the legislation does nothing to diminish the economic and political power of these giants.
Robert Reich: The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on the way to being reconciled with the House bill — is that it’s regulatory. It does nothing to change the structure of Wall Street.
Randy Shaw: pecifically, activists must employ what I describe in The Activist’s Handbook as the “fear and loathing” approach that has long proved necessary to get most politicians to do the right thing. Activists must make Obama fear the political repercussions of not backing progressive positions, even to the extent that the President comes to “loathe” those creating such pressures.
It’s ironic that all we hear on FOX News and right-wing talk radio is how “socialistic” the Obama Administration is when in reality the way the administration has handled the Wall Street crisis is anything but “socialistic.”
Just because I lost a big chunk of my total retirement savings over the last year doesn’t mean I should be upset that 25 hedge-fund managers reaped a total of $11.6 billion during the same interval, according to Institutional Investor’s Alpha Magazine — including $2.5 billion for James Simons of Renaissance Technologies and $2 billion […]
AIG is rapidly becoming a nightmarish metaphor for the Obama Administration’s problems administering the bailout of Wall Street. One central problem is the lack of transparency. According to some news reports, Treasury Secretary Tim Geithner knew weeks ago that AIG was planning to issue the bonuses to executives in its notorious credit default swap unit, […]
The real scandal of AIG isn’t just that American taxpayers have so far committed $170 billion to the giant insurer because it is thought to be too big to fail — the most money ever funneled to a single company by a government since the dawn of capitalism — nor even that AIG’s notoriously failing […]
Is Obama responsible for the meltdown of the Dow? The consistently wrong-headed Wall Street Journal‘s editorial page says so, as does Republican Fox News, CNN’s reliably demagogic Lou Dobbs, and now CNBC (where, full disclosure, I frequently appear as a token liberal). CNBC’s Jim Cramer, who bloviates nightly about stock picks, says Obama is pushing […]
The only way to make sense of Tim Geithner’s “stress test” for banks is to assume a kind of triage. Banks that are reasonably healthy right now — whose assets are fully adequate to fund their liabilities, and can make new loans — don’t need a bailout. And banks that are too far gone to […]
by Randy Shaw – As Barack Obama’s Cabinet fills with Clinton Administration veterans, some are raising concerns why no “movement progressive” has been selected. Hillary Clinton’s appointment as Secretary of State galvanized fears that Obama’s cabinet is unduly “centrist,” a concern amplified by the daily parade of predominately white male Clinton veterans in the “possible […]