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 […]
The Administration is about to launch a new plan designed both to stimulate the economy and clean up Wall Street at the same time, the “Responsible Wall Streeter Tax Credit”.
I watched this week as the nation’s furor turned towards employees of insurance giant American International Group (A.I.G.) and the $200 million-plus in retention bonus payments recently doled out to executives. Executives, who, as we already know, are largely to blame for their role in A.I.G.’s financial crisis that led to the country’s economic meltdown […]
Charles Blow, the “moderate” who seems to write a lot of words but never takes a clear stand on anything, recently lamented on the op-ed page of the New York Times about what a small matter the $165 million in bonuses really were compared to the $170 billion AIG received in government welfare. Sheryl Gay […]
The biggest thing to happen to me this year was the birth of my first grandchild, a little girl named Ella. I know this kind of thing happens all the time and frankly I get bored with people who go all gushy about the birth of kids or grandkids.
Whoops! My bad. Sorry. In effect, this is what former Fed chair Alan Greenspan is telling members of the House Committee of Government Oversight and Reform today by admitting he was wrong about unfettered free markets regulating themselves.
The global economy has been put into the economic equivalent of a full nelson by a financial system threatening to collapse under the weight of a complicated pyramid scheme. The Bush administration sounded dire warnings and cobbled together a vaguely flushed-out rescue plan promising the injection of up to $700 billion of taxpayers’ dollars into […]
The Senate voted Wednesday night; the House is scheduled to vote today. Will the deal fly? Probably. Wall Street’s gyrations since Monday have scared the hell out of a number of holdouts, notwithstanding all the negative emails and phone calls they continue to receive from constituents.
$700,000,000,000… oh what a relief, it is! With apologies to Alka-Seltzer, one chamber crawled out of the sandbox and reached an unpopular but bipartisan decision to save global credit markets last night as banks held a Russian Roulette pistol with six chambers full to our heads and yelled, “Stop me before I shoot.” Crisis over? […]
Reagan’s America is dead. If not dead, it lies fallen on a US economy near ruin. The recent collapse of several financial giants and the extreme concentration of wealth in a few hands have reached levels unmatched since the 1930s Great Depression Era. Former Federal Reserve Chairman Alan Greenspan, who witnessed firsthand the Great Depression, […]
The Bush bail-out plan is nothing more than a slap in the face of all working families. As Peter Dreier notes, “we have been here before—in the 1930’s Depression, when the entire economy collapsed, and in the 1980’s, when the savings-and-loan industry imploded.” It has been said that the definition of insanity is doing the […]