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When You Complain About "The Democrats" by DaveJ , openleft.com | June 21, 2010
The plan is to bankrupt everyone in the government with lawyer fees and tie up the administration so they can't get anything done. The accusations, lies and smears will dwarf the Clinton-era and the slime will destroy people's faith in government and democracy. That works for them. It helps put the big corporations in charge. read more »How Obama Changed the Right by E.J. Dionne Jr., The Washington Post | June 21, 2010
Barack Obama's campaign promise of change did not include a pledge to transform American conservatism. But one of his presidency's major legacies may be a revolution on the American right in which older, more secular forms of politics displace religious activism. read more »Everyday Corruption by Robert B. Reich, prospect.org | June 21, 2010
In 2006, congressional Democrats accused Republicans of wallowing in a "culture of corruption," pointing to the peccadilloes of Tom DeLay and the excessive political generosity of Jack Abramoff. Now, in the months leading up to the 2010 midterms, congressional Republicans accuse Democrats of much the same. But most of this is for the cameras. If we define political corruption as actions causing the public to lose confidence that politicians make decisions in the public's interest rather than in the special interest of those who give them financial support, the biggest corruption of our political process is entirely legal. It comes in the form of campaign contributions that would not be made were it not for implicit quid pro quos by politicians, bestowing favors of one sort or another on the contributors. read more »Cenk Uygur: Why Our Nobles Betray Us by Cenk Uygur , Huffington Post | June 21, 2010
My wife and I were watching Braveheart recently, when she noticed an nteresting element of the story. In the movie, the nobles of Scotland keep betraying William Wallace who is fighting for the people of Scotland. And my wife asked me why the nobles continually stab Wallace in the back if he is fighting for their country. As Robert the Bruce explains to Wallace in the movie, "They have much to lose." You see, those nobles profited from the status quo of that time. And so it is with our nobles today. We keep expecting the politicians and the mainstream press to do the right thing. That is profoundly naive. The status quo pays the bills. read more »Countdown to August: 30 workdays left by Scott Wiong, Politico | June 21, 2010
As the clock ticks toward the summer recess, the gap between Senate Majority Leader Harry Reid’s ambitious agenda and political reality seems to be growing. read more »Interview on Financial Reform, Santa Barbara Talk Radio by Richard (RJ) Eskow, OurFuture.org | June 20, 2010
Did an interview this morning on Hannah-Beth Jackson's radio show, Progressive Talk Radio in Santa Barbara. The topic was the current state of financial reform in Washington. Click on the "download" link and it will start playing. (There's a burst of static a few seconds in - sorry about that!). Here it is: read more »The Right's Latest Faux Obama Outrage by Stephanie Mencimer , Mother Jones | June 18, 2010
Usually Dick Armey gets worked up over things like taxes and the deficit. But at a conference on Wednesday about the Tea Party movement, the former House majority leader and current chair of FreedomWorks was jumping out of his chair over something even more arcane: the Jones Act—a 1920s-era maritime law that bars foreign-flagged vessels from shuttling goods between American ports. read more »62 House Democrats Call Exempting Auto Dealers From Consumer Protection Law An ‘Appropriate Compromise’ by Pat Garofalo , wonkroom.thinkprogress.org | June 18, 2010
This week, the conference committee reconciling the House and Senate versions of financial regulatory reform has been slowly chipping away at its long list of provisions to consider. Still on the list is consumer protection, and one aspect of that is hashing out whether the proposed consumer protection regulator will be able to police auto lending. read more »Will Wall Street Reform Be Gutted By A Technicality? by Zach Carter, OurFuture.org | June 17, 2010
The tough derivatives overhaul proposed by Sen. Blanche Lincoln, D-Ark., has emerged as the key fight in Wall Street reform. That status is well-deserved. read more »The End of Capitalism by Tim Fernholz, prospect.org | June 17, 2010
On May 6, the Senate was locked in a heated debate over whether the government should impose size limits on the largest banks in the country, in effect breaking up the reviled giants of American finance. But the journalists in the press gallery above the chamber weren't paying attention: They were riveted to CNBC, which was reporting an enormous, unexpected, and simultaneous plunge in several different global markets. "What the heck is going on?" one reporter wondered aloud. It's an important question to answer, because if we don't understand how our financial markets work, we have no reason to trust them. That is the end of capitalism. read more »
The Latest
Curbing Wall Street: The Next Stage, netrootsnation.org | July 22, 2010
The financial reform bill was but a first step. It created a consumer financial protection bureau, but left the big banks more concentrated than ever, with the financial casino open for gambling. The bankers are getting million dollar bonuses, but foreclosures continue at record levels, small businesses can't get loans, payday lenders are still gouging workers. read more »
The 2010 Elections: Channeling the Power of Jobs, Populism and the Angry Voter, netrootsnation.org | July 22, 2010
The rising tide of populist anger in the face of Wall Street bailouts and continued high unemployment threatens to take an ugly reactionary turn unless it is channeled to more progressive policies of job growth. This panel will address current public attitudes and ideas for steering opinion and action more progressively.
Senate Democrats’ Plan to Aid Small Businesses Hits G.O.P. Resistance, The New York Times | July 22, 2010
Perhaps the last best hope of Democrats to pass legislation aimed at creating jobs before the November elections seemed to be crumbling in the Senate on Wednesday as Republicans signaled that they would block a bill to expand government lending programs and grant an array of tax breaks to small businesses. read more »
Battle Brews Over Director for New Consumer Financial Protection Bureau , Los Angeles Times | July 22, 2010
President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals. read more »
Fight Over Consumer Agency Looms as Overhaul Is Signed , The Wall Street Journal | July 22, 2010
President Barack Obama on Wednesday signed into law the most sweeping financial overhaul since the Depression, putting the country on a course toward a more muscular regulatory framework. read more »
10 Ways New Wall Street Reform Law Will Help You , Huffington Post | July 22, 2010
Today, President Obama signed into law the Restoring American Financial Stability Act - the most important regulatory overhaul of our nation's financial system since the reforms that led to 60 years of sustained growth after the Great Depression. read more »
Goldman Settles Its Battle With SEC , The Wall Street Journal | July 16, 2010
In one of the largest penalties in Wall Street history, Goldman Sachs Group Inc. agreed to pay $550 million to settle civil charges that it duped clients by selling mortgage securities that were secretly designed by a hedge-fund firm to cash in on the housing market's collapse. read more »
Public Unfamiliar with Wall Street Bill, Reuters | July 16, 2010
A big majority of Americans are unfamiliar with the sweeping overhaul of financial rules that was headed to final approval in Congress on Thursday, according to an Ipsos Public Affairs online poll. read more »
Zombie K Street Project: The GOP Turns To Lobbyists To Draft Policy Agenda, tpmdc.talkingpointsmemo.com | July 9, 2010
John Boehner twisted himself into a pretzel this week when he told the Washington Post he had "no idea" whether Republicans would once again attempt to privatize Social Security if they retake the House in November. He couldn't just say "no" -- he followed up with the explanation that he couldn't say because he didn't want to prejudge the outcome of the GOP's voter survey. read more »
Goldman Sachs 'Most Aggressive' In Demanding Cash From AIG, Huffington Post | July 9, 2010
Goldman Sachs was the "most aggressive" financial firm to demand cash from AIG on what it viewed as souring deals during the financial crisis, the head of a federal investigative panel said Wednesday. read more »
