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Tax the Wall Street Casino by Chuck Collins, blogs.alternet.org | June 17, 2010
Angry about the greedy financial speculation that wrecked the economy? Got a deficit headache? Anxious about where the money will come from for long overdue investments in energy independence that will create good jobs in the new economy? How do we spell relief? Try F.S.T. – which stands for Financial Speculation Tax. read more »Real Reform Gains Traction: Lincoln Stands Firm on Derivatives Overhaul by Zach Carter, OurFuture.org | June 17, 2010
As the House and Senate publicly iron out their differences on Wall Street reform during conference committee, the most important aspect of the overhaul is gaining strength behind the scenes. Sen. Blanche Lincoln, D-Ark., is standing firm on her tough derivatives bill, and continues to garner unlikely allies from within the Federal Reserve as the final vote on the provision approaches. read more »Are Obama And Progressives On The Outs? by Katrina vanden Heuvel, The Washington Post | June 16, 2010
There's a tension between the Obama administration and the progressive movement, but it's not the one mainstream media have been describing or that the White House seems to perceive. Progressives have come to a realization. If progressives organize independently and forge smart coalitions, building a mass movement for reform with a moral compass that can transcend left-right divisions, we may be able to push Obama beyond the limits of his own politics, overcome the timid incrementalism of the establishment Democratic Party and counter the forces of money and power that are true obstacles to change. read more »Frank and Franken: The Gentleman From Massachusetts Wins One For Wall Street by Richard (RJ) Eskow, OurFuture.org | June 16, 2010
It was a fight to the finish between two heavyweight contenders. In this corner, representing the big Wall Street interests and wearing green trunks the color of money, Representative Barney Frank of Massachusetts. And in this corner, representing common sense and the American people, wearing red, white, and blue trunks, Sen. Al Franken of Minnesota. read more »Obama, Liberals and Despair by Michael Tomasky, The Guardian | June 15, 2010
As I've mentioned from time to time, in addition to these duties I edit a quarterly journal in Washington called Democracy: A Journal of Ideas, an excellent small magazine of, well, ideas. read more »Big Banks Duck Fee Fight by Ben White, | June 15, 2010
Megabanks like JPMorganChase, Citigroup and Bank of America stand to lose billions of dollars if new debit card “swipe fee” limits go into place as part of Wall Street reform. But you wouldn’t know it from their public posture. They’ve barely uttered a word of opposition — even as they mount a furious campaign to strip the language out of the bill behind the scenes. read more »Obama's Treasury Dept Working To Defeat Derivatives Proposal 'Of Utmost Importance' To Reforming Wall Street by HuffingtonPost.org, Huffington Post | June 15, 2010
A Senate proposal to force banks to shed their lucrative yet risk-laden derivatives units -- which is vehemently opposed by Wall Street -- is gaining steam, picking up the support of some regional Federal Reserve chiefs with more on the way. Yet President Barack Obama's Treasury Department, led by Timothy Geithner, continues to oppose the measure, Senate aides say, who add that Treasury is supporting Wall Street over Main Street by opposing the measure considered of "utmost importance" to financial stability. read more »Big Banks vs. American Businesses: "Section 716" Forces Congress to Choose by Richard (RJ) Eskow, OurFuture.org | June 15, 2010
It can be hard to grasp all the details of Section 716, the Senate provision that would force big banks to spin off their swap desks, but the principle isn't that complicated: Banks that get access to discounted money from the Federal Reserve, or federally-guaranteed deposit insurance, shouldn't be able to gamble with them. read more »The Unbearable Lightness of Reading Dana Milbank by Richard (RJ) Eskow, OurFuture.org | June 11, 2010
Feel free to read Dana Milbank if that sort of thing appeals to you, but don't imagine for a minute that you're learning anything. That would be like studying the French Revolution by reading Marie Antoinette's cake recipes. The Milbank school of journalism - which at this point is American journalism -doesn't just fail to inform. read more »The Conservative Nanny State Strikes Again by Dean Baker, tpmcafe.talkingpointsmemo.com | June 10, 2010
The supposed free market fundamentalists are once again running to get a helping hand from Big Government. Apparently, the Republicans are outraged over the fact that many homeowners are now "strategically defaulting" on their mortgages. It is important to get some perspective on the issue here. Strategic defaulters are following the terms of their contracts to the letter. Actually, the Republicans are doing the country a valuable service by showing us in the clearest possible terms that they couldn't give flying f*** about the "free market." They are about redistributing income upward. If they can rig the rules of the market to get the income flowing upward, that's great. But, if it takes the big hand of big government to make sure that the money goes to their friends, then they have no qualms about going this route also. read more »
The Latest
Robert Borosage is quoted in The Washington Post on Wall Street's Influence in the White House, The Washington Post | January 6, 2011
Wall Street ties complicate the politically touchy search for economic adviser
By Peter Wallsten and Perry Bacon Jr.
Washington Post Staff Writers
Sunday, January 2, 2011; 7:32 PMPresident Obama is expected to name a new chief economic adviser as early as this week, but the months-long search process has proven difficult and politically touchy...... read more »
Roger Hickey quoted in USA Today, USA Today | January 6, 2011
Bank Of America Tries To Frame Foreclosure-Gate As Simply A Case Of Misspelled Names, wonkroom.thinkprogress.org | October 26, 2010
Since the foreclosure fraud scandal — in which banks were caught allowing “robo-signers” to approve potentially fraudulent foreclosure forms — first hit the national airwaves, Wall Street banks have been trying to downplay the extent of the problem, claiming that it only has to do with paperwork mistakes and not a compete disregard for due process and property rights. read more »
Corporations Hide Election Spending From the Public Eye, The Nation | October 19, 2010
To avoid angering the public and their investors, some corporate interests are going to great lengths to hide their political spending. These companies have dumped money into nonprofits and trade associations that often have innocuous names like Americans for Job Security or Revere America, but in reality serve to shield donors from accountability for their spending in our elections. read more »
Sorkin: Felix Rohatyn Looks Back, and Sighs, dealbook.blogs.nytimes.com | October 19, 2010
Felix G. Rohatyn, one of Wall Street’s last old wise-men, was sitting in his office at Lazard overlooking the Empire State Building on Monday morning. read more »
The New Tax Man: Big Banks and Hedge Funds, huffpostfund.org | October 19, 2010
Nearly a dozen major banks and hedge funds, anticipating quick profits from homeowners who fall behind on property taxes, are quietly plowing hundreds of millions of dollars into businesses that collect the debts, tack on escalating fees and threaten to foreclose on the homes of those who fail to pay.
How Do We Judge the Homeowner?, Huffington Post | October 19, 2010
In the rush to foreclosure, the banks and even government officials have been taking the position that the borrower/homeowners are fully to blame for the situations they find themselves in and that the paperwork technicalities just need to be worked out in order for there to be a just outcome, which is to say, a foreclosure.
The Washington Post's Entry in the "How Many Big Things Can You Get Wrong in a Short Article?" Contest, cepr.net | October 19, 2010
The Washington Post appears to have outdone itself in a discussion of the politics surrounding the foreclosure crisis. For beginners, it told readers that:
"Reviving the economy requires repairing the housing market." read more »
Bondholders Pick a Fight With Banks, The Wall Street Journal | October 19, 2010
As banks restart foreclosures they had suspended, bondholders are stepping up efforts to recoup losses on soured mortgage portfolios amid concern about sloppy mortgage servicing and underwriting practices. read more »
Foreclosure Fortune Buys Bugatti, Yacht, Mansions for Attorney, bloomberg.com | October 19, 2010
For Americans, the foreclosure crisis has wiped out fortunes, bringing destitution and homelessness. For Florida attorney David J. Stern, it has brought mansions, a Bugatti sports car and a luxury yacht. Florida has the third-highest residential foreclosure rate in the U.S., and Stern, 50, has made a fortune off the bust. read more »
