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If Bankers Took Steroids or Made Knockoff Handbags, They'd Clean Up Wall Street Tomorrow by Richard (RJ) Eskow, OurFuture.org | July 12, 2012
If only. If only Brian Moynihan designed fashionable shoes, Jamie Dimon pitched a mean slider, and Lloyd Blankfein had written the song "Boyfriend" for Justin Bieber. Then they'd prosecute bank fraud. read more »Economic Cliff Ahead: Economist Damon Silvers' Warning by Isaiah J. Poole, OurFuture.org | July 11, 2012
On Wednesday the stock market remained in the doldrums, thanks largely to the release of Federal Reserve June meeting minutes that revealed that at least some members of the Fed believed the economy needs "further policy stimulus," but the Fed nonetheless took no action to boost the economy during that meeting. read more »Crooked Bankers Are Corrupting Government: The Real LIBOR Story by Richard (RJ) Eskow, OurFuture.org | July 11, 2012
A new survey showing the extent of bankers' criminal inclinations, together with the "LIBOR" scandal, gives us more insight into how deeply corrupt the banking industry has become. Big banks have metastasized into a kind of "Financial/Industrial Complex" which is distorting and engulfing our economy. And they've captured the critical government functions designed to stem the corruption and keep them in check. Washington, we have a problem. read more »The Wall Street Scandal of all Scandals by Robert B. Reich, robertreich.org | July 9, 2012
Just when you thought Wall Street couldn’t sink any lower — when its myriad abuses of public trust have already spread a miasma of cynicism over the entire economic system, giving birth to Tea Partiers and Occupiers and all manner of conspiracy theories; when its excesses have already wrought havoc with the lives of millions of Americans, causing taxpayers to shell out billions (of which only a portion has been repaid) even as its top executives are back to making more money than ever; when its vast political power (via campaign contributions) has already eviscerated much of the Dodd-Frank law that was supposed to rein it in, including the so-called “Volker” Rule that was sold as a milder version of the old Glass-Steagall Act that used to separate investment from commercial banking — yes, just when you thought the Street had hit bottom, an even deeper level of public-be-damned greed and corruption is revealed. Sit down and hold on to your chair. read more »Banksters Go Wild - and "The Economist" Joins the Revolution by Richard (RJ) Eskow, OurFuture.org | July 6, 2012
In the ongoing scandal about Barclays' employees tampering with the "LIBOR," or London interbank lending rate - which is to say, bank fraud - The Economist offers this brilliant cover. It's not just the word "banksters," or the fact that it shows bank executives dressed like the guys in Reservoir Dogs. It's the little things, like the two guys whispering to each other, the two others on their cell phones, and - best of all - the fact that they're wearing typical bankers' power ties. read more »How Liberals Win by Bill Scher, OurFuture.org | July 2, 2012
President Obama has endured much criticism of his legislative skills from his fellow progressives. His conciliatory approach has been compared unfavorably with Franklin D. Roosevelt’s gleeful pugnacity and Lyndon B. Johnson’s relentless arm-twisting. read more »The Phony "Generational War": It's Like the Hunger Games, But With Old People by Richard (RJ) Eskow, OurFuture.org | July 2, 2012
Millions of people have read the Hunger Games stories, about a depraved future society where young people are forcing to fight each other for scarce resources while elites in the Capital plunder the nation's wealth. read more »Pension Gimmicks Blamed On Workers by Dave Johnson, OurFuture.org | June 28, 2012
The student loan deal is badly needed. It should have just been extended - duh! read more »Wall Street's City Bid-Rigging Racket: Who Ran It? How Many Billions Are Missing? Where's the Investigation? by Richard (RJ) Eskow, OurFuture.org | June 26, 2012
A recent court case proves what many of us have long suspected: Big banks have been ripping off this nation's towns and cities for years in an old-fashioned racketeering scam. We ran some numbers to see how much this criminality might have cost the American people.The answer? Billions. read more »The Gread Abdication by Paul Krugman, The New York Times | June 25, 2012
Suddenly normally calm economists are talking about 1931, the year everything fell apart. It started with a banking crisis in a small European country. Austria tried to step in with a bank rescue — but the spiraling cost of the rescue put the government’s own solvency in doubt. Austria’s troubles shouldn’t have been big enough to have large effects on the world economy, but in practice they created a panic that spread around the world. Sound familiar? The really crucial lesson of 1931, however, was about the dangers of policy abdication. Stronger European governments could have helped Austria manage its problems. Central banks could have done much more to limit the damage. But nobody with the power to contain the crisis stepped up to the plate; everyone who could and should have acted declared that it was someone else’s responsibility. And it’s happening again, both in Europe and in America. 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 »
