News & Comment
Blogs and Opinion
- One of my major frustrations with the economic crises is the unwillingness of anyone to confront the fact that these Masters of the Universe are immature and unreliable and cannot be trusted with such a huge social responsibility. Their behavior since the crisis hit has been embarrassing. And stupid. read more »
Regulation vs. Structural Change by James Kwak, baselinescenario.com | May 25, 2010President Obama is a political pragmatist with a strong belief that getting something done is better than nothing. But on financial reform his administration could have gotten more done. read more »
Traded-In: These "Used" Senators Sold Out the Troops For Auto Dealer Cash by Richard (RJ) Eskow, OurFuture.org | May 25, 2010If you have a yellow "Support Our Troops" sticker on your car - or even if you don't - you should know the name of the Senators who just traded in our troops, their families, and our military readiness for the easy cash offered by auto dealers. There's no rational policy reason for this exclusion: It's special interest politics, pure and simple. These Senators acted against the objections of military leaders and Gen. Petraeus' wife Holly. read more »
Obama's Regulatory Brain by Robert B. Reich, robertreich.org | May 24, 2010The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on he way to being reconciled with the House bill — is that it's regulatory. If does nothing to change the structure of Wall Street. The bill omits two critical ideas for changing the structure of Wall Street's biggest banks so they won't cause more trouble in the future, and leaves a third idea in limbo. The White House doesn't support any of them. Regulations don't work if the underlying structure of an industry — be it banking or health care — got us into trouble in the first place. Wall Street's big banks are just too big, and their ability to draw on commercial deposits for investment banking activities, including derivatives, will make them even bigger. It will also subject the economy to greater and greater risks in the future. No amount of regulation can cure that. read more »
Obama Versus The Corporations by Paul Krugman, The New York Times | May 24, 2010So here's how it is: They're as mad as hell, and they're not going to take this anymore. Am I talking about the Tea Partiers? No, I'm talking about the corporations. Much reporting on opposition to the Obama administration portrays it as a sort of populist uprising. Yet the antics of the socialism-and-death-panels crowd are only part of the story of anti-Obamaism, and arguably the less important part. If you really want to know what's going on, watch the corporations. How can you do that? Follow the money — donations by corporate political action committees. read more »
- This week, the U.S. Senate passed a financial reform bill that was far stronger that what had been proposed by the Obama administration and passed by the House. Now it's time to hold President Obama's feet to the fire to ensure the strongest possible bill. read more »
Boehner's On Board: Momentum For an Innovative Live TV House/Senate Conference by Richard (RJ) Eskow, OurFuture.org | May 22, 2010Momentum is building for putting a historic conference between the House and Senate online and on live television, as they debate the future of financial reform. This is the time to contact Senators and Representatives to support this critical step toward open government - and a stronger, fairer, safer economy. read more »
How Good Is the Financial Regulation Bill? by Matthew Yglesias, yglesias.thinkprogress.org | May 21, 2010The bill contains a number of provisions that make large bank failures less likely. It also contains provisions that make it less likely that a bank failure would cause a systemic meltdown. And on top of that it contains a much-improved process for dealing with bank failures, making it much less likely that a failure will lead to a politically toxic and massively unfair TARP-style “bailout.” It’s not airtight on any of those fronts, but it makes headway and when you combine it all together it’s a big impact. That said, the financial crisis has also raised a lot of questions in people’s minds about the role of finance in the U.S. and global economies. And the bill doesn’t do anything at all about those issues. read more »
What the 111th Congress Has Done -- And Still Has To Do by Ezra Klein, voices.washingtonpost.com | May 21, 2010The Restoring American Financial Stability Act of 2010 -- that is to say, the financial-regulation bill -- passed the Senate last night. That adds one more achievement to what has been an extraordinarily productive Congress. Like with health-care reform or stimulus, what we have here is a major achievement and a clear step forward, but an insufficient solution to a problem that will continue to dog us. And so the question is not just what the 111th Congress did, but whether the process has educated the members who will continue onto the 112th and 113th and 114th Congresses and has persuaded them to keep paying attention to these issues and to continue building on their legislation. read more »
Conservatives, Join the Call: Tell Congress to Televise the Financial Reform Conference by Richard (RJ) Eskow, OurFuture.org | May 21, 2010Here are the words they used for health care reform (or the buzzwords their consultants told them to use): "Secret"! "Backroom"! "Behind closed doors"! "Dealing"! Or, as one especially unsubtle pol put it, "secret backroom dealing"! read more »
Democrats Court Republican Votes on Wall Street Reform, thehill.com | June 24, 2010
Democrats finalizing a 2,000-page bill that would overhaul Wall Street are moving to satisfy a handful of Republican senators whose votes may be necessary to pass the legislation.
The Democrats’ vote-counting strategy is strikingly different than on healthcare reform, which every congressional Republican opposed.
Final Derivatives Showdown Thursday: Read The House Offer , Huffington Post | June 24, 2010
The long-awaited showdown between banks and Sen. Blanche Lincoln over her derivatives reform section of the Wall Street bill begins Thursday morning. read more »
Blanche Lincoln Holds Ground as Democrats Seek Deal, Politico | June 24, 2010
Salazar Pledges New Order to Bolster Deepwater Drilling Ban, thehill.com | June 23, 2010
Interior Secretary Ken Salazar on Tuesday said he will soon issue a new order that freezes deepwater oil-and-gas drilling in response to a federal judge’s decision to block the existing ban.
A federal judge on Tuesday issued an injunction against the six-month deepwater drilling ban that Salazar imposed in late May in response to the Gulf of Mexico oil spill.
Landrieu Urges White House to Reconsider Appeal, thehill.com | June 23, 2010
Sen. Mary Landrieu (D-La.) told The Hill that the White House should reconsider its plan to appeal a court decision that blocked a federal ban on deepwater offshore drilling.
A federal judge on Tuesday granted an injunction against the administration's six-month moratorium on deepwater wells, which the Interior Department imposed in the wake of the BP oil spill.
Lawmakers Agree to Broad Terms for Consumer Protection Agency, mcclatchydc.com | June 23, 2010
Oversight Exemption for Auto Dealers Gaining Traction, The Washington Post | June 23, 2010
Banking Lobbyists Make a Run at Reform Measures, The New York Times | June 21, 2010
Study: Speculation Tax Would Make Wall Street Pay, blog.aflcio.org | June 18, 2010
The AFL-CIO and the global union movement have been demanding that Wall Street pay for creating the global economic meltdown, in part through a financial speculation tax. read more »
Exclusive: House Ethics Office Asks Lobbyists for Info on Lawmakers , thehill.com | June 15, 2010
The House Office of Congressional Ethics (OCE) this month sent letters to officials on K Street requesting detailed information on the lawmakers, all of whom sit on the Financial Services Committee or the Ways and Means Committee. read more »