Curbing Wall Street

"What do I have to do to get you into this car?"

"How much can you afford to pay every month?"

"My manager's in a good mood."

These are the car salesman cliches everybody knows. Now they're trying to add a couple more to the repertoire: more »

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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:

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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. The gentleman from Massachusetts had the refs were on his side, thanks to the bout's corporate sponsors, so the outcome was a foregone conclusion. It was impressive that the fight got as far as it did, and in the end it was a split decision, but it's as they say in the boxing world: In a split decision the reigning contender always wins.

And when it comes to Capitol Hill, banks are always the reigning contender. more »

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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. Somehow it's able to subtract from a reader's overall body of information, as if by magic, leaving her or him even less informed than they were before. more »

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We're here at AFN - the America's Future Now conference - liveblogging a session called "Curbing Wall Street: Strategies Going Forward." It's a subject close to our heart. more »

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President Obama's Department of Justice announced last week that there would be no indictments in the collapse of AIG, an event which led to a worldwide economic collapse and cost the American taxpayer trillions. As someone who once worked for AIG I was shocked, but apparently that's how this mystery ends: Hundreds of millions of victims, smoking guns in every room, and not a perp to be found anywhere.

Yves Smith is disappointed that PriceWaterhouseCoopers, the auditors who signed off on AIG's financial claims despite mounds of disturbing evidence, escaped serious legal scrutiny. She observes that our "Potemkin" financial reform (her word) won't remove the barriers that prosecutors face in pursuing secondary parties like auditors (although I believe the Supreme Court ruling she cited only addressed civil suits.) Not only is the auditor protected, but that allows the fraudster himself to use the defense that he kept his auditor informed - kind of like Bush and Cheney using John Yoo's legal opinion to inoculate themselves from criminal prosecution.

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Here's an audio clip of my appearance yesterday with Hannah-Beth Jackson on Santa Barbara progressive radio to discuss the current state of financial reform and what can be done next:

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There's a lot to admire about the President's consensus-seeking style, however frustrating it can be to activists. But his press conference yesterday, and the management problems that led up to it, show the limits of that style in times of crisis. Hopefully the oil tragedy - let's not call it a "spill" when it's more like a sustained explosion - will help the Administration understand something that seems to elude them at times: You can't negotiate with disaster or compromise with danger. more »

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The Campaign for America's Future (CAF), CREDO, and MoveOn have launched a petition campaign to ensure that the House/Senate deliberations on financial reform be "fully transparent." The good news? more »

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Astroturf is the term for manufacturing an artificial appearance of grassroots concern about an issue. more »

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