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In 2008, Barack Obama said this: "I think Ronald Reagan changed the trajectory of America in a way that Richard Nixon did not ..." He might want to rethink that statement, especially now that he seems to be promoting policies that are opposed by large majorities of the voting public. more »
Senate Banking Committee Chairman Christopher Dodd, D-Conn., unveiled his latest financial reform proposal on Monday, and the stakes for the new legislation couldn’t be higher. more »
A central property of financial capitalism is that price discrepancies will be exploited for profit. This is called arbitrage. It’s an old concept but one that several of our elected representatives seem not to understand. more »
motherjones.com — The last thing Democrats want is for Congress' long-promised Wall Street crackdown to become a rerun of health care reform—the House passes a bill, only to see grueling negotiations grind to a halt in the Senate. But as Senate Banking Committee Chairman Christopher Dodd, D-Conn., prepares to release his proposal for financial reform this week, House lawmakers who have worked on the issue are worried that the talks will once again paralyze the Senate, producing only flimsy restrictions and no agency to protect consumers.
Hundreds of taxpayers converged in front of the Washington headquarters of Goldman Sachs with a basic demand for its CEO: Before you issue multibillion-dollar bonuses to your executives, help clean up the mess you and other Wall Street titans made on Main Street. more »
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washingtonpost.com — If the Democrats on the House Financial Services Committee don't reverse course on the dilution of needed financial industry reforms, “there’s a real possibility that the Democrats will be answerable for Catastrophe Round Two."
Isn’t it funny how the Obama administration outlined very rough principles for congress to designing the energy bill and health care reform while for financial regulation congress received an explicit outline of the entire structure down to the letter? more »
baselinescenario.com — Three big myths about the agency that would protect consumers in the financial marketplace—that it would limit choice and innovation, increase regulatory burdens and improperly separate considerations of financial soundness from consumer protection—are designed to protect the same status quo that triggered the economic crisis.
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