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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 »

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China argues that some American companies will suffer if China stops subsidizing manufacturing and adjusts their currency to market levels. They're right. more »

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WRECKONOMICS
COURTESY :WALL STREET OF AMERICA
LEADERSHIP VIA CONSERVATIVE POLICIES
THANKS TO RONALD REAGAN AND G W BUSH

From 1946 to 1980 the period was known as the GREAT MIDDLE CLASS YEARS
Each President worked to reduce the Debt from WWII.
In 1980 Debt was less than 1000 Billion and Government Spending was 600 Billion per year.

Reagan boastful Cut Taxes plus Cut the size of Governmen more »

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Eighteen former members of the Federal Reserve’s Consumer Advisory Council (CAC) strongly endorsed the idea of an independent Consumer Financial Protection Agency in a letter released last week . Draft legislation released yesterday by Sen. Chris Dodd would instead place the CFPA in the Fed, an idea that the former CAC members specifically rejected.

The letter says that "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy." It singles the Fed out for special criticism in its handling of consumer issues under both Democratic and Republican administrations: "In 1994 Congress gave the Federal Reserve the power to outlaw unfair and deceptive practices in the mortgage market. The Federal Reserve waited until 2008 to issue their rule, long after the problem had become a crisis and after the market had collapsed. During that time, we and other consumer protection experts issued reams of comment and testimony calling on them to exercise their authority to protect consumers."

The full text of the letter is below: more »

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WALL STREET RAPE OF AMERICA
Big boost by Reagan + Bush Tax Cuts
1945--1% owned 30%-- Total Financial Wealth
1980-1% owned 20%
1989-1% owned 36% --(RR gift of 80% increase)
2007-10% owned 70%
2007-20% owned 93%
2007-80% owned 7% drip drip drip down
1980-2007-FLUSH UP--trickle down--catch your drip?
FOLKS WILL YOU SPREAD THIS INFORMATION SO THE PEOPLE WILL KNOW
Billionaires----1980=10---- more »

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WALL STREET RAPE OF AMERICA
Big boost by Reagan + Bush Tax Cuts
1945--1% owned 30%-- Total Financial Wealth
1980-1% owned 20%
1989-1% owned 36% --(RR gift of 80% increase)
2007-10% owned 70%
2007-20% owned 93%
2007-80% owned 7% drip drip drip down
1980-2007-FLUSH UP--trickle down--catch your drip?
FOLKS WILL YOU SPREAD THIS INFORMATION SO THE PEOPLE WILL KNOW
Billionaires----1980=10---- more »

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Democracy requires vigorous public debate in an open forum, conducted by leaders willing to take a public stand and face the consequences. Today's proposal on banking reform from Sen. Dodd is the product of backroom negotiation and holds nobody accountable. It allows Senators to dodge one of the most critical issues of the day: the financial security of the American public. more »

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Chinese companies are using technology transferred from other countries to bid on US high speed rail contracts after building 4,000 miles of such railways at home, but they say they'll share: more »

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China is holding down the value of its currency, which means goods made there cost less everywhere else. This undercuts American companies that make things, so they close factories here and buy from there. This costs us jobs, forces down our wages and savings rate, and forces the country to borrow heavily. This imbalance has built up to a breaking point. more »

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Republicans in Congress have introduced a breathtaking new budget plan that would essentially put America's plutocracy on steroids.

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There's a lot of buzz in health care circles about an editorial in today's Washington Post entitled "If Democrats ignore health-care polls, midterms will be costly." That could be dangerous: the author's conclusions are contradicted, not supported, by the available facts. more »

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President Obama spoke yesterday at the annual conference of the Export-Import Bank, where he discussed the creation of the Export Promotion Cabinet and last year's efforts by the Export-Import Bank to directly extend financing for the purchase of American exports. more »

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Pat Buchanan has a column today on manufacturing, The Disemboweling of America, that hits the nail on the head. In fact, if I fairly excerpt enough of the column and send you over to read it, my work here is done. For today. more »

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The world's super-duper rich, in the new Forbes magazine count, total just over 1,000 — and hold more wealth than half of humanity.

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