Wednesday is the day that JPMorgan Chase CEO Jamie Dimon testifies before the Senate Banking Committee. He was called before the Committee (I believe the term is "invited") after it was disclosed that his bank lost billions of dollars in reckless and unregulated trades - trades which, as Dimon himself acknowledged, may have included criminal activity. more »
Suddenly the headlines are filled with talk of an impending "fiscal cliff," a series of tax and budget changes which the news pages say is an impending catastrophe and which the editorial pages are urging Washington lawmakers to prevent. more »
It sounds like hype to say it, but underwater homeowners can change the course of history. It's not me saying that - it's the numbers. People who owe more than their homes are worth have the power to become the a powerful new political and economic force.
They've got the numbers, they've got the votes, and - if they can get organized - they've got the economic clout. And we can prove it. more »
The new CBO report is out, and it's a huge disappointment. Their report misrepresents both our nation's economic situation and the range of policy solutions available to the Federal government. more »
On a recent Meet the Press face-off between Democrats and Republicans, a politician claimed we urgently need to cut government spending. He embraced a plan to slash vital government programs and gut retirement security, while actually cutting taxes for the rich. The only tax hikes in his plan were targeted toward the already-devastated middle class. more »
There's a lot we don't know about the deal between Sen. Mike Lee, Tea Party Republican of Utah, and America's largest bank. But we already know something's very, very wrong: more »
Three of Wall Street biggest and best-known financial institutions handled the Facebook IPO, so why were people immediately suspicious when the stock soared and then promptly tanked? Easy answer: Because three of Wall Street biggest and best-known financial institutions handled the Facebook IPO. more »
When Jamie Dimon revealed that JPMorgan Chase had lost billions through risky and legally questionable trading, he said the losses would be about $2 billion and maybe more. Apparently it is more - a lot more. People in a position to know are saying the real figure is probably in the $5-7 billion range. more »
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