Wall Street


Dave Johnson's picture

The Bonuses and the Damage They Do

By Dave Johnson
August 26, 2009

This is a story we are all too familiar with: Wall Street vs. Main Street. Irresponsible behavior leads to bonuses for Wall Street while working hard and playing by the rules leads to unemployment and foreclosure for Main Street. more »

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Mike Elk's picture

Pecora: A Look Back That Moved Us Forward

By Mike Elk
April 22, 2009

Ferdinand Pecora, the son of a Sicilian shoemaker, made his mark on history by uncovering the wrongdoing that led to the 1929 market collapse and set a pattern for how looking back can move us beyond today's financial crisis.

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Robert Borosage's picture

Chris Dodd: Scourge or Casualty of Wall Street?

By Robert Borosage
April 8, 2009

Democratic Senator Chris Dodd is in deep trouble. According to Stuart Rothenberg, Dodd is the most vulnerable Senator up for re-election in 2010. Dodd's reputation has been sullied in the financial collapse. Chair of the Senate Banking Committee, he received special treatment from lender Countrywide Financial. As Chair, Dodd also was thrown under the bus by Treasury officials in the AIG bonus brouhaha. So, why not turn the lemons into lemonade?

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David Sirota's picture

Back In the USSR - Where Amerika Has Always Been

By David Sirota
September 26, 2008

A number of commentators and politicians have noted that the proposed financial bailout is, in effect, a socialization of Wall Street. They claim that such socialism is new in the good ol' commie-hatin' U.S. of A. But as my weekly syndicated newspaper column today shows, it's far from new. more »

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William Neil's picture

"This Nation Asks for Action, and Action Now."

By William Neil
September 20, 2008

Author's Note: (Sat. Sept. 20th) more »

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Deregulation Culminates in Crisis

From mcclatchydc.com
September 16th, 2008

mcclatchydc.com — One Wall Street bank, Lehman Brothers, filed for bankruptcy protection and another, Merrill Lynch sold itself to Bank of America for $50 billion. Earlier this year, the government helped enable the sale of Bear Stearns to J.P. Morgan Chase, and more recently took over Fannie Mae and Freddie Mac. Such troubles were supposed to have been prevented, or at least mitigated, by regulatory systems put in place after the banking system collapsed at the start of the Great Depression. But by the 1970s, a stumbling U.S. economy led to a change in America's political-economic values. Ronald Reagan led a movement that came to power in 1980 proclaiming faith in free markets and mistrust of government. That conservative philosophy has dominated America for the past 28 years.

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Future Uncertain For AIG, Goldman Sachs

From marketwatch.com
September 16th, 2008

marketwatch.com — U.S. stock futures dropped as the crisis at American International Group deepened and Goldman Sachs reported a 70 percent drop in profit, with the market on alert for a possible interest-rate cut. The crisis at American International Group deepened as the insurer was hit with downgrades by four rating companies, giving the New York insurance giant precious little time to sell assets and receive loans to preserve its existence. Goldman Sachs said its fiscal third-quarter profit slipped 70 percent from a year ago as results at several units plummeted during ongoing market turmoil.

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Michael Kwiatkowski's picture

No solutions to the economic crisis in the presidential race.

By Michael Kwiatkowski
March 24, 2008

In a recent EENR entry I posted about Paul Krugman's blog entry regarding the real reason regulators have failed to reign in the excesses of Wall Street. Essentially, the failure was deliberate -- an effort to systematically remove any and all regulation. more »

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David Sirota's picture

New Housing Crisis, Old Isms

By David Sirota
March 21, 2008

For many folks, "The Fed" (the Federal Reserve Bank) induces drowsiness. But while The Fed's instruments may be esoteric, its power is enormous — and it is using that power to cut Wall Street a huge check in what is a public embrace of four isms that have taken over our government: Disaster Capitalism, Big Boy Bailout-ism, Feed the Beast-ism, and Trickle Down-ism.

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