News & Comment
Blogs and Opinion
You May Not Like It, But It's Not Socialism by David Lightman and William Douglas, mcclatchydc.com | October 22, 2008Favoring higher tax rates for the wealthy than for the less fortunate isn't socialism, and if it is, then the U.S. has been a socialist country for nearly a century, under both Democrats and Republicans. read more »
- There is more to this so called 'credit crunch' than can be observed this close to it, the financial sector is apparently in turmoil. However what is happening is unlikely to have been a mistake, the financial sector is controlled by some very heavyweight professionals who do not make mistakes. read more »
- Focused on the election? Might be a good idea to watch your pockets at the same time. Here's a glance at what's happening to the Wall Street bailout. read more »
Maybe the Rich Are the Problem by Linda McQuaig , thestar.com | October 21, 2008For decades, conservatives have disparaged the notion of "spreading the wealth," relegating such economic populism to the margins of public debate. The vast pools of wealth at the top have been off-limits as a political issue. But a seismic shift could be underway. With the financial crisis exposing Wall Street's greedy and reckless behaviour, the public may be becoming less deferential to the super-rich. So far, the focus has been mostly on the misbehavior of "fat cats," and the need for tighter market regulations. But a more profound question lurks beneath the surface: Is extreme inequality itself part of the problem? read more »
Nonexistent Patio Man Decries David Brooks' Nonexistent Arguments by Bill Scher, OurFuture.org | October 21, 2008Patio Man, Deck Guy, Porch Dude and Stoop Buddy are all surprised that they still waste five minutes of their day reading David Brooks. read more »
Morgan Stanley's Bonuses Get Saved By You and Me by Jonathan Weil, bloomberg.com | October 21, 2008You can imagine the devilish grins on the faces of Morgan Stanley employees last week, after the Treasury Department said it would pump $10 billion into the bank. Not only did we — the taxpayers — save their company. More importantly, we funded their 2008 bonus pool. read more »
Spreading the Wealth by Bernard Avishai , tpmcafe.talkingpointsmemo.com | October 21, 2008The problem, you see, is not simply that Joe the Plumber does not want to pay taxes, and McCain says he's right. The problem is that Joe the Plumber doesn't want to reconcile two contradictory goods in his mind at the same time (the good of having a few hundred more dollars, the good of having paying customers, roads, etc.) and the media on his lawn says he's a "demographic." read more »
Biggest Heist in History by Alan Schram, Huffington Post | October 21, 2008With no bloodshed, with not one shot fired, America just completed the biggest heist in history. read more »
How the Banksters are Making a Killing Off the Bailout by Pam Martens, counterpunch.org | October 21, 2008What most Americans do not understand, because mainstream media rarely explains it, is the incestuous relationship between the U.S. Treasury and this small band of financial marauders who busted the entire financial system with insane levels of leveraged derivative bets. read more »
Incoherence by Joe Klein, time-blog.com | October 21, 2008The truly remarkable thing about McCain's attacks, especially on Obama's economic policies, is that McCain, in each case, is "guilty" of supporting some version of the policies he's attacking. read more »
China's Widening Trade Surplus Adds to Yuan Pressure, bloomberg.com | August 10, 2010
China’s Trade Surplus Climbs to $28.7 Billion, The New York Times | August 10, 2010
Fed Leaders Meet as U.S. Economic Recovery Loses Steam, The Washington Post | August 10, 2010
As Federal Reserve policymakers meet Tuesday, they will face the challenge of a faltering economic recovery without a clear consensus on what, if anything the central bank should do about it.
Fed leaders still think that the recovery is on track, though the pace of growth has slowed and the risks of a dip back into recession have risen since their last policymaking meeting in late June.
Fed Will Meet With Concerns on Deflation Rising, The New York Times | August 10, 2010
States Test Whether Public Pension Benefits Given Can Be Taken Away, stateline.org | August 10, 2010
Lawmakers in Colorado, Minnesota and South Dakota voted earlier this year to limit cost-of-living increases they previously had promised to thousands of current and future retirees, who courts historically have protected from benefit reductions. Not surprisingly, retirees in each state have filed lawsuits asking judges to restore their annual benefit increases to what they were previously.
Gov. Daniels Criticizes State Aid Package He Pushed Back In February , Huffington Post | August 10, 2010
Indiana Gov. Mitch Daniels (R-Ind.) joined a chorus of Republicans on Sunday when he argued that the Medicaid and teacher funding set to pass in Congress this week is excessive and does not stimulate the economy. more »
U.S. House Set to Pass State Aid as Lawmakers Return From Break, bloomberg.com | August 10, 2010
House Expected to Approve $26 Billion in Aid to States, mcclatchydc.com | August 10, 2010
The House of Representatives plans Tuesday to approve funding that would save an estimated 161,000 teachers' jobs nationwide and pump billions of dollars into depleted state treasuries to help pay health benefits for the poor. The Senate approved the measure last week, so House approval would clear the measure for President Barack Obama to sign into law.
AIG Faces Fed Scrutiny as Buffett's Bets Spared by Dodd Law, bloomberg.com | August 9, 2010
American International Group Inc. said controls on Wall Street signed into law by President Barack Obama may force the insurer to raise capital, undergo stress tests and limit bets on private equity and hedge funds. more »
Crash of 2015 Won't Wait for Regulators to Rein in Wall Street, bloomberg.com | August 9, 2010