News & Comment
Blogs and Opinion
How to Fix the Fed: Dismiss Dimon, Boot the Bankers, and Can the Corporations by Richard (RJ) Eskow, OurFuture.org | May 25, 2012
More and more people are calling for Jamie Dimon, CEO of JPMorgan Chase, to resign from the Board of the New York Federal Reserve. His latest scandal, combined with Dimon's hypocrisy and relentless self-promotion, make him an obvious target. But Dimon isn't alone. Bankers dominate the Fed at the regional and national levels, and most of the other outside seats are held by executives from large corporations. (Remember Herman Cain?) read more »How to Fix the Fed: Dismiss Dimon, Boot the Bankers, and Can the Corporations by Richard (RJ) Eskow, OurFuture.org | May 25, 2012
More and more people are calling for Jamie Dimon, CEO of JPMorgan Chase, to resign from the Board of the New York Federal Reserve. His latest scandal, combined with Dimon's hypocrisy and relentless self-promotion, make him an obvious target. But Dimon isn't alone. Bankers dominate the Fed at the regional and national levels, and most of the other outside seats are held by executives from large corporations. (Remember Herman Cain?) read more »Do the Bain Hustle by Robert Scheer, truthdig.com | May 24, 2012
Take the case of Newark Mayor Cory Booker, whose comments about being nauseated by Obama’s Bain Capital remarks were quickly exploited in Republican ads. What is truly nauseating is that Booker did not reveal that his own rise to power was floated by contributions from Bain and other leading financial hustlers. Indeed, what is surprising is not that Democrats like Booker are on the take from the hedge funds, as Obama himself has been, but rather that the president has dared to criticize those who have been so supportive of his campaigns. read more »Obama has to Explain Why Fairness is Essential to Growth (and Why Some Democrats Have to Stop Believing Otherwise) by Robert B. Reich, robertreich.org | May 24, 2012
Fairness isn’t inconsistent with growth; it’s essential to it. The only way the economy can grow and create more jobs is if prosperity is more widely shared. The key reason why the recovery is so anemic is so much income and wealth are now concentrated at the top is America’s the vast middle class no longer has the purchasing power necessary to boost the economy. Wall Street is part of the problem because it’s responsible for so much of the concentration of income and wealth at the very top – and for much of the distress still felt in the rest of the economy after the Street nearly melted down in 2008. Translated into presidential politics, all this means the President should be talking about fairness and growth and jobs, and explaining why we can’t have the latter without the former. read more »The Case Against Tax Breaks for Private Equity by Jeff Madrick, OurFuture.org | May 23, 2012
I wanted to wait a few days before commenting on Newark Mayor Cory Booker’s spontaneous criticism of Barack Obama for picking on Mitt Romney's experience at Bain Capital. Booker doesn’t know much of anything about private equity, but many financial services donors have his ear. read more »10 Reasons To be Suspicious About Wall Street's Facebook Fiasco by Richard (RJ) Eskow, OurFuture.org | May 22, 2012
Must Read: An Economy for AllThree 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? read more »Bain's Not Just Fair Game, It's the Only Game by Michael B. Keegan, Huffington Post | May 22, 2012
Obama supporters are seething and the RNC is dancing with delight in the aftermath of Newark Mayor Cory Booker's nonsensical comparison of ads exposing Mitt Romney's real record on job creation with racially tinged attacks on Barack Obama's former pastor. The RNC thinks that it caught the Dems with their pants down, inadvertently admitting that Romney's work at Bain Capital should be off limits. But the indisputable fact is that Romney's experience at Bain is completely fair game -- Romney himself made that choice when he decided to present it as his chief qualification for the presidency. In fact, it's beyond fair game: if this election is truly about jobs and the economy, then Bain is one of the only games in town. read more »The Occupy Movement and the Politics of Educated Hope by Henry A. Giroux, truthdig.com | May 22, 2012
American society has lost its claim on democracy. One indication of such a loss is that the crises produced on a daily basis by crony capitalism operate within a discourse of denial. Rather than address the ever proliferating crises produced by market fundamentalism as an opportunity to understand how the United States has arrived at such a point in order to change direction, the dominating classes now use such crises as an excuse for normalizing a growing punishing and warfare state, while consolidating the power of finance capital and the mega-rich. Uncritically situated in an appeal to common sense, the merging of corporate and political power is now constructed on a discourse of refusal—a denial of historical conditions, existing inequalities and massive human suffering—used to bury alive the conditions of its own making. read more »The Bain of our Existence by Mike Lux, Huffington Post | May 22, 2012
I love this Bain debate. It is exactly the kind of debate about the nature of business and job creation we need to be having in this campaign. The Republicans, along with pro-Wall Street Democrats, are squealing like stuck pigs about the Obama campaign "attacking free enterprise" because they want to change the subject fast. They are saying to themselves: please, let's talk about anything else. Deficits would be their first choice, but anything would be preferable. Maybe we'll see them start talking about contraceptives and how people shouldn't have sex again just to change the subject. Because this debate goes straight to the heart of what kind of economy we should be trying to build in this country. read more »Why Obama Should Be Attacking Casino Capitalism — Both Romney’s Bain and JPMorgan by Robert B. Reich, robertreich.org | May 22, 2012
I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase. That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business. It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy. It’s the substitution of casino capitalism for real capitalism, the dominance of the betting parlor over the real business of America, financial innovation rather than product innovation. It’s been terrible for the American economy and for our democracy. It’s also why Obama has to come out swinging about JPMorgan. read more »
The Latest
Needy States Use Housing Aid Cash to Plug Budgets, The New York Times | May 16, 2012
Summary:Just a few months after completing an historic settlement with the Big Banks for foreclosure abuses, states are already raiding the settlement money to close budget gaps.
Just a few months after completing an historic settlement with the Big Banks for foreclosure abuses, states are already raiding the settlement money to close budget gaps.
Vermont Legislature Passes Resolution Challenging Citizens United, commondreams.org | April 21, 2012
Summary:From 'Pipe Dream' to 'Mainstream' citizens fight back against corporate personhood
Vermont joined Hawaii and New Mexico on Thursday to become the third state to have its legislature pass a resolution calling on the US Congress to pass an amendment to the Constitution that would reverse the Supreme Court's 2010 'Citizens Unit
From 'Pipe Dream' to 'Mainstream' citizens fight back against corporate personhood more »
Goldman Sachs: Lloyd Blankfein 'disappointed' by claims of 'toxic' greed, telegraph.co.uk | March 14, 2012
Summary:Lloyd Blankfein, the chief executive of Goldman Sachs, has defended the firm after an employee attacked a "toxic" and "destructive" culture at the leading investment bank that is increasingly focused on making money from clients, in an article in the New York Times.
Lloyd Blankfein, the chief executive of Goldman Sachs, has defended the firm after an employee attacked a "toxic" and "destructive" culture at the leading investment bank that is increasingly focused on making money from clients, in an article in the New York Times.
Legal Fees Mount at Fannie and Freddie, The New York Times | February 22, 2012
Summary:Taxpayers have advanced almost $50 million in legal payments to defend former executives of Fannie Mae and Freddie Mac in the three years since the government rescued the giant mortgage companies, a regulatory analysis has found.
Memo
To: DOJ Funky fascist America Dept
Subject: AccountabilityHow come they can do this?
Taxpayers have advanced almost $50 million in legal payments to defend former executives of Fannie Mae and Freddie Mac in the three years since the government rescued the giant mortgage companies, a regulatory analysis has found.
Memo
To: DOJ Funky fascist America Dept
Subject: Accountability more »Apple investigates 'sweat shop' factories following suicide threat, telegraph.co.uk | February 13, 2012
Summary:The technology giant, which has faced criticism over working conditions at some of its suppliers’ plants in China, said today that it had asked the Fair Labor Association (FLA) to conduct “special voluntary audits” of several facilities, including factories owned by Foxconn, the world’s largest electronics manufacturer, in Shenzen and Chengdu.
The technology giant, which has faced criticism over working conditions at some of its suppliers’ plants in China, said today that it had asked the Fair Labor Association (FLA) to conduct “special voluntary audits” of several facilities, including factories owned b more »On the Trail of Mortgage Fraud, The New York Times | January 17, 2012
Summary:When is a crime not a crime?
When criminality subverts the system, challenges the system, becomes the system. From the Kleptocrats' point of view it is the systematic breakdown of each and every law which gets in their way; preventing the ascent to power of their enhanced moral values.
The Kleptocrats are really America's third political party.
When is a crime not a crime?
When criminality subverts the system, challenges the system, becomes the system. From the Kleptocrats' point of view it is the systematic breakdown of each and every law which gets in their way; preventing the ascent to power of their enhanced moral values.
The Kleptocrats are really America's third political party.
Help Stop SOPA/PIPA Breaking The Internet, wordpress.org | January 14, 2012
Summary:You are an agent of change. Has anyone ever told you that? Well, I just did, and I meant it.
Normally we stay away from from politics here at the official WordPress project — having users from all over the globe that span the political spectrum is evidence that we are doing our job and democratizing publishing, and we don’t want to alienate any o
You are an agent of change. Has anyone ever told you that? Well, I just did, and I meant it.Occupy Protest: Vacant Homes Take Over To Protect Dispossessed Americans, alternet.org | December 8, 2011
Summary:In a supposedly capitalist society with the notion of efficient distribution of goods and services through hard work and free market forces there is something exquisitely poetic in wasted US human capital occupying wasted material capital to acheive those objectives
Human and material capital wasted ironically and cynically by corporatism
Source URL:In a supposedly capitalist society with the notion of efficient distribution of goods and services through hard work and free market forces there is something exquisitely poetic in wasted US human capital occupying wasted US material capital to achieve those more »
Massive Fraud: Watchdog critical of SEC hedge fund probe, Marketwatch | December 1, 2011
Summary:OK America, your legal system has been trashed. Your constitution has been trashed. Whats next?
"WASHINGTON (MarketWatch) — The Securities and Exchange Commission’s watchdog released a report Wednesday examining an anonymous tip explaining that agency staffers discovered a “massive fraud” by a hedge fund manager and never pursued it. "
OK America, your legal system has been trashed. Your constitution has been trashed. Whats next?
"WASHINGTON (MarketWatch) — The Securities and Exchange Commission’s watchdog released a report Wednesday examining an anonymous tip explaining that agency staffers discovered a “massive fraud” by a hedge fund manager and never pursued it. "
Occupy Wall Street: you can't evict an idea whose time has come, The Guardian | November 15, 2011
Summary:At 2.43am, the New York Observer reported that photographers with credentials were barred from Liberty Square. Seconds later the director of editorial operations at Gawker reported that a CBS news chopper were ordered out of the sky by the NYPD. New York Times journalist Jarid Malsin went to jail in zipties.
Now is the time.... Right Now....
At 2.43am, the New York Observer reported that photographers with credentials were barred from Liberty Square. Seconds later the director of editorial operations at Gawker reported that a CBS news chopper were ordered out of the sky by the NYPD. New York Times journalist Jarid Malsin went to jail in zipties.
