motherjones.com — The last thing Democrats want is for Congress' long-promised Wall Street crackdown to become a rerun of health care reform—the House passes a bill, only to see grueling negotiations grind to a halt in the Senate. But as Senate Banking Committee Chairman Christopher Dodd, D-Conn., prepares to release his proposal for financial reform this week, House lawmakers who have worked on the issue are worried that the talks will once again paralyze the Senate, producing only flimsy restrictions and no agency to protect consumers.
The President is setting up a "Deficit Commission." Many, especially on Wall Street, are demanding that Social Security -- the retirement program that people paid into all of their working lives -- be cut. They want it cut rather than start paying back what was borrowed from the trust fund and used to pay for tax cuts for the rich -- also especially on Wall Street. more »
Since the nation's capital is enamored of bipartisanship in all its forms, it's surprising that today's letter from five former Treasury Secretaries - both Democratic and Republican - isn't front page news. The secretaries strongly endorsed the so-called "Volcker rule" in a letter to the Wall Street Journal. more »
inthesetimes.com — It’s time to fleece the working poor again. That’s what happens to numbers of working poor who eagerly look forward this time of the year to getting money back from Washington because they earned so little the year before, and as preparers, payday loan businesses, check-cashing operations, banks and others take advantage of the Earned Income Tax Credit.
The president, speaking in an interview, said in response to a question that while $17 million is "an extraordinary amount of money" for Main Street, "there are some baseball players who are making more than that and don't get to the World Series either, so I'm shocked by that as well."
"I know both those guys; they are very savvy businessmen," Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. "I, like most of the American people, don't begrudge people success or wealth. That is part of the free- market system."
Obama sought to combat perceptions that his administration is anti-business and trumpeted the influence corporate leaders have had on his economic policies. He plans to reiterate that message when he speaks to the Business Roundtable, which represents the heads of many of the biggest U.S. companies, on Feb. 24 in Washington.
money.cnn.com — After shedding more than 30,000 workers over the past two-and-a-half years, is the job market on Wall Street finally turning a corner? It might be the case. Earlier this month, speculation surfaced that Bank of America was looking to boost its network of retail brokers that once made up Merrill Lynch's "thundering herd" following a number of employee defections to rivals. And Morgan Stanley, which has been bulking up its securities business in recent months, is expected to add several hundred more traders to the division over the next few years. Spokespeople for both companies would not confirm the reports, but experts who track employment trends on Wall Street suggest that banks and securities firms are indeed feeling comfortable enough these days to at least start contemplating the idea of adding workers.