For a lot of people, government is seen as a simple tool to take their money and give it to people who don't "deserve" it. That's how these ideas are sold to the people --- by appealing to their baser natures.
Four and a half years after the "recovery" began, economic pain remains widespread. Yet the Washington/Wall Street tell Americans, "Have patience." Now, Larry Summers suggests a core economic assumption of the American elite might be dead wrong.
On Tuesday, the Justice Department announced that JPMorgan has agreed to a $13 billion dollar settlement over the fraudulent sale of mortgage backed securities. But, that settlement is a fraud in and of itself.
Beneath the Tea Party-generated gridlock in Washington, continued mass unemployment and growing inequality are confounding the old economic consensus. Heresies sounded in the temples of the old faith suggest the debate on reform has only begun.
Sen. Elizabeth Warren says progressive Davids can win against the banking Goliaths and rebuild the wall between retail banking activities and the kind of high-risk financial bets that contributed to the 2008 financial crisis.
The Senate’s role in presidential nominations is “advise and consent,” not “obstruct and prevent.” But even so-called “moderate” Republicans like Susan Collins won't block a filibuster of Mel Watt to lead the Federal Housing Finance Agency.
All knowledgeable D.C. types know that the TARP and Fed bailout of Wall Street banks five years ago saved us from a second Great Depression. Like most things known by knowledgeable Washington types, this is not true.
The appointment of the next Federal Reserve chair is no longer just a policy question. It has become a test of the Obama administration’s ability to act pragmatically by abandoning a costly and potentially doomed nomination.
Not that this is exactly news, but Michael Bloomberg is a jerk. A very wealthy jerk. I guess Bloomberg and his ilk really do feel that they deserve to have every last penny on this earth. Because they're productive.
It takes a special magic to bring together people as diverse as progressive Democrats, Californians, conservative Republicans, feminists, a number of prominent economists, and a large chunk of the investment community.
The “boys club” that dominates Obama administration economic policy is all in for Larry Summers. The divide between Summers' critics and the insiders dramatizes the looking-glass world that is today’s Washington.
Anat Admati makes a compelling case for effective financial reform in a recent New York Times op-ed entitled “We’re All Still Hostages to the Big Banks." Admati rightfully notes that we are still unsafe.
This excerpt comes from a piece by Michael Winship on how much Washington has changed since the Nixon years. The social and cultural changes are quite striking. But this says it all.
This won't come as a surprise to many of you, unless you are a bankster or a billionaire, you're not being represented in the United States Senate. Senators in the last five Congresses have consistently voted to benefit their wealthy constituents.
The supporters of Larry Summers drive to be Fed chair are desperately trying to rewrite history so that this world class champion of financial deregulation was actually a prescient supporter of tighter regulation all along.
The chattering classes are fascinated by the Republicans’ internecine battle to redefine the party in the wake of the George W. Bush calamity and the Mitt Romney defeat.