A Little Light in the Dark Corridors of Power

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.
Jeff Faux
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The JPMorgan Settlement Is A Scam!

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.

Heretics in the Temples of Market Fundamentalism

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.
Robert Borosage
  • 29

Warren: “Pick Up The Slingshot” Against Too Big To Fail

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.
Warren: “Pick Up The Slingshot” Against Too Big To Fail
Richard Long
  • 18

Confirm Mel Watt Now

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.
Richard Eskow
  • 23

The Financial Crisis and the Second Great Depression Myth

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 Financial Crisis and the Second Great Depression Myth
Dean Baker
  • 14

So Sick Of These Jackass Plutocrats …

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.
Digby
  • 0

Summers’ Time: The Record That Should Keep Him Off The Fed

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.
Summers’ Time: The Record That Should Keep Him Off The Fed
Robert Borosage
  • 86

We’re Still Hostages to the Big Banks

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.
Richard Eskow
  • 15

Meditations on The Village

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.
Digby
  • 12

N.Y. Times Claims Summers Was Closet Regulation Supporter

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.
N.Y. Times Claims Summers Was Closet Regulation Supporter
Dean Baker
  • 8

Bankers: The Real House Thieves of New Jersey

Write a cookbook, go to jail? David Dayen points out the absurdity and hypocrisy behind the Obama/Holder Justice Department’s decision to indict two stars of “The Real Housewives of New […]
Richard Eskow
  • 0

Banknado

It’s a real-life disaster movie, one that’s left neighborhoods in ruins all across the country, killed thousands of people, and ruined millions of lives. You might call it a “Banknado.” Yes, we know the “Sharknado” craze ended about ten days […]
Richard Eskow
  • 1

A Surprise Ending for Larry Summers and the Fed?

Whoever said, “What you don’t know can’t hurt you” doesn’t know much about economics. That goes double for the nomination of Lawrence Summers to head the Federal Reserve. For all […]
Richard Eskow
  • 0

Not Sexist Summers, Please

Larry Summers for the Fed? Seriously? There are better choices for Federal Reserve chair; in particular, Janet Yellen is more than qualified and would do a great job. Ezra Klein […]

A Federal Bailout For Detroit’s Pensions?

Here’s an economic free-association test. Read the following sentence: The federal government should bail out Detroit city worker’s pensions so that retirees can be paid in full. Some people will […]
Richard Eskow
  • 0

Calling on Congress to Advance Home Opportunity

In tough times, there’s some good news on the housing front. In slow but meaningful steps around the country, decisionmakers are adopting key elements of the Compact for Home Opportunity, […]
Alan Jenkins
  • 0

Conservative Obstruction Crippling Two Key Watchdogs

Though the Consumer Financial Protection Bureau opened shop almost three years ago, it has yet to be fully functional because of the financial industry lobby and its allies in Congress. […]
Derek Pugh
  • 0

The Looting of Detroit

Nearly 100 years ago two young Detroit girls visited a now-vanished island park that had a dance pavilion, amusement rides, and swimming, and wrote that they were “having fun” on […]
Richard Eskow
  • 0

Succor the Banks; Gouge the Kids

The U.S. Congress votes readily to subsidize the big banks to our peril. The Congress lavishes subsidies to Big Oil to our shame. Congress allows Big Pharma to help health […]
Robert Borosage
  • 0

Sen. Merkley Blasts Too Big to Jail Policy on Big Banks

Senator Jeff Merkley, one of the handful of independent stalwarts on bank reform, today blasted the Attorney General for the Justice Department’s apparent policy of giving big bankers a “get […]
Robert Borosage
  • 0

The Grand Betrayal

The following was originally published in The Nation. With the election behind us, President Obama and the lame-duck Congress return to Washington to face a fiscal showdown, occasioned by automatic […]
Robert Borosage
  • 0

A Nation In Progress

In the words of the old spiritual, “My Lord, what a morning!” Barack Obama’s 2008 campaign was defined by an iconic poster bearing the single word: “Change.” Obama’s victory in […]
Terrance Heath
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