alternet.org — Markets are volatile and trending down while banks are still not lending despite frequent projections of massive unemployment and stagflation.
nytimes.com — When they’re using taxpayer-provided capital, as they are now, Congress and the public have every right to require that the money be used to benefit the public directly, even if doing so crimps the banks’ profits. An even bigger problem is that the bailout was sold as a way to spur loans. If that never was — or no longer is — the primary aim, Congress and the public need to know that.
The recent $70 billion financial bailout was forced onto a skeptical, unwilling American public who dialed in to Congressional offices protesting the plan. The inital NO vote by Congress echoed the feeling by enraged citizens that Wall Street should twist in the wind, choked by it's own greed and irresponsible, unsustainable practices. more »
The New York Times reported Tuesday that the Treasury Department is considering using part of a $250 billion fund associated with the Wall Street bailout effort to help facillitate bank mergers. Is this a good idea? more »
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Federal Reserve Chairman Ben Bernanke's statement before the House Budget Committee that it was "appropriate" for Congress to consider an economic stimulus package when it returns after the elections is welcome in some respects, but far more dangerous in others. more »
We're still getting a bad deal in the Wall Street bailout even after Treasury Secretary Henry Paulson changed course and decided to use some of the $700 billion approved by Congress to invest directly in banks rather than use it to buy toxic financial assets, according to Robert Johnson, former chief economist for the Senate Banking Committee and Wall Street fund manager. more »
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How about a little "straight talk" in the last presidential debate? The conventional wisdom about cutting domestic spending and balancing the budget is wrong for today's economic crisis. Let's focus instead on what must happen: a large, bold plan to rebuild America, put people to work, and get the economy going.
jewishjournal.com — In a speech at Georgetown University earlier this month, former Federal Reserve chairman Alan Greenspan attributed the current financial meltdown to "lack of trust in the validity of accounting records of banks and other financial institutions" in the past year. Trust! Who knew? This is the same Greenspan who for years fought tooth and nail against federal efforts to monitor the trustworthiness of big banks.
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