Curbing Wall Street

It's clear Elizabeth Warren is the most qualified person to head the Consumer Financial Protection Bureau. But no one is arguing otherwise. Republicans aren't saying that she isn't qualified or capable. No, the opposition to her comes from the exact opposite position: Republicans oppose Elizabeth Warren because she is too good at her job. And that has them (and the big lenders they represent) running scared.

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Ever since I read the article The Cult Of GDP I have been watching the Japanese experience of static growth and mild deflation with keen interest :-) and I am not the only one. Kris Sayce of Money Morning Australia has been running the rule over inflationary comments recently made by Ben "the money pump" Bernanke at the Federal Reserve at Jackson Hole.

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There's a new undercurrent in Washington debate, an unstated drive to undo the bipartisan consensus that's governed American policy for a century. New pieces by Fareed Zakaria and Clive Crook merely reflect the new unspoken theme that's revealing itself in debates on taxation, Social Security, and a dozen other areas: If the wealthy must sacrifice anything, then the middle-class and poor must sacrifice at least as much. The old belief that greater fortune brings greater responsibility is under attack. The idea that "to those whom must has been given, much is expected" is being overthrown. more »

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Did an interview this morning on Hannah-Beth Jackson's radio show, Progressive Talk Radio in Santa Barbara.  The topic was the current state of financial reform in Washington.    Click on the "download" link and it will start playing. (There's a burst of static a few seconds in - sorry about that!).

Here it is:

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Here's an audio clip of my appearance yesterday with Hannah-Beth Jackson on Santa Barbara progressive radio to discuss the current state of financial reform and what can be done next:

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The Campaign for America's Future (CAF), CREDO, and MoveOn have launched a petition campaign to ensure that the House/Senate deliberations on financial reform be "fully transparent." The good news? more »

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Momentum is building for putting a historic conference between the House and Senate online and on live television, as they debate the future of financial reform. This is the time to contact Senators and Representatives to support this critical step toward open government - and a stronger, fairer, safer economy.

Yesterday we asked conservatives to join with progressives in calling for the House/Senate financial reform conference to be broadcast on live television. We pointed out that this would be consistent with the spirit of the GOP's "Sunlight Resolution," and with a number of conservative calls to avoid "backroom" deals as health reform was being finalized. We also pointed out that a broadcast of this kind would weaken the influence of bank lobbyists, which means we're likely to get better legislation.

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Anyone who's ever seen a Terminator movie knows that civilization ended when a computer system called "Skynet" came alive and tried to terminate the human race by starting a nuclear apocalypse. After last week's "flash crash" on Wall Street, they might have wondered if Skynet wasn't working on a financial apocalypse instead.

We still don't know what happened more than a week later, and a new SEC study will probably raise more questions than it answers. Here's what we do know: Wall Street has become such a high-speed, high-tech gambling house that it can be plunged into chaos without anybody having a clue what's happening or the wherewithal to prevent it. "Real time" - where the effects of ultrafast computer events are perceived at human speed - is never less "real" than it is where Wall Street is concerned.

As a reggae rapper named Big Youth once said, "If you ride like lightning you'll crash like thunder." more »

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It's a wet, rainy day in Washington D.C. Enough to soak anyone who stands outside long enough. But it wasn't enough to put out the fiery anger of hundreds of activists who took to the streets of the capitol today, to deliver a message to Wall Street's K Street lobbyists: Stop standing in the way of financial reform, and start taking responsibility for your failure.

The "Main Street lobbyists," as AFL-CIO Secretary-Treasurer Liz Schuler dubbed them, crowded Franklin Square in numbers greater than the Wall Street lobbyists who are the focus of the new Campaign for America's Future report "Big Bank Takover: How Too-Big-Too-Fail's Army of Lobbyists Has Captured Washington." The report's findings include:

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Harry Reid got it right when he said that the GOP is "making love to Wall Street" - and when politicians and bankers "make love" it's the public that gets screwed. Sen. Shelby's so-called "consumer protection amendment" failed, as expected.(!) But what happens next? Progressives have captured the public mood and are changing the dynamic in Washington. It's time to capitalize on the momentum and press for the best reform possible.

Progressives, take a bow. Then keep on fighting. more »

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