It's really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let's not review their gross profits and bonuses or their many failed PR schemes to gloss over unseemly profits (a practice we have dubbed "greedwashing"). Let's simply recap this week's news.
Never underestimate Sarah Palin. She did a better job articulating anti-banker sentiment at last week's Tea Party Convention than Obama's done. Its followers don't realize it, but the Tea Party movement is really a Trojan Horse filled with bankers and lobbyists. It's a brilliantly designed mechanism for channeling anti-bank rage to the banks' own benefit, with Palin et al. in the forefront.
The U.S. Chamber of Commerce is spending millions of dollars in an over-the-top campaign to turn small business owners against strong financial reforms in general and the creation of a consumer financial protection agency in particular, But one poll indicates that the entrepreneurs the campaign is targeting aren't buying it. A woman running a Richmond, Va., business explains why.
Small business owners, by a more than two-to-one margin, support the kind of financial reforms being sought by the Obama administration and back the creation of a consumer financial protection agency, according to a poll conducted by the Main Street Alliance, which represents entrepreneurs in 16 states. more »
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Our financial system failed to perform the key roles that it is supposed to perform for our society: managing risk and allocating capital. A good financial system performs these functions at low transaction costs. more »
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The Wall Street Journal reports that Sen. Christopher Dodd, chair of the Senate Banking Committee, is thinking of abandoning the Consumer Financial Protection Agency, the centerpiece of President Obama's financial reforms designed to create an independent watchdog to protect consumers from getting gouged by the bankers. more »
Every once in a long while a commission can change America. The 1954 Army-McCarthy hearings destroyed Senator Joe McCarthy by revealing his out-right viciousness and insincerity through the new media of television. The Watergate hearings helped to bring down a president. more »
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