The Myth that Sold the Financial Bailout

Six years ago, Wall Street's giants were falling like dominoes. Henry Paulson and Tim Geithner told Congress that failing to bail them out would lead to a second Great Depression. It was nonsense then. It's even greater nonsense now.
Dean Baker

Regulators: Mega-Banks Still a Giant Threat

We hear a lot of big talk about how Dodd-Frank has made the financial system safer. It's supposed to protect us from another financial crisis like the one in 2008. But does anybody really believe it? The bank regulators sure don’t.
Lynne Stuart Parramore

How Big Is a $16 Billion Bank Fraud Settlement, Really?

The numbers that accompany these deal announcements always seem impressive. Compared to the wealth that bank fraud has taken from American households, these settlements are a drop in the ocean.
Richard Eskow

The President Sounds a Wall Street Warning. And Then … ?

It was good to hear President Obama say that reining in Wall Street’s high-risk behavior is an “unfinished piece of business.” It would be even better if this observation were quickly followed by action.
Richard Eskow

The Pillow Book of Tim Geithner

"The Pillow Book of Sei Shōnagon" is considered an invaluable record of a pampered and long-vanished Japanese imperial court. Someday we may look at former Treasury Secretary Tim Geithner's memoir "Stress Test" the same way.
Richard Eskow

Did Washington Rescue the Wrong Economy?

Two economists make a convincing case that the 2009 recession wouldn't have been any more harmful than previous ones if financial decision-makers had rescued homeowners, rather than only concentrating on bankers.
Richard Eskow

Ted Kaufman is Angry About Wall Street Injustice. Are You?

Former Sen. Ted Kaufman, one of the great heroes in the fight for financial reform, doesn’t pull any punches in reacting to a report highlighting a lack of zeal in prosecuting Wall Street foreclosure fraud.
Richard Eskow

How To Neutralize The Wall Street Zombies

A star on the hit "The Walking Dead" and four other film stars collaborate with director David Yates on a short film that takes viewers into a future in which a financial transaction tax is a reality.
Derek Pugh

Post Office Banking Could Be the Start of Something Big

With one in four American households underserved by the current banking system, and with the U.S. Post Office in search of more revenue, why not use the postal system to offer banking services to lower-income households?
Richard Eskow

On Wall Street, Sounds of Silence From the President

How did Tuesday night’s State of the Union speech resonate on Wall Street? Sometimes the old saying is literally true: Silence is golden. Perhaps that’s not surprising. But the nation deserved better.
Richard Eskow

Defining a Daring New Standard for Fair Pay

A new Toronto-based campaign is aiming to change the global conversation on CEOs, workers and labor's real value, certifying enterprises that pay their top execs no more than eight times their lowest-paid workers.

How Wall Street Won the War (And What Happens Next)

Politico reported recently that "Washington went to war against big Wall Street banks" and "Washington won in a blowout." If the banks are losing a war, every conqueror since Genghis Khan would be glad to do the same.
Richard Eskow

Corporations Control Our Lives…

Business should be here to serve American needs, not control us and commercialize everything that we do. We must shift the power back to actual people. Only then can we stop the cycle of putting profit before people.

Elizabeth the Stalwart

... introduces a very useful piece of legislation. Now, employers may very well find ways to use this information anyway. But at least it's a consciousness raising exercise that could affect some corporations. This is good stuff.

Those Stock Buybacks Are Costing Us Jobs

If you haven't been able to get a raise in your low-wage job, or if you've had a hard time getting a job at all, those stock buybacks could be a major reason why.
Isaiah J. Poole

It’s Time To Make Banking Boring Again!

Regulators want to start making banking boring again. Today, five different regulatory agencies are expected to adopt the Volcker Rule, which would redraw a line between regular banking and Wall Street gambling.

Seeking Rents And Magic Misdirection

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.

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

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

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

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

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

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.
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