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.
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.
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.
This won't come as a surprise to many of you, unless you are a bankster or a billionaire, you're not being represented in the United States Senate. Senators in the last five Congresses have consistently voted to benefit their wealthy constituents.
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.
The chattering classes are fascinated by the Republicans’ internecine battle to redefine the party in the wake of the George W. Bush calamity and the Mitt Romney defeat.
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 […]
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 […]
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 […]
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 […]
Sheila Bair, the former chair of the Federal Deposit Insurance Corporation and one of the few insider voices of sanity in the midst of the 2008 financial crisis, made the […]
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 […]
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, […]
Senator Elizabeth Warren wants to make banking boring again.
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. […]
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 […]
After 237 years, we’re becoming a colony again. Our nation’s losing the right to self-determination it fought so hard to win, and it’s happening on a scale unseen since the […]
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 […]
High-profile federal prosecutions of America's hedge fund managers only hint at the crime and ethical misbehavior rampant in America's most rewarding high-finance suites.
Congressional Republicans came to Silicon Valley this week to raise money from CEOs and their companies. They were offering a flat-out quid pro quo: give us money and in exchange […]
A JPMorgan Chase employee stepped onstage at a black-tie gala on Wall Street last week to accept a “best crisis management” award given by an investor relations magazine. The bank, […]
On Wednesday the Senate Finance Committee will hear from Jack Lew, the President nominee for Treasury Secretary. If confirmed, Lew will succeed the controversial Tim Geithner. While Lew would not […]
It’s been 13 days since the Campaign for a Fair Settlement challenged President Obama to use the first 100 days of his term to “fix what Wall Street broke.” Though […]
In Part 1 of this series, I wrote that Republicans who were incensed that President Obama had nothing to say to them in his inaugural address should be far more […]
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 […]
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 […]
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 […]
Robert Reich has some excellent advice for Vice President Joe Biden, regarding his debate we VP wannabe Rep. Paul Ryan: Don't debate the earnest, affable Paul Ryan who's likely to show up tonight. Debate the right-wing Randian behind those blue eyes.
In his most recent column, Paul Krugman makes a convincing case that the "real referendum" in this election isn't about President Obama's (real or imagined) economic policies, but about the "the legacy of the New D
Here's a new Zen riddle: What is the sound of money not talking?
This week's Public Policy Polling poll showing Republican Sen. Scott Brown opening up a 5-point lead over Consumer Financial Protection Bureau architect Elizabeth Warren will certainly be a wake-up call to her campaign and her supporters. But will she, and we, draw the right lessons?
If a filibuster happens in the forest and no one is told about it, did it really happen? The GOP is said to be ready to filibuster the bill extending jobless benefits today.
The following is an excerpt of an article published by Grist.
The Romney v.
That Gov. Scott Walker survived the recall in Wisconsin is a tragic setback for the stunning citizen’s movement that challenged his extremist agenda in Wisconsin. Its implications are likely to be exaggerated by the right, and underplayed by progressives. Here are some thoughts on its meaning.
At Citigroup, shareholders had their say on CEO pay -- and they yelled, "No damn way!" Concerted action by shareholders, workers and public interest groups compelled corporate change in several other cases this spring as well. At least three CEOs resigned.
JPMorgan Chase’s $2 billion bad bet has made it crystal clear: The Wall Street banksters are still recklessly gambling with government-guaranteed money. And the too-big-to-fail banks are still too big.