Economy

The Problem with the Revolving Door - It Brought Us Too-Big-To-Fail

by Tiffiniy Cheng — December 30, 2009 - 12:16pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Tiffiniy Cheng is guest blogging this week. She is the campaign coordinator for "A New Way Forward" and founder of "Open Congress."

    Bailouts and political connections go hand in hand according to a just released academic study. The study, which was conducted by the Ross School of Business at the University of Michigan researchers, shows concretely that lobbying, campaign contributions, and the finance/federal government revolving door has helped the most damaging banks despite the dangers they pose to our economy.

    Brace for a "Jobless Decade"

    by Mary Bottari — December 28, 2009 - 4:48pm
  • Topics: BanksterUSA, Economy, Real Economy Project

    • By any measure, the last decade was a rotten one. It started with a stolen election and the worst terrorist attack in American history. It is ending this week with the United States mired in two wars and deep into a catastrophic recession.

    It’s hard to imagine that the next decade could be worse, but could it?

    As Owners of AIG, the American Public Deserves Some Answers

    by Mary Bottari — December 21, 2009 - 1:16pm
  • Topics: BanksterUSA, Economy

    • More than a year after reckless Wall Street gambling collapsed the economy, no employee of a major American bank or financial institution is behind bars. This fact is all the more astounding when it comes to AIG.

    AIG was at the heart of the financial meltdown. Their "innovative" use of risky credit default swaps (a type of insurance policy on bonds) helped transform boring bond trading into a highly leveraged, high-velocity global business.

    Needed: A Size Cap on Big Banks

    by Mary Bottari — December 15, 2009 - 5:20pm
  • Topics: Corporations, Economy

    • One of the major flaws with the financial reform bill that passed the House last week is that it does nothing to stop behemoth banks from growing even bigger.

    This problem has gone largely unnoticed in the press, but not by the New York Times.

    Bank Reform Passes, Is the Party Over?

    by Mary Bottari — December 15, 2009 - 5:18pm
  • Topics: Economy

    • Today, the House voted on a long-awaited financial reform package. House Speaker Nancy Pelosi announced: "The legislation says very clearly to Wall Street: the party is over." But is it?

    Rewarding Failure

    by Mary Bottari — December 15, 2009 - 4:25pm

    In a stunning report that will give every fired Joe and failed small businessman pause, a new Public Citizen review shows that the CEOs of 10 failed Wall Street firms were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown.

    "Fat cat compensation has nothing to do with good corporate performance," said Public Citizen President Robert Weissman about the report entitled Rewarding Failure.

    Main Source: 
    Public Citizen, Rewarding Failure

    Jobs Creation Bill Takes Center Stage in DC

    by Mary Bottari — December 10, 2009 - 8:46am
  • Topics: Economy

    • There was some good news out of Washington for a change. The President hosted a high-profile summit on jobs and Congress started work on a Wall Street speculation tax to help pay for a new jobs bill.

    Led by Oregon Representative Pete DeFazio and Iowa Senator Tom Harkin, a group of lawmakers introduced a measure sure to drive Wall Street crazy.

    The bill aptly titled “Let Wall Street Pay for the Restoration of Main Street Act” would tax futures contracts, swaps and credit default swaps at a rate of 0.02 percent and stock transactions at 0.25 percent.

    A Cockeyed Optimist Does Not a Good Fed Chairman Make

    by Mary Bottari — December 10, 2009 - 8:21am
  • Topics: Economy

    • Last week, Ben Bernanke, the head of the Federal Reserve, came before the Senate Banking Committee for a confirmation hearing.  Bernanke was nominated by President Bush for a four year term beginning in 2006. President Obama chose to continue with Bernanke and re-nominated him this year for another four year term.

    It's NOT Such a Wonderful Life!

    by Mary Bottari — December 7, 2009 - 1:10pm
  • Topics: Economy

    • "Job Summit” Day was recently held at the White House and none too soon as more th

    Democrats Weaken Financial Reform Package Before Debate Even Begins

    by Mary Bottari — December 7, 2009 - 12:38pm
  • Topics: Corporations, Economy

    • The long-anticipated debate on financial services reform was scheduled to begin on the House floor yesterday.

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