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Cinema by the Bay

Cinema by the Bay

By Sheerly Avni
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Tag: Bailout

When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts.

Posted on Oct 19, 2010 READ MORE



AP / Ermindo Armino

Tea Party Socialism

Tea party candidates say big government is tyranny, but they don’t object when the tyranny flows their way in the form of taxpayer funded farm subsidies.

Posted on Oct 5, 2010 READ MORE



Flickr / Clyde Robinson (CC-BY)

AIG’s IOU Coming Due With Strings Attached

AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government’s preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.

Posted on Sep 30, 2010 READ MORE


Lies of the Tea Party

The disaffection and demoralization of Democrats have created a dangerous political vacuum that is being filled with misleading data, urban legends and outright lies.

Posted on Sep 29, 2010 READ MORE



‘The Great American Stickup’: How Wall Street Occupied Washington

The big cop-out in much of what has been written about the banking meltdown has been the argument by those most complicit that there was “enough blame to go around” and that no institution or individual should be singled out for accountability. “How could we have known?” is the refrain of those who continue to pose as all-knowing experts.

Posted on Sep 14, 2010 READ MORE



AP / Elise Amendola

Do Not Pity the Democrats

Do not fear Glenn Beck or Sarah Palin. Fear the underlying corporate power structure, which no one, from Barack Obama to the right-wing nut cases who pollute the airwaves, can alter.

Posted on Sep 12, 2010 READ MORE



Flickr / Jim Champion (CC-BY-SA)

Democrats Afraid of the D-Word

Judging by their television commercials, the Democrats aren’t too thrilled with their legislative accomplishments. A New York Times analysis of ads finds that Republican candidates bring up health care, for instance, more often than the opposition and some Democrats don’t even identify themselves by party.

Posted on Sep 12, 2010 READ MORE


The Neoliberal Bait and Switch

Thirty years into the neoliberal experiment, the Great Recession is exposing the flaws of the Washington Consensus.

Posted on Sep 9, 2010 READ MORE


Rotten Eggs and Our Broken Democracy

The massive recall of salmonella-infected eggs, the largest egg recall in U.S. history, opens a window on the power of large corporations over not only our health, but over our government.

Posted on Aug 25, 2010 READ MORE



Flickr / Brian Cantoni (CC-BY)

Ungrateful ‘Government Motors’ Ready to Go Public Again

GM’s outgoing CEO likes to complain about the government’s 61 percent stake in the reborn company, but thanks to all that Washington meddling, GM has gone from losing $88 billion over four years to making a couple of billion in six months.

Posted on Aug 18, 2010 READ MORE


ENTER_ALT_TEXT
AP / Charles Dharapak

Big Banks Get Billions, Waters Gets Busted

Broadway and Central Avenue in the Watts area of South Los Angeles are lined with dozens of small, marginal businesses, but hardly any banks. In a capitalist economy, these are streets without capital, losers in the race to the top.

Posted on Aug 9, 2010 READ MORE


Waters
Wikimedia Commons

Maxine Waters Caught in Triple Ethical Tangle

Rep. Maxine Waters may be in deep ... trouble if she’s found guilty of the trio of ethics charges that a House committee hit her with Monday. The congresswoman apparently plans to contest the violations ... (continued)

Posted on Aug 9, 2010 READ MORE


school scene
AP / Carlos Osorio

$26 Billion for States and Schools

A $26 billion aid package was passed by the Senate on Thursday that aims to ensure that school districts and states do not have to can tens of thousands of teachers and government workers. Just two Republicans crossed the ideological aisle to support the bill, which now heads to the House.

Posted on Aug 6, 2010 READ MORE


House of Entitlement

After reading the ethics reports on Reps. Charlie Rangel and Maxine Waters, the obvious question is: What is wrong with these people? The tempting answer: They’re members of Congress.

Posted on Aug 3, 2010 READ MORE



house.gov

Another Prominent Democrat Faces Ethics Charges

Rep. Maxine Waters, a stalwart progressive voice in the House for nearly 20 years, is defending herself against charges that she improperly intervened to help bail out a bank with ties to her husband. Waters released a statement denying any wrongdoing, saying she was merely working on behalf of minority banks.

Posted on Aug 2, 2010 READ MORE


How Big Government Saved the Malibu

Who could have imagined that the bailout of the auto industry, one of the single most unpopular moves by the Obama administration, would become one of its best talking points?

Posted on Aug 1, 2010 READ MORE


Rebuke but No Consequences for Post-Bailout Bonuses

Sticks and stones and all that: U.S. bankers are probably glad today that, as the childhood rhyme claims, “words can never hurt me,” since the Obama administration’s so-called pay czar has decided to criticize them for paying out $1.6 billion in extra payments to top execs after they received federal bailout funds—but not seek any punishment.

Posted on Jul 23, 2010 READ MORE



AP / J. Scott Applewhite

The Grinches Who Stole Summer

Thanks to the defection of the two relatively enlightened Republican senators from Maine and the quick replacement of the late Democratic Sen. Robert Byrd, unemployment checks that had been stalled for millions of American families since early June will soon resume. But for Republicans, it has been a defining issue that will haunt the party.

Posted on Jul 21, 2010 READ MORE



Goldman Sachs’ Profit Takes a Major Plunge in Q2

Those of us who have stood aghast and watched as Goldman Sachs seemed to sail almost unscathed through the erupting economic catastrophe of the last two years (thank you, bailout!) might stop now for a moment of pure schadenfreude, as the megabank’s profits took a precipitous dive in the second quarter of this year.

Posted on Jul 20, 2010 READ MORE



AP / Mark Lennihan

AIG Settles for $725 Million

American International Group, 80 percent owned by the U.S. government, has announced it will pay out $725 million in a settlement of a securities fraud lawsuit, begun in 2004, that accused the insurance Gargantua of accounting fraud and stock manipulation.

Posted on Jul 16, 2010 READ MORE



AP / Carolyn Kaster

There’s Just No Pleasing Some Robber Barons

The flight from reason that now marks American public discourse came home for me last Friday when I found myself on public radio debating whether Barack Obama is anti-business.

Posted on Jul 13, 2010 READ MORE


Obama
AP / Pablo Martinez Monsivais

Two More Candidates for the McChrystal Treatment

It’s not working. Time for the president to concede that the economy is at best stagnating and at worst about to take another steep nose dive.

Posted on Jul 6, 2010 READ MORE


tea party protester

Tea Partying for Fun and Profit

If you thought tea party politics were just for rabid wingnuts and certain Twitter-prone politicians, think again or else you may miss out on some hot stock market action before the November elections.

Posted on Jul 6, 2010 READ MORE



senate.gov

Why Russ Feingold Won’t Vote for ‘Fig Leaf’ Financial Reform

“False security is no security at all,” writes the Wisconsin senator, who says he will not vote for the financial reform bill because it would not prevent another meltdown and “has Wall Street’s fingerprints all over it.” According to Feingold, “the administration and conference leaders have gone to significant lengths to avoid making the bill stronger.”

Posted on Jun 30, 2010 READ MORE



Photo illustration from White House photo by Pete Souza

Regulators Made Sure Goldman Sachs Got All of Its Bailout Money

A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. (continued)

Posted on Jun 29, 2010 READ MORE


Unhinged on the Right

To hijack the horrors of the Holocaust and slavery in the service of a political campaign demeans the candidate and, worse, dishonors the victims. Decency demands that some comparisons be off-limits.

Posted on Jun 29, 2010 READ MORE



Flickr / frozenchipmunk (CC-BY)

Obama Wants $50 Billion For Teachers, Cops and Firefighters

With a relative drop in the bailout bucket, the president thinks he can save 300,000 teachers who would otherwise be kept by economic calamity from annoying America’s children. The money would go to state and local governments struggling to make ends meet.

Posted on Jun 13, 2010 READ MORE


The Michael Jordan of Bailouts

Someone is going to bear the massive cost of damage to the Gulf Coast economy, and Senate Minority Leader Mitch McConnell is out to make sure it isn’t the oil firms whose rig caused the catastrophe in the first place.

Posted on May 27, 2010 READ MORE



Live Chat: Robert Scheer on Rand Paul and Social Justice

On Thursday Robert Scheer responded to reader questions and comments about his column “Blame Clinton, Not Paul.” Scheer said, “both Democrats and Republicans have betrayed the interests of black and brown people and those who got stuck with subprime mortgages, and that’s the pressing civil rights issue right now.”

Posted on May 27, 2010 READ MORE



AP / Petros Giannakouris

The Greeks Get It

Here’s to the Greeks. They know what to do when corporations pillage and loot their country. Call a general strike. Riot. Shut down the city centers. Toss the bastards out.

Posted on May 24, 2010 READ MORE



Wikimedia Commons

Former AIG Exec May Be Off the Hook

People close to the case are claiming that AIG executive Joseph Cassano will not face federal charges related to allegations that he misled investors over the company’s handling of mortgage-related securities prior to the economic crash and subsequent Wall Street bailout.

Posted on May 22, 2010 READ MORE



Flickr / Council of Europe

Here They Come to Save Das Day

The German Parliament has approved a series of measures allowing the country to provide up to $184 billion in loan guarantees in a package aimed at stabilizing the euro and helping support those European nations that are mired in debt.

Posted on May 21, 2010 READ MORE



Freedom From Porn Edition

What Obama hasn’t learned about offshore oil drilling, why Steve Jobs and Apple want to offer “freedom from porn,” and how GM bamboozled the country into thinking it repaid its bailout money.

Posted on May 18, 2010 READ MORE



AP / Amy Sancetta

Happy Days Aren’t Here Again

Don’t be fooled by newspaper reports claiming that higher unemployment is somehow good news—it isn’t.

Posted on May 17, 2010 READ MORE


AIG sign

Senate Gives the Go-Ahead for Fed Lending Probe

When big financial institutions got themselves into a serious pickle in the fall of 2008, the Federal Reserve was there with beaucoup bucks in loans to prop them up. On Tuesday, the Senate voted unanimously to launch an inquiry into the Fed’s lending practices during the financial crisis.

Posted on May 11, 2010 READ MORE


Wall Street
Flickr / jpellgen

Euro-Bailout Helps U.S. Stocks Rise High

After the Dow’s freaky dip last week, Monday’s news that the U.S. stock market was closing in on its biggest day in terms of gains this year might just boost some spirits on and off the trading floor.

Posted on May 10, 2010 READ MORE


Greece Offers to Repay Loans with Giant Horse

Finance ministers from 16 EU nations awoke in Brussels this morning to find that a huge wooden horse had been wheeled into the city center overnight.

Posted on May 9, 2010 READ MORE



Flickr / Center for the Study of Ethics

Tea Partyers Give Sen. Bennett the Boot

Bob Bennett, three-term Republican senator from Utah, has been ousted from running for re-election by the conservative tea party movement after he was deemed unfit (he supported health care reform). Bennett came in third at the state Republican convention in Salt Lake City.

Posted on May 9, 2010 READ MORE


Will We Keep Hating the Government?

Ever heard the one about the guy who hated government until a deregulated Wall Street crashed, an oil spill devastated the Gulf of Mexico, a coal mine collapsed, and some good police work stopped a terrorist attack?

Posted on May 6, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE


A Fragile Partnership

The present crisis of the European Union was inherent in the creation of the institution itself.

Posted on May 4, 2010 READ MORE



Flickr / Andres Rueda (CC-BY-ND)

What’s Euro Problem?

The once-mighty euro, a currency that humbled American tourists in its day, has sunk to a 13-month low against the dollar. Greece’s impending bailout apparently isn’t settling nerves in the eurozone, which includes other major economies that look a little wobbly as of late.

Posted on May 4, 2010 READ MORE



youtube.com

Greeks Take to the Streets

Thousands of angry Greeks took to the streets on May Day, protesting a wave of wage cuts, tax increases and pension reductions implemented to deal with the country’s growing debt crisis.

Posted on May 1, 2010 READ MORE


It Takes Power to Control Power

Discredited as the financial powers are, their wealth alone continues to provide them with wildly disproportionate influence over the political process.

Posted on Apr 28, 2010 READ MORE


ENTER_ALT_TEXT

Goldman Sachs Bigwigs Dispute Charges

Step right up and you’ll see spectacles that will amaze from Tuesday’s face-off between senators and Goldman Sachs boss men, such as the awesome Fabrice Tourre denying “categorically” that he misled clients by selling them mysterious bundled financial entities tied to doomed mortgages.

Posted on Apr 27, 2010 READ MORE


credit cards
Flickr / The Truth About Credit Cards

Poll Indicates Americans Are Ready for Financial Overhaul

President Obama and his allies won’t have an easy time as they attempt to do some major renovations of our financial system, but according to a new Washington Post-ABC News poll, they at least have the support of the majority of Americans.

Posted on Apr 26, 2010 READ MORE



The New Secessionists

The difference between the tea party and the secessionist movement bubbling up in some two dozen states is that the tea party believes America can be fixed.

Posted on Apr 26, 2010 READ MORE


Titan Over Wall Street

Perhaps Obama could have scored more popularity points if he had ordered a few financiers to be led out of the Cooper Union auditorium in handcuffs.

Posted on Apr 22, 2010 READ MORE


Obama
AP / Alex Brandon

Obama Pitches Financial Reform to Wall Street Execs

President Obama spoke before a group of fat cats—or rather, “titans of industry,” as he called them—from Wall Street on Thursday at Cooper Union in New York City, the same site where he’d delivered his pre-bailout, pre-presidential speech on the economy two years ago, in an attempt ... (continued)

Posted on Apr 22, 2010 READ MORE


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