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Tag: Bailout

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


Lincoln
Wikimedia Commons / U.S. Congress

Derivatives Bill Gets Traction in Senate

Financial reform is the next big task on Congress’ list of action items, and on Wednesday the Senate Agriculture Committee made progress by approving a bill by committee Chair Blanche Lincoln that targets the derivatives market. (continued)

Posted on Apr 21, 2010 READ MORE



AP / Andy Blenkush

Borrowing While Poor

Why should a poor borrower be held more responsible than a rich borrower for the default of another poor borrower?

Posted on Apr 20, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

Goldman Plays, We Pay

The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president.

Posted on Apr 20, 2010 READ MORE


Obama pointing
White House / Pete Souza

Obama Brushes Off GOP’s Bailout Claim, Pushes On With Financial Reform

Congressional Republicans are mobilizing for an assault on President Obama’s next regulatory project: financial reform. However, Obama’s not hearing it when it comes to the GOP’s claim that the Democrats’ current bill would make it easier for big financial institutions to angle for government bailouts down the line.

Posted on Apr 14, 2010 READ MORE



One Marine’s ‘Liberty Walk’ for the Rest of Us

Ernest Logan Bell, a 25-year-old Marine Corps veteran walking 90 miles to make a point, is the new face of the resistance. He is young, at home in the culture of the military, deeply suspicious of the federal government, disgusted by the liberal elite, unable to find work and angry.

Posted on Apr 11, 2010 READ MORE



Flickr / U-g-g-B-o-y-(-Photograph-World-Sense-)

$40 Billion for Greece Bailout

The 16 nations that use the euro have just revealed an aid package of up to $40 billion in an effort to stem the Greek financial crisis. Finance ministers see the offer as a “step of clarification” for markets and a boost for the faltering euro.

Posted on Apr 11, 2010 READ MORE


Cry Me a River

Let us stop to collectively mourn a new figure from The New York Times: Chief executives in the United States’ largest publicly traded companies found that their compensation dropped 15 percent in 2009, hitting bourgeois rock bottom at a measly $9.53 million yearly average.

Posted on Apr 4, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: A Nation Divided

Why is America so deeply polarized, politically speaking? This week’s episode of “Left, Right & Center” finds Robert Scheer and Tony Blankley discussing the partisan divisions in the country and agreeing at least on the point that those rifts have never been this deep. But why is there so much anger?

Posted on Apr 2, 2010 READ MORE


The Difference Between Liberalism and Progressivism

Even as the word progressive is now ubiquitous, a perverted form of liberalism has almost completely snuffed out genuine progressivism.

Posted on Mar 25, 2010 READ MORE



AP / Charles Dharapak

The Health Care Hindenburg Has Landed

As politicians go, Rep. Dennis Kucinich is about as good as they get, but he is still a politician. And so he signed on to a bill that will do nothing to ameliorate the suffering of many Americans, will force tens of millions of people to fork over a lot of money for a defective product and, in the end, will add to the ranks of our uninsured.

Posted on Mar 22, 2010 READ MORE



Flickr / eflon

Regulating Too Big to Fail

Coming only a year too late to the party, Fed Chair Ben Bernanke has asserted that regulators must be “significantly tougher” on the large financial firms, arguing that the perception of those institutions as “too big to fail” threatens competition in the financial markets.

Posted on Mar 20, 2010 READ MORE


All the King’s Horses and All the King’s Men

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Posted on Mar 14, 2010 READ MORE    


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