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Tag: Economy

Paulson Congress
AP photo / Lauren Victoria Burke

Paulson Bailout Plan Could Reach $1 Trillion

If you thought the Iraq war was expensive, the Bush administration is also throwing an estimated $1-trillion bailout of major finance firms to prevent a meltdown of the U.S. economy. President Bush and Treasury Secretary Henry Paulson outlined such a “bold approach” Friday morning, yet detailed plans still remain forthcoming.

Posted on Sep 19, 2008 READ MORE


Wall Street crisis
AP photo / Richard Drew

Economic Meltdown: Don’t Say We Weren’t Forewarned

Has the war on terrorism become the modern equivalent of the Roman Circus, drawing the people’s attention away from the failures of those who rule them? Corporate America is a shambles because deregulation, the mantra of our president and his party, has proved to be a license to steal.

Posted on Sep 19, 2008 READ MORE


book cover

Does the Cold War Have Lessons for Today?

Carolyn Eisenberg takes a close look at Melvyn Leffler’s “For the Soul of Mankind” to ask whether our current troubles are rooted in a history that continues to haunt us.

Posted on Sep 19, 2008 READ MORE


This Is the Man Who’s Going to Fix the Economy?

John McCain was telling the truth when he said that economics wasn’t his strong suit. In response to what many economists have called the worst financial crisis since the Great Depression, the Republican nominee has sounded—and let’s be honest here—totally, embarrassingly and dangerously clueless.

Posted on Sep 18, 2008 READ MORE


No Time for a Minimalist

Barack Obama isn’t going to win any arguments about the economy if he keeps winking at the robber barons who helped wreck Wall Street.

Posted on Sep 18, 2008 READ MORE


The Battle for Michigan

If he carries Michigan, many routes to victory are open for Barack Obama. Without Michigan, he’s got a big problem.

Posted on Sep 18, 2008 READ MORE



commons.wikimedia.org / Ramy Majouji

Robert Scheer on the Economic Meltdown

Truthdig’s editor in chief warns against thinking about the economic crisis as an “act of God,” saying “this is man-made” and that the individuals responsible are well known and entirely too influential in the current election.

Posted on Sep 18, 2008 READ MORE


Bush
AP photo / Pablo Martinez Monsivais

Bush Makes Cameo Appearance at White House

President Bush had been laying low over recent days, but it seems his inner circle considered it prudent to trot him out for a brief appearance at the White House. He surfaced on Thursday to speak vaguely about the snowballing economic crisis on Wall Street before disappearing once again.

Posted on Sep 18, 2008 READ MORE


Daily Show

‘Daily Show’: Economic Meltdowns Have Their Upsides

Hey, now that Jon Stewart mentions it, that whole government bailout thing starts to sound a lot better: We, the taxpayers, just bought a really, really big insurance company. That’s like having two hotels each on Boardwalk and Park Place in Monopoly, right?

Posted on Sep 18, 2008 READ MORE



commons.wikimedia.org / Manfred Brückels

Reality Catches Up to the Free Market

Karl Marx, were he still about, would surely be interested in the report that unregulated free-market capitalism has died in a flash, by its own hand; whereas it took 70 years and a Cold War to bring down the Marxist economy established in the Soviet Union following the Bolshevik Revolution.

Posted on Sep 18, 2008 READ MORE


skid row
flickr.com/ikkoskinen

Tent Cities Springing Up

One sign of the nation’s shaky economy can be seen in the growing numbers of newly homeless people forming “tent cities” around the U.S. The rise of these encampments is being attributed partly to the foreclosure crisis in the housing market, and the newest economic developments aren’t likely to ease the situation.

Posted on Sep 18, 2008 READ MORE


Stock Tips

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Posted on Sep 17, 2008 READ MORE


Fiddling While Wall Street Burns

Obama shows more promise than McCain, if only because he correctly sees deregulatory zeal as a culprit. But Obama’s economic strategy simply can’t be implemented now: He wants to spend on necessary investments such as health care, but would have no money to do it.

Posted on Sep 17, 2008 READ MORE


The ‘Reform’ McCain Wants to Forget

With the markets in frightening turmoil and the public outraged by financial irresponsibility and excessive greed, John McCain has suddenly rediscovered the importance of strong, watchful government.

Posted on Sep 17, 2008 READ MORE


Wall Street Socialists

With financial institutions begging for bailouts, taxpayers should be in the driver’s seat. Instead, decisions that will cost people for decades are being made behind closed doors, by the wealthy, by the regulators and by those they have failed to regulate.

Posted on Sep 17, 2008 READ MORE


Crash of the Titans

‘Daily Show’: The Notorious A.I.G.

Whither Lehman Brothers? Et tu, Merrill Lynch? What’s going on on Wall Street? Jon Stewart breaks down the financial meltdown on Tuesday night’s edition of “The Daily Show”—complete with ‘80s monster movie allusions. Sweet!

Posted on Sep 17, 2008 READ MORE



commons.wikimedia.org

Chin Up, John McCain—There’s Always Tomorrow

John McCain’s Tuesday was so filled with gaffes and bad news that no one seemed to notice when one of his top advisers held a BlackBerry aloft and declared “you’re looking at the miracle that John McCain helped create.” That spectacle simply couldn’t compete with former HP CEO Carly Fiorina and, more significantly, the very public failure of deregulation.

Posted on Sep 16, 2008 READ MORE


AIG logo
listphile.com

Socialism for the Super-Rich

Here we go again: The Federal Reserve is bailing out another tanking financial institution—the insurance behemoth American International Group—by sinking $85 billion into AIG in return for a stake in the company. Meanwhile, House Speaker Nancy Pelosi has called for a Wall Street investigation following this latest startling agreement between big government and big business.

Posted on Sep 16, 2008 READ MORE


Bull Market

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Posted on Sep 16, 2008 READ MORE



AP photo / LM Otero

Obama’s Secret Weapon

While it’s fashionable for the media and some of his own supporters to be mourning the demise of Barack Obama’s presidential campaign, they may well be overlooking an important point—that the vaunted McCain-Palin ticket has peaked. What else but such blind optimism could be motivating the unflagging energy of thousands of Obama grass-roots workers?

Posted on Sep 16, 2008 READ MORE


McCain’s Political Games Can’t Compete With an Economic Meltdown

Americans don’t mind wealthy and even rapacious capitalists as long as they deliver the goods to everyone else. But when the big boys drag everyone else down, Americans rise up in righteous anger.

Posted on Sep 15, 2008 READ MORE


Crisis ad

McCain Campaign Ads: Impending Economic Cataclysm Edition

John McCain’s campaign would like to nominate—who else?— John McCain and Sarah Palin as just the ticket to get Americans out of financial crisis, claiming they’ll fight “special interest giveaways” on Wall Street(?!), cut taxes and, of course, drill, baby, drill!

Posted on Sep 15, 2008 READ MORE


Biden in Michigan
AP photo / Paul Sancya

Biden Strikes Back at McCain Campaign

Well, there you are, Joe Biden! After what seemed like ages out of the spotlight, the Democratic vice presidential nominee came out swinging at a campaign stop Monday in Michigan, casting Republican presidential hopeful John McCain as a Bush wannabe and part of “a culture in Washington where the very few wealthy and powerful have a seat at the table and the rest of us are on the menu.”

Posted on Sep 15, 2008 READ MORE


Krugman on Bank Collapse and ‘1931 Revisited’

Financial columnist Paul Krugman, trying to make sense of the Lehman Brothers debacle, warns that “the defenses set up to prevent a return of those bank runs, mainly deposit insurance and access to credit lines with the Federal Reserve, only protect the guys in the marble buildings, who aren’t at the heart of the current crisis. That creates the real possibility that 2008 could be 1931 revisited.”

Posted on Sep 15, 2008 READ MORE



Flickr / tshein

Candidates Debate Economy as Banks Fail

While John McCain took heat for reasserting that “the fundamentals of the economy are strong,” two of the five biggest American investment banks folded on Monday. Bank of America bought out troubled Merrill Lynch while Lehman Brothers declared bankruptcy. Update: Another big one stumbles

Posted on Sep 15, 2008 READ MORE


McCain Adviser on Economy: ‘Things Today Just Aren’t That Bad’

On Sunday, The Washington Post ran an Op-Ed piece written by McCain campaign adviser Donald Luskin in which he argues that, despite “trouble spots in the economy,” recent comparisons between the present moment and the Great Depression are the product of “pessimists” and “politics.” Over to you, Alan Greenspan.

Posted on Sep 14, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Fannie and Freddie, Sarah and Charlie

On Friday’s episode of “Left, Right & Center,” show regulars Matt Miller, Robert Scheer and Tony Blankley weigh in about the Fannie Mae and Freddie Mac crisis, the fate of Lehman Brothers and Republican VP nominee Sarah Palin’s one-on-one with ABC’s Charlie Gibson.

Posted on Sep 13, 2008 READ MORE


Palin

Palin on the Economy, Abortion, Sexism

On Friday, ABC aired another set of excerpts of the interviews of Alaska Gov. Sarah Palin by the journalist her team picked to pose the questions, Charlie Gibson. In these clips, Palin appears slightly more relaxed than she was the previous day, but some of her answers still were fuzzy, especially when it came to whether her personal views on certain issues would influence her policy decisions.

Posted on Sep 12, 2008 READ MORE


A Campaign Without Ideas

There was a time when Republicans campaigned on their ideas, programs and values. This year—lacking ideas, programs or values—John McCain and Sarah Palin are running for the White House on an elaborate fictional narrative of victimhood.

Posted on Sep 11, 2008 READ MORE


Palin and McCain
AP photo / Carolyn Kaster

She’s Clueless, He’s Worse

Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation’s mortgage market. But what is Sen. John McCain’s excuse?

Posted on Sep 9, 2008 READ MORE


Paulson and Lockhart
AP photo / Susan Walsh

Fannie and Freddie’s Double Whammy

With a stunningly vicious pair of blows, the faltering world economy—the Godzilla of this year’s presidential race—has made the candidates look small. Why hasn’t this looming crisis been part of the presidential debate?

Posted on Sep 9, 2008 READ MORE


Wooing Those Reagan Democrats

Whoever wins two of the three big, aging and economically stressed Rust Belt states is likely to be the next president. Obama comes to them with all the potential and all the liabilities he showed during the primaries.

Posted on Sep 8, 2008 READ MORE


Palin
AP photo / Susan Walsh

A Star Wasn’t Born

What had been unexpected by the faithful at the Republican National Convention was McCain’s choice of Alaska Gov. Sarah Palin as the vice presidential nominee. McCain’s decision was cited as an example of his willingness to take a chance, to gamble everything on a hunch. It was much more than that.

Posted on Sep 5, 2008 READ MORE


MISERY Index
thespeeddemon.com

Bush Oversees Unemployment and Misery

George W. Bush and his father share more than a last name. Reports show that August’s unemployment rate increased past the level initially forecast, rising to 6.1 percent. But even more disturbing is the fact that the misery index—unemployment aggregated with inflation—also soared to its highest level since 1991, when George H.W. Bush was in office.

Posted on Sep 5, 2008 READ MORE


Memoir Politics

Talk about role reversal. The Republican Party, which scoffs at the nonsense of “identity politics,” has staked everything on the compelling life stories of its presidential and vice presidential candidates.

Posted on Sep 4, 2008 READ MORE


An Unconventional Convention

When I first heard about the Democratic convention coming to my hometown of Denver, I wasn’t all that excited. For many reasons, in fact, I was pretty unhappy with the whole idea.

Posted on Aug 28, 2008 READ MORE


Obama
AP photo / Matt Sayles

‘We Cannot Turn Back’

In what was perhaps the most highly anticipated (and no doubt the most highly scrutinized) moment of his political career thus far, newly nominated Democratic presidential candidate Barack Obama was saddled with a huge task Thursday night, but by the end, Obama had both thrown down the gauntlet and risen to the occasion—at least in the eyes of thousands of supporters who came to see his history-making acceptance speech at Denver’s Invesco Field.

Posted on Aug 28, 2008 READ MORE


Joe Biden

With Friends Like Joe Biden ...

During his speech to the Democratic convention, the aspiring veep praised the courage of his good friend, John McCain—right before twisting the knife in his back. It’s the vice presidential candidate’s job to go on the attack, and Joe Biden does his job well.

Posted on Aug 27, 2008 READ MORE


Universal Health Care Makes More Sense Than Ever

It is worth pausing during these orchestrated partisan celebrations to look afresh at entitlements. There is no more recent evidence of their enduring value than the latest report from the Census Bureau on the number of Americans who are doing without health insurance.

Posted on Aug 27, 2008 READ MORE


McCain
AP photo / John Raoux

Running for War President at Any Cost

Just great! Nuclear-armed Pakistan is falling apart, Iran’s nuclear program is unchecked and congressional legislation on cooperation with the Russians on controlling nuclear proliferation is now dead in the water. Horrid news except for Sen. John McCain, who thrills to a repeat of the danger lines of the Cold War, and now stands a good chance of being our next president.

Posted on Aug 26, 2008 READ MORE


Bad Loans and the Bankers Who Love Them

The FDIC’s list of “problem” banks grew by 30 percent in the last quarter, with more on the way. The net income of FDIC-insured lenders, meanwhile, has plummeted 87 percent. IndyMac, one of nine banks to kick the bucket in 2008, cost the FDIC $8.9 billion.

Posted on Aug 26, 2008 READ MORE


Fretting All the Way to the White House

If they want to win in November, Democrats have one task to accomplish this week: Snap out of it. Somehow, tentativeness and insecurity have infected a party that ought to be full of confident swagger.

Posted on Aug 25, 2008 READ MORE


The Happy Warrior

In selecting Joe Biden, Barack Obama has signaled clearly what this week’s Democratic National Convention will be about: He intends to move aggressively to ease the problems that have worried so many Democrats in recent weeks—problems, it turns out, that Obama is worried about, too.

Posted on Aug 25, 2008 READ MORE


mccain

About That Whole ‘Keating Five’ Thing

What was the exact nature of John McCain’s involvement in the notorious Keating Five scandal? CNN revisited this particular chapter from John McCain’s professional past for “McCain Revealed,” the news network’s profile on the senator-turned-presidential-hopeful.

Posted on Aug 23, 2008 READ MORE


The Mystery Candidate

There’s a candidate in this presidential race who remains a mystery—hazy, undefined, so full of contradictions that voters may see electing him as an enormous risk. I’m referring to the cipher known as John McCain.

Posted on Aug 21, 2008 READ MORE


What Obama Could Learn From Clinton

The Obama folks will hate hearing this, but in planning for the next 10 weeks, their campaign would do well to learn from what Bill Clinton achieved in 1992.

Posted on Aug 21, 2008 READ MORE


Obama in Texas
AP photo / Rick Bowmer

Wake-Up Call for Team Obama

If Barack Obama thought he had a battle on his hands when he was vying for the Democratic presidential nomination, he’s in for an even bigger struggle now, if the latest Zogby poll represents an accurate read on American voters’ inclinations at this stage in the game.

Posted on Aug 21, 2008 READ MORE


The Missing Debate

I long for a candidate who would ‘‘focus like a laser beam’’ on the economy. That’s what voters are doing as they see their paychecks shrink from inflation, their jobs threatened and their middle-class dreams diminished.

Posted on Aug 21, 2008 READ MORE


McCain's Mansions

McCain’s Mansions

Courtesy of the Brave New Films team, here we have a property-by-property breakdown of John McCain’s many fancy domiciles, which provide ironic contrast to footage of the presumptive Republican nominee holding forth about how Americans with mortgage troubles can just scrimp ‘n’ save their way back to solvency.

Posted on Aug 20, 2008 READ MORE


McCain
AP photo / Gerald Herbert

McCain’s Warped Worldview

The world according to John McCain is one in which America is triumphant at home and abroad thanks to the Bush legacy, rolling to victory internationally and mastering its domestic economic problems. If daily news would seem to deny such a rosy scenario, then that only shows skeptics lack the courage that sustained McCain as a prisoner of war in Vietnam.

Posted on Aug 19, 2008 READ MORE


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