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By Steven Hill
$16.47
$40
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AP/Louis Lanzano
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Former Reagan-era budget director David Stockman is under attack by pundits everywhere for confirming that money for Wall Street and nothing for Main Street stands as an upper-class attack on the American public.
Posted on Apr 6, 2013
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AP/Ron Edmonds
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David Stockman, who served as Ronald Reagan’s budget director from 1981 to 1985, leveled some harsh criticism at his former boss as well as at President George W. Bush in an op-ed he penned about the dire state of the economy for The New York Times titled “Sundown in America.”
Posted on Mar 31, 2013
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AP/Alex Brandon
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If Bernanke’s stance is any indication, Sen. Warren, who was just sworn in this January, is already having a positive impact on Washington.
Posted on Mar 21, 2013
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Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists ask whether the new center of gravity, geographically speaking, of the papacy will bring a shift in the church’s positions. Also, another Rep. Paul Ryan budget arrives.
Posted on Mar 15, 2013
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Sen. Elizabeth Warren, D-Mass., a two-time Truthdigger of the Week, demonstrated once again why big banks and Wall Street want to keep their distance from her when she took on Ben Bernanke during his semiannual appearance before the Senate Banking Committee on Tuesday.
Posted on Feb 26, 2013
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AP/Michael Dwyer
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By Alexander Reed Kelly — At a Senate hearing Thursday, Elizabeth Warren exposed and shamed regulators for failing to prosecute banks that played a leading role in the financial crisis.
Posted on Feb 16, 2013
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Stuart Conner (CC BY-ND 2.0)
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By Ellen Brown, Web of Debt —
Money today is simply a legal agreement between parties. Nothing backs it but “the full faith and credit of the United States.” The United States could issue its credit directly to fund its own budget, just as our forebears did in the American colonies and as Abraham Lincoln did in the Civil War.
Posted on Feb 14, 2013
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alexander amatosi (CC BY-ND 2.0)
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The Federal Reserve confirmed Wednesday that one of its internal websites was accessed after the hacktivist group Anonymous claimed to have stolen information on more than 4,000 banking executives.
Posted on Feb 6, 2013
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Randy Son of Robert (CC BY 2.0)
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By ignoring the historic role government played in enabling economic growth, the prevailing myths about how the U.S. became prosperous allow lawmakers, officials and lobbyists to craft policies that prevent the majority of Americans from taking their rightful share of the national wealth, Jeff Madrick writes in Harper’s Magazine.
Posted on Jan 29, 2013
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hans.gerwitz (CC BY-SA 2.0)
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Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.
Posted on Jan 11, 2013
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JoshuaDavisPhotography (CC BY-SA 2.0)
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The editors at The New York Times are not impressed with the deal struck between the government and major banks to provide borrowers with $8.5 billion in aid.
Posted on Jan 9, 2013
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AP/Francisco Seco
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The Nobel Prize-winning economist and public advocate is at the top of every liberal’s wish list for President Obama’s second-term Cabinet appointments.
Posted on Jan 5, 2013
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Flickr/tiseb
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By Robert Reich — For the first time, the Federal Reserve has explicitly linked interest rates to unemployment. Rates will remain near zero “at least as long” as unemployment remains above 6.5 percent and if inflation is projected to be no more than 2.5 percent.
Posted on Dec 13, 2012
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AP/Elizabeth Williams
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A 21-year-old Bangladeshi man could face life in prison after attempting to blow up the Federal Reserve in lower Manhattan on Wednesday morning with a fake 1,000-pound bomb supplied by federal agents, authorities said.
Posted on Oct 18, 2012
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Flickr/DonkeyHotey
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By Ralph Nader —
President Obama should send this open letter to his GOP opponent—pronto!
Posted on Sep 27, 2012
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therichbrooks (CC BY 2.0)
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By Ellen Brown, Web of Debt —
The economy could use a good dose of “aggregate demand”—new spending money in the pockets of consumers—but QE3 won’t do it. Neither will it trigger the dreaded hyperinflation. In fact, it won’t do much at all. There are better alternatives.
Posted on Sep 22, 2012
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By davelawrence8
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In his latest takedown of Mitt Romney, the New York Times columnist criticizes the Republican presidential nominee for his stance on the Fed’s latest effort to jump-start the economy.
Posted on Sep 17, 2012
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Medill DC (CC BY 2.0)
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The Federal Reserve ended its do-little policy on Thursday, pledging to keep interest rates near zero and announcing an open-ended commitment to buy bonds and possibly take other steps to push the economy into motion.
Posted on Sep 13, 2012
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Mike Licht, NotionsCapital.com (CC BY 2.0)
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At the height of the financial crisis, The Guardian identified 25 bankers, economists, politicians and financial officials who helped bring about the worst economic crisis since the Great Depression. What are they up to now?
Posted on Aug 7, 2012
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AP/Scott Applewhite
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In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.
Posted on Aug 4, 2012
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jrodmanjr (CC BY-ND 2.0)
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The Federal Reserve announced last week that it would launch no new stimulus programs to jump-start the economy, and editors at The Washington Post applauded Edward DeMarco, acting director of the Federal Housing Finance Agency, for refusing to refinance mortgages for struggling homeowners.
Posted on Aug 4, 2012
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aresauburn™ (CC BY-SA 2.0)
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Figures from the Internal Revenue Service suggest that nonfinance companies based in the United States are holding more than $5 trillion in cash, triple what the Federal Reserve reports—idle money that Reuters columnist David Cay Johnston suggests would be better spent creating jobs, paying dividends and sharing the burden of taxes.
Posted on Jul 20, 2012
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Dominic's pics (CC BY 2.0)
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The Federal Reserve and the U.S. government knew back in 2008 that Barclays was filing false reports about Libor, the interest rate that international banks charge one another for short-term loans, according to documents released Friday.
Posted on Jul 13, 2012
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Robin Hood Tax USA (CC BY 2.0)
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On Monday, economist Simon Johnson presented officials at the Federal Reserve with a petition containing 38,000 signatures appealing for the removal of JPMorgan Chase CEO Jamie Dimon from the Federal Reserve Board of Governors.
Posted on Jun 26, 2012
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MrGuilt (CC BY 2.0)
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By Bill Boyarsky — With the encouragement of Mitt Romney, House Republicans are doing everything they can to keep Americans from getting work, just to defeat President Obama.
Posted on Jun 14, 2012
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Medill DC (CC BY 2.0)
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In spite of May’s weak jobs report, Fed Chairman Ben Bernanke still sees no reason for the central bank to expand its efforts to boost the American economy. The Fed is assessing whether the economy would continue to grow fast enough to reduce the unemployment rate without further intervention, he said.
Posted on Jun 7, 2012
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U.S. Treasury
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Just as Mitt Romney has locked up the Republican nomination on a boast of fiscal conservatism, President Obama’s Treasury Department has said it expects to turn a tidy $2 billion profit from TARP and other extraordinary measures taken to bail out the financial industry.
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DonkeyHotey (CC-BY)
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By Jesse Eisinger, ProPublica —
In late 2010, a major regulator warned the Federal Reserve: Banks are not healthy enough to increase dividends, and the economy could implode again. But the Fed ignored that advice.
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Flickr / edEx
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The first month of 2012 turned out to be the best in three years in terms of the ongoing unemployment crisis in the U.S. Although 8.3 percent is nothing to get too excited about, it was supposed to tally up at 8.5 percent for January, so we’ll take it.
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rosebennet (CC-BY)
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The Federal Reserve lent weight to economists’ warnings of a long and slow recovery on Wednesday when it announced plans to keep short-term interest rates near zero for at least the next three years. The idea is that low rates will encourage borrowing and investment in American businesses, helping resurrect the economy.
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AP / Charlie Riedel
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By Robert Scheer — Paul is being denigrated as a presidential contender even though on the vital issues of the economy, war and peace, and civil liberties, he has made the most sense of the Republican candidates.
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In this week’s installment of “Left, Right & Center,” panelists Robert Scheer, Tony Blankley, Matt Miller and Chrystia Freeland take stock of the unemployment crisis in our country, which is a gigantic enough topic as it is. But wait—there’s much more.
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Wikimedia Commons / Dan Smith (CC-BY-SA)
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Here we have some news that Ohio Sen. Sherrod Brown believes “can unite the tea party and Occupy Wall Street.” Sound implausible? Well, Bloomberg News’ parent company went to court to access 29,000 pages of documents from the Federal Reserve, from which the outlet gleaned ... (more)
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AP / Lauren Victoria Burke
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Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.
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Flickr / clementine gallot (CC-BY)
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Back in June, the Federal Reserve predicted a sunnier economic future for the U.S. than it did Wednesday, when the Fed released revised figures for both growth (it’ll happen more slowly) and unemployment (it’ll continue to hover around 9 percent) through 2012. But the news wasn’t all gloomy.
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Chairman of the Federal Reserve Ben Bernanke and multibillionaire Warren Buffett spoke to CNN Money about the Occupy Wall Street protests.
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Flickr / Diana Parkhouse (CC-BY)
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U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt. (more)
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Flickr / David Paul Ohmer (CC-BY)
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Stocks around the world dropped sharply Thursday after the U.S. Federal Reserve acknowledged a day earlier that the economy won’t improve any time soon. (more)
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Flickr / wallyg
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In 2008, the 10 biggest U.S. banks and brokerage firms took $829 billion in emergency loans from the U.S. Treasury and the Federal Reserve. Until now, who got what had been a secret. ... (more)
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The media ignore the fact that new Apple CEO Tim Cook is gay; the ratings of both the Republican and Democratic parties decline; and the consequences of the defeat of Gadhafi’s regime are still up in the air. These discoveries and more after the jump.
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Jacob Bøtter (CC-BY)
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By Robert Scheer — The whole thing is nuts. The economy is a shambles, saved from a free fall only by the Federal Reserve’s unprecedented promise of free money for banks for at least two years.
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So, now we know Obama’s big plan for pulling American troops out of Afghanistan, but it hasn’t exactly been well received. This week’s “Left, Right & Center” panel—featuring Tony Blankley, Matt Miller, Robert Scheer and Chrystia Freeland—offers no exception to the naysaying.
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AP / Susan Walsh
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This is not really the kind of headline we want to read about the Federal Reserve right now, but top banana Ben Bernanke acknowledged at a news conference Wednesday that the Fed was “caught off guard by recent signs of deterioration in the economy.”
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Flickr / rbbaird
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Benjamin Franklin may be one of the most wanted men in Iraq right now, as the country’s officials threaten to take the Pentagon to court to recoup some $6.6 billion in cash airlifted from the U.S. in 2004 for the purpose of Iraqi reconstruction. (more)
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Flickr / woodleywonderworks
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Don’t mistake the claims of relative unimportance coming from the big shots on Wall Street before an audience of federal regulators over the past several months for some sort of newfound humility. (more)
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AP / Alex Brandon
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By Robert Scheer — How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor.
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By John B. Taylor —
In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.
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AP / Charles Dharapak
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By Robert Scheer — What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.
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imdb.com
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By Robert Scheer — It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading.
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Truthdigger of the Week: Sen. Angus King
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