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September 26, 2016
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Tag: Financial Crisis

John Oliver: We Should Be Worried About the Subprime Car Loan Bubble That’s About to Burst (Video)

In a scary and important episode, the “Last Week Tonight” host sounds a warning about a boom in subprime automobile loans that promises to make “your eye twitch with flashbacks to the mortgage crisis.”

Posted on Aug 15, 2016 WATCH & LISTEN


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They Exist: ‘Bankers for Bernie’ Fight for Sanders in New York

A group of high-profile Wall Street figures “are prepared to abandon pure self-interest and embrace the radical financial reforms espoused by Bernie Sanders.”

Posted on Apr 15, 2016 READ MORE



Hillary Clinton’s Wall Street Reform Plan Leaves Credit Rating Agencies Untouched

“Clinton’s vision of financial reform neglects one part of the industry everyone agrees was an essential factor in the 2008 crisis: the credit rating agencies, which assess the worthiness of Wall Street securities for investors,” writes David Dayen at The Intercept.

Posted on Jan 13, 2016 READ MORE



‘The Big Short’ and Bernie Sanders’ Plan to Bust Up Wall Street

The movie shows why Bernie Sanders’ plan to break up the biggest banks and reinstate the Glass-Steagall Act (separating investment from commercial banking) is necessary—and why Hillary Clinton’s more modest plan is inadequate.

Posted on Jan 12, 2016 READ MORE



Bernie Sanders Is Right About Clinton and Big Banks—and Here Are the Numbers to Prove It

As the Vermont senator recently pointed out, Hillary Clinton’s relationship with Wall Street becomes clear when you look at how much she’s charged for speeches to Goldman Sachs, Morgan Stanley and big banks.

Posted on Jan 10, 2016 READ MORE


VIDEO: Bernie Sanders Inveighs Against Wall Street in Major Address on Economic Policy Proposals

At Town Hall in Mmidtown Manhattan on Tuesday, Democratic presidential candidate Bernie Sanders gave his most stirring speech yet in defense of the American people, their institutions and their future in the fight against the greed and self-interest of the private interests headquartered at Wall Street.

Posted on Jan 6, 2016 WATCH & LISTEN



The Economy in 2016: Buying Time Before All the Old Problems Resurface

What’s in store for the world economically in the new year? While he cautions against predictions, Guardian economics editor Larry Elliott projects that “there will be no explosion in 2016, but a fuse will be lit.”

Posted on Dec 28, 2015 READ MORE



Hang On to Your Wallet: Negative Interest, the War on Cash and the $10 Trillion Bail-In

If you’re an ordinary saver with money in the bank, you may soon be paying the bank to hold your funds rather than the reverse.

Posted on Nov 21, 2015 READ MORE



Risk of Global Financial Crash Has Increased, IMF Warns

The International Monetary Fund says a slowdown of the Chinese economy and a decline in world trade are undermining the stability of highly indebted emerging economies.

Posted on Oct 8, 2015 READ MORE



What Marx Was Really Saying

To grasp the work of the groundbreaking economist and philosopher, we have to go beyond his image and do more than just intuit what is right in his work.

Posted on Sep 23, 2015 READ MORE



Greek Crisis Fallout: Time Is Running Out for an Island Community That Runs on Cash

Forgotten by banks, the government and whole “swaths of the modern world,” Agios Efstratios in the Aegean Sea is so remote that the mobile phone network can’t process data and ATMs are nowhere to be found. If taxes rise in the wake of the Greek bailout, the effect could be catastrophic.

Posted on Jul 19, 2015 READ MORE


Rap Compilation of Conservative Speeches Is the Only U.K. Election Message You Need

The United Kingdom is holding elections in May, and while David Cameron, Nigel Farage and their classist, racist cronies are out to convince the public to vote for them with sugar-coated messages, the British comedy duo Cassetteboy knows what they’re really peddling.

Posted on Apr 4, 2015 WATCH & LISTEN


Does Barney Frank’s New Book Let Democrats Off the Hook?

In a discussion about former Massachusetts Rep. Barney Frank’s new book, “Frank: A Life in Politics from the Great Society to Same-Sex Message,” Truthdig Editor-in-Chief Robert Scheer confronts Frank over President Bill Clinton’s role in creating the Great Recession and other issues dividing progressives from the Democratic Party leadership.

The interview was produced by Joshua Scheer and broadcast April 2 on KPFK.

Posted on Apr 3, 2015 READ MORE


Does Barney Frank’s New Book Let Democrats Off the Hook?

Truthdig Editor-in-Chief Robert Scheer confronts the former Massachusetts representative over President Clinton’s role in creating the Great Recession and other issues dividing progressives from the Democratic Party leadership.

Posted on Apr 3, 2015 WATCH & LISTEN


Recovery









Posted on Mar 14, 2015 ENLARGE



Europe’s Millennials ‘Suffered Disproportionately’ From the Financial Crisis and Austerity

Europe’s youths have shifted their views and feel increasingly powerless to effect change. In a world filled with so much socio-economic instability, can we blame them?

Posted on Feb 25, 2015 READ MORE


Has the IMF Annexed Ukraine?

Michael Hudson, an economist at the University of Missouri-Kansas City, says the terms attached to the loans made by the IMF to Ukraine are likely to turn its people into penniless serfs of international banks.

Posted on Feb 14, 2015 WATCH & LISTEN



Why Ireland’s Political Elite Are Terrified of Syriza

Irish leaders—eager to maintain that compliance with the demands of international creditors after the 2008 crisis was the best choice for Ireland—are concerned that the defiant tactics of Greece’s newly elected Syriza party may expose their program as flawed if Syriza wins concessions from the troika of lenders.

Posted on Feb 2, 2015 READ MORE


Do You Know What Banks Are Actually Doing With Your Money?

Russell Brand sits down with Max Keiser, who hosts a financial show on RT, to ask him to explain some of the things a lot of us don’t understand about banks. Keiser’s answers may surprise and disgust you.

Posted on Dec 23, 2014 WATCH & LISTEN



California May Be Able to Sue ‘Deceptive’ Standard & Poor’s

A California judge has tentatively ruled that the state could hold the major financial research company accountable for pinning triple-A ratings on state-bought mortgage-backed securities that went bust in the crash of 2008.

Posted on Mar 23, 2014 READ MORE



The Watchdog That Didn’t Bark

When the press failed to anticipate the most catastrophic financial crisis in 80 years, reporters were focusing on the wrong things, responding to the wrong incentives and writing the wrong kind of stories.

Posted on Mar 16, 2014 READ MORE



Records Show Federal Reserve Wildly Misunderstood Crisis

“Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis,” The New York Times reports.

Posted on Feb 23, 2014 READ MORE



Still Broken Five Years Later

Very few people seem to know that the crisis began in a shadowy part of the financial system called repo, which is short for repurchase agreement.

Posted on Feb 22, 2014 READ MORE



Three Executives Blamed for Irish Banking Crisis Go on Trial

The three- to six-month trial of three senior executives at the bank that almost bankrupted Ireland starts this week. About 350 people volunteered to serve on the jury, giving a sense of interest in the case.

Posted on Feb 3, 2014 READ MORE



Is Argentina Entering an Economic Crisis?

Argentinians are fearing a new financial collapse as the peso suddenly dropped this week.

Posted on Jan 24, 2014 READ MORE



woodleywonderworks (CC BY 2.0)

1-in-5 American Homes ‘Deeply Underwater’

RealtyTrac’s U.S. Home Equity & Underwater report for 2013 shows 9.3 million homes were worth at least 25 percent less than the combined loans secured by each property.

Posted on Jan 9, 2014 READ MORE



Spo0nman (CC BY-ND 2.0)

Big Taxes Coming to France

France is set to impose a “millionaire tax” on companies that pay salaries in excess of 1 million euros ($1.38 million) a year. Business leaders and soccer clubs are furious, calling the measure anti-business.

Posted on Dec 30, 2013 READ MORE



HarvardEthics (CC BY 2.0)

Truthdigger of the Week: Paul Volcker

Five years after the financial meltdown, the Volcker Rule provides a framework for regulators to check Wall Street’s propensity to devour the wealth of the nation.

Posted on Dec 14, 2013 READ MORE



The Economics of Middle-Class Identity

As the recession forces many of us to frequently change jobs and work in servile positions, defining whom we are becomes increasingly difficult; Karl Marx is considered by some to be the world’s most influential scholar; meanwhile, animals can speak, scientists find, but they don’t say much beyond the basics. These discoveries and more after the jump.

Posted on Nov 12, 2013 READ MORE



AP/Manu Fernandez

‘Robbed of Their Right to Die in Peace’

A picture of betrayed trust emerges in reports of the bank theft of the last group of Spaniards who seem to have any money—hundreds of thousands of elderly pensioners.

Posted on Nov 4, 2013 READ MORE


Interest









Posted on Nov 3, 2013 ENLARGE



Damian Gadal (CC BY 2.0)

JPMorgan Chase on Verge of $13 Billion Deal on Bad Mortgages

The U.S. Justice Department and the mega-bank have struck a tentative $13 billion deal to settle investigations into bad mortgage loans JPMorgan sold to investors in the lead-up to the financial crisis, a person close to the talks said Saturday.

Posted on Oct 20, 2013 READ MORE


Economic Recovery









Posted on Sep 19, 2013 ENLARGE


Economy









Posted on Sep 7, 2013 ENLARGE


Self-Regulation









Posted on Aug 25, 2013 ENLARGE


Larry Summers









Posted on Aug 15, 2013 ENLARGE


Debt Counseling Government









Posted on Aug 9, 2013 ENLARGE



The Irish Independent

Listen: Irish Banksters Plot to Take the Public’s Money

Tape recordings from inside the once-“doomed” Anglo Irish Bank reveal for the first time how the institution’s top executives lied to the government about the extent of their losses at the height of the financial crisis in 2008 in a scandal that drove the nation into austerity, Paul Williams reports at The Irish Independent.

Posted on Jun 25, 2013 READ MORE


European Economy









Posted on May 11, 2013 ENLARGE


Markets Rise to Record Highs









Posted on May 8, 2013 ENLARGE



visualpanic (CC BY 2.0)

How the 40-Year ‘Long Recession’ Led to the Great Recession

If you had to date the Great Recession, you might say it started in September 2008 when Lehman Brothers vaporized over a weekend and a massive mortgage-based Ponzi scheme began to tumble. By 2008, however, the majority of American workers had already endured a 40-year decline in wages, security and hope—a Long Recession of their own.

Posted on Apr 10, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE



alh1 (CC BY-ND 2.0)

The Return of Debtors’ Prisons (Video)

A review of reports published over the last few years shows poor and lower-income Americans are increasingly being jailed for being unable to pay debts and fines “more than two decades after the Supreme Court prohibited imprisoning those who are too poor to pay their legal debts,” as the ACLU notes.

Posted on Apr 9, 2013 READ MORE


America’s Intersection









Posted on Apr 4, 2013 ENLARGE



H.Adam (CC BY 2.0)

How Capitalism Stacks the Deck on Disaster

We think of the financial crisis as a man-made calamity, and Hurricane Sandy as the malignant innocence of nature. But neither the notion of a man-made nor natural disaster quite captures how the power of a few and the vulnerability of the many determine what is really going on at ground level.

Posted on Apr 4, 2013 READ MORE


Troubled Economic Seas









Posted on Apr 2, 2013 ENLARGE


Financial Crisis CEOs









Posted on Mar 21, 2013 ENLARGE


Elizabeth Warren Grills Fed Chairman Over ‘Too Big to Fail’ Banks

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 WATCH & LISTEN



AP/Michael Dwyer

Truthdigger of the Week: Elizabeth Warren

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 READ MORE


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