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September 22, 2014
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Tag: Financial Crisis


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

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Posted on Nov 3, 2013 READ MORE



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

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Posted on Sep 19, 2013 READ MORE


Economy

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Posted on Sep 7, 2013 READ MORE


Self-Regulation

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Posted on Aug 25, 2013 READ MORE


Larry Summers

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Posted on Aug 15, 2013 READ MORE


Debt Counseling Government

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Posted on Aug 9, 2013 READ MORE



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

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Posted on May 11, 2013 READ MORE


Markets Rise to Record Highs

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Posted on May 8, 2013 READ MORE



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

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Posted on Apr 4, 2013 READ MORE



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

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Posted on Apr 2, 2013 READ MORE


Financial Crisis CEOs

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Posted on Mar 21, 2013 READ MORE


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 READ MORE



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



jDevaun (CC BY-ND 2.0)

Cost of Financial Crisis Tops $22 Trillion

The 2008 financial crisis cost the U.S. economy more than $22 trillion, a study by the Government Accountability Office published Thursday said.

Posted on Feb 15, 2013 READ MORE



Lawmakers Seek to Legalize Pot, Trump Sues Maher, and More

A look at the day’s political happenings, including the government’s pending legal action against S&P and Joe Scarborough becomes the latest conservative to smack down the NRA.

Posted on Feb 4, 2013 READ MORE


Dollar

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Posted on Jan 27, 2013 READ MORE


‘It Doesn’t Have to Be This Way’

“How do you expect this to play out over the next few years?” host Thom Hartmann asked economist Michael Hudson on “The Big Picture” this week. “That’s what everybody’s wondering,” Hudson replied. “The economy is going to shrink and shrink and shrink, and the question is whether people are going to go out in the streets ... or whether there’s going to be an actual response saying it doesn’t have to be this way.”

Posted on Jan 12, 2013 READ MORE



walknboston (CC BY 2.0)

How the Rentier Class Cannibalizes the Economy

Rather than mobilizing savings to fund new industries, the banking system that comprises the financial, insurance and real estate sectors merely loads the economy down with debt.

Posted on Jan 11, 2013 READ MORE



JoshuaDavisPhotography (CC BY-SA 2.0)

Wrongful Foreclosure Settlement Not Enough, New York Times Says

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 READ MORE



chrispyworld (CC BY-ND 2.0)

Eurozone Jobless Rate Hits New High

Unemployment in the eurozone has climbed to nearly 18.5 million people across 17 countries, with 146,000 people joining the ranks of the jobless just last month, The Guardian reports.

Posted on Oct 31, 2012 READ MORE



Flickr/DonkeyHotey

Barack to Mitt: Corporations Run the Economy

President Obama should send this open letter to his GOP opponent—pronto!

Posted on Sep 27, 2012 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Update: 25 People at the Heart of the Meltdown

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 READ MORE



ell brown (CC BY 2.0)

U.S. Buckles Down on Rate-Fixing Case

The U.S. Justice Department has identified potential crimes committed by several big banks—including Barclays—and their employees amid a global investigation into the Libor scandal, in which financial institutions allegedly rigged interest rates.

Posted on Jul 15, 2012 READ MORE



http2007 (CC BY 2.0)

China’s Economic Growth Slows

Growth for the world’s largest exporter hit its slowest pace in three years as demand for Chinese products waned in the U.S., Europe and elsewhere, prompting the country’s leaders to encourage investment with stimulus measures.

Posted on Jul 13, 2012 READ MORE


Greek Euro

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Posted on May 23, 2012 READ MORE


JPMorgan Chase Self-Destructs

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Posted on May 15, 2012 READ MORE



HA! Designs - Artbyheather (CC-BY)

Banks Pay Bupkis for Roles in Crisis

Bank of America: $11.9 billion; JPMorgan: $5.44 billion; Wells Fargo: $4.35 billion. These are the fines the banks have paid so far in settlements to the government for wrongdoing amid the financial crisis.

Posted on Mar 8, 2012 READ MORE


Euro Hot Air Balloon

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Posted on Feb 26, 2012 READ MORE



The Rachel Maddow Show (CC-BY)

Krugman to Playboy: Economic Crisis ‘Doesn’t Have to Be Happening’

Playboy magazine sent economics writer Jonathan Tasini to speak to Nobel Prize-winning economist Paul Krugman about the economic crisis and the possibilities for the future. What resulted was a neat picture of Krugman’s views on the state of the U.S. economy, the plight of common Americans and the failure of the political class to do anything about it.

Posted on Feb 18, 2012 READ MORE


Occupy Dreams

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Posted on Jan 31, 2012 READ MORE


Next Meal Ticket for Wall Street

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Posted on Jan 29, 2012 READ MORE


Euro Dragon

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Posted on Jan 29, 2012 READ MORE


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