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By Tony Platt
$22.95
By Marc Schabracq
$37.95
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By Eugene Robinson — John McCain is rapidly making his temperament an inescapable issue in the presidential campaign. Does the nation really want so much drama in the White House?
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AP photo / Manuel Balce Ceneta
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By Stanley Kutler — Wall Street will not trouble its collective consciousness with worry over the Constitution. But this bailout bill is virtually unprecedented in its assumptions and its reach for unchecked power.
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AP photo / J. Scott Applewhite
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By Robert Scheer — Does it really matter which party is in charge when it comes to bailing out the Wall Street hustlers whose shenanigans have bankrupted so many ordinary folks? Not if the Democrats roll over and cede power to the former head of Goldman Sachs, the investment bank at the center of our economic meltdown.
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White House / Joyce N. Boghosian
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How’s this for not mincing words? “I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way.” So sayeth Ben Bernanke on Tuesday, in a dire warning to Congress.
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By E.J. Dionne, Jr. — Unless something very strange happens, Congress will pass a massive bailout of the financial system by the end of this week simply because every other option is worse. But the content of the bailout package matters enormously.
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By Marie Cocco — So this is how the “ownership society” works. We own all the bad stuff.
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By Eugene Robinson — Let’s be clear about why we’re facing a crisis that could pull down the global financial system. The irresponsibility of individuals who bought houses they couldn’t quite afford pales in comparison to the irresponsibility of the financial wizards who built on those shaky mortgages a towering edifice of irrational faith.
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AP photo / Charles Dharapak
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It seems that some key officials involved in the negotiations with the Bush administration over the terms of Treasury Secretary Henry Paulson’s $700-billion bailout proposal for Wall Street aren’t about to make a deal unless it includes specific plans for congressional oversight and help for homeowners on the brink of foreclosure.
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By Eugene Robinson — 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.
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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.”
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Investors have been throwing money at stock markets the world over following the news that Fannie Mae and Freddie Mac have been placed under federal conservatorship. Some analysts are confident that the move will stabilize the mortgage giants and, in turn, a tanking housing market. With hundreds of billions of taxpayer dollars on the line, let’s hope they’re right.
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AP photo / Jae C. Hong
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By Robert Scheer — This is a time to condemn the bankers, not to embrace them. They are the scoundrels who got us into the biggest economic mess since the Great Depression, lining their own pockets while destroying the life savings of those who trusted them.
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By Marie Cocco — The latest plot twists are stunners, even as they unfold against the scandalous backdrop of the Bush administration’s sorry regulatory record.
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Treasury Secretary Henry Paulson has announced what the media are calling a “massive overhaul” of America’s regulatory agencies, but columnist and liberal economist Paul Krugman isn’t impressed. Krugman doesn’t think the administration’s cosmetic solutions will mitigate our current economic crisis or prevent the next one.
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By David Sirota — Stimulus—you’ve probably heard this nebulous, scientific-sounding word this week. Every politician suddenly wants economic “stimulus,” and wants you to think this “stimulus” is unequivocally good.
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news.google.com
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House Democrats, Republicans and President Bush have tentatively agreed on the broad outlines of a $150-billion stimulus package. Most of that money will come in the form of payouts ranging between $300 and $1,200 for individuals and households.
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McClatchy: “Top Commerce and Treasury Departments officials appeared with Republican candidates and doled out millions in federal money in battleground congressional districts and states after receiving White House political briefings detailing GOP election strategy.”
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danmahony.com
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According to a recent internal audit, 60 percent of IRS employees fell for the oldest trick in the book, allowing auditors posing as help-desk employees access to their digital identities, and by extension your personal and private information.
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John Gibson of Fox News attempts to “nail” Michael Moore for his recent trip to Cuba, arguing rather desperately that Moore cannot be considered a journalist because his last movie grossed $100 million and journalists are supposed to be underpaid.
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news.bbc.co.uk
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The Treasury Department is investigating documentarian Michael Moore over a recent trip to Cuba that the government says may have violated the trade embargo. Moore brought a group of ailing 9/11 rescue workers to the island nation in making his latest film, “Sicko,” an exploration of the healthcare system.
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The news that the Treasury will once again sheepishly release a small batch of dollar coins raises the question: Why are Americans so hung up on paper money when countries like Britain and Canada have enjoyed the benefits of coinage for years? Don’t scoff—the Government Accountability Office estimates potential savings at $500 to $747.5 million annually.
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From turkishdailynews.com.tr
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Bush’s new secretary of the Treasury, former Goldman Sachs CEO Henry Paulson, said in his first public remarks since taking office that he recognized the economy was not benefitting all Americans.
That’s quite an understatement—as Paul Krugman made abundantly clear in a 2002 N.Y. Times Magazine essay—but for a Bush appointee, it was a hell of an admission.
Posted on Aug 1, 2006
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Congress just raised our debt ceiling—the amount we’re allow to borrow—by $781 billion. It was either that or default on our treasury notes. This is the fourth debt-ceiling increase since Bush took office—some $3 trillion in total. Dick Cheney may have said that deficits don’t matter, but try telling that to the next generation of Americans, who are going to have one helluva credit card bill to pay off.
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A nonpartisan, nonprofit think tank concludes: “the tax cuts have not paid for themselves, recent economic growth and revenue growth have not been particularly strong, and revenues remain lower than had been predicted before the tax cuts were enacted.”
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A Republican lawmaker tells CNN that the Homeland Security Dept. never investigated whether the UAE company slotted to take control over major U.S. ports had any connection to Al Qaeda or other terrorist groups.
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