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Tag: Wall Street

Congress Needs to Read a Book

Journalist Robert Kaiser has written a case study of the passage of Dodd-Frank, the legislation that kind of sort of took a shot at maybe re-regulating Wall Street (but not really). He tells Judy Woodruff, “It was upsetting to me as a citizen to realize how few members understood the issues they were dealing with.”

Posted on May 29, 2013 READ MORE



AP

Congress Still Puts Out for Wall Street

The big banks’ influence in Washington has only grown in direct proportion to the harm they have caused to the nation’s economy.

Posted on May 27, 2013 READ MORE



sdh_zh (CC-BY)

Beware Capitalist Tools

Forbes magazine likes to call itself a “capitalist tool,” and routinely offers tool-like justifications for whatever it is that profit-seeking corporations want to do.

Posted on May 27, 2013 READ MORE


Feeding On the Small

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Posted on May 27, 2013 READ MORE



SeanPavonePhoto / Shutterstock.com

Why Democrats Can’t Be Trusted to Control Wall Street

Who needs Republicans when Wall Street has the Democrats? With the help of congressional Democrats, the Street is rolling back financial reforms enacted after its near meltdown.

Posted on May 26, 2013 READ MORE



Tumblr Is Worth $1.1 Billion to Yahoo for One Reason: You

Tumblr shunned advertising and earned the trust of its users, but Yahoo undoubtedly has other plans.

Posted on May 20, 2013 READ MORE



Shutterstock photo of EU roundtable.

Can the EU Be Saved?

It is not simply the euro zone that is threatened by the dramatic economic discrepancies that now exist among its members. Now it is the European Union itself that is in danger.

Posted on May 14, 2013 READ MORE



AP/Cliff Owen

Elizabeth Warren, a Great Investment

How astonishing to have a public servant who actually cares to inform the public about the inner workings of the system of crony capitalism that has wedded big government with big business.

Posted on May 14, 2013 READ MORE



Image via Shutterstock

How the Rich Benefited From the Recovery (While Most of Us Got Nothing)

The richest Americans made trillions during the so-called economic recovery from 2009 to 2011, while most everyone else’s net worth dropped, according to a recent study. “It’s as if the entire economic recovery is going into the pockets of the rich,” Les Leopold writes at AlterNet. “And that’s no accident.”

Posted on May 5, 2013 READ MORE



Shutterstock image of bank.

Big Banks Are Victims of Their Own Success

Now that Wall Street has managed to neuter and delay the modest reforms passed by Congress, there is more political momentum to pass stricter financial regulations.

Posted on May 1, 2013 READ MORE



Categorizing Women on Wikipedia

When female writers disappeared from the Wikipedia heading “American novelists,” more than a few eyebrows were raised; Pvt. Bradley Manning being revoked as grand marshal of the San Francisco Gay Pride parade proves that the military-industrial complex rules all; meanwhile, another price-fixing scandal reminiscent of Libor is about to explode. These discoveries and more after the jump.

Posted on May 1, 2013 READ MORE



Shutterstock photo of a bill fragment with blood spots.

Wall Street Is Killing Dodd-Frank One Regulation at a Time

The already tepid reforms enacted by Dodd-Frank are falling prey to business leaders, Republican lawmakers and the son of Supreme Court Justice Antonin Scalia.

Posted on Apr 30, 2013 READ MORE



Capitol Hill image via Shutterstock

Earth to Washington: Repeal the Sequester

What is Washington doing to fix the economy? Worse than nothing. It has now adopted the same kind of austerity economics that’s doomed Europe—cutting federal spending and reducing total demand. And the sequester doesn’t end Sept. 30. It takes an even bigger bite out of the federal budget next fiscal year.

Posted on Apr 29, 2013 READ MORE



Shutterstock photo of a man holding money.

Americans Suffer While Finance Tax Waits for Congress’ Attention

The Financial Transaction Tax, or Robin Hood Tax, would generate more than $300 billion a year in revenue, thereby doing away with the need for the sequester currently forcing across-the-board budget cuts.

Posted on Apr 24, 2013 READ MORE



Warren Rips Bank Regulators, McConnell Secretly Recorded, and More

A look at the day’s political happenings, including why Dick Cheney says the U.S. is in “deep do do” and Bernie Sanders and Grover Norquist spar over President Obama’s awful budget.

Posted on Apr 11, 2013 READ MORE



AP/Rich Pedroncelli

Sanders, Sherman Introduce Legislation to Break Up ‘Too Big to Fail’ Banks

Wall Street sees no need for more regulations of course, but unfortunately for Main Street Americans still reeling from the last financial crisis, President Obama may turn out to be the banking industry’s biggest ally.

Posted on Apr 10, 2013 READ MORE



AP/Louis Lanzano

Truthdigger of the Week: David Stockman

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 READ MORE



© Ahmed Amir (CC BY 2.0)

Exposed: A Global Offshore Money Matrix of Up to $32 Trillion

A cache of 2.5 million secret files offers the chance to peek behind the curtain of the world’s offshore money market, detailing the involvement of more than 120,000 companies and trusts doing business with politicians, con men and scores of the mega-rich.

Posted on Apr 4, 2013 READ MORE



AP

It Wasn’t David Stockman Who Wrecked the Economy

For all of the strident attacks on Stockman’s column, I have yet to read a serious critique of his most brazen claim.

Posted on Apr 2, 2013 READ MORE


George W. Bush
AP/Ron Edmonds

Bush’s Economic Policies Bankrupted U.S., Reagan Budget Director Says

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 READ MORE



Campaign rally image via Shutterstock

Why Politicians Listen to Public Opinion on Gay Marriage and Guns but Not the Economy

Recent polls show Americans would rather reduce the deficit by raising taxes than by cutting Medicare, Medicaid, Social Security, education and transportation. Yet Congress seems incapable of making that kind of deal. Some 65 percent of Americans want to raise taxes on large corporations, but both parties are heading in precisely the opposite direction.

Posted on Mar 31, 2013 READ MORE



Max F. Williams (CC BY 2.0)

Why Is Socialism Doing So Well in Deep-Red North Dakota?

North Dakota’s thriving state bank makes a mockery of Wall Street’s casino banking system—and that’s why financial elites want to crush it.

Posted on Mar 30, 2013 READ MORE


Time to Break Up the Big Banks, Sen. Sanders Says

Expressing concerns that “too big too fail” banks have also become “too big to jail,” Sen. Bernie Sanders, I-Vt., said Wednesday that he will introduce legislation to break up the nation’s biggest financial institutions.

Posted on Mar 28, 2013 READ MORE



Flickr/Erix!

The Morality Brigade

We’re still legislating and regulating private morality, while ignoring the much larger crisis of public morality in America.

Posted on Mar 25, 2013 READ MORE



AP/Alex Brandon

Fed Chairman Bernanke: ‘I Agree With Elizabeth Warren 100 Percent’ on Big Banks

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 READ MORE


Wake Up

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Posted on Mar 20, 2013 READ MORE    


Pig Shadow

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Posted on Mar 20, 2013 READ MORE    


Raft of Doom

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Posted on Mar 20, 2013 READ MORE    



401(k) 2013 (CC-BY-SA)

Hedge Fund Settles Insider Trading Case for $600 Million

The Securities and Exchange Commission says it has won the largest ever settlement in an insider trading suit.

Posted on Mar 15, 2013 READ MORE


Bill Moyers Has a Problem With Obama’s SEC Nominee

The broadcaster points out that President Obama, just like George W. Bush, is pushing his nominees through the revolving door between regulatory agencies and the banks they’re supposed to oversee.

Posted on Mar 12, 2013 READ MORE



AP/Mark Lennihan

If Corporations Don’t Pay Taxes, Why Should You?

The U.S. government exists primarily to make the world safe for multinational corporations, but those firms feel no obligation to pay for that protection in return.

Posted on Mar 12, 2013 READ MORE


Stock Market Surge

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Posted on Mar 8, 2013 READ MORE


Budget Wars: A Case for Hope

There are, believe it or not, grounds for hoping that the sequester, stupid as it is, might open the way to ending our nation’s budget stalemate.

Posted on Mar 6, 2013 READ MORE



Flickr / Abeeeer (CC-BY)

Why There’s a Bull Market for Stocks and Bear Market for Workers

On Tuesday the Dow Jones Industrial Average rose above 14,270. The stock market is basically back to where it was in 2000, while corporate earnings have doubled since then. Yet the real median wage is now 8 percent below what it was then and unemployment remains sky-high. Why is the stock market doing so well, while most Americans are doing so poorly? Here are four reasons. 

Posted on Mar 6, 2013 READ MORE



AP/Osamu Honda

Whiny Billionaires in Need of Sequestration

Where is the Occupy movement now that the depravity of the super rich is on full display?

Posted on Mar 5, 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



Randy Le'Moine Photography (CC BY-ND 2.0)

2012: Bonuses for the Bull

While profits tripled and layoffs commenced in the banking industry last year, Wall Street divided at least $20 billion in gifts made of cash and stock among its employees.

Posted on Feb 26, 2013 READ MORE



Flickr/Thomas Hawk

Big Banks Have Found Another Way to Rip You Off

Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.

Posted on Feb 24, 2013 READ MORE


Two 2016 Prospects Spotlight Democrats’ Identity Crisis

Despite its success in recent elections, and despite the image of unity it projects, the Democratic Party is in the throes of an epic identity crisis pitting its corporate money against its stated principles.

Posted on Feb 22, 2013 READ MORE


Staying Stupid: Why the ‘Hip’ Young Republicans Can’t Change Their Party (or Themselves)

Savvy Republicans know that something is deeply wrong with the GOP —frequently mocked these days by Republicans themselves as “the stupid party”—which has lost the popular vote in five of the last six presidential elections.

Posted on Feb 20, 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



AP/J. Scott Applewhite

Senate Republicans Take a Stand Against the Public Interest

It is bizarre that Chuck Hagel, a war hero with a long record of sensible views on the deployment of military power, gets blocked as the president’s nominee to run the Pentagon, while Jack Lew, steeped in Wall Street greed, sails through as Treasury secretary.

Posted on Feb 14, 2013 READ MORE



AP/Charles Dharapak

It’s Good to Be a Goldman

Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.

Posted on Feb 1, 2013 READ MORE



U.S. Navy/MC1 Kenneth G. Takada

The President of Perpetual War

Four years into his presidency, Barack Obama’s political formula should be obvious.

Posted on Jan 25, 2013 READ MORE



Kerry Calls Out Johnson, Zuckerberg Plans Christie Fundraiser, and More

A look at the day’s political happenings, including President Obama naming a new SEC head and Joe Biden dispensing some interesting earthquake advice during a Google+ “Fireside Hangout.”

Posted on Jan 24, 2013 READ MORE


We the Peephole

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Posted on Jan 21, 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



White House/Pete Souza

The Inconvenient Truth About Jack Lew

I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.

Posted on Jan 11, 2013 READ MORE



Flickr / epicharmus

Why Bailouts Will Continue Until the Big Banks Are Broken Up

TARP—the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008—is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors. But in reality it’s not over.

Posted on Jan 8, 2013 READ MORE



Illustration by Mr. Fish

State of Fear

The security and surveillance state, recently released FBI documents show, monitors even mainstream dissenters and is determined to shut down all organized resistance to corporate rule. The goal: an encompassing system of pervasive fear and overt intimidation.

Posted on Jan 7, 2013 READ MORE


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