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Tag: Wall Street

Brokers and Bankers First

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Posted on Sep 23, 2008 READ MORE


Cops and Bankers

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Posted on Sep 23, 2008 READ MORE    


So Much for the ‘Masters of the Universe’

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.

Posted on Sep 22, 2008 READ MORE


Frank and reporters
AP photo / Charles Dharapak

Bailout Negotiations Inch Forward

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.

Posted on Sep 22, 2008 READ MORE



commons.wikimedia.org

Wall Street Has a Lousy Monday

While lawmakers debated exactly how to throw hundreds of billions of dollars at Wall Street, the Dow dropped 372 points on Monday. The price of oil, meanwhile, had a $25 surge that took many analysts by surprise.

Posted on Sep 22, 2008 READ MORE


Goodman

‘Democracy Now!’: Sen. Sanders, Scheer on the Bailout Boondoggle

On Monday morning, as the aftershocks from Wall Street’s worst week in decades continued to rock the national and global economy and the Bush administration scrambled to contain the fallout with a bailout plan that could cost American taxpayers over a trillion dollars, Sen. Bernie Sanders, Robert Scheer and Dean Baker joined “Democracy Now!” host Amy Goodman (above) to sort through the rubble and speculate about what might come next.

Posted on Sep 22, 2008 READ MORE



AP photo / Susan Walsh

Fleecing What’s Left of the Treasury

The lobbyists and corporate lawyers, the heads of financial firms and the crooks who control Wall Street, all those who spent the last three decades assuring us that government was part of the problem and should get out of the way, are now busy looting the U.S. treasury.

Posted on Sep 21, 2008 READ MORE



Flickr / jurvetson

Pelosi Balks at Bailout Scheme

Nancy Pelosi isn’t buying into the idea of a $700 billion gift basket for Wall Street without any strings attached. The House speaker is all for a bailout, so long as it’s clear that “the party is over for the Bush administration’s anything goes, failed economic policies.” Update 2

Posted on Sep 21, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Wall Street on the Rocks

What to make of the bailouts and sellouts that dominated the past week’s financial headlines? Well, “Left, Right & Center” commentators Matt Miller, Robert Scheer and Tony Blankley (Arianna Huffington was away) have some ideas about what caused the nightmare on Wall Street and what the future holds.

Posted on Sep 19, 2008 READ MORE


ENTER_ALT_TEXT
onechoicehealthcare.com

McCain’s Prescription: Set Up Health Care Like Banking Industry

Whoops! As New York Times columnist Paul Krugman pointed out Friday, presidential nominees Barack Obama and John McCain both have articles in the latest edition of Contingencies magazine about how they would reform America’s health care industry. In light of certain recent events in the banking world, McCain may want to reconsider his position.

Posted on Sep 19, 2008 READ MORE


Gramm and McCain
momocrats.typepad.com

McCain Calls for End to Big Business Bailouts

And now, this latest dispatch from the U.S. Department of Unintentional Irony: Sen. John McCain spoke out against the Federal Reserve’s recent bids to give life support (read: gigantic amounts of money) to failing financial institutions. Isn’t he the same guy who has looked to Phil Gramm for economic advice?

Posted on Sep 19, 2008 READ MORE


Wall Street crisis
AP photo / Richard Drew

Economic Meltdown: Don’t Say We Weren’t Forewarned

Has the war on terrorism become the modern equivalent of the Roman Circus, drawing the people’s attention away from the failures of those who rule them? Corporate America is a shambles because deregulation, the mantra of our president and his party, has proved to be a license to steal.

Posted on Sep 19, 2008 READ MORE


Obama ad

Obama Ads, McCain-Is-Economically-Clueless Edition

Turns out that having Phil Gramm on one’s economic advisory team may not be the best way to demonstrate one’s readiness to inherit the gigantic mess that the U.S. economy has become under the Bush administration’s not-so-close watch—or at least that’s what Obama’s camp is pointing out in this ad on the financial debacle.

Posted on Sep 19, 2008 READ MORE


No Time for a Minimalist

Barack Obama isn’t going to win any arguments about the economy if he keeps winking at the robber barons who helped wreck Wall Street.

Posted on Sep 18, 2008 READ MORE



commons.wikimedia.org / Ramy Majouji

Robert Scheer on the Economic Meltdown

Truthdig’s editor in chief warns against thinking about the economic crisis as an “act of God,” saying “this is man-made” and that the individuals responsible are well known and entirely too influential in the current election.

Posted on Sep 18, 2008 READ MORE


Bush
AP photo / Pablo Martinez Monsivais

Bush Makes Cameo Appearance at White House

President Bush had been laying low over recent days, but it seems his inner circle considered it prudent to trot him out for a brief appearance at the White House. He surfaced on Thursday to speak vaguely about the snowballing economic crisis on Wall Street before disappearing once again.

Posted on Sep 18, 2008 READ MORE


Stock Tips

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Posted on Sep 17, 2008 READ MORE


Fiddling While Wall Street Burns

Obama shows more promise than McCain, if only because he correctly sees deregulatory zeal as a culprit. But Obama’s economic strategy simply can’t be implemented now: He wants to spend on necessary investments such as health care, but would have no money to do it.

Posted on Sep 17, 2008 READ MORE


The ‘Reform’ McCain Wants to Forget

With the markets in frightening turmoil and the public outraged by financial irresponsibility and excessive greed, John McCain has suddenly rediscovered the importance of strong, watchful government.

Posted on Sep 17, 2008 READ MORE


Wall Street Socialists

With financial institutions begging for bailouts, taxpayers should be in the driver’s seat. Instead, decisions that will cost people for decades are being made behind closed doors, by the wealthy, by the regulators and by those they have failed to regulate.

Posted on Sep 17, 2008 READ MORE


Crash of the Titans

‘Daily Show’: The Notorious A.I.G.

Whither Lehman Brothers? Et tu, Merrill Lynch? What’s going on on Wall Street? Jon Stewart breaks down the financial meltdown on Tuesday night’s edition of “The Daily Show”—complete with ‘80s monster movie allusions. Sweet!

Posted on Sep 17, 2008 READ MORE


AIG logo
listphile.com

Socialism for the Super-Rich

Here we go again: The Federal Reserve is bailing out another tanking financial institution—the insurance behemoth American International Group—by sinking $85 billion into AIG in return for a stake in the company. Meanwhile, House Speaker Nancy Pelosi has called for a Wall Street investigation following this latest startling agreement between big government and big business.

Posted on Sep 16, 2008 READ MORE


McCain and Gramm
AP photo / Douglas Healey

Earth to McCain: It’s a Crisis

Gag me with a spoon, as Valley girls used to say. Did you see that McCain-Palin ad promising “tougher rules on Wall Street to protect your life savings, no special interest giveaways”? Just how dumb do they think we are?

Posted on Sep 16, 2008 READ MORE


Bull Market

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Posted on Sep 16, 2008 READ MORE


Crisis ad

McCain Campaign Ads: Impending Economic Cataclysm Edition

John McCain’s campaign would like to nominate—who else?— John McCain and Sarah Palin as just the ticket to get Americans out of financial crisis, claiming they’ll fight “special interest giveaways” on Wall Street(?!), cut taxes and, of course, drill, baby, drill!

Posted on Sep 15, 2008 READ MORE


Paulson and Lockhart
AP photo / Susan Walsh

Fannie and Freddie’s Double Whammy

With a stunningly vicious pair of blows, the faltering world economy—the Godzilla of this year’s presidential race—has made the candidates look small. Why hasn’t this looming crisis been part of the presidential debate?

Posted on Sep 9, 2008 READ MORE


Wall Street
AP photo / Richard Drew

Oil Prices Dip, Stocks Rise

Finally, some slightly better financial news has hit the wires after months of sobering reports: Oil prices dropped to a three-month low on Tuesday, which may be due to “the softening market,” as one analyst puts it in this NYT account, but whatever the reason it still means a slight reprieve from weeks of punishing prices. Stock markets had their biggest gains in four months.

Posted on Aug 5, 2008 READ MORE


Did Bush Put a Hit Out on Fannie, Freddy?

From madcap marketeer Jim Cramer to wired alt-blogger Scott Thill, there are more than a few braniacs who believe the Bush White House did not just watch the collapse of Fannie Mae and Freddy Mac but actually engineered it as yet another sortie in the long GOP war against the New Deal. Never fear, though, as The Onion has already written a satirical report on efforts to build a better bubble.

Posted on Jul 21, 2008 READ MORE


Wall Street Socialism Meets Disaster Capitalism

Freddie Mac and Fannie Mae were always more foul than fish, says Robert Borosage, and the bailout announced by the Treasury secretary over the weekend will mean “private speculators, having driven the stock down, will clean up on the upside.”

Posted on Jul 15, 2008 READ MORE


Fannie Mae
foreclosurewearhouse.com

The Rise and Fall of Fannie and Freddie

Although certain Washington denizens from both sides of the aisle might have been thrown when the two government-backed mortgage finance companies, Fannie Mae and Freddie Mac, hit the skids last week, several of their current and former colleagues had long seen the crisis coming.

Posted on Jul 12, 2008 READ MORE


Sirota on Colbert

Sirota Takes On Colbert ... or Is It the Other Way Around?

Author and columnist David Sirota braves the Colbert treatment to talk about his (Sirota’s) latest book, “The Uprising: An Unauthorized Tour of the Populist Revolt Scaring Wall Street and Washington,” and to brazenly assert that, “People are angry with the status quo—they think the establishment isn’t working for them, and frankly, it’s not.”

Posted on May 31, 2008 READ MORE


McCain
AP photo / Mary Altaffer

McCain Piles On in ‘Bitter’ War of Words

John McCain joined Hillary Clinton in critiquing Barack Obama’s characterization of small-town Pennsylvania’s (and by extension, perhaps, America’s) “bitter” outlook, telling a crowd of magazine and newspaper editors on Monday that Obama’s description represented “a contradiction from what I believe America is all about.”

Posted on Apr 15, 2008 READ MORE


Greed Is Not Good

The housing crisis brings to mind Gordon Gekko, that fictitious ambassador of Wall Street whose words, then and now, remind us why uninhibited capitalism just doesn’t work.

Posted on Mar 24, 2008 READ MORE


Wall Street subway sign
Flickr / epicharmus

Amid Economic Whiplash, a Bit of Glad News

A sense of gloom still hangs over the economy, but there was cause for celebration Monday. Home sales are up for the first time in months, the dollar has regained some ground against the euro, and Wall Street had a triple-digit day. So why aren’t investors smiling?

Posted on Mar 24, 2008 READ MORE


Be Careful What You Wish For

Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries, and how government should keep its hands off the private economy.

Posted on Mar 18, 2008 READ MORE


Jim Cramer

‘Mad Money’ Host Tears Over Spitzer

Jim Cramer is best known as the host of CNBC’s “Mad Money” show, but he’s also a personal friend of Eliot Spitzer. Here, Cramer becomes emotional as he describes losing the “ammo” to take on Spitzer’s Wall Street critics.

Posted on Mar 12, 2008 READ MORE


Wall St. traders watch Spitzer confession
AP photo / Richard Drew

Spitzer’s Shame Is Wall Street’s Gain

Tell me again: Why should we get all worked up over the revelation that the New York governor paid for sex? Will it bring back to life the eight U.S. soldiers killed in Iraq that same day in a war that makes no sense and has cost this nation trillions in future debt?

Posted on Mar 12, 2008 READ MORE


U.S. Job Loss Highest in 5 Years

The short month of February was long on economic problems, as 63,000 U.S. jobs were lost over the 29 days. In other words, for those betting that a recession isn’t around the corner, the outlook is dim.

Posted on Mar 7, 2008 READ MORE


NYSE
AP photo / Richard Drew

Dow Drops Over 300 Points

Winter 2008 is shaping up to be a gloomy season for the American economy, with mounting concerns over subprime mortgage prices and a plunging stock market.  Thursday was a particularly dreary day on Wall Street, with the Dow Jones industrial average down 307 points and the Standard & Poor’s 500 falling almost 3 percent.

Posted on Jan 17, 2008 READ MORE


trading floor
AP photo / Richard Drew

Shades of ‘29?

Thursday was not a good day on Wall Street, with the Dow dropping over 362 points to close at 13,567.87.  Meanwhile, the S&P 500, like the Dow, fell 2.6 percent, and the Nasdaq also took a hit, dipping 2.25 percent by day’s end.

Posted on Nov 1, 2007 READ MORE


The Rise and Fall of Stan O’Neal

It’s not surprising in the cutthroat world of Wall Street to see a big-time CEO such as Stanley O’Neal float out of the boardroom with a golden parachute. What is significant is that this grandson of a slave managed to become one of the “Masters of the Universe” in the first place.

Posted on Oct 30, 2007 READ MORE


Goldman Sachs CEO Nominated as Treasury Secretary

Finally, after months of hanging in the pink slip rumor mill, John Snow can move on.  The White House has named Henry M. Paulson as the newest Treasury secretary; here’s what we know according to the Washington Post and NYT:

  • He was reluctant to accept the job.
  • He worked in the Pentagon as a young man.
  • He “has been a Goldman Sachs executive since 1974, pulling down a compensation package in 2005 of $37 million.”
  • He is “a birdwatcher who can often be found in Central Park with his binoculars.”
  • Thank you mainstream media for your thorough profile of this very important man.

    Posted on May 30, 2006 READ MORE


    Panic in the Newspaper Biz

    “I don’t so much mind that newspapers are dying—it’s watching them commit suicide that pisses me off.”

    Posted on Mar 23, 2006 READ MORE


    enron_fastow
    David J. Phillip / AP Photo

    Former Enron CFO Implicates Skilling

    Andrew Fastow, the company’s former chief financial officer, testifies that he concocted fraud in face-to-face meetings with Enron’s chief executive, Jeffrey Skilling.
    Also, check out Robert Scheer’s latest column on Enron, or a compendium of earlier ones.

    Posted on Mar 8, 2006 READ MORE


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