"Words that make actions speak louder."
As the fight for financial reform on Capitol Hill enters its final stages, it is worth reviewing what is being done to protect states and localities from the Wall Street con. On Thursday, the House-Senate conference committee on financial reform will take up the controversial section of the bill dealing with derivatives reform. Not a […]
When the Senate bank reform legislation passed in May, Senate Majority Leader Harry Reid said it sent the message to Wall Street “no longer can you recklessly gamble away other people’s money.” The bill told Main Street “you no longer have to fear that your savings, your retirement or your home are at the mercy […]
This week, the U.S. Senate passed a financial reform bill that was far stronger that what had been proposed by the Obama administration and passed by the House. Now it’s time to hold President Obama’s feet to the fire to ensure the strongest possible bill. Not long after the financial crisis, it was clear that […]
The financial services reform bill is on the Senate floor this week. The recently announced criminal investigation of Goldman Sachs, the bumbling testimony of Goldman’s “Fabulous Fab” and the rocking Wall Street protest last Thursday show that momentum is with reformers. This bill could codify the “doom loop” of a “boom and bail” economy or […]
The financial services reform bill will be debated in the Senate next week. The great test for the bill will be what it does to rein in Goldman Sachs, the Wall Street institution famously described by Rolling Stone journalist Matt Taibbi as “a vampire squid jamming its blood funnel into anything that smells like money.” […]
TALLY SHOWS THAT THE FEDERAL RESERVE IS THE REAL SOURCE OF BAILOUT FUNDS Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial […]
Submitted by Mary Bottari on March 8, 2010 – 09:06 Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd’s original proposal unveiled last year had numerous strengths, most significantly the removal of bank supervisory authority from the Federal Reserve. Dodd had decided that the Fed […]
Even before a recent U.S. Supreme Court decision blew the lid off corporate campaign spending, it was clear that the big banks would be key players in the 2010 election cycle. Unemployment will remain high and so will resentment against the banks, a volatile combination that will encourage savvy Members of Congress to continue to […]
It’s really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let’s not review their gross profits and bonuses or their many failed PR schemes to gloss over unseemly profits (a practice we have dubbed “greedwashing“). Let’s simply recap this week’s news. On Sunday, the New York Times detailed […]
While Treasury Secretary Timothy Geithner was on the talk shows reassuring America that the economy is healing, developments in Europe threatened to cut the legs out from under a U.S. recovery. The short story is that Greece and a number of other European Union (EU) countries are in debt, deep in debt. EU rules say […]