"Words that make actions speak louder."
Word is circulating through Capitol Hill right now that Sen. Chris Dodd (D-CT) has agreed to back a comprehensive audit of the Federal Reserve, paving the way for the almost certain passage of the measure. This is a major victory for serious Wall Street reform, and evidence of the mounting momentum to hold big banks […]
2:20 I agree in theory with just about everything that Tim Geithner said over the past two hours. The trouble is, his solutions– a systemic risk regulator, giving regulators more powers — won’t be enough to fix the system. You need hard rules in place that force regulators to do their jobs, and you need […]
9:00 Here we go. Bill Thomas is offering a very silly analogy between the automobile and the financial system. Both were simple 40 years ago, then both got complicated, and now when you need a very sophisticated specialist to fix problems with either cars or finance. Nice story. Except the financial markets got complicated not […]
J.P. Morgan Chase, America’s largest warehouse of arrogant financial elites, has issued yet another deceptive lobbyist smear in the guise of an “analyst report.” Yesterday, the megabank’s Chief Economist James Glassman launched a broadside against Sen. Carl Levin (D-MI) for having the audacity to publicly investigate allegations of financial fraud at Goldman Sachs. Glassman—a top […]
Despite all of the attention heaped on the Treasury Department and the Troubled Asset Relief Program, the Federal Reserve served as the chief bank bailout engine in the U.S. economy during the . But unlike the Treasury, the Fed isn’t subject to basic government transparency requirements—we know almost nothing about the trillions of dollars the […]
Today is the big day: thousands of people will march on Wall Street this afternoon to protest big bank abuses. After watching Wall Street stack the economic deck against, well, just about everybody, it’s time for reform. Big Banks secured the most generous bailout in history back in 2008, and today they’re back to business […]
10:00 Goldman Sachs CEO Lloyd Blankfein won’t appear before Levin’s committee until this afternoon, but his written testimony is here: http://hsgac.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=c5099cfc-f6f9-41cb-ad11-aac3dab82fe0 So is that of Goldman CFO David Viniar: http://hsgac.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=96c2e744-76bb-42c0-8928-931e3cbc7314 And this Fabrice “Fabulous Fab” Tourre: http://hsgac.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=8f08ee0a-7c86-4ce7-b7d6-ba44e0c0cbec
Last night, Senate Republicans proved beyond any doubt that when it comes to the economy, they stand with Wall Street and against everybody else. Joined by lone Democrat Sen. Ben Nelson (D-NE), Republicans successfully filibustered the procedural technicality of opening debate on Wall Street reform. It’s an unmistakable ploy to kill the bill and collect […]
Last week, Larry Summers, the top economic adviser to President Barack Obama, gave a startlingly dishonest interview with PBS Newshour’s Jeffrey Brown. When asked directly why the White House was not pushing to break up the nation’s largest banking behemoths, Summers responded with a lie that rivals the recent whoppers told by Mitch McConnell. Breaking […]
Sarah Palin’s broadside against the Obama administration’s Wall Street reform proposal is an interesting study in, well, hackery. One the one hand, her latest Facebook post is a disingenuous smear, loaded with outright lies. On the other, she’s kind of onto something, in her own horrible way. It’s a little silly to offer a serious […]