Michael Greenberger: If somebody understood the economic issues and explained them to the American people, you could easily be elected president by saying you’re going to put an end to the Wall Street hijinks
Posts tagged ‘Wall Street’
from The Real News Network
Bill Black: Obama susceptible to attack by Romney because he failed to deal with systemic risk to financial system – even though Romney would be worse
Gerald Epstein, Political Economy Research Institute, and Department of Economics, University of Massachusetts, Amherst): Financialization of the economy has been developing since the late 19th century and is now at historic Levels
London and Wall Street in a dangerous competition to create a more unregulated environment for finance
A commentary by Jane D’Arista assessing the actions of the Federal Reserve in managing the economic crisis.
Second part of Jane D’Arista commentary on the role of the US Federal Reserve in managing the crisis of global capitalism .
from Democracy Now!
… the old-school industrialists, like Mitt Romney’s father, they were men and women who built communities. They had factory towns. They were very anxious to leave, you know, hard legacies that people could see: hospitals, churches, schools—you know, the Hersheys of the world, the Kelloggs. But these new owners have absolutely no allegiance to American workers, American places, American communities. Their only allegiance is to the investors and to themselves. And so, it’s not at all uncharacteristic to have these situations where people are pleading for their jobs or they’re saying, you know, “We’ll tighten our belts, if you just make this concession and keep us.” That’s irrelevant to the Mitt Romney/Bain Capital/Carlyle Groups of the world. They’re entirely about making profits. And if that means shipping jobs to China or eliminating jobs, that’s what they’re going to do. And that’s the new generation of corporate owners in this country. — Matt Taibbi
A new article by reporter Matt Taibbi in Rolling Stone sheds new light on the origin of Republican presidential candidate Mitt Romney’s fortune, revealing how Romney’s former firm, Bain Capital, used private equity to raise money to conduct corporate raids. Taibbi writes: “What most voters don’t know is the way Mitt Romney actually made his fortune: By borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America’s top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.”
Matt Taibbi, contributing editor for Rolling Stone, talks about how the lack of any individual prosecutions relating to the 2008 financial crisis has emboldened Wall Street in this “Viewpoint” Web exclusive. Taibbi recently took Attorney General Eric Holder and the Department of Justice to task for failing to bring any cases against Goldman Sachs in a Rolling Stone piece.
The recent stock market volatility could have been restricted by a tax on transactions that would make the small quick score less attractive