Why the Global Economy Is Tanking
Way Too Big To Fail
The Worst and The Brightest
Inside Man
Hank Paulson sounds tough. His gravelly delivery starts out strong. The voice is that of a seasoned and fair-minded cop sorting out the ruffians, and the hard-boiled dialogue is straight from Raymond Chandler. Speaking of his plans to act immediately against some specific financial sector CEOs and their boards of directors, he says “Mr. President, ... we’re going to move quickly and take them by surprise. The first sound they’ll hear is their heads hitting the floor.” READ MORE >>
Shooting Banks
On January 21, in an abrupt change of policy, President Obama announced his intention to take on the big bankers who have brought us so much trouble. “If these folks want a fight, it’s a fight I’m ready to have,” he said with a clenched jaw at a press conference. READ MORE >>
Dismember Goldman Sachs
The White House background briefing is that their proposals would freeze biggest bank size “as is”--this makes no sense at all. READ MORE >>
Is Bernanke Right for the New, Anti-Bank Obama?
Update: the Senate needs to hold a new hearing for Ben Bernanke--here’s the full proposal. READ MORE >>
Is the White House Finally Taking It to the Banks?
Paul Volcker, legendary central banker turned radical reformer of our financial system, has won an important round. The WSJ is now reporting: READ MORE >>
A Trap of Their Own Design
At this stage in the electoral cycle, Democrats should be running hard against big banks and their consequences. Some roots of our current economic difficulties lie in the Clinton 1990s, but the real origins can be traced to the financial deregulation at the heart of the Reagan Revolution--and all the underlying problems became much worse in eight years of George W. Bush’s unique brand of excess and neglect. READ MORE >>
Pump Up the Volume, Angelides Commission!
On the first day of the Financial Crisis Inquiry Commission, Phil Angelides demonstrated a gift for powerful and memorable metaphor: accusing Goldman Sachs of essentially selling defective cars and then taking out insurance on the buyers. Lloyd Blankfein and the other CEOs looked mildly uncomfortable, and this image reinforces the case for a tax on big banks--details to be provided by the president later today. READ MORE >>
