One big bank finally being brought to account?

The way the big banks have been getting away with their crimes is truly a scandal, with the white House, the Justice Department, and other federal agencies responsible for monitoring them either unwilling or unable to do anything about it. This leaves Congress as the only possible entity that can do something and senator Carl Levin (D-Michigan) has been almost single-handedly trying to bring some accountability. As we saw in the 2013 Frontline investigation The Untouchables and in the 2010 Academy Award winning documentary Inside Job, he used his powers as chair of the senate’s Permanent Subcommittee on Investigations to drag out of the top executives in the big banks information about how they manipulated the housing market and investor’s money in ways that impoverished the country while enriching themselves. [Read more…]

Income inequality and hunger in Venezuela and the US

Once in while, a news item comes along that inadvertently gives us a telling insight into our media mindset. NPR featured this obituary by the Associated Press’s business reporters Pamela Sampson and Pablo Gorondi on the legacy of Venezuela’s Hugo Chavez that had this quite extraordinary passage that tells you all that you need to know about what the oligarchy and its media lackeys consider development and progress. Sampson says: [Read more…]

Is the Tea Party inadvertently saving Social Security?

Whenever the political class, the major players in the business world (especially the financial sector), and their media lackeys, all of whom are collectively known as The Villagers, enthusiastically agree on something, concerned people should sit up and take notice because it signals that a big swindle is about to be perpetrated on the general public. The clue that such a thing is in the works in when the phrase ‘everyone knows’ is bandied around about a major policy proposal with absolutely no evidence to back it up. [Read more…]

More on the Wall Street-Treasury revolving door

I have been writing about the revolving door between Wall Street and the government. Yesterday’s Wall Street Journal has an article that sheds an interesting light on this process and how favorably it is viewed by Wall Street. It concerns primarily Jack Lew, president Obama’s current Chief of Staff and nominee to be Treasury Secretary. [Read more…]

Needed: A Robin Hood tax on the banks

Across Europe, a movement has started to implement what is called a Robin Hood Tax that seeks to levy a small tax on financial transactions that would produce large amounts of revenue to pay for much-needed public services. The details can be seen here.

The Robin Hood Tax is gaining support. The European Parliament in December 2012 voted 533 to 91 (with 32 abstaining) in favor of the Financial Transaction Tax, which is the same idea as the Robin Hood Tax, and then last month the European Union gave approval to 11 countries to implement it.
[Read more…]

The health care rip-off

I was chatting one day with the handyman who does stuff at our house and was shocked at the prices that he and his wife (who is also self-employed) have to pay to buy health insurance. Even after paying so much, that coverage provides much less than what my wife and I have through her employer-based insurance. For even routine medical procedures, he pays far more out-of-pocket than I do. [Read more…]

Krugman lets loose

Economist and New York Times columnist Paul Krugman is clearly so fed up with the quality of public discourse on budget issues and the kinds of people the media hold up as being authorities that he departs from his usual measured language. This time he unloads on the execrable Alan Simpson, the former senator and co-chair of the Simpson-Bowles deficit cutting commission created by president Obama. [Read more…]