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“Real change comes from the bottom up, not the top down. The genius of the American system has been to let that change flow upward, from neighborhoods to cities to states and then to the federal government.” George W. Bush February 26, 2001. Unfortunately, the difference between words and deeds in Washington is often shocking…
The derivatives markets of today have become a high stakes casino of unimaginable magnitude. Wall Street’s bets have gone bad, and now the whole financial system is in peril. In a best-case scenario, it appears, the taxpayers will be required to rescue the system from itself. This is why Warren Buffett labeled derivatives “weapons of…
The current finger pointing by the deregulation crowd in Congress and their ideological soul mates in the media reminds me of the 1939 film classic The Wizard of Oz. It is as though these spin masters want us to pay no attention to the government officials behind the deregulation curtain. Indeed, the right-wing pundits and…
Congress needs to show some backbone before the federal government pours more money on the financial bonfire started by the arsonists on Wall Street. 1. Congress should hold a series of hearings and invite broad public comment on any proposed bailout. Congress is supposed to be a co-equal branch of our federal government. It needs…
Mr. Chairman and members of the Constitution Subcommittee of the Senate Judiciary Committee, thank you for the opportunity to submit testimony on the important and fundamental topic of “Restoring the Rule of Law” to the workings of the Executive Branch. I ask that this statement be made part of the printed hearing record and I…
The Big Three are in big trouble, and they have themselves to thank for it. Ford and General Motors have reported substantial losses in the second quarter amounting to $15.5 billion, and $8.7 billion, respectively, while Chrysler, which was bought off last year by a private equity firm, Cerberus, refuses to reveal its financial standing.…
September 12, 2008 The Honorable Henry M. Paulson, Jr. Secretary United States Department of the Treasury 1500 Pennsylvania Avenue, N.W. Washington, D.C. 20220 Dear Secretary Paulson: The government bailout of Fannie Mae and Freddie Mac that you announced on Sunday September 7, 2008 is still sending shockwaves through the financial world. You said, “Since this…
When Members of Congress or the Administration or the corporate CEOs or the empirically starved right-wing ideologues start whining about regulation the right-wing echo chamber goes wild. When the absence of adequate regulation lets an industry wreak havoc, Congress and the Administration meekly admit a bit of regulation might have averted disaster. The corporate CEOs,…
Labor Day just isn’t what it used to be. The parades are smaller, the unionized workforce is smaller, the share of the economic pie available for working people in the United States is smaller and the demands by organized labor on Congress and the presidential candidates are embarrassingly smaller than the times demand. Last year…
The “politics of avoidance” is receiving a great deal of media attention during this period of national political conventions. Unfortunately, the newspapers and television programs do not use the phrase: “the politics of avoidance.” Together with John McCain and Barack Obama, members of the press have become used to living the “politics of avoidance” every…