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Obama takes on mortgage crisis in State of the Union address

In his State of the Union address, many heard echoes of the Barack Obama of old, the presidential aspirant of 2007 and 2008. Among the populist pledges rolled out in the speech was tough talk against the too-big-to-fail banks that have funded his campaigns and for whom many of his key advisers have worked: "The rest of us are not bailing you out ever again," he promised.

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financial crisis U.S. politics Barack Obama banks economic inequality financial abuse obama administration mortgage crisis FORECLOSURE FRAUD state of the union Occupy movement

Best books on the economic crisis

By
Andrew Jackson
| June 27, 2011

With the summer reading season at hand, here is a short list -- in no particular order -- of the best books I have read over the last couple of years on the roots and implications of the Great Recession -- essential reading for all progressive economists.

John Cassidy. How Markets Fail: The Logic of Economic Calamities. (Penguin, 2009.)

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Weekly Audit: Can Elizabeth Warren save the economy?

By
Zach Carter
| September 21, 2010

President Barack Obama's decision to appoint Elizabeth Warren to set up the new Consumer Financial Protection Bureau (CFPB) couldn't have come at a more critical time.

Over 44 million Americans were living in poverty last year. That's the highest number on record. The Great Recession is taking a terrible toll on everyone outside the executive class, but policymakers have been reluctant to pursue an economic agenda that improves the lives of ordinary Americans.

The uniqueness of Warren's new post raises plenty of questions, but it puts a fierce defender of the middle class in office at a time when the middle class most needs help.

So what exactly will Elizabeth Warren do?

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Weekly Audit: Brown-nosing Wall Street reform

By
Zach Carter
| June 29, 2010

More than two years after the collapse of Bear Stearns, the House and Senate finally ironed out their differences on Wall Street reform in the wee, small hours of Friday morning. The bill now goes back to both the House and Senate for final approval, but it’s fate in the Senate is uncertain following the defection of Tea Party Sen. Scott Brown (R-MA).

The resulting bill has several things going for it, but largely misses the critical structural lessons of the Great Financial Crash of 2008. As Wall Street continues to score epic profits and grotesque bonuses over the coming months, progressives must be committed to continuing the fight for a fair economy.

Megabanks intact

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Weekly Audit: Republicans filibuster our financial future

By
Zach Carter
| April 27, 2010

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 campaign cash from bigwig bankers. The coming weeks won’t be pretty.

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Weekly Audit: Dismantling the Wall Street casino

By
Zach Carter
| October 27, 2009

By Zach Carter, Media Consortium Blogger

Bailout pay czar Ken Feinberg raised a ruckus last week when he announced plans to slash cash payouts to executives at seven companies that have received massive levels of taxpayer support. While better oversight of the bailout barons is helpful, the best way to change Wall Street pay practices is to adopt a set of tough, comprehensive regulations that cover everything from the executive suite to the loan department. As is, many of the executives Feinberg cracked down on will still make millions this year from stocks and other perks, while the very banks that depend the most on bailout money are spending like mad to lobby against reform.

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