Now Is the Time to Resist Wall Street's Shock Doctrine

I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).

Bailout Plan Won't Be End of Wall Street Bailouts

Sunday night meetings in Washington produce startling announcements: In March, there was the Fed's $30- billion backing of Bear Stearns' bad assets, as it was given to JPMorgan Chase; last week we had Lehman Brothers' declaration of bankruptcy; this week it's Goldman Sachs and Morgan Stanley, changing their status to one equivalent to neighborhood banks, with all the emergency capital perks thrown in.

Too Big to Fail and Too Small to Matter

These times provide a crash course on the corporate state:

If a company like AIG is too big to fail, the government will rescue it. Mere people -- too small to matter -- are expendable.

The insurance industry is too big to fail. A person's health is too small to matter, so -- when it fails due to the absence or loopholes of insurance coverage -- that's tough luck.

The Defense Department is too big to fail. The people it's killing in Iraq and Afghanistan are too small to matter.

A Crisis of American Capitalism

You don't have to be a socialist (and I certainly am not) to understand that this capitalistic country is confronting a crisis of capitalism.  This is not merely a matter of the huge losses and meltdowns that have taken place and have threatened to bring down the whole system with them.  It is also a matter of the failure of a culture, a culture that has grown and grown since the sainted Reagan introduced the twin pillars of his morning in America:  unchecked greed and militarism.

The Scent of Fear

For the first time in this unfolding financial crisis, I felt personally scared by the news. Not about my money, but about the potential for catastrophe. The Federal Reserve's lightning rescue of AIG has the smell of systemic fear. The house of global finance is on fire and everyone is running for the exits, no sure way to turn them around. What's next? The question itself is ominous, because there are no good answers.

McCain Attacks Wall Street Greed—While 83 Wall Street Lobbyists Work for His Campaign

In the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, "are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street." He noted that the "foundation of our economy...has been put at risk by the greed and mismanagement of Wall Street and Washington."

Who's to Blame for Market Failure? Clue: Not the Bankers

How extraordinary it is, that representatives of the great names in global finance that have recently bitten the dust were lately paraded on television as the supreme experts on the global economy.

Crash Course in Economics

The first time I was in a car crash, I was six or seven years old.

That's a long time ago. But there are certain things about it that I remember quite vividly.

My father was driving. The road was icy. We began to slide. This was in the days before seat belts and cars had bench seats, upholstered, but not shaped for each individual bottom. My father shot out his right arm and pressed me against the seat back to keep me from flying forward if, indeed, we ended up in hitting something.

Who Will Protect Us From Plunge Protection?

I often think about the alphabet of the financial crisis -- a lexicon of terms like plunder -- I wrote a book taking off on that idea -- but, also related 'P' words: pricing, panic and plunge.

I think of this last one spelled this way: plungeeeeeee as in falling off a cliff. And the dictionary sort of backs me up:

plunge |plənj|

verb

1 [ intrans. ] jump or dive quickly and energetically: our daughters whooped as they plunged into the sea.

• fall suddenly and uncontrollably: a car swerved to avoid a bus and plunged into a ravine.