bailout

That Unpopular Bank Bailout? Geithner Wants to Extend It

Thu, 10 Dec 2009 10:11:27 -0500

by Kevin G. Hall

WASHINGTON - A day ahead of testimony in which he's sure to be grilled about the controversial taxpayer-funded bank bailout program, Treasury Secretary Timothy Geithner announced Wednesday that he wants to extend it into late 2010.

"History suggests that exiting prematurely from policies designed to contain a financial crisis can significantly prolong an economic downturn," Geithner wrote in a letter Wednesday to House Speaker Nancy Pelosi, D-Calif.

The Big Squander

Fri, 20 Nov 2009 10:36:58 -0500

by Paul Krugman

Earlier this week, the inspector general for the Troubled Asset Relief Program, a k a, the bank bailout fund, released his report on the 2008 rescue of the American International Group, the insurer. The gist of the report is that government officials made no serious attempt to extract concessions from bankers, even though these bankers received huge benefits from the rescue. And more than money was lost. By making what was in effect a multibillion-dollar gift to Wall Street, policy makers undermined their own credibility - and put the broader economy at risk.

British Break up Several Bailed-Out Banks

Tue, 03 Nov 2009 09:06:36 -0500

by Anthony Faiola

LONDON -- The British government announced Tuesday that it will break up parts of major financial institutions bailed out by taxpayers, highlighting a growing divide across the Atlantic over how to deal with the massive banks that were partially nationalized during the height of the financial crisis.

Wall Street Adds Insult to Injury

Mon, 26 Oct 2009 15:21:13 -0400

by Dean Baker

Most people would have little difficulty getting by on $200,000 a year. Most people who had badly messed up on their job and put their employer in bankruptcy would be absolutely delighted to find themselves still earning $200,000 a year.

Michael Moore's Action Plan: 15 Things Every American Can Do Right Now

Thu, 22 Oct 2009 08:35:11 -0400

by Michael Moore

Friends,

It's the #1 question I'm constantly asked after people see my movie: "OK -- so NOW what can I DO?!"

You want something to do? Well, you've come to the right place! 'Cause I got 15 things you and I can do right now to fight back and try to fix this very broken system.

Here they are:

FIVE THINGS WE DEMAND THE PRESIDENT AND CONGRESS DO IMMEDIATELY:

Geithner’s All Ears for Debt Cartel

Tue, 13 Oct 2009 09:13:30 -0400

by Laura Flanders

Months ago, a former chief economist at the IMF called it mind control. Talking to Simon Johnson of the Atlantic Monthly, he explained that one of the most alarming truths laid bare by the economic crash was that the finance industry had effectively captured the thinking of government.

“That’s going too far,” said reasonable people. “This is no Banana Republic run by crony cartels.”

That was before we read Tim Geithner’s phone records.

Follow the Money

Mon, 05 Oct 2009 08:14:12 -0400

by Matt Bivens

There are many possible responses to the news that we have committed more than four trillion public dollars to Wall Street.

Mine is a roar of admiration.

Four trillion dollars! Holy hell! I didn't even know that was possible!

U.S.A.! U.S.A.!

Big Bucks for Bailout Barons

Thu, 03 Sep 2009 09:19:09 -0400

by Katrina vanden Heuvel

One year after the global banking system collapsed the Institute for Policy Studies (IPS) 16th Annual Executive Excess report -- "America's Bailout Barons" -- shows that the perverse system of executive compensation which contributed to the financial meltdown is still thriving for top bailout recipients.

A Bailout for the US Healthcare Industry

Wed, 26 Aug 2009 11:39:53 -0400

by Rose Ann DeMoro

The fractured U.S. healthcare debate, replete with wild distortions of Canada's medicare, must seem incomprehensible to many north of our border.

News images of fabricated "death panels" or traumatized seniors on U.S. Medicare -- a government-funded program -- urging legislators to keep the government's hands "off my Medicare" must seem especially hard to fathom.

Equally puzzling, no doubt, has been the reaction of the administration and many of its allies in Congress whose response to the attacks is to move further away from comprehensive reform.

Letting the Banking Rats Out of the Bag

Wed, 12 Aug 2009 10:22:56 -0400

by Robert Scheer

The good judge smelled a rat.

“Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal. The Securities and Exchange Commission had charged the bank with covering up for outrageous bonuses given out at Merrill Lynch as the bank acquired the failed stockbrokerage, and now it was letting the bank off the hook with a chicken-feed fine.