deregulation

Financial 'Reform' Preserves Too Big Banks, Too Much Speculation

Mon, 14 Dec 2009 09:39:32 -0500

by John Nichols

The U.S. House has voted for legislation that is described as "financial services reform."

But most of the "reforms" are so mild that the savviest of the nation's big bankers will be breathing sighs of relief, rather than worrying about being regulated into good behavior.

Disaster and Denial

Mon, 14 Dec 2009 09:09:10 -0500

by Paul Krugman

When I first began writing for The Times, I was naïve about many things. But my biggest misconception was this: I actually believed that influential people could be moved by evidence, that they would change their views if events completely refuted their beliefs.

And to be fair, it does happen now and then. I’ve been highly critical of Alan Greenspan over the years (since long before it was fashionable), but give the former Fed chairman credit: he has admitted that he was wrong about the ability of financial markets to police themselves.

Who Are You and What Have You Done With the Community Organizer We Elected President?

Wed, 18 Nov 2009 08:08:17 -0500

by Robert Scheer

What's up with Barack Obama? The candidate for change once promised to take on the powerful banking interests but is now doing their bidding. Finally, a leading Democrat, in this case Senate Banking Committee Chairman Chris Dodd, has a good idea for monitoring the Wall Street fat cats who all but destroyed the American economy, and the Obama administration condemns it.

Reflections on Glass-Steagall and Maniacal Deregulation

Thu, 12 Nov 2009 09:54:14 -0500

by Robert Weissman

Today marks the 10-year anniversary of the passage of the repeal of the 1933 Glass-Steagall Act and related legislation. It is an anniversary worth noting for what it teaches us about forestalling financial crises, the consequences of maniacal deregulation, and the out-of-control political power of the megafinancial institutions.

Pecora Swirling: Appointing the Financial Crisis Inquiry Commission

Mon, 29 Jun 2009 09:20:04 -0400

by Robert Kuttner

Reuters is out with an authoritative story on finalists being considered for the Financial Crisis Inquiry Commission, the investigative body created by Congress to launch a full-scale investigation of the financial crisis in the spirit of the famous early 1930s hearings led by Ferdinand Pecora.

Wells Fargo: Too Big to Jail?

Wed, 10 Jun 2009 10:32:58 -0400

by Laura Flanders

Everyone wants the economy to bounce bank, and the President's not wrong to believe that the way to revive things is to boost confidence.

But if mass confidence is what it's gong to take, the people at the bottom of our economic pyramid need hope -- not only that they'll have jobs again and homes to keep - but protection against mortgage crooks - and restitution if they've been scammed.

The city of Baltimore is currently pursuing a suit against Wells Fargo.

Reagan Didn’t Do It

Wed, 03 Jun 2009 08:25:38 -0400

by Robert Scheer

How could Paul Krugman, winner of the Nobel Prize in economics and author of generally excellent columns in The New York Times, get it so wrong? His column last Sunday-"Reagan Did It"-which stated that "the prime villains behind the mess we're in were Reagan and his circle of advisers," is perverse in shifting blame from the obvious villains closer at hand.

Reagan Did It

Mon, 01 Jun 2009 08:55:52 -0400

by Paul Krugman

"This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. ... All in all, I think we hit the jackpot." So declared Ronald Reagan in 1982, as he signed the Garn-St. Germain Depository Institutions Act.

Look Who's Begging for Regulation

Wed, 13 May 2009 11:22:11 -0400

by Jim Hightower

"Regulate the health insurance giants," chanted the reformers.

"Stop denying coverage to sick people," they demanded. "Stop jacking up premiums," they cried. "Health coverage for all," they bellowed.

It was an impressive show that the health care reform movement put on last week at a hearing before the Senate finance committee. It was especially impressive because those doing the chanting, demanding, crying and bellowing were not aggrieved outsiders, but the ultimate insiders - the health insurance giants themselves!

You Can't Starve Government and Blame It Too

Wed, 13 May 2009 10:40:59 -0400

by Thomas Frank

Last week, the House Committee on Oversight and Government Reform approved a bill to provide paid parental leave to federal workers and thus make government employment more attractive. The committee's ranking Republican, Rep. Darrell Issa of California, reportedly opposed the measure because he fears, among other things, that rascally federal workers will scam the system, piling up child after child just to claim the four weeks of paid leave.

They "could have one adoption or one foster child per year, resulting in every year you get a new foster child," Mr.