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Archives by Tag 'Banks'
The Bailout of Spain
MIKE WHITNEY
“The burden of recapitalizing insolvent banks or loss-making acquisitions of solvent banks will fall on Spanish citizens.” — Karl Whelan, economist at University College, Dublin. Before EU finance ministers approve ...
Bilderburgers Beware!
PATRICK BOND
Near the Dulles International Airport west of Washington last weekend, I found myself a couple of dozen meters away from a formidable gathering of 150 powerbrokers – the Bilderberg Group – whose capacity to move money and influence events rivals even the upcoming G20 ...
Getting Dazed and Confused With Paul Krugman
ROB URIE
Paul Krugman is at it again, pushing his economic patch-jobs at the plutocrat state instead of imagining the social struggle needed to resolve ongoing economic and financial crises. The offending passage from his New York Times piece (...
How Democrats Exploit Occupy
ANN ROBERTSON and BILL LEUMER
There has been much talk about attempts by various organizations such as the Democratic Party and some top officials in organized labor to co-opt Occupy in order to steer this movement in directions beneficial to themselves. Such attempts can hardly be surprising, g...
The Waltz of the Zombie Banks
MIKE WHITNEY
It’s the same everywhere. The banks are keeping houses off the market to trick people into believing that prices have hit bottom. But prices haven’t hit bottom, in fact, they still have a long way to go. So, what’s  going on here; what do the banks hope...
Organizing Against Bank of America
LAURA GOTTESDIENER
This week, thousands are descending on North Carolina for the Bank of America shareholders’ meeting. The protest comes on the heels of the successful Wells Fargo shareholder event in San Francisco, where thousands of protesters shut down the conference, and the U....
Michael Lewis Advises Occupy
MISSY BEATTIE
The concept is somewhat egotistical.  But if you believe that what you have to offer is valuable, the published self-interview is an attention getter. Recently, Michael Lewis, author of ...
Reinflating a New Housing Bubble?
MIKE WHITNEY
Have housing prices hit bottom? Many analysts are saying, “Yes”. Economist Bill McBride is one of the yea-sayers. Bill runs Calculated Risk, the Number 1 economics’s blog on the Internet. Here’s what McBride said in a post on Febr...
Cashing In on Foreclosures
JOHN CAVANAGH and SCOTT KLINGER
Inside and outside of Wells Fargo’s annual meeting in San Francisco yesterday, thousands of angry protesters decried the bank’s leading role in the loss of millions of American homes to foreclosure. If you want to know why the protesters are so angry, consider ...
Son of the Housing Bubble
DEAN BAKER
It’s often said that the difference between the powerful and the powerless is that the powerful get to walk away from their mistakes while the powerless suffer the consequences. The first-time homebuyers’ tax credit provides an excellent example of the privile...
The Bottomless Pit
MIKE WHITNEY
“There are many good reasons to believe that the 5.5 million foreclosures we have seen are barely halfway through their full course. The United States may end up with a total of 8-10 million foreclosures before we are finished.” — Barr...
Freedom Reoccupied
MISSY BEATTIE
“Bankers – pillars of society who are going to hell if there is a God and He has been accurately quoted.” ~John Ralston Saul First, I’d like to thank reader R who provided a Saul quote so relevant to our predicament that ...
The Foreclosure-to-Rental Boondoggle
MIKE WHITNEY
“The national housing market took a hit in the latter half of 2011, falling to new lows not seen since the housing crisis began six years ago, according to data out Tuesday by S&P/Case-Shiller Home Price Indices……The index is down 33.6 pe...
Huey Long and the Burden of History
KATHLEEN PEINE
Every individual is a blend of struggling motivations, except perhaps for the garden variety sociopaths that seem to occupy many places of power these days. Most of us, however endeavor to exhibit the noble of our character as we try to calm the howls of ego that so often...
Foreclosure Settlement: Just Another Link In a Long Chain of Corruption
PAM MARTENS
Yesterday the Department of Justice and 49 state attorneys general announced the long anticipated $25 billion deal with 5 large Wall Street firms — Bank of America Corporation,  JPMorgan Chase & Co., Wells Fargo & Company, Citigrou...
Foreclosure Crisis Goes Global
MIKE WHITNEY
Even though housing is in terrible shape in the US, it’s not nearly as bad as Ireland. Irish real estate is in freefall. Prices have plunged 60 percent across the country and 65 percent in Dublin. Austerity measures have sent unemployment soaring (18 percent) and ho...
Ireland and Greece: Blackjacked by the Banks
PATRICK COCKBURN
An American took his phlegmatic English friend to see the Niagara Falls. “Isn’t that amazing?” said the enthusiastic American. “Look at that vast mass of water dashing over that enormous cliff!” “But what,” replied the unimpressed Englishman, a...
Talking With Matt Taibbi
RUSSELL MOKHIBER
As a kid, Matt Taibbi’s favorite writer was Nikolai Gogol. So, straight out of college, Taibbi headed to Russia, where he spent ten years playing baseball in th...
Don’t Tax the Banks, Break Them Up
ROB URIE
A number of “tax the banks” measures are being pushed by liberal pundits to pay to maintain social spending or to pay for future bank bailouts. These efforts ignore that taxpayers are still subsidizing the banks and that the banks continue to engage in socially destru...
Mind the Gap
VIJAY PRASHAD
Between the sentiment at the Occupy encampments and the liberal wing of the Democratic establishment lies a moat unbridgeable even by the tallest trees. Between Occupy and the Republicans lies a universe. What seems reasonable to the Democratic leadership in Washin...
Banks on the Brink
ANDREW COCKBURN
“If the Occupiers start chanting ‘Mark to Market,’” an attorney highly conversant with the darker workings of the Wall Street-Washington complex told me, “we’ll know they’re serious.”   Such a call would quickly presage the collapse of our “too big to ...
Is Bank of America Headed for the Glue Factory?
MIKE WHITNEY
Why is Bank of America moving derivatives from Merrill Lynch to an insured subsidiary? Is it because the derivatives could blow up at any time leaving Merrill with gigantic, unsustainable losses? If that’s the case, then it would make perfect sense to shift them i...
Banker Boyz Blues
ALAN FARAGO
In Miami it is not considered polite or politic to criticize resident and former governor Jeb Bush, whose entire career was fueled by the mad housing boom and its campaign money that is now crashed to cinders. Bush spoke in Chicago last week  to the Mortgage Bankers Asso...
Don’t Be Suckered Into Buying a House Now
MIKE WHITNEY
Don’t even think about buying a house for the next year or so. Not unless you can afford to flush tens of thousands of dollars down the toilet, because that’s what you’ll be doing. Here’s what’s happening. As everyone knows,  housing...
Hey NYPD, Give Morgan Its Money Back!
JEFFREY SOMMERS
The “Occupy Wall Street” protests reveal that American democracy still has life in it.  The protests this winter in Wisconsin led by teachers who forced their unions to follow them, showed the way. Among the heroes in Madison were the cops.  Not only did they fail t...