I was half-awake, lying in bed today, as I listened to John Hockenberry’s guest Michael Lewis on NPR’s program The Takeaway. What a wake-up call that was! 633 more words
Tags » Glass-Steagall Act
Sometimes, I wonder about the basic intelligence of my people. Americans can be incredibly short-sighted, blind to both future and past. But that just means that teachers like me need to step up and show people what they may have overlooked—particularly when it is not just one problem, but a pattern. 1,320 more words
"Wall Street’s Threat To The American Middle Class": Do We Really Need To Be Reminded About What Happened Six Years Ago?
Presidential aspirants in both parties are talking about saving the middle class. But the middle class can’t be saved unless Wall Street is tamed.
The Street’s excesses pose a continuing danger to average Americans. 722 more words
The Wall Street system of banks is again facing a bankruptcy crisis — this time triggered by collapsing oil and commodity debt and derivatives — and even central bankers know that it will be as bad as a second 2008 crash, or worse. 668 more words
Many have bemoaned the U.S. government’s failure to do more to strengthen the financial system following the 2008-2009 crisis. In particular, Congress has not considered anything resembling a revival of the Glass-Steagall Act, which separated the humdrum deposit-taking function of commercial banks from the kind of dubious investment and trading activities that set up financial institutions for a fall. 989 more words
by Jerry Alatalo
While Chair of the Commodity Futures Trading Commission (CFTC) from 1996-1999, Brooksley Born warned Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert Rubin, Securities Exchange Commission Chair Arthur Leavitt, and the United States Congress about the massive potential risks to the nation’s financial system from the unregulated over the counter derivatives market. 1,116 more words