Archive for September, 2008
Gender, Race, and the Bailout (Cali NOW)
From the blog of California NOW: As we all know, the $700 billion bailout plan failed in the House of Representatives yesterday, sending stock prices plummeting. Both Democrats and Republicans voted for and against the bill, with many different and even conflicting reasons behind their votes. However, one fact stands out: looks like the congressfolks ...Read more.
Why One Congressman Voted Against the Bailout
Rep. Maurice Hinchey (D-NY) made several important points in his explanation of why he voted “no” on the bailout: * The bill would have given $700 billion to the same administration that got us into this mess in the first place; * Even Bernanke says that only $150 billion or so will be needed over ...Read more.
Bailed Out or Outfoxed? (Robert Zevin)
This is an Investment Policy Memo from Robert Brooke Zevin Associates, Inc., a socially responsible investment advisor. It is from Sept. 26th, but still salient. Hat-tip to Arthur MacEwan. Secretary of the Treasury Paulson has offered a dramatic new rescue plan. Most Americans hate it. Stock markets love it. When the plan was carefully leaked ...Read more.
Political and Financial Bedlam (William Greider)
This is by William Greider of The Nation, from this morning’s Boston Metro. All of the political leaders blessed the deal, but the House of Representatives spit it out anyway. The political bedlam in Washington is as real as it gets. The party leaders will probably try again. I doubt they have the energy or ...Read more.
Time to Start Worrying
This posting is from D&S collective member and frequent blogger Larry Peterson. To see more of his posts, click here. I’m scared. After the stunning rejection by the House of Representatives of the revised bailout bill, financial markets throughout the world are tanking. As I write, Tokyo is down four percent, and Latin American stocks ...Read more.
The Community Reinvestment Act Didn't Do It
Heard the latest joke about the current financial crisis? The Democrats did it. Actually, that’s not a joke, but it’s the sad excuse for one that corporate capitalist apologists are pushing. Ann Coulter even put out an entire rant with the typically subtle title “THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY. Other lessor ...Read more.
Bailout Bill Fails in House Vote
From the WSJ: By MICHAEL R. CRITTENDEN WASHINGTON — A bipartisan group of U.S. House lawmakers defeated a $700 billion rescue plan for Wall Street on Monday, rejecting pleas from the Bush administration and congressional leaders from both parties of the potential dire consequences of policymakers not acting to help financial markets. The 205-228 vote ...Read more.
It's the Foreclosures, Stupid (NACA)
This is an “action alert” from the Neighborhood Assistance Corporation of America. The CEO of NACA, Bruce Marks, was on the radio program Here and Now this morning explaining why he opposes a bailout; there appears to be no way to listen to the segment, but they may put up a link to it sometime ...Read more.
Why Bail?–Dean Baker
From Huffington Post, by Dean Baker of the Center for Economic Policy and Research. The Banks Have a Gun Pointed at Their Head and Are Threatening to Pull the Trigger If you have a real story, you don’t have to make up phony stories. That’s pretty straightforward. I’ve heard lots of phony stories. Much of ...Read more.
This Is the System We Are Saving!–Kucinich
A fiery Dennis Kucinich discusses the “end of industrial capitalism,” and quotes Steve Zarlenga of the American Monetary Institute. [youtube=http://www.youtube.com/watch?v=lJ2gnXu7ezA&hl=en&fs=1]
