Wall Street loves a disaster. The more chaos, the better–because, no matter what happens to regular people, chaos can mean lots of profits. That is why the deep reform we need in the way the financial world works is so important–and why Wall Street is fighting so hard to stop it. This past Friday, […]
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Jonathan Tasini's Ruminations on Work, The Economy, and PoliticsTag Archive | "Consumer Financial Protection Agency"
Wall Street Wants To Burn Down Your House
Posted on 17 February 2010.
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Wall Street Recovering Faster Than Main Street
Posted on 17 October 2009.
There is no recovery for Main Street, no matter how many people are on their knees looking for "green shoots". It is phony rhetoric–and even the left-wing Financial Times grasps the problem. The paper’s front-page article today is headlined "Goldman and Citi highlight divide", with the article’s subhead reading, "Wall Street recovering faster than […]
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The Spine Weakens–Again
Posted on 24 September 2009.
It’s beginning: House Financial Services Committee Chairman Barney Frank (D., Mass.) told lawmakers the plan would no longer require banks to offer customers "plain vanilla" versions of products such as mortgages and credit cards, one of the more populist components of the White House’s proposal that had become a lightening rod of criticism from […]
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A Global Tax On Finance
Posted on 23 September 2009.
A bit of a lateish post here today (I know, everyone is just crushed). I wandered down to Wall Street to see the new president of the AFL-CIO give one of his first–perhaps his first–public speech since taking over the federation last week. Here is Trumka on the left–to his left is Liz Schuler, the […]
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Attacking Consumer Protection
Posted on 08 September 2009.
A few weeks ago, I noted that the powers-that-be inside Washington had the knives out for the proposed Consumer Financial Protection Agency. It’s pretty clear why: this is an agency that, if it works, would shatter the cozy little closed relationship between Wall Street and the regulators (e.g., the Federal Reserve Board) who were […]
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The Fed Tries To Keep Power–The Independence Myth
Posted on 10 July 2009.
No institution ever gives up power willingly. It has to be taken from it by force–not necessarily armed force, but certainly political force. To wit, the battle over the power of the Federal Reserve Board. Two different takes floated around the business/mainstream media today–both of which miss the point, which I’ll get to down […]
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