Working Life

   This past Friday, I wrote that the financial powers were winning the debate on Capitol Hill. Today, another victory for those powers: The Senate on Tuesday voted unanimously to require a one-time audit of the Federal Reserve’s emergency actions during and after the 2008 financial crisis as part of broad legislation overhauling the nation’s […]

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   The forces trying to instill some rollback of the power of the financial elites suffered two defeats yesterday. First, Bernie Sanders’ amendment to bring more scrutiny to the Fed was watered down. Where did the pressure come from to let the Fed continue to operate in the same way it did before the crisis–a […]

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   It may seem relatively small but there will be an excellent window through which to view the president’s future intentions: will he be for the people or for the financial interests? Many people have already made up their minds–for good reason. But, this will be a moment–will the Administration veto the financial reform bill […]

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   This should pass: An amendment sponsored by the independent senator from Vermont to require Federal Reserve audits is gaining momentum, powered by a coalition of activists on the left and right who are taking aim at the financial establishment for its role in the economic collapse. Mr. Sanders’s amendment, which is likely to be […]

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   Well, let’s see where this goes: A top Senate Democrat said Monday he was optimistic lawmakers would move forward with legislation overhauling financial markets this week, as the Obama administration and congressional Democrats sought to build support for the measure ahead of a Senate vote. Sen. Christopher Dodd (D., Conn.), who chairs the Senate […]

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   Some random notes on the debate over reforming the financial system. The Brits continue to lead the charge on the bank tax–perhaps driven by the fast-approaching elections in which, if you believe the polls, the ruling Labor Party is going to lose its governing majority…perhaps a harbinger of things to come here. So, Gordon […]

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   There are roughly 400 amendments being proposed to the financial reform legislation proposed by Sen. Chris Dodd. I’ve written previously that I think that the legislation is, at best, a modest step forward. Many of the amendments are aimed at weakening reform and are being pushed by the financial inustry’s lobbying machine.     One […]

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    Chris Dodd has put his regulatory reform bill on the table. Bottom line: it is, at best, average–and certainly does not do what needs to be done to remake the rules of the economy.     The biggest flaw, in my opinion, is giving the Federal Reserve Board more power, particularly placing consumer protection in […]

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Yesterday, I raised my concerns about the Senate’s proposal to hand more power to the Federal Reserve Board and give the Fed the role of protecting consumers. Honestly, I thought it was a cruel joke and a perfect example of the Washington insiders protecting the interests of Wall Street. Barney Frank agrees.   Here is […]

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   It is hard to overstate how out-of-touch the insiders in Washington are–and how much they are far more attuned to the demands of Wall Street and the financial powers-that-be. You can’t find a better example than the apparent bi-partisan deal to give the Federal Reserve Board more power–and, most astonishingly, the power to protect […]

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