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Too Big to Fail - Too Big to Exist -

Fri, 06 Nov 2009 00:00:00 -0800

senate.gov - By Senator Bernie Sanders - Nov. 06 (Statement) - Senator Bernie Sanders introduced legislation that would break up financial institutions that are too big to fail. "If an institution is too big to fail, it is too big to exist," Sanders said. "We should break them up so they are no longer in a position to bring down the entire economy. We should end the concentration of ownership that has resulted in just four huge financial institutions holding half the mortgages in America, controlling two-thirds of the credit cards, and amassing 40 percent of all deposits."

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If the economy's stagnant, why are stocks up? The answer is disturbing.

Wed, 04 Nov 2009 00:00:00 -0800

Slate - By Daniel Gross - Nov. 04 (News Analysis) - Here's a puzzle: The stock markets are doing very well, yet the performance of the underlying economy doesn't seem to justify optimism. The buoyant S&P 500 has risen 53 percent since the March bottom. And while the economy expanded at a 3.5 percent rate in the third quarter, unemployment is high, incomes are stagnant, and consumers are shaky.

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Britain is forcing breakups of bailed-out major banks -

Tue, 03 Nov 2009 00:00:00 -0800

Los Angeles Times - By Anthony Faiola - Nov. 03 (News) - The move to downsize some of Britain's largest banks comes as U.S. politicians are debating whether American banks should also be required to shrink.

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Our Free Market Makes Economic Collapse Inevitable

Mon, 02 Nov 2009 00:00:00 -0800

Bill Moyers Journal - By Bill Moyers, James Galbraith - Nov. 02 (Interview) - The headlines are trumpeting recovery — some are even proclaiming an end to the recession in the United States (unofficially, that is). The US economy grew in the third quarter for the first time in a year. But there are some caveats — although jobless claims dipped slightly, many analysts still warn of a "jobless recovery." for a number of years to come. And then there's the small print — will this recovery be permanent or is it a function of the stimulus masking bigger problems? The Wall Street Journal warned: "The recovery thus far has been heavily supported by federal money, casting a question mark over the economy's underlying strength as government support dwindles." That unease is echoed by JOURNAL guest James K. Galbraith

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China steps up, slowly but surely, to address emissions issue

Sat, 24 Oct 2009 00:00:00 -0700

Washington Post - By Steven Mufson - Oct. 24 (Special Report) - In a large greenhouse, hundreds of tubes hold strains of algae being tested for how much carbon dioxide they can suck from the air. Outside, half a dozen brands of solar panels are being matched for performance against the company's own. Next door,

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China leaving US behind in green energy

Thu, 22 Oct 2009 00:00:00 -0700

Boston Globe - By Joan Fitzgerald - Oct. 22 (Opinion) - Though aspects of it may violate the WTO, China has a coherent industrial policy to capture global leadership, while US initiatives are fragmented. China recognized that the real economic development potential in renewable energy is in manufacturing, which comprises 70 -75 percent of the jobs in solar, and now has more than 100 solar companies that account for one-third of global solar component production.

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The New Untouchables

Wed, 21 Oct 2009 00:00:00 -0700

New York Times - By Thomas L. Friedman - Oct. 21 (Opinion) - Those who create services, opportunities and ways to recruit work can compete on the world market. That is the key to understanding our education challenge today.

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Beyond GDP: We need a dashboard for the whole economy

Wed, 21 Oct 2009 00:00:00 -0700

New Scientist - Oct. 21 (Editorial) - From stock markets to measuring GDP, conventional economics is in a mess.

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America's soul is lost, collapse inevitable

Tue, 20 Oct 2009 00:00:00 -0700

MarketWatch - By Paul B. Farrell - Oct. 20 (Opinion) - Jack Bogle published "The Battle for the Soul of Capitalism" four years ago. The battle's over. The sequel should be titled: "Capitalism Died a Lost Soul." Worse, we've lost "America's Soul." And worldwide the consequences will be catastrophic. That's why a man like Hong Kong's contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: "The future will be a total disaster, with a collapse of our capitalistic system as we know it today."

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Slovenian Philosopher Slavoj Zizek on Capitalism, Healthcare, Latin American "Populism" and the "Farcical" Financial Crisis

Thu, 15 Oct 2009 00:00:00 -0700

Democracy Now - Oct. 15 (Interview) - Zizek’s latest offering also excerpted in the October issue of Harper"s magazine opens with the words: “The only truly surprising thing about the 2008 financial meltdown is how easily the idea was accepted that its happening was unpredictable.” He goes on to recall how the demonstrations against the IMF and the World Bank over the past decade all protested the ways in which banks were playing with money and warned of an impending crash. They were met with tear-gas and mass arrests. The message, he writes, was “loud and clear, and the police were used to literally stifle the truth.”

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Biggest Obstacle to Global Climate Deal May Be How to Pay for It

Thu, 15 Oct 2009 00:00:00 -0700

New York Times - By Elisabeth Rosenthal - Oct. 15 (Special Report) - The price of a climate agreement will be $100 billion a year by 2020, many economists estimate; some put the cost at closer to $1 trillion.

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Have we learned anything?

Thu, 15 Oct 2009 00:00:00 -0700

National Post - By Johan Norberg - Oct. 15 (Special Report) - In The Big Picture, The Great Financial Meltdown Of 2008 Can Be Blamed On The Collapse Of A Series Of Bubbles -- Bubbles In Credit, In Housing, In Asset-Backed Securities. In The Aftermath, We Face A New Threat -- A Knee-Jerk Bubble In Regulation And Government Intervention In Financial Markets. You've Been Warned.

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Pakistan: The Kerry Lugar Bill

Wed, 14 Oct 2009 00:00:00 -0700

Global Voices - By Faisal Kapadia - Oct. 14 (News Analysis) - The Kerry Luger bill is essentially a non military aid package granted to Pakistan by the U.S in view of its precarious economic condition due to its indulgence in the war on terror as a front line allied state. This bill grants Pakistan $1.5 billion annually for five years and comes along with stringent conditions on how to distribute and invest this money.

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Dollar versus Global Currency: World Leaders Deny US Dollar's Demise

Wed, 07 Oct 2009 00:00:00 -0700

ABC News - By Matthew Jaffe - Oct. 07 (News Report) - Is the dollar's status as the world's reserve currency in jeopardy? How are U.S. officials responding? And should the average American be worried?

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A Heroine of ’Capitalism’

Wed, 07 Oct 2009 00:00:00 -0700

Washington Post - By Lois Romano - Oct. 07 (Interview) - Elizabeth Warren is far from a household name, but that could change quickly, given her debut on the big screen this week in Michael Moore’s scathing assessment of the government’s handling of the banking crisis.

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Acting Like a Bunch of Christies

Wed, 07 Oct 2009 00:00:00 -0700

American Spectator - By Peter Ferrara - Oct. 07 - Acting Like a Bunch of Christies

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US treasury secretary urges IMF reform

Sun, 04 Oct 2009 00:00:00 -0700

Seattle Times - By Christopher Torchia - Oct. 04 (News Report) - "Quota reform is crucial for increasing the legitimacy and effectiveness of the Fund," the committee said in a statement. It planned to review progress at its next meeting in Washington on April 24, and sought an agreement on the voting shift by January 2011. The change would then be subject to approval by the legislatures of some member countries. "This is a process that will take time. It won't happen overnight," said committee chairman Youssef Boutros-Ghali. "We are reforming an organization that is complex, sophisticated and reaching every corner of the world economy."

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Les Leopold: The Forbes 400 Shows Why Our Nation Is Falling Apart

Thu, 01 Oct 2009 00:00:00 -0700

Huffington Post - By Les Leopold - Oct. 01 (Opinion) - It's great to know that during the worst economic crisis since the Great Depression, the wealth of the 400 richest Americans, according to Forbes, actually increased by $30 billion.

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Freedom From Foreign Oil

Thu, 01 Oct 2009 00:00:00 -0700

American Spectator - By R. Emmett Tyrrell, Jr. - Oct. 01 - Freedom From Foreign Oil

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Coalition Talks: Merkel's New Government Unlikely to Pursue Radical Reforms

Mon, 28 Sep 2009 00:00:00 -0700

Der Spiegel - Sep. 28 (News Report) - Chancellor Angela Merkel's conservatives and their new partners, the Free Democrats, could reach a coalition deal by the end of October. But it may not be easy. Tax cuts and burgeoning government debt could slow down the talks.

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Mandate for Change in Germany

Mon, 28 Sep 2009 00:00:00 -0700

Wall Street Journal - By Marcus Walker - Sep. 28 (News Report) - A center-right alliance led by German Chancellor Angela Merkel was set for victory in Germany's national elections on Sunday, opening the door to modest tax cuts and labor-market changes that could help strengthen the fragile recovery in Germany's crisis-battered economy.

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G20 Leaders Tout Progress on Bank Regulation, But Big Issues Remain

Sun, 27 Sep 2009 00:00:00 -0700

Wall Street Journal - By Damian Paletta - Sep. 27 (News Report) - U.S. and foreign leaders meeting at the Group of 20 summit agreed to toughen regulation of global banks, but some key differences remain related to capital rules, compensation and derivatives oversight.

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The G20 summit: Regaining their balance

Sat, 26 Sep 2009 00:00:00 -0700

Economist - Sep. 26 (News Analysis) - The last time the leaders of the Group of Twenty (G20) met, in London in April, their unenviable task was to steer the world economy away from a 1930s-style depression. They succeeded, thanks to an unprecedented fiscal and monetary gusher and a raft of measures to prop up teetering financial giants. But while stability has returned, much more needs to be done to put economies, and particularly their banking sectors, on a sounder footing. The group’s aim this week in Pittsburgh was to “turn a page on the era of irresponsibility” by adopting reforms to “meet the needs of the 21st century economy.” But writing a new chapter will require agreement on precisely what those needs are, and the final communiqué gave sceptics plenty to chew on.

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G-20 leaders to pledge to end subsidies for fossil fuels

Sat, 26 Sep 2009 00:00:00 -0700

Los Angeles Times - By Jim Tankersley - Sep. 26 (News Report) - World leaders at the Group of 20 summit pledged to phase out subsidies for fossil fuels in the "medium term" Friday, a nebulous goal that the leaders nevertheless said could make a noticeable dent in global warming.

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G-20 Unites to Curb Bank Pay, Align Economic Policy

Sat, 26 Sep 2009 00:00:00 -0700

Bloomberg - By Simon Kennedy, Rich Miller - Sep. 26 (News Report) - Group of 20 leaders built on the common front they forged in fighting the financial crisis to chart a shared path toward a more stable banking system and a stronger global economy.

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