The 2008 financial crisis was no accident. It was the result of a decades-long deregulation effort, lobbied for by the financial industry and executed by our political institutions. Now, as the facts of the financial collapse fade from memory, some would rather rewrite their part in history than...
The United States isn't the only country that has a problem with giant banks that take too many risks, are not transparent, and are effectively above democratic oversight. The U.K. has the same problem, and in fact, that country's economy is even more financialized than the U.S.'s -- with all the...
The record drought and crop failures will create shortages, especially of corn, and will increase the prices of many foods that either contain the stuff or use it to feed livestock. That, in turn, will cause an uptick in the rate of inflation. And higher prices will give the inflation hawks in...
Data Byte
Dimon’s testimony yesterday before the Senate Banking Committee -- the week of the anniversary of the passage of the Glass-Steagall Act in 1933 -- is ironic, to say the least. He objected to the Volcker Rule’s prohibitions against proprietary trading by federally insured banks (acting like hedge...
Phil "nation of whiners" Gramm is retiring as Vice Chairman of the Investment Bank at UBS. Perhaps no single person is more responsible for the financial crisis of 2008 and more representative of all that is loathsome about the revolving door between Wall Street and Washington.  Interesting...
Would Re-establish Key Provisions of the Glass-Steagall Act—Limiting Risk Taking by Commercial Banks, Requiring Investment and Insurance Spin-offs, Ending Era of 'Too Big to Fail' Washington, DC — Today, Senators Cantwell (D-WA) and McCain (R-AZ) introduced the Banking Integrity...
Press Release
Ten years ago last November, a Republican-led Congress and a Democratic White House rolled out the red carpet for a new age of global, “full service,” too-big-to-fail financial institutions. The move repealed the Glass-Steagall Act of 1933, a set of reforms responsible for the longest crisis-free...
Syndicate content