While Occupy protesters have been criticized for failing to propose many real solutions, one thing they have proposed is that consumers "vote with their feet" by moving money out of the larger financial institutions.
Senior executives and policy leaders have repeated the same tired excuse time and again, "We had to do this, it was the only responsible thing to do." Keep that in mind, and you will see it for what it is: self-serving bullshit.
The reason for the low score includes the downgrade of American credit in August, a sluggish economy, the intractable U.S. debt problem and -- most of all -- the incessant political bickering which ensured that none of these problems were adequately addressed.
I have never quite been able to understand how the decision was made to fire Richard Wagoner at GM but not Vikram Pandit at Citibank. Is running a huge bank really more complex than running a huge automobile manufacturer?
The Fed's bail-out was not $1.2 trillion, $7.77 trillion, $16 trillion, or even $24 trillion. It was $29 trillion. That is, of course, the cumulative total. But even the peak outstanding numbers are bigger than previously reported.
The work of financial reform is far from done. Knowing now what they should have known a couple of years ago, Congress should revisit major structural reforms like restoring Glass-Steagall.
All six banks that received a special Fed "subsidy" have also averaged at least $2.7 billion in lobbying a year for the period 2008-2010.
As we ring out what has been a pretty lousy year for most of us, Wall Streeters are all aglow -- thoughts turning to sugar-plum fairies dancing in their brains, bearing bundles of spring bonuses.
The social ideals that once animated the European project are dissipating fast. The current crisis and the resulting austerity measures have served to further Americanize Europe through privatization, reduction of government services, and the like.
While the trouble with the global economy may seem safely quarantined by the Atlantic Ocean and the boundaries of the European Union, Americans should be on high alert, because things could go from bad to unimaginably bad with one bad economic resolution "over there."
Force the banks to go back to traditional banking. If that means turning them into non-profits, so be it. But there is no way to justify allowing them to continue to bilk average American customers, not to mention risking driving the global economy off the cliff again.
Why has Robert Rubin, the onetime treasury secretary who went on to become Citigroup chairman during the time of the corporation's financial shenanigans, never been held accountable for this and other deep damage done to the U.S. economy on his watch?
Europe does not require a new narrative. The only task in front of us is the defense of "never again." Our historical vision must expand to include another pastime of European states: debt-financed budgets.
Stop the revolution, I want to get off! Revolution is nigh and this time it's not the product of the misguided anger of the Tea Party! This one is '...
Bank of America is moving $75 trillion of highly risky derivative contracts "from its Merrill Lynch unit to a subsidiary flush with insured deposits." The FDIC is screaming bloody murder, but the Federal Reserve wants to let them do it.
None of us --- neither the one percenters nor the 99 percenters --- can either ignore or deny the ripple of unrest disturbing the calm of America's social waters in the form of the Occupy Wall Street movement.