Bailouts, like the one recently considered by the Obama Administration, aren't the purview of one political party. Both parties do it freely and frequently, at federal and state levels. The US government is bailing out businesses all the time.
The New York State Public Service Commission--in the face of strong opposition--this week approved a $7.6 billion bailout of aging nuclear power plants in upstate New York which their owners have said are uneconomic to run without government support.
Mazzucato debunks common myths about how innovation works and shapes a new narrative on how to grow a robust and inclusive economy. Think that iPhone in your pocket is simply a product of Silicon Valley magic? Think again!
Reuters' Charles Levinson has written a must-read investigative report on Wall Street's latest scheme to avoid critically important financial reforms: change a few words in their derivatives contracts and pretend that they are not guaranteeing their overseas affiliates.
Janet Tavakoli is a born storyteller with an incredible tale to tell. In her captivating memoir, Decisions: Life and Death on Wall Street, she takes us on a brisk journey from the depravity of 1980s Wall Street to the ramifications of the systemic recklessness that crushed the global economy.
No one should be surprised that the American people are economically insecure and anxious. Seven in 10 voters said the nation's economy is in bad shape. Voters who said the economy was important to them voted 2 to 1 for Republicans.
It's as if we've forgotten that these very same financiers not so very long ago took down the global economy with their bewildering array of fictitious financial instruments and gambling operations, many of which are still in play. Now we expect them to work in behalf of the common good?
How could anyone five years after the crash have such disgraceful beliefs? It's the predictable outcome of trillions of dollars of no strings bailouts for Wall Street with no accountability for the financial crash and Wall Street's role in causing it.
One wonders how regional bailouts would play out in today's U.S., with our far more polarized nation. I suspect at the end of the day New York would bail out Texas, but a lot more teeth would be gnashed today than in 1989.