Obama's working from a flawed theory: "There is no dividing line between Main Street and Wall Street. We are all in this together as one nation." Really? The entire story of this crisis is about how we are not in this together.
The debate over derivatives has become a proxy fight that pits American businesses -- the engines of economic growth -- against the megabank lenders who have been using publicly provided discounts to make out like bandits.
JPMorgan Chase's success is based, in part, on being the largest underwriter of coal companies that engage in mountaintop removal coal mining, which has turned countless Appalachian communities into ghost towns.
At stake in the financial reform debate is an issue that has received far less attention than the CFPA, but is at least as important: Whether Congress will restore the authority of states to oversee national banks.
Gary Rivlan notes in his book, Broke USA, "the working poor have become big business." You wouldn't think that poor people would be a growth market, but businesses make big money off people who live paycheck to paycheck.
Much of what Ben Bernanke and Tim Geithner did in 2008 was presumably necessary. But the public has no way of knowing. The public doesn't even know who else the Fed has bailed out, or what entities it will bail out in the future.
$9 million in stock options as a 2009 bonus for Goldman Sachs CEO Lloyd Blankfein is now considered a big concession from Wall Street. Before we all start applauding, let's take another look at what's really happening on Wall Street.