The ghosts of the Enron Corporation are haunting us still, and they are a lot scarier than any horror movie ghosts because, unlike the Hollywood variety, these ghosts still have enough substance to cause an economic nightmare.
One pathway to genuine reform is "public banking": the establishment of banks which are owned and operated by the government, and which serve people and small businesses directly. Here's why public banking should be included in the agenda for deep and genuine financial reform.
What does "evidence of a major digital attack looming" look like? There are no convoys to see from a spy plane, no fleet heading sailing towards Hawaii. Without an idea of what this evidence is, the guidelines seem to justify preemptive attacks against just about anyone at any time.
I remain troubled by the fact that fundamental economic issues seem to be the last thing on anybody's minds in D.C. And looming over these economic problems is the elephant in the room: these Too Big To Fail, and apparently Too Big To Jail, Wall Street financial conglomerates.
That regulators condone the continued use of VAR models and get pushed around on tougher capital and liquidity limits can only mean one thing: they have concluded that it's simply too dangerous to the system to reveal that the emperor has no clothes.
While federal prosecutors sought to throw the book at a 26-year-old hacker who tried to distribute information for free, federal regulators are sitting on their thumbs when it comes to community drinking water supplies.
Where is Phil Gramm hiding? The former Republican senator from Texas has not been heard from since his bank got nailed by the G-men. Or, as the Times put it, UBS now has the distinction of being "the first big global bank in more than two decades to have a subsidiary plead guilty to fraud."