President Obama is clearly aware of the risk associated with Wall Street misbehavior, but he has failed to champion significant reforms. Here are several suggestions that the president should consider.
Our new economic era is characterized by the supremacy of financial capital which vacuums up the productive wealth of the nation, and then uses the nation's wealth as an insurance policy to pay for its inevitable losses.
I've been hard pressed to identify mainstream news outlets that qualify as bastions of true liberalism, actively devoted to advancing basic liberal principles such as racial and economic equality. I was reminded of this upon reading a recent column by Andrew Ross Sorkin.
Why haven't any bankers gone to jail? What's going on in this country? Here are seven things about Wall Street crime and Washington "justice" you might have wanted to know, but were probably too depressed to ask.
Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.
It is one of the grossest miscarriages of Wall Street power and government obeisance resulting in billions of consumer dollars going into the pockets of banks, hedge funds and traders producing and adding nothing to the economic wellbeing of the nation, other than lining their own pockets.
Detroit's bondholder-friendly, worker/retiree-unfriendly bankruptcy tells the story of an economy -- and a society -- where the priorities are completely screwed up. This is not how you build a healthy sustainable economy.
Goldman Sachs is doing to aluminum exactly what Enron did to energy in the late 1990s and early 2000s: create phony bottlenecks to restrict supply to rip off consumers and skew markets in their favor for things society vitally needs.
Failure was built into Dodd-Frank from the beginning. Instead of writing laws that addressed the abuses that led to the crisis, it nearly always kicked the can down to agencies, instructing them to write new regulations.