You are here

Books, Literature & Ideas

Books, Literature & Ideas

Paul Volcker Slams 'Broken' Financial System, Banks, Regulators

    \r\n
  • Former Federal Reserve Chairman Paul Volcker scrapped a prepared speech he had planned to deliver at the Federal Reserve Bank of Chicago on Thursday (Sep 23), and instead delivered a blistering, off-the-cuff critique leveled at nearly every corner of the financial system.
  • \r\n

  • Volcker Spares No One in Broad Critique
  • \r\n

\r\n

William Alden, Huffington Post

\r\n

Paul Volcker pulled no punches Thursday (Sep 23) in a speech at the Federal Reserve Bank of Chicago, criticizing nearly all aspects of the nation's financial system, which he said is "broken."

\r\n

The former chairman of the Fed and current chairman of the president's Economic Recovery Advisory Board had harsh words for banks, regulators, business schools and the larger economy. According to the Wall Street Journal, Volcker improvised the remarks, having decided not to read his prepared speech. He called for "structural changes in markets and market regulation."

\r\n

Investment banks, he said, according to the WSJ, have become "trading machines instead of investment banks [leading to] encroachment on the territory of commercial banks, and commercial banks encroached on the territory of others in a way that couldn't easily be managed by the old supervisory system."

\r\n

More...

Section(s): 

Bleeding-Heart Republicans

    \r\n
  • The GOP Stands Up for Downtrodden Minority: The Super-Rich
  • \r\n

  • The Angry Rich
  • \r\n

\r\n

Jim Hightower, Common Dreams

Submitted by Evergreene Digest Contributing Editor Thomas Sklarski

Stuart Carlson

Who says that Republican congress-critters don't care about minorities in our society? Why, at this very moment, they are pushing hard to pass a $372 billion federal program to lift the economic fortunes of just one minority group - a far more generous proposal than Barack Obama has even dared to contemplate.

The focus of the GOP's generosity is a true American minority: the richest one-tenth of one percent of our people. Living in penthouse ghettos like Manhattan's Upper East Side, this tiny minority of about 120,000 people (who have an average annual income of $8 million) would get some $3 million each over the next decade from the Republican proposal. Doesn't that just make your heart bleed with empathy?

\r\n

More...

\r\n

Related:

\r\n

The Angry Rich, Paul Krugman, New York Times | NY

\r\n

    \r\n
  • Self-pity among the privileged has become acceptable, even fashionable.
  • \r\n

  • Third world America
  • \r\n

\r\n


Section(s): 

Interview With Rep. Dennis Kucinich

Almost nine years into longest war in US history, at a time when the US spends more on its military budget than the rest of the world combined and endless war seems a frighteningly realistic possibility, I spoke with Rep. Dennis Kucinich (D-Ohio), a long-time advocate for peace. Kucinich reminds us that there is another way: that through unity, persistence and a deeply necessary change in mindset, we can move toward a world in which mutual respect and global connections shape foreign policy, and the self-fulfilling prophecy of war loses its tragic momentum. He challenges us to imagine a world in which "peace is inevitable."

\r\n

Maya Schenwar, t r u t h o u t

\r\n

Rep. Dennis Kucinich (Jared Rodriguez / t r u t h o u t)

\r\n

Maya Schenwar: Since the end of formal combat operations in Iraq, you've been speaking out against the continuing presence of US troops and increasing presence of American mercenaries there. How do you respond to those who say the continued presence is necessary for security reasons?

\r\n

Dennis Kucinich: America's invasion of Iraq has made us less secure. Before the entire world we invaded a country that did not attack us - that had no intention or capability of attacking us - and that, famously, did not have weapons of mass destruction. The subsequent occupation has fueled an insurgency, and as long as we have troops there, the insurgency will remain quite alive.

\r\n

More...

Section(s): 

A Nation Of Laws: Where's Moses When You Need Him?

Lest you fear this is another rant about the removal of the Ten Commandments from the public square, let me start with the real issue: regardless of your religion or lack thereof, consider what society might look like if we lived our lives--individually and collectively--in accordance with the Ten Commandments.

\r\n

Dick Staub, Religion News Service/Huffington Post

\r\n

Even in the craziness and social upheaval of the 1960s, Crosby Stills Nash and Young observed a simple truth: "You who are on the road must have a code that you can live by."

\r\n

In the midst of today's political, economic and environmental crises, it seems apparent that we no longer agree on a common code that we can live by.

\r\n

The Ten Commandments once formed the basis of our communal values: honor your parents, don't murder or lie, steal, commit adultery or covet your neighbor's property. Not that many years ago, many states even had blue laws prohibiting retail activity on the (Christian) Sabbath.

\r\n

More...

Section(s): 

How the Rich Conduct Class Warfare

    \r\n
  • This isn't about some ridiculous stereotypes or populist demagoguery. This is about stone cold facts.
  • \r\n

  • Class Warfare from the Top Down
  • \r\n

\r\n

Cenk Uygur, Huffington Post

\r\n

First, let me get this out of the way -- I have no problems with the rich. I plan on being rich. I'm an American. I believe. We all believe we can get to the top and enjoy the spoils of wealth. We are Americans.

\r\n

That's never been the issue. And in my lifetime the poor or middle class have never come close to declaring anything other than envy for the rich. But there is a class war going on. It's being conducted by the rich on the middle class in this country.

\r\n

More...

\r\n

Related:

\r\n

Class Warfare from the Top Down, Katrina vanden Heuvel, The Nation on Grit TV

\r\n

    \r\n
  • While the economy stagnates and our infrastructure crumbles, Bush's breaks for the wealthiest Americans are doing far more harm than good.
  • \r\n

  • "The spine of this White House," says vanden Heuvel, "is wobbly."
  • \r\n

  • Why Obama Is Proposing Whopping Corporate Tax Cuts, and Why He’s Wrong
  • \r\n

\r\n

Section(s): 

Pages