- The Bush and Obama administrations have made an already critically flawed financial system even worse. The result is that the banking industry’s future is bad for banking, terrible for the real economy, horrific for the public—and wonderful for the top executives at the largest banks.
Reforms Fail to address the “control fraud” that caused the financial crisis.
William K. Black, Dollars & Sense
If you like reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button above—so we can bring you more just like it.
A truly amazing thing has happened in banking. After the worst financial crisis in 75 years sparked the “Great Recession,” we have:
• Failed to identify the real causes of the crisis,
• Failed to fix the defects that caused the crisis,
• Failed to hold the CEOs, professionals, and anti-regulators who caused the crisis accountable—even when they committed fraud,
• Bailed out the largest and worst financial firms with massive public funds,
• Covered up banking losses and failures—impairing any economic recovery,
• Degraded our integrity and made the banking system even more encouraging of fraud,
• Refused to follow policies that have proved extremely successful in past crises,
• Made the systemically dangerous megabanks even more dangerous,
• Made our financial system even more parasitic, harming the real economy,
And pronounced this travesty a brilliant success!
The Bush and Obama administrations have made an already critically flawed financial system even worse. The result is that the banking industry’s future is bad for banking, terrible for the real economy, horrific for the public—and wonderful for the top executives at the largest banks.
More...
This article is made possible with the generous contributions of readers like you. Thank you!
The government ran the largest-ever budget deficit for a single month in February. The shortfall kept this year's annual deficit on pace to end as the biggest in U.S. history.
Union-busting gives employers the means to manipulate the labor market in order to squeeze out more profits by paying workers less than what a free and fair market would bear. It's wage theft of another kind – perfectly legal, but just as costly for working people.
Public workers and supporters picketing the mansion of Governor Scott Walker of Wisconsin, February 13, 2011
There’s an alternative to the drastic cuts in public services state and local officials are proposing: restore the property tax. It’s the oldest wealth tax of all, the tax that financed Chinese civilization over 2,000 years ago, the tax that until World War II financed most of government in the United States.