by Karl Reiner The lack of oversight tied with deregulation allowed the American financial industry to make a big change in how it operated. Over a short time, it switched from managing the allocation of capital to companies to an industry dedicated to making big commissions by flogging increasingly exotic and complex securities to investors … Read more
Posted by AzBlueMeanie: I have argued that Ben Bernanke's nomination for a full six year term as Federal Reserve Board chairman currently before the Senate should be withdrawn. I would have much more confidence in Paul Volcker, who previously served in that position. Dean Baker of the Center for Economic and Policy Research makes the case … Read more
Posted by AzBlueMeanie: Huffington Post reports McCain Robocalls Prompt Ethics Complaint: Sen. John McCain (R-Ariz.) broke Senate rules when he recorded a robocall touting his amendment to the health care bill, according to a complaint filed with the Senate Ethics Committee by watchdog group Citizens for Responsibility and Ethics in Washington. The National Republican Senatorial … Read more
Posted by AzBlueMeanie: What a shock (not). Senator Obstruction, Jon Kyl, is behind the Senate opposition to the bankruptcy mortgage "cramdown" provision approved by the House earlier this year but tabled in the Senate, which is being revived in the House House Democrats eye 'cramdown' measure for regulatory reform bill – TheHill.com and in the Senate by … Read more
Posted by AzBlueMeanie: The New York Times reports today Audit Finds TARP Program Effective: The independent [Congressional Oversight Panel] that oversees the government’s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.” * * * In the latest monthly report … Read more