The decision by the Greek Prime Minister to call for a national vote on the proposed European mechanism for reducing Greek sovereign debt, rescuing banks and imposing further austerity measures on Greece is shaking up national markets. Fear of a European financial breakdown and recession, which could carry over to the US, may make Obama’s reelection chances even more uncertain than it was.
|By: Jon Walker Tuesday November 1, 2011 2:15 pm|
|By: dakine01 Saturday October 8, 2011 8:00 pm|
You might have noticed this past week that the Department of Justice has seemingly declared war on Medical Marijuana dispensaries. The first salvo was probably at the end of September when the ATF issued a statement that it is illegal for medical marijuana users to use firearms. Since then, the four California US Attorneys have declared that California Medical Marijuana dispensaries have to close within 45 days:
|By: emptywheel Tuesday May 10, 2011 4:32 pm|
|By: Jon Walker Tuesday March 29, 2011 12:42 pm|
Even if the banks get slapped with the “large” $30 billion penalty, that is only a net loss of 50% more than was saved by cutting corners. More likely, though, the settlement will cost the banks less than $30 billion. If I know the maximum punishment for robbing a bank was only being required to pay back what I stole plus at most another 50%, my life of crime would start tomorrow.
|By: Cynthia Kouril Sunday March 27, 2011 1:59 pm|
Bad News is a collection of essays edited by our guest today, Anya Schiffrin. It features chapters by Ms. Schiffrin, as well as by Nobel Laureate Joe Stiglitz, Columbia Journalism Review’s Dean Starkman, HuffPo Business Editor Peter Goodman, and others in the field from both sides of the Atlantic Ocean.
The book examines the financial press’s version of the Veal Pen, or what Stiglitz calls “cognitive capture.” Just like the political reporters inside the Beltway have become slaves to access, Financial and economic journalists are just as dependent on their sources in industry and government for information and feel the need to keep those sources happy to avoid being cut off from the information flow that is the lifeblood of their production model.
|By: emptywheel Monday February 28, 2011 12:50 pm|
For the moment it looks like just three things have worked to create jobs: the MIC, QE2 and other policies favoring commodities, and actual industrial policy.
|By: David Dayen Saturday December 18, 2010 8:55 am|
Tim Geithner has changed his tune somewhat, backing a bill that would clarify the Treasury’s right to allow Hardest Hit Fund grant money to be used for foreclosure legal aid, but it’s unclear whether there’s enough time in the end of the legislative session to get this done.
|By: Richard Lyon Saturday November 27, 2010 11:30 am|
The Portuguese government isn’t as deeply committed to keeping the banking system afloat as the Irish government, but the banks are experiencing significant liquidity problems as a result of the contracting economy and the increasing pressure from international bond markets. So once again we have the government of an EU member state willing to adopt draconian austerity measures on a more or less voluntary basis and it isn’t making the problems go away.
|By: emptywheel Saturday October 30, 2010 1:59 pm|
I come to Steven Rattner’s Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry from a very particular perspective. As a Michigander whose husband still works in the auto industry and whose town has benefited from battery subsidies, I’m a grateful direct beneficiary of the work the Obama Administration did to save the auto industry. But that also means I read this book, which might have been subtitled, “Wall Street gapes at Detroit” from the perspective, “Detroit gapes back at Wall Street.”
|By: Dean Baker Friday July 30, 2010 6:09 am|
Proponents of TARP insisted that there was no alternative to handing hundreds of billions to the banks with no questions asked. They are still pushing this line.