The Profits on the Secret $7.7 Trillion Loans to TBTF Banks

By: Sunday December 4, 2011 8:35 am

If the money had been flowing in the other direction, we might be calling it a bribe or at least wondering about money laundering. Imagine if a businessman or banker knew that a government official had an opportunity to loan money out at 5% and made a no interest loan to said government official of $1 million, would we not be VERY SUSPICIOUS of that $50K profit made by the government official?


The Referendum That Could Indirectly Bring Down Obama

By: Tuesday November 1, 2011 2:15 pm

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.

Late Night FDL: Which Causes the Most Harm to the Most People?

By: 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:

Obama Administration Finally Brags about Jobs Created in Auto Bailout

By: Tuesday May 10, 2011 4:32 pm

The Obama Administration was gung ho to brag about the GM IPO last year. But if I’m not mistaken, this is the first time the White House has bragged nationally about jobs created thanks to the auto bailout.

Largest Mortgage Firms Profit from Crime, Kill Moral Hazard for All of Wall Street

By: 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.

FDL Book Salon Welcomes Anya Schiffrin, Bad News-How America’s Business Press Missed the Story of the Century

By: 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.

Michigan’s Job Creation Shows Why We Need an Industrial Policy

By: 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.

Geithner Belatedly Backs Bill Allowing TARP Funds to Flow to Foreclosure Legal Services

By: 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.

The Sharks Move In On Portugal

By: 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.

FDL Book Salon Welcomes Steven Rattner, Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry

By: 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.”

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