It’s easy to recognize that after many years of trade deficits accompanying implementation of trade agreements beginning with NAFTA the US needs to change what it’s doing. Many, including Robert Borosage of the Campaign for the American Future (CAF), advocate for balanced trade and they contrast that with the so-called “free trade” policies we have now.
|By: masaccio Sunday December 15, 2013 10:29 am|
The hyper-rich intend to screw the 99%. It’s us or them.
|By: Lisa Derrick Monday September 23, 2013 4:59 pm|
The Federal Reserve is a hundred years old this year. There’s not a whole lot to celebrate in its century long history–the intention might have been good, but the execution has kind of been disastrous. In tonight’s film, Money for Nothing: Inside the Federal Reserve, our guest filmmaker Jim Bruce takes us through the history of the Federal Reserve System and into the current mess.
|By: DSWright Friday September 20, 2013 12:50 pm|
If you have followed any economic news at all you will have heard the term quantitative easing, or QE, which is technocratic shorthand for the Federal Reserve shoveling funds into Wall Street banks to produce a phenomenon known as the “wealth effect.” The wealth effect relies principally on trickery. The hope being that people will see higher asset prices, and in a self-fulfilling prophecy, invest and produce more thinking the economy is better – which will make the economy better. So endeth the theory.
The reality is the Federal Reserve’s QE program has made the rich a lot richer and done little to nothing for the poor and middle class.
|By: masaccio Thursday March 14, 2013 4:45 pm|
According to Fed Chair Ben Bernanke: “at the present time the major industrial economies apparently cannot sustain significantly higher real rates of return”
|By: E.L. Beck Wednesday March 13, 2013 1:45 pm|
Substantive changes, alas, usually emerge only through substantive shocks. Yet, if we can channel the proper momentum towards these upcoming changes, not all will be lost.
In this post, we will see that lower- and middle-income households have unknowingly bailed out the Wall Street banks again, in advance of the next storm.
|By: masaccio Sunday March 3, 2013 11:00 am|
The official explanations of the causes of the Great Crash are useful to the hyper-rich. More nuanced descriptions aren’t.
|By: DSWright Friday January 18, 2013 12:34 pm|
Transcripts released by the Federal Reserve reveal the central bank misinterpreted the downswing in the housing market as a positive signal of the market pricing in risk rather than the beginning of a bust that would quickly unravel the financial markets.
|By: David Dayen Tuesday November 20, 2012 7:05 pm|
Ben Bernanke’s speech on the economy today offered no new information. It was more of an overview on the state of the economy, and it hit on many very familiar themes which Bernanke has expressed for a long time now, including the need to loosen lending standards in a type of reinflation of the housing bubble, which infuriates me. But give Bernanke credit for actually depicting the economy as it is rather than as someone hopes it to be; a weak economy with troublingly high unemployment. In other words, the wrong time to engage in a fiscal cutback through austerity.
|By: David Dayen Saturday November 17, 2012 1:00 pm|
I don’t know why I felt so insulted by Ben Bernanke’s housing speech yesterday, but it really stuck with me. Probably because he managed to give an entire speech on housing – one that at points implicitly blamed homeowners for their predicaments – without mentioning the word “fraud.” Or saying “I’m sorry.”
It was very much a forward-looking rather than backward-looking speech. But he describes the foreclosure crisis as the prime contributor to the Great Recession without bothering to mention that his agency had oversight responsibility over the mortgage market throughout the inflation of the housing bubble. The Greenspan Fed rejected consumer protection or regulation of any kind as a matter of ideology. And Bernanke wasn’t about to let that fact be known to the Operation HOPE audience. In fact, his message was that originators aren’t writing ENOUGH loans at this point