By investigating how these myths arose, why they gained traction, how to know they’re wrong, and what damage they’ve done, Jeff Madrick demands that we rethink what we imagine we know about economics, and suggests that we can prevent or, failing that, effectively solve the next Great Recession by tossing the old, bad ideas out and adopting an updated understanding of the dynamics involved in a prosperous, equitable, sustainable economy. It may take a lot to get policymakers, media, and the world to question and reject the proclamations of MIT and Harvard economists, but Madrick’s book hopes to contribute to that effort.
|By: Jesse Myerson Saturday November 29, 2014 1:59 pm|
|By: DSWright Monday November 24, 2014 12:24 pm|
Last Friday New York Federal Reserve Chairman and former Goldman Sachs Chief Economist William Dudley went before the Senate Banking Subcommittee on Financial Institutions and Consumer Protection. Dudley testified in the wake of a slew of scandals the New York Fed was caught up in including a secret recording that revealed the Fed looked on the other way on a “shady” deal by Goldman Sachs, allowing Wall Street banks to manipulate commodity markets, and providing inside information to Goldman Sachs about how the NY Fed viewed certain Goldman clients.
|By: DSWright Tuesday October 21, 2014 11:20 am|
In the aftermath of the exposure of the Federal Reserve collaborating with Goldman Sachs to prevent the bank from being accountable for breaking the law, Fed officials warned Wall Street that if banks did not cut back on reckless and criminal behavior they might finally face penalties including being broken up. The warnings were issued by Federal Reserve Governor Daniel Tarullo and Federal Reserve Bank of New York President William Dudley in speeches behind closed doors. The prepared remarks were published and appear to indicate an attempt to change the corrupt culture at the Federal Reserve.
|By: masaccio Sunday September 28, 2014 12:47 pm|
We have only one way to hold politicians accountable. If we vote for the lesser of two evils, we are not holding either accountable.
|By: DSWright Friday September 5, 2014 10:49 am|
Yet more evidence there is no “recovery” for most Americans. According to the Federal Reserve Survey of Consumer Finances the rich are siphoning off even more wealth from the country than they were previously. The top 3% now control over 54% of the wealth. Yes, a relative handful of people own more than half of all the wealth in the country.
The Fed also notes that the overall increase in income are not from gains by the middle and lower classes but the immensity of the wealthy’s gains dragging up the average.
|By: DSWright Thursday March 27, 2014 2:00 pm|
Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital.
|By: Nomi Prins Sunday March 23, 2014 1:58 pm|
This book is an eye-opener, a wake-up call for those in Washington to get their heads out of Wall Street’s asses, a state unthinkable for most politicians. But, it’s also a wake-up call to us, to be ever more vigilant with every one of our financial dealings, because the worst is yet to come.
|By: Mike Konczal Sunday January 19, 2014 1:59 pm|
In 2009 there was the Keynesian moment. With the economy shedding hundreds of thousands of jobs a month, with the financial system imploding and GDP crashing, the US government stepped in with a stimulus bill designed to get spending started, to boost the states, and to invest for the long-term. At a spending level nowhere near the challenged, President Obama still managed to oversell what it would deliver. By 2010, with unemployment still high, Democrats would silently walk away from the entire endeavour.
This lead to the counter-Keynesian assault of 2011-2012, politically lead by the Tea Party in Congress.
|By: DSWright Tuesday January 14, 2014 1:35 pm|
The destructive trend of financializing the US economy may continue if the Fed has their way. Despite complaints by companies in the real economy over the manipulation of commodity prices by the banksters on Wall Street, the Fed is set to punt on limiting Wall Streets invasion of the real economy.
|By: DSWright Tuesday November 12, 2013 8:33 am|
Huszar admits Bernanke’s cover story of helping drive down interest rates for struggling homeowners and small businesses was deception. The Fed knew QE was having no effect on helping banks make loans, the program’s only actual function was to let Wall Street siphon money directly from an increasingly compromised central bank.