So I hear that Richard Trumka is personally outraged by the JOBS Act, and the larger idea that “this administration thinks that it’s going to be good for the country to re-inflate a stock market bubble.” This didn’t deter Trumka’s AFL-CIO from endorsing the President who signed that bill for re-election, of course. “Labor weighs a number of factors in their election endorsements,” is the imagined reply I can see myself getting from a labor operative minutes after this post is published. And that’s fine.
|By: David Dayen Monday April 9, 2012 2:45 pm|
Yale professor Robert Shiller delivered a profoundly odd op-ed this weekend arguing that Occupy Wall Street and promoters of “financial innovation” have the same goal in mind, to “democratize” Wall Street. Matt Taibbi is not one of those idealists. And he went off on the JOBS Act, which includes those crowdfunding provisions, presenting an overwhelming counterpoint to Shiller’s optimism and predicting JOBS will be haven for fraud.
|By: David Dayen Thursday April 5, 2012 9:10 am|
President Obama will sign the JOBS Act today, a bill that sprung from his own Jobs and Competitiveness Council, a group with 19 corporate executives and 2 labor officials. Dealbook reports that Wall Street companies have begun to scour the bill for provisions that they can use to their advantage. Because that’s how it works, right? Congress writes the legislation, and only afterwards does Wall Street look to see how it benefits them! They never try to influence the process or write the legislation themselves, that would be untoward.
|By: David Dayen Monday April 2, 2012 3:30 pm|
Yves Smith points us to a nice takedown of the woeful JOBS Act, which should get signed into law this week. Chris Hayes had Bill Black and Alexis Goldstein of Occupy the SEC on to talk about it, with Rep. Carolyn Maloney making a (weak) defense. It really was no contest.