DOJ and Treasury Schooled by College Athletes

By: Saturday August 9, 2014 9:00 am

First it was former Northwestern University quarterback Kain Coulter and his football teammates taking a chunk out of the NCAA, and yesterday it was former UCLA basketball player Ed O’Bannon and 19 other former college players. They did what few thought possible in going after a Too Big to Challenge institution, and won.

You know, the president is a sports-loving guy. Imagine what would happen if he called the attention of the DOJ and Treasury to these college athletes: “This is how you go after Too Big To Challenge institutions.” . . .

 

Misdirection: Rampell Views Entitlements Through the Generational War Lens

By: Saturday April 19, 2014 11:55 am

So, people who followed the SS and Medicare rules and made their payments over the years rightly view themselves as having paid for their entitlement benefits, regardless of whether their cumulative FICA payments fall short of or exceed the cumulative sum of those benefits. Why shouldn’t they, and why is Catherine Rampell implying that the deal implicit in our major entitlement programs is anything different?

When You Really Look, Financial Quicksand Turns Into Oligarchical BS

By: Sunday March 30, 2014 8:00 am

Abby Huntsman’s first rant about entitlements soliciting generational warfare, got a lot of pushback from defenders. I reviewed the main points made in defense of entitlements, and then added “the most important point of all” as well. Abby made a second try, however.

The Most Important Point of All Was Ignored

By: Sunday March 23, 2014 12:56 pm

MSNBC’s right wing representative on The Cycle, Abby Huntsman, got a lot of pushback from Social Security defenders after her rant last week. But, there is one point, the most important one of all, which is not made in all these “progressive” push back arguments against Abby Hunstman’s right wing Petersonian “Fix the Debt” rant. That is the point that there is no entitlement crisis and no emergency, and neither an increase in payroll taxes, nor robbing from “future generations” is necessary to close the projected gap after 2033

At Confirmation Hearing Lew Faces Questions Over Citigroup Bonuses, Tax Shelters

By: Wednesday February 13, 2013 12:10 pm

Treasury Secretary nominee Jack Lew went before the Senate Finance Committee today for his confirmation hearing. The hearing was mostly deferential with Lew finding considerable agreement with the Republicans on the committee, particularly on trade and corporate tax policy, but Lew did face questions over his bonuses at Citigroup and tax shelters in the Cayman Islands.

FDL Book Salon Welcomes Jeff Connaughton, The Payoff: Why Wall Street Always Wins

By: Sunday October 21, 2012 1:59 pm

Jeff Connaughton has authored a powerful, and chilling insider’s perspective on the financial crisis and the pathetic governmental response to it. The second part of his title sums up the result and the first half explains why Wall Street always wins. Many, perhaps most Americans are likely to agree with both parts of Connaughton’s title so this book will not transform the public’s view of the issues. The public largely has this set of issues correct. Connaughton gives the readers unique access to the facts because he had a front row seat to many of the key discussions and he has the analytical abilities and expertise to explain the significance of those facts.

Ignore those Suspicious Activity Reports

By: Sunday July 29, 2012 10:30 am

It would be great if banks had a duty not to participate in fraud. But that would be an entirely different world, now wouldn’t it?

The $1.3 Billion Stupidity Penalty We Paid for Having an Unnecessary Debt Ceiling

By: Tuesday July 24, 2012 10:00 am

Given that the United States debt is denominated in US dollars and our government can technically print as many US dollars as it needs, we should never default on our debt. The only way we could truly default would be if Congress, in an incredible act of stupidity, decided to vote to default and overrode a Presidential veto. Traditionally that seemed so obviously idiotic that markets had no fear it would happen. But that all changed last year when Republicans decided to hold the vote to raise the debt ceiling hostage to their budget reduction demands.

HAMP Suffered From Extremely Poor Oversight

By: Tuesday October 4, 2011 2:40 pm

New documents obtained by ProPublica through the Freedom of Information Act provide new insights into what a complete disaster the Home Affordable Modification Program (HAMP) has been. HAMP was supposed to facilitate mortgage modifications but the Treasury apparently had little or no real oversight of the program that was rife with problems.

Standard & Poor’s Downgrade Raises One Legitimate Issue

By: Sunday August 7, 2011 10:30 am

Maybe S&P is right to fear a tectonic adjustment in US economic policies.

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