Blind Ben and the Fed
Cross-posted with MotherJones.com In his column today, the New York Times’ David Leonhardt takes to task the Federal Reserve and its chairman, Ben Bernanke, for not acknowledging that they inexplicably missed the housing bubble, and questions the Fed’s ability to spot future bubbles. In the wake of Bernanke’s speech this weekend in which he deflected blame for the crisis and instead pointed to lax regulation as the culprit, Leonhardt rightly notes, as many others... Read More
What Afghan Citizens Really Think
Cross-posted with MotherJones.com Flick/rybolov (Creative Commons) In the Western media, the views of Afghanistan’s political leaders and news of their latest political debacles—President Hamid Karzai’s standoff with the Parliament over his 24 cabinet nominations the most recent example—tend to dominate over all else; few and far between are the perspectives of those at the opposite end of the power structure, the Afghan citizens. Which is why the Kabul-based... Read More
Glass-Steagall Resurrected?
Cross-posted with Mother Jones Is the Glass-Steagall Act, the Depression-era law that blocked commercial banks from participating in riskier investment banking, set for a revival? That’s what a new piece of legislation, introduced yesterday by Senators Maria Cantwell (D-Wash.) and John McCain (R-Ariz.), would do, forcing major changes to financial titans like JPMorgan Chase, Citigroup, and Bank of America. But first, here’s McCain on the new legislation on CNBC: Reestablishing... Read More
A New Lease on Life for Detroit’s Auto Dealers?
Cross-posted with Mother Jones Buried way down in the fine print of the Congress’ $1.1 trillion spending bill, passed Thursday by the House, is a lifeline for an endangered species—the American car dealer. A clause inside the the 1,088-page bill would give thousands of General Motors and Chrysler dealerships that have been put on the chopping block the chance to challenge their closure though arbitration. The measure’s supporters say it will put the brakes on the... Read More
‘The Doctor Can’t See You Now’
Here’s my latest story for MotherJones.com on the less-covered, under-the-radar health-care crisis that practically nobody’s talking about. *** THE DOCTOR CAN’T SEE YOU NOW (at MotherJones.com) It’s a year from now, and you wake up with a sore throat. You’re not worried, because not too long ago the Obama administration successfully passed comprehensive health care reform, expanding coverage to you and many of the 46 million Americans previously... Read More
OBAMA vs. THE WASHINGTON INFLUENCE MACHINE
That’s the title of my new piece published at TomDispatch.com, a dive into the onslaught by lobbyists and their special interest clients to derail the Obama administration’s legislative agenda. The piece looks at the vast amount of money being spent on lobbying, the growing numbers of lobbyists working on K Street and Capitol Hill (six health-care lobbyists for every one member of Congress), and the close ties between lawmakers and these lobbyists (see: Max Baucus). The... Read More
FAST TIMES AT RECRUITMENT HIGH: How Obama’s education secretary opened public high schools up to the military
Another new piece of mine at Mother Jones on Education Secretary Arne Duncan and his past record in Chicago’s school for opening them up to the military. *** Fast Times at Recruitment High When Arne Duncan stepped down as the head of the Chicago Public Schools to become the secretary of education in January, the school district he left behind had little to brag about. For six of Duncan’s seven years as its chief executive officer, CPS received an average or below... Read More
The Government’s Foreclosure Rescue Mirage
Mother Jones published a new investigative story of mine today on the government’s Home Affordable Modification Program, its $75 billion, largely taxpayer funded foreclosure prevention program. The one that’s been one big bust. I’ve excerpted the piece below, and you can check the full thing out and comment on it here, at MotherJones.com. (Which you should do!) Or definitely shoot me an e-mail or comment on this site as well. *** Fausto Ordoñez tells his story... Read More
The ‘Greatest Swindle Ever Sold’ Swindles On and On and On…
I’ve been blogging quite a bit at MotherJones.com, where I’m now working, on the ever-growing swindle that is the government bailout. It’s at around $13 trillion dollars now, and as I show, it’s painfully clear that the bailout has nothing to do with taxpayers or small-business owners or normal citizens. Instead, this has been a bailout of the banks, by the banks, for the banks. Below is a compilation of some recent blogging. I’d love to know what... Read More
