Wall Street On Parade

Project 2025: The Fossil Fuel and Banking Money Behind the Madness

Project 2025: The Fossil Fuel and Banking Money Behind the Madness

By Pam Martens and Russ Martens: July 11, 2024 ~ Last week, Wall Street On Parade published an article with this title: The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto. We began the article with this: “In the span of two business days, six of the nine justices on the U.S. Supreme Court have radically altered American democracy. On Friday, those six right-wing justices gutted the ability of federal government agencies to protect the waters Americans drink, the air they breathe, their ability to impose food and drug safety rules and worker protections. On Monday, the same six effectively crowned the President of the United States a king by immunizing the President from criminal prosecution for any conduct that can be construed as official acts.” This unprecedented action by six of the right-wing Supreme Court Justices appears to be laying the … Continue reading →

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The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It

The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It

By Pam Martens and Russ Martens: July 9, 2024 ~ Last week the American Banker published an opinion article by Arthur E. Wilmarth, Jr., the Professor Emeritus of Law at George Washington University. Wilmarth is the man who wrote the seminal book on the continuing threat to financial stability posed by U.S. megabanks – the same ones that blew up Wall Street and the U.S. economy in 2008. The title of Wilmarth’s article (paywall) is: “The FDIC’s resolution plan for failed megabanks is an empty promise.” The thrust of the article is this: the Dodd-Frank Act was passed by Congress and signed into law in 2010 – 14 years ago. One of its primary goals was to prevent taxpayers from having to rescue megabanks, as occurred in 2008. A key component of that goal is Title II of Dodd-Frank, which provides an Orderly Resolution Plan to unwind failing megabanks that does … Continue reading →

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Joe Biden Versus the New York Times

Joe Biden Versus the New York Times

By Pam Martens and Russ Martens: July 8, 2024 ~ When we heard that the scrappy, independent Senator from Vermont, Bernie Sanders, was going to appear on “Face the Nation” yesterday, we figured he might have something to say about the New York Times’ unprecedented and relentless drumbeat to force President Joe Biden to step down as a Presidential candidate. We weren’t disappointed. Sanders said this: “I will tell you this, whether you’re a Republican, Democrat or Independent: the American people are disillusioned, they are angry, they think that government is busy paying attention to the rich and wealthy campaign donors. And by the way, I find it personally insulting that the New York Times and all these media organizations go out front page ‘This is what the billionaire campaign donors feel.’ Well, to hell with the billionaire campaign donors. Let’s worry about the working class of this country and what … Continue reading →

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