If ya all are wanting some blood on the floor, the Goldman Sachs hearing may give it to you. Below is Senator Levin questioning a Goldman Sachs internal email labeling a toxic asset, a CDO called Timberwolf, as caca:
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Frontline did a documentary on all of the sleazy backroom deals done to pass Obama's Health Care bill.
The White House encouraged Baucus to quietly negotiate deals with the insurance lobby, drug companies and other special interest groups, despite promises to run a different kind of White House.
Over a year ago Fed Chief Ben Bernanke made a very clear statement for what needed to be done.
“If actions taken by the administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability -- and only if that is the case, in my view - - there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,” Bernanke said in remarks to the Senate Banking Committee in Washington.
It seemed to make sense. The collapse of the financial system was what caused the Global Recession, so stabilizing the financial system appeared to be a necessary condition to get out of it.
A Senate hearing on the credit rating agencies, Wall Street and the Financial Crisis: The Role of Credit Rating Agencies, exposed Moody's and Standard & Poors for being complicit in fictional credit ratings. Market share, or who pays the ratings agencies, was more important than objectivity. AAA credit ratings were slapped on a host of Credit Default Obligations, enabling Banksters to peddle their worthless crud to unsuspecting investors, all the while betting against them (see here also).
William Black, former S&L crisis regulator, is referencing the Flim-Flam man, never ending scam, coming out over the Financial collapse. The entire financial meltdown didn't need to happen if our government and regulators and especially the Federal Reserve had been doing their jobs. He calls the SEC criminally negligent. The below video clip is from the Lehman Brothers hearing in the House Financial Services Committee yesterday. The hearing is specifically the Lehman Brothers Holdings, Inc. bankruptcy examiner's report.
The municipal budget crisis currently striking the largest states in America is about to enter its worst phase. This NY Times article warns that as many as 300,000 teachers could be laid off this summer.
As a result, the 2010-11 school term is shaping up as one of the most austere in the last half century. In addition to teacher layoffs, districts are planning to close schools, cut programs, enlarge class sizes and shorten the school day, week or year to save money.
“We are doing things and considering options I never thought I’d have to consider,” said Peter C. Gorman, superintendent of the Charlotte-Mecklenburg schools in North Carolina, who expects to cut 600 of the district’s 9,400 teachers this year, after laying off 120 last year. “This may be our new economic reality.”
As what happens in our Congress, things change, get confusing and obscured. Last we left off on Financial reform, we noted the Dodd bill was a Dud and things have degenerated into political circus.
Now, Senator Lincoln has introduced a new bill which will be voted on in the The Senate agriculture committee. The current guesses are it will be voted out of committee and onto the Senate floor by April 26th. Here is the actual bill text and here is her press release:
The Wall Street Transparency and Accountability Act of 2010
Senate Committee on Agriculture, Nutrition, and Forestry, Chairman Blanche Lincoln
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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