Mark Twain once said, "History does not repeat itself, but it does rhyme."
I wonder what Twain would think if he looked around America today?

When unemployment rates hit crisis levels during the early 1930's, the unemployed took to the streets and demanded relief aid from the government.
Today the unemployed are again taking to the streets, but their demands are somewhat different.

At rallies, gatherings and training sessions in recent months, activists often tell a similar story in interviews: they had lost their jobs, or perhaps watched their homes plummet in value, and they found common cause in the Tea Party’s fight for lower taxes and smaller government.

Review of ECONned, by Yves Smith

Out the gate, I was fully prepared to dislike this book (ECONNED: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism). While I occasionally peruse Ms. Smith’s excellent econ/finance site, Naked Capitalism, I have often considered some of her comments to be soft pedaling the economic crises of our times.

But, I have to admit her attitudes have been evolving to my way of thinking, and her masterful book is a stunner and a real joy to behold!

Madam Smith’s treatment of the Brooksley Born saga is the best I’ve read yet, and I humbly believe I have read them all. Ms. Born, a top notch derivatives attorney from the Washington, D.C. powerhouse law firm of Arnold Porter, was appointed to chair the Commodity Futures Trading Commission during the Clinton Administration.

How Ms. Born was halted from performing her rightful function in that position by the likes of Robert Rubin, Alan Greenspan and Arthur Levitt (the true villains and criminals, and make no mistake about that) is well worth the price of the book (and at $30 a pop, it ain’t cheap in these times we economically struggle to survive in).

And the recent mea culpa by Levitt in ignoring and circumventing Brooksley Born’s warnings of the coming debacle, is akin to the bank robber who murders a teller during his crime remonstrating that he had a bad day!

^{Note: this is a cross-post from The Realignment Project.}

Introduction:

There is something strange about the Democratic Party’s love of attacking parts of its own coalition. Every political party has divisions inside it, but disagreements between factions and interest groups are usually solved through negotiation, power-sharing, and the like. The Democratic Party is highly unusual in the level of existential opposition it’s willing to engage in – the infamous “Sister Soljah” moment, the bitterness of the Rainbow Coalition vs. New Democrat conflict that arguably lasted well into 2008, and so on.

However, there’s nothing quite as strange as the loathing of certain parts of the Democratic Party for the very existence of public sector unions.