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Burning Ben

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There is a huge push to not confirm Federal Reserve Chair Ben Bernanke going on at this moment.

My problem with all of this activity is the Federal Reserve Chair is nominated by the President of the United States. frying pan fire Is a Bernanke alternative on the level of JP Morgan Chase Jamie Dimon, who is being considered to replace Treasury Secretary Tim Geithner, in the pipeline?

Will we go from frying pan to fire in not confirming Helicopter Ben?

To date, no financial reforms, including the Federal Reserve reforms, have even passed Congress. Isn't the point of all of this to never give another Alan Greenspan that level of power over the United States Financial system and policy?

Just sayin'.

An Infrastructure Program for Millions of New Jobs

Some men see things as they are and say why. I dream things that never were and say why not. —Robert F. Kennedy

According to figures compiled by the America Society of Civil Engineers, a multi-year program of just repairing all existing U.S. infrastructure requires an additional $1.134 trillion dollars than already planned funding.

Using various employment multipliers specific to types of infrastructure (more discussion below), such a program spread over five years cen be expected to create 4.605 million direct and indirect jobs.

NACA Save the Dream Mortgage Help Tour

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Mother Jones reporter Andy Kroll has gotten down and personal with desperate homeowners. In the illusion of recovery Kroll witnesses people showing up for free help from a group I've never heard of, the NACA.

Currently the NACA is touring the country with free help for distressed homeowners in the Save the Dream program. Current Pit stop is Charlotte, NC. Here is Kroll's account from the NACA mortgage help tour at San Francisco's Cow Palace:

What do you want to see in a jobs program?

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Manufacture This has a blog post, What do you think a jobs bill should say? Good question. While they leave an email address to send in ideas, I thought we might post our ideas into the public sphere.

Leave your policy and legislation wish list in a comment and I will update the post with suggestions.

Here is what I would like to see:

  • Cancel all State and Federal offshore outsourced contracts. Bring those jobs back.
  • Immediate freeze on all guest worker Visas.
  • Mandatory Expansion of Nursing Schools with above market value Professor Salaries. Students must be permanent residents, U.S. citizens.

Could Dubai be just the first?

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By now most people are aware of how Dubai got itself in over its head. What exactly is the perfect metaphor for Dubai's excesses? The palm-tree shaped islands? The underwater hotel? The indoor ski resort? It all had the feel of Disneyland meeting the dot-com mania.
In the end it was all about borrowed money. Lots of it. In that context Dubai is not alone.

Dubai's default has the world's investors asking the question: Who's next?

Friday Movie Night - Frontline - The Card Game

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hot buttered popcorn 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 has done it again with another great documentary. The Card Game, perfect for Black Friday, brings us up to date on lobbyists efforts to stop a Consumer Financial Production Agency and also overviews the credit card companies' role in the financial crisis. Lowell Bergman produced this documentary. He also made The History of the Credit Card.

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