Up until a week ago, the prospects for a second round of economic stimulus looked bleak; an ominous coalition of Senate moderates (the same folks who shrank the stimulus and cut out Pelosi’s teacher preservation program, and who’ve tried their level best to stop the health care reform effort in its tracks) threatened to force the U.S government into default unless Congress agreed to a deficit-reduction committee with authority over Social Security and Medicare, and President Obama responded by talking up deficit reduction in his next budget.
And then the October jobs report came out, showing unemployment rising over the magical 10% level that signals political disaster in a midterm election. Suddenly, President Obama began to talk up a December “jobs summit,” and Senator Reid announced that he’s pulling together a pre-election jobs bill.
This sudden momentum is welcome, but if we want to significantly reduce unemployment, and thereby protect our Democratic Congress at the same time, we need to be very careful about what goes into this jobs bill.
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!
Tonight's Friday Movie Night is a little different and why it's being posted early. Senator Bryon Dorgan has come alive and getting involved in financial reform. This is great news for Dorgan predicted derivatives were a very serious problem 15 years ago(take that Taleb & Roubini!). First, below is Dorgan's call to action. Next is a talk on derivatives and financial reform by Dorgan. Finally is Senator Bernie Sander''s Too Big to Exist bill which breaks up the systemically risky institutions.
Considering we have financial lobbyists writing the House derivatives bill (exceptional piece by William Greider) and a complex maze of financial reform (where we are still digging through to find the loopholesexemptions), we call your attention to a refreshing breeze blowing down from common sense North Dakota.
Senator Bryon Dorgan is requesting you get involved in demanding common sense financial regulatory reform and reinstate Glass-Steagall (separate out FDIC insured banks from investment banks).
Moody's released a report that would be headlines in the financial news media of any country that wasn't in bed with Wall Street.
The average maturities of new debt issuance by Moody’s-rated banks around the world fell from 7.2 years to 4.7 years over the last five years — the shortest average maturity on record.
So how much is that in raw numbers? Banks will face $7 Trillion in maturing debt before the end of 2012, and $10 Trillion by the end of 2015.
Those are staggering numbers, but it doesn't end there.
It's been about 10 years since PBS first aired Ken Burns' wonderful documentary, "New York, A Documentary Film". In one of the middle episodes, the film focuses on the photojournalistic work of Jacob Riis, a Danish immigrant who investigated the realities of the tenements of the lower West Side. Riis first reported his work in a short magazine article in 1889. He then followed up with a book in 1890, "How The Other Half Lives". The book is replete with photographs and drawings chronicling the abject squalor of the tenements. Many later attributed the work of Jacob Riis as a source for the progressive movement in the early 20th Century, not only in New York City, but throughout the large cities of America.
Senator Chris Dodd has introduced a massive bill on financial regulation reform. It is over 1100 pages and attached to this post. Below is a reprint from the summary of the major regulation bodies structure overhaul:
The Financial Institutions Regulatory Administration
Independent: Headed by an independent chairman appointed by the President and confirmed by the Senate, a Vice Chairman experienced in state banking regulation, and a board including the chairmen of the FDIC and the Federal Reserve and two other independent members. It will be funded primarily
by assessments on the industry.
On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
On Friday you were probably bowled over by the unemployment rate. So astounded, we missed this major report release by COP, the Congressional Oversight Panel on TARP.
The Report, Guarantees and Contingent Payments in TARP and Related Programs is another damning condemnation on corporate socialism to the point of moral hazard. Yet, at the same time, the report says taxpayers will likely profit from the huge TARP gamble. Well, well, if the government is turning the world into a glorified casino with U.S. taxpayer money, all the while guaranteeing the bonuses profits of large banks, at least it looks like we won't take the loss.
On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
Must Read #1
Paul Krugman hits it out the park to prove Reaganomics did not do this nation, especially the middle class, a lot of good. Read Reagan! Reagan! Reagan! I must also borrow Krugman's graph on the history of tariffs in the U.S.
Sponsored by the taxpayer funded jobs program - Loot luggers wanted for executive bonuses, graft, greed and corruption payola hauling. Must be able to lift two tons. No sticky fingers need apply.
Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies!
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!
Considering today's double digit unemployment rate, I thought looking at government run employment programs of the past might be a good place to start. PBS, (a really crappy video site, no embedding) has a documentary of the Civilian Conservation Corps, a New Deal jobs program, online. Click below to watch:
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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