How Obama can save USPS and ding check-cashing joints.
Many subprime borrowers were led straight into the debt buzz-saw by companies that were actively trying to "squeeze" every last bit of revenue out of their clients. There were people who qualified for prime loans who got nudged into more lucrative alternative loans, and people who had simple 30-year fixed mortgages who found themselves frantically trying to pay off unforeseen penalties.
A few years of experience with the Volcker Rule will probably be enough to demonstrate that it’s insufficient to change the behavior of JP Morgan and the banker gang.
Review of George Packer's "The Unwinding: An Inner History of the New America." This American life is a mess. As responsible as they were for instigating the Great Recession, Wall Street and the securities industry were not the business centers solely at fault for the lead-up to the collapse. An outsized military budget, imperial wars, the decline of unions as counterweights to corporate excesses and the flight of manufacturing overseas played their parts, too.
Today, Ireland is under a different sort of tyranny, one imposed by the banks and the troika--the EU, ECB and IMF. The oppressors have demanded austerity and more austerity, forcing the public to pick up the tab for bills incurred by profligate private bankers.
It’s easy to see that the crisis has wounded the country in ways big and small, and that the damage isn’t done even now. Here are five charts that capture the scope and struggles of the Great Recession, five years after it began:
An interview with the mayor of Richmond–a Green Party member who has been making corporations furious.
The right-wing billionaire Koch Bros. raised and spent $250 million in 2012 to shape political and policy debate nationwide. Freedom Partners, the front for the mysterious Koch brothers, cut checks as large as $63 million to groups promoting conservative causes, according to an IRS document to be filed shortly.
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