New Left Review
Written one week before the current Wall Street tumble, economist Nomi Prins writes: Watch out. Even in the seemingly best of times, neglecting Wall Street is a dangerous idea. With a rag-tag Trumpian crew of ex-bankers and Goldman Sachs alumni as the only watchdogs in town, it’s time to focus, because one thing is clear: Donald Trump’s economic team is in the process of making the financial system combustible again.
The government, the regulators, and the judges seem content to refer back to their press releases about what they delivered for homeowners, while willfully blinding themselves to the continuing destruction of the integrity of the nation’s judicial system. They’ve collectively decided to pretend that the ruination of a 300-year-old property records system never happened.
Triple Crisis (Dollars & Sense)
Paul Krugman is not a Political Scientist. Krugman's "brand" is that he is a "brilliant, Nobel Prize winning economist." In fact, much of his early research was brilliant; and, to be sure, Krugman did win the Nobel Prize. BUT, the misleading discussion of economics contained in his piece, "Sanders Over the Edge" does raise this question in my mind: Is Paul Krugman still qualified to write an economics opinion column for the New York Times?
Federal Reserve Bank of Minneapolis
The Federal Reserve's newest bank president, a Republican who served as a top Treasury Department official during the financial crisis, called for policy makers to consider breaking up big banks to prevent future government bailouts. His proposals also include: Turning large banks into public utilities; and taxing leverage throughout the financial system. Seven years after the crisis, it is now time to move forward and end TBTF.
International Consortium of Investigative Journalists
Journalists from 45 countries have unearthed secret bank accounts that reveal the global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws. These disclosures shine a light on the intersection of international crime and so-called legitimate business at one of the world’s largest banks.
With our banking system in private hands, the simple truth is that as the debt levels accelerate, so does runaway inequality. Therefore key to controlling runaway inequality is to dramatically curtail the power of high finance.
The American Prospect
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Our Nation's Cities - Two Views - Can New York's de Blasio Stop Gentrification? Chicago's Rahm Emanuel - Mayor of the 1%
Mayor Bloomberg pushed through re-zoning of nearly 40 percent of New York City. Bill de Blasio campaigned against urban gentrification. Can the new mayor reverse the trend? Can big-city electoral coalitions buck the trend of the real estate and financial speculators? Author Michael Hirsch reviews the new book about Chicago's mayor Rahm Emanuel - the mayor of the 1% in the second largest city of the country.