In 1934 the U.S. had 14,146 commercial banks holding insured deposits. By 1985, that number had barely budged, standing at 14,417. Then came the Bill Clinton administration in the 1990s and its reckless and unprecedented banking deregulation which allowed the giant Wall Street banks to swallow up, or drive out of business, thousands of banks […]
Whistleblower Vindicated: Massive Trading Firm Knight Capital Charged With Abusing “Naked Shorts”…
Back in September, I wrote a seven-part series at The Intercept chronicling how former Wall Street trader Chris DiIorio, determined to figure out how he lost a small fortune on a penny stock, came to the conclusion that gigantic market-making firm Knight Capital, now known as KCG, repeatedly violated federal regulations meant to…
Why the Massive Expansion of “Money” Hasn’t Trickled Down to “The Rest of Us”…
If anyone wonders why this monumental expansion of “money” hasn’t sparked generalized wage inflation maybe one factor is that very little of this new money has trickled down to the bottom 95%. This is why I contend that If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing (December 24, 2015)…
How Did a Nation Crippled by Wall Street Billionaires End Up With Them Running the Country?…
Donald Trump is increasingly looking like Wall Street’s back up plan in the event that the Wall Street Democrats didn’t triumph in the 2016 election. Trump has appointed two Goldman Sachs alumni and the current President of Goldman Sachs to top posts in his administration. On Monday, Trump announced…
Is Wall Street Trying to Rig Trump’s Business Advisory Panel?…
President-elect Trump’s ‘Business Advisory Panel’ is ‘a disparate cacophony of voices from wildly different businesses ranging from Boeing, a commercial jet manufacturer, to the Cleveland Clinic with no representation at all from labor or consumers, the panel has an outsized representation from the financial sector with one particularly curious member…
Why We Need a New Democratic Party by Robert Reich…
The Democratic Party Lost Its Soul. It’s Time to Win it Back by Robert Reich…
It’s Time for the Clintons, Rubin to Go–and Soros Too by Michael Hudson…
In the week leading up to last Tuesday’s election the press was busy writing obituaries for the Republican Party. This continued even after Donald Trump’s “surprising” victory – which, like the 2008 bank-fraud crash, “nobody could have expected.” The pretense is that Trump saw what no other politician saw: that the economy has not recovered […]
Trumpgasm Sends Stocks To Longest Win Streak In 13 Years Despite Currency, Curve, & Credit Carnage…
Collapsing currencies, bond bloodbaths, soaring cost of funds, and crumbling crude… Fuck that! Stock indices are at record highs!!!!…
The Forgotten Victims by David Dayen…
Ever since Wall Street bankers cratered the global economy in 2009, federal prosecutors have barely been able to keep up with the unprecedented scale of corporate wrongdoing. Last year, in a series of high-profile settlements, Citicorp, JPMorgan Chase, Barclays, and the Royal Bank of Scotland agreed to…
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