Browsed by
Tag: banks

Nationalize the Big Banks?

Nationalize the Big Banks?

Politicians in Washington are mesmerized by Wall Street campaign dollars and terrified by being branded “socialists”. That seems to be the most likely explanation for the failure of the Congress to pass a second stimulus bill despite continuing high levels of unemployment -especially long-term unemployment – that are absolutely catastrophic for millions of families. In fact, politicians are leaning in the other direction. Instead of a jobs bill, they are promoting deficit reduction. Instead of promoting stimulation of the economy…

Read More Read More

A Fair Deal for the Homeowner

A Fair Deal for the Homeowner

Banks and other financial institutions need capital to replace losses incurred when they bought real estate mortgages that collapsed. Homeowners need capital to replace losses incurred when they signed real estate mortgages for values that collapsed. The United States Congress is bailing out the bankers but not the homeowners. Why? According to the Wall Street Journal 10/1/08, “A chorus of business leaders and trade groups urged Washington to enact a financial markets rescue plan…. General Electric Co…Verizon Communications Inc…Microsoft…AT&T…Caterpillar Inc…The…

Read More Read More

How to Spend One Trillion Dollars

How to Spend One Trillion Dollars

Why should the American taxpayer bail out selected bankers and financial institutions from the consequences of their poor economic decisions, their business mistakes? Why should the American taxpayer bail out selected homeowners who knowingly signed mortgages they could not afford? If our objective is to avoid an imminent recession or another Great Depression, why doesn’t the United States government spend the $1 trillion by giving it away to the 300 million Americans, every man woman and child, each receiving about…

Read More Read More

Heads I Win, Tails You Lose

Heads I Win, Tails You Lose

In a key scene in a famous movie, “The Graduate,” the young Dustin Hoffman is cornered at the graduation party by an older man who whispers enigmatically, “plastics,” a hot business of that decade. Ten years ago the same bore would have whispered “Real Estate.” Welcome to our world of capitalism, where boom and bust often alternate, where the quickest make a killing and the slower have trouble sleeping. Subprime lending on mortgages with little or no money down followed…

Read More Read More