Journalism of Appeasement. Corruption, Smoke and Mirrors

(A must read) by David DeGraw, Global Research Here’s a brief summation of my recent reporting: If we continue to let our politicians and wealthy members of society live in comfort, free from the consequences of their actions, we are complicit in our own demise. Our country is so overrun with corruption, we cannot remain [...]

The assault on US workers’ wages

by Tom Eley and Barry Grey, WSWS An article published in Wednesday’s Financial Times under the headline “US Matches Indian Call Centre Costs” gives some indication of the impact on American workers of a coordinated and escalating wage-cutting drive by big business, backed by the Obama administration. The article begins: “Call centre workers are becoming [...]

Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs

by Richard Teitelbaum, Bloomberg When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall [...]

Obama vs. Obama

by Michael Brenner, Huffington Post The enigma that is Barack Obama grows day by day. Contradiction after contradiction, abrupt gear shifts, perpetual motion that never reaches a destination. ‘Obscene’ Wall Street bonuses suddenly transmute into well earned rewards for a good guy golfing buddy; the imperative to act boldly on the jobs crisis means placing [...]

Exposed: Bernanke’s “Skimming Operation”

(So what the banks did in a sense was, they carefully removed restrictions on housing loans and created what the industry called “liar loans”, loans that they knew would default when they were making them. They got their co-conspirator at the credit rating agencies to slap “AAA” ratings on them.  They got their money up front [...]

The Crisis Is Not Over

by Paul Craig Roberts, Information Clearing House Readers ask if the financial crisis is over, if the recovery is for real and, if not, what are Americans’ prospects. The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial [...]

What a Sad Week for Democracy

by Scott Creighton ***UPDATE*** (Five. I stand corrected. There are now 5 events from this past week that I should have mentioned. Please see the last one reported on by Glenn Greenwald at the end of this article.) What a week it was for our democratic freakshow. How many more shocks can our fragile egos [...]

Emails implicate Treasury Secretary Geithner in cover-up of AIG deal to bail out the banks

by Barry Grey, WSWS A financial scandal has erupted that implicates Treasury Secretary Timothy Geithner in efforts to conceal the funneling of $62 billion in taxpayer funds to 16 large banks as part of the government bailout of the insurance giant American International Group (AIG).

US bankers cash in despite phony pay restraint

by Patrick Martin, WSWS The executive pay regulations announced Thursday by the Obama administration’s “pay czar” and the Federal Reserve represent a cynical attempt to placate public outrage over Wall Street bonuses while allowing the financial speculators to continue awarding themselves multi-million-dollar compensation packages.

Renegade Economist US Special with Dr. Michael Hudson

by Scott Creighton “What they are calling a “post industrial” economy is really a lapse back into a neo-feudal economy and into debt peonage.” (“Peonage is a system where laborers are bound in servitude until their debts are paid in full. Those bound by such a system are known, in the US, as peons.” ) [...]

Federal Reserve Paying Banks to Freeze Credit

by Scott Creighton I remember the head of the Dallas Federal Reserve Bank, I think, testifying before congress back in Sept. of last year stating that the treasury department had worked out a deal with the Federal Reserve so that they would tighten the credit markets. In effect worsening the depression we are going through [...]

International banks exploit the crisis to reap massive profits

(What we are witnessing is a world-wide social counterrevolution led be a few international banks with the intent of the eradication of any “New Deal” type policies and the Keynesian economics philosophy behind them. This will leave 4 or 5 international banking cartels in place to control the economies of every single nation. It would [...]

Decoding Paul Krugman’s Incoherent Op Ed

by Scott Creighton In his New York Times Op Ed piece, Paul Krugman can’t seem to make any sense of the obstructionist behavior of the so-called “Blue Dog Dems” toward the passage of the Obama healthcare bill.  Though quite frankly I don’t know what’s so hard to understand about it. What I can’t figure out [...]

Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’

by Daniel Tencer, Raw Story The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

Barack Obama is a Flat Out Liar: Says Medicare and Medicaid are Causing the Deficit

by Scott Creighton This evening, President Obama gave yet another one of his infomercial speeches.  This time it was in favor of his healthcare reform measures that have been rightly condemned in the House and the Senate by a few. Apparently his Chief of Staff, Rahm Emanuel, can’t twist enough arms to get the measure [...]