Fight For Obama's Proposal to Limit Reckless Bank Trading

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Thursday January 21, 2010 · 12:33 PM PST

2010/01/21 · 12:33

At long last, Barack Obama has proposed major reforms of the banking industry that have real teeth - By severely restricting the kind of speculation that banks can engage in and increasing tightening the cap on the liabilities that a bank can hold.

The proposed reform goes far beyond anything the administration has ever proposed before, taking advice from Paul Volcker in terms of what sort of activities banks should not be engaged in. Bank lobbyists and consultants have already begun to blast Obama.

We need to fight for this proposal. More below.

Maxlongstreet

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Wednesday January 20, 2010 · 5:06 PM PST

2010/01/20 · 17:06

With the loss of a Senate seat, the white house is obviously looking at different options to pass healthcare reform. But what might they be considering, you ask? Reconciliation? Working with the house to pass the senate bill? Passing a bill before Brown in sworn in?

The answer?

None of the above!

According to New York Times, the plan is likely to be to strip down the bill even further, if that is even humanly possible, to satisfy Republicans and get that ever-elusive bipartisan agreement! More below.

Maxlongstreet

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Friday December 18, 2009 · 7:38 PM PST

2009/12/18 · 19:38

The sad state of the health care bill got you down? The inadequate results of Copenhagen have you scared for the planet? The restoration of Glass-Steagall look impossible?

Before returning to the fray, take some time this weekend to go watch Avatar and have a little awe and wonder in your life.

Maxlongstreet

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Friday March 20, 2009 · 4:21 PM PDT

2009/03/20 · 16:21

The public furor over the "bonuses" paid to AIG employees is directed in the absolute wrong direction.

The right question isn't "Why were employees paid these bonuses?"

The right is question is "Why does AIG even exist anymore?"

Maxlongstreet

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Thursday January 29, 2009 · 9:41 AM PST

2009/01/29 · 09:41

Amidst the hubbub around the Stimulus package, it would be east to miss planned government spending package that dwarfs the $825 billion the House of Representatives approved yesterday.

This is of course the plan to rescue the still crumbling financial sector, where the New York Times quotes Chuck Shumer quoting government officials who "estimate it may take up to $3 trillion to $4 trillion to buy the bad assets" of struggling banks.

Tim Geithner's money quote:

We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system.

In other words, keep giving trillions of dollars to the institutions that caused their own demise, either directly or through the setup of "bad bank" institutions that take on the endless bad debt these banks have accumulated through their own greed and incompetence.

Paul Krugman calls this hope of preserving the status quo without nationalization Wall Street Voodoo.

It's time to take bold action. It's time to nationalize.

Maxlongstreet

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Thursday January 15, 2009 · 9:12 AM PST

2009/01/15 · 09:12

A fight has been shaping up in congress over whether it will release the next $350 billion in TARP money, with Obama saying the money is needed to keep the economy afloat, and legislators balking at sending another $350 down the proverbial toilet of bad deals that reward incompetent banks while not doing what they're supposed to do for the economy.

Hopefully, this clash will not devolve into a false choice between doing nothing and doing something bad. Robert Reich has some good ideas.

Maxlongstreet

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Wednesday November 26, 2008 · 9:21 AM PST

2008/11/26 · 09:21

There has been a lot of dissatisfied rumblings around the blogosphere about the reappointment of Bob Gates as secretary of defense, claiming that this both signals a continuation of Bush foreign policy and reinforces the damaging idea that only a Republican can lead the department of defense.

Yoni Applebaum at Talking Points Memo presents a contrary opinion that is worth listening to, arguing that if real change at the defense department is what you're looking for, Gates is the one who is already implementing it.

More after the jump.

Maxlongstreet

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Monday November 24, 2008 · 9:17 AM PST

2008/11/24 · 09:17

While much of the focus of attention among Kossites (myself included) has been on whether or not to bail out GM, we have been diverted from the true Moby Dick of all bailouts, that of AIG. According to Chris Whalen, managing director of Institutional Risk Analytics, the hundreds billions of additional dollars being poured into AIG right now are just peanuts compared to the true ultimate cost of the remaining credit default swaps outstanding, which at the very minimum, will cost $15 trillion.

You read that right, $15 trillion. And it could be much more. Whalen argues that the nomination of Timothy Geithner to Treasury Secretary, who is fully on board for the AIG bailout, makes a decade long recession likely as the government futilely tries to pay back the trillions that will come due on this bad paper.

More below.

Maxlongstreet

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Thursday November 20, 2008 · 12:37 PM PST

2008/11/20 · 12:37

All the screaming in the world about sinister Republican conspiracies to destroy unions and the traditional media lying about auto worker salaries and how anyone who objects to a big fat GM bailout wants to destroy the state of Michigan and all who live there can't change the fact that a big fat bailout WON'T WORK. GM is running through several billion a month. The $25 billion being discussed won't even get GM through next summer without huge restructuring. Rewarding GM with a big bag of cash simply rewards incompetence - a Hallmark of the George Bush years. Government overseen Chapter 11 gives a chance for GM to actually emerge as a company with a long-term chance of decent success.

More after the jump.

Maxlongstreet

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Thursday November 13, 2008 · 7:50 AM PST

2008/11/13 · 07:50

Bloomberg is reporting that Barack Obama is pushing hard for congress to approve a $50 billion bailout for automakers before he is sworn in as president. To do this would be the worst possible start to the Obama presidency.

Maxlongstreet

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Wednesday November 12, 2008 · 5:19 PM PST

2008/11/12 · 17:19

While it seems that most recent diaries on Dkos revolve around Joe Lieberman, or someone's personal tale related to Obama's election, or Prop 8, etc., it seems like the bailout discussion has grown very quiet. However, if the Treasury Department continues what it's doing, you might as well kiss our other spending priorities goodbye.

Hey, I know there have been some Treasury diaries. But not enough. If we can have a million rants about f***ing Joe Lieberman and his goddmamn committee chairmanship, humor me with one more about the trillions of dollars that are starting to disappear into the Treasury vortex.

Maxlongstreet

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Monday June 30, 2008 · 10:29 AM PDT

2008/06/30 · 10:29

I just read yesterday's SUSA poll numbers for Virginia. Pollster.com summarizes them as follows:

A new SurveyUSA poll in Virginia shows Sen. Barack Obama edging Sen. John McCain, 49% to 47%.

Just a month ago, Obama led McCain by 7 points in the state.

Reading this, you might think that McCain was doing well in the state. You would be wrong. More below.

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Fight For Obama's Proposal to Limit Reckless Bank Trading

Obama Prepares to Bend Over Further

Enjoy Avatar this Weekend

The bonuses don't mean sh*t

Time to Nationalize Failing Banks

Listen to Robert Reich: Next $350 Billion Needs Huge Strings Attached

Gates may be the Change we Need

Let AIG and the Rest Die (or Pay $15-40 Trillion)

It's Time for GM to go Bankrupt

Action Alert: Tell Obama No to $50 Billion for Automakers (Updated)

Treasury Looted - Forget Health Care, Forget Alternative Energy, Forget Tax Relief

Obama's Dominating Virginia Numbers