UK wages collapse at fastest rate in 60 years Telegraph
Timing of Goldman bond sale raises questions Financial Times
Why Congress Won’t Investigate Wall Street Thomas Frank, Wall Street Journal.
How Government Guaranteed Bank Debt May CRUSH Public Borrowing Clusterstock
Jobless Rate Rises In All US Metro Areas In March Huffington Post
Gagging on Google Willem Buiter
Unemployment Predictions: Why Reporters Must Use Caution When Listening to Economists Dean Baker
Antidote du jour (hat tip reader Barbara):
Polar bears Bill, right, and Lara seem to like each other at their first meeting at the zoo in Gelsenkirchen, Germany. Bill came from the zoo in Bruenn, Czech Republic, as a new partner for Lara.
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Both the Frank piece on bipartisan scorn for real FIRE regulation and the Buiter piece on the same scorn for antitrust regulation of would-be totalitarian tech companies (and other things I’ve read this morning as well) keep making me think of how in today’s NYT (preview of sunday’s magazine) Leonhardt quotes Obama as saying NRA-style that we don’t need any new regulations, just better enforcement of the alleged regulations we do have.
That sure bodes well for the next four years, which is far more time than we have.
Obama, I think may have hinted at the necessity for direct action against the banks in his 100 days press conference. He was asked what he was humbled by and he said the fact that the president doesn't have unlimited power. He said their are multiple centers of power. He then gave 2 examples: Bankers and Congress. Argue for an innocent intrepretation if you are foolish enough. It sure sounded like he said there are 3 branches of gov: Executive, Legislative, Bank. He said he cannot make bankers do as he wishes. It was all right there in the speech and Q&A. If you ask me it was a subtle hint that we had better march on Wall Street if we want to ensure real change. I think we have a government which can be pressured to deliver meaningful change, but only with a real commintment from the public. If we march in large numbers on Wall Street now, we can have real change. Obama just put the ball in our court. He admitted on national tv that he does not have the power alone to curtail the illegitimate 3rd branch of government. Our forebears did not hesitate to hit the streets and demand necessary reforms. If we will not do the same we share equal blame with the government for failure to reform. The door is open. Seize the day or not. Mass demonstrations against Wall Street right now will produce change.
X, but Obama CAN make banks do as he wishes but he steadfastly refuses to do the very simple and very American thing that would allow it: nationalize the insolvent banks (any bank that received billions in free tax dollars and continue to receive same largess).
All Obama had to do was exactly what has ALWAYS been done in the past: take over the banks, spin off their crap, reorganize and sell off the good parts after firing ALL the execs. Simple.
The President CAN make the banks do as he wishes. He just doesn’t want them to do anything but rape and pillage.