Politics of the Economy

Let’s All Panic While Investors Still Flock To Short Term Treasury Bills- No Evidence of Weaker Demand

Mainstream media pundits have been crying in their beer over the past several days over investors running away from short term Treasury paper because of default fears. They cite the huge rise in the rates on T-bills, which exploded all the way up to six one hundredths of one percent on the 26 week bill.…

Trickle Be Dammed Is Not Misspelled – Professional Edition With Extended Free Excerpt

A huge gain in individual income taxes collected in September suggests that the effects of bubble friendly Fed policy are trickling down to the owners of small businesses. Unfortunately, wage and hour data tells us that the trickle is dammed there. Will our dammed nation will be our damnation? This is an extended free excerpt…

Dimon, Corzine, and Other Banksters Will Face (a) Hard Time in 2012 Says American Banker

  Francine McKenna, writing for the American Banker, thinks that some big time gangbanksters may finally be called to account soon. I think the Obama administration will pull Jamie Dimon down along with Jon Corzine. They’ll do this to regain momentum with working-class voters—the 99%. Winning the November election, less than a year away, will…

Justice Department Settles Another Bankster Fraud Suit for Peanuts

  Where are the perp walks? The United States has settled a civil fraud lawsuit against DEUTSCHE BANK AG, DB STRUCTURED PRODUCTS, INC., DEUTSCHE BANK SECURITIES, INC. (collectively “DEUTSCHE BANK” or the “DEUTSCHE BANK defendants”) and MORTGAGEIT, INC. (“MORTGAGEIT”). The Government’s lawsuit, filed May 3, 2011, sought damages and civil penalties under the False Claims…

How Wall Street Killed Financial Reform | Matt Taibbi | Rolling Stone

Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he’d dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. “These reforms represent the strongest consumer financial protections in history,” the president told an adoring crowd…