Tag: Nationalization

With Friends in the Treasury — Bankers don’t need NO Accountability

Elizabeth Warren was appointed chair of a newly created Congressional Oversight Panel (COP), which is charged with keeping tabs on the $700 billion bailout of the financial sector – including Troubled Assets Relief Program (TARP).

Warren however, has had some “Trouble” getting straight forward answers … as she explained to the Boston Globe:

I Was Wrong On Bank Nationalization

No one likes to admit that they were wrong. This seems doubly true on here on the great inter-toobs, but the fact is that the Dog was wrong. It is only in one case (at least he is only going to cop to one case right now!) but it is a pretty major issue that we face right now. What is this issue? It is the case for nationalizing failing Banks. When this was first discussed, the Dog perhaps like a lot of others, assumed that we were talking about a complete and total take over of the banking system by the Federal Government. That would be something akin to the Venezuelan government taking over their oil industry.  

How does anyone make it on $263 million a year?

The disparity in wealth in this country is obscene, and the failure to restrain the mindless and monumental greed that led to it has been our downfall.


The income of the 400 wealthiest Americans swelled in 2006, soaring nearly 23 percent from the previous year, to an average of $263 million, according to data released Thursday by the Internal Revenue Service. Since 1996, this group has nearly doubled its share of all income earned in the United States.

The top 400 paid just more than $18 billion in federal income taxes in 2006, or an average of $45 million, on a record $105 billion in total income – the lowest effective tax rate in the 15 years since the agency began releasing such data.

The New York Times

Capitalism on trial

Original article, an editorial subheaded The neoliberal dogmas that have dominated for more than 25 years are discredited, but they need to be replaced by more than proposals for re-regulating the banks, via socialisworker.org:

THE WORLD financial system is in the grip of the most severe crisis since the Great Depression of the 1930s–and there’s worse to come, not only for the banks and speculators of Wall Street, but far beyond, in every part of the U.S., and around the globe.