The latest, just out today in paperback, is The Great American Stickup: Without sacrificing the subtleties and nuances of his subject, Scheer along with his sons Christopher and Joshua Scheer leads us briskly through the policy-making of the last three presidents and their advisors and argues that Democrats and Republicans share the blame. And that is at the source of our problem. And I say this as someone who was suckered into contributing to his campaign financially. Russ Feingold was absolutely right to vote against it.
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This is not something to benefit the rich.
What should greay do now? And the reason is because we now, taxpayers, are holding, you know, trillions of dollars of this stuff, these toxic investments. The buyers of this securitized debt would sort and slice it into levels of predicted risk; the more risk, the higher the return, of course.
Book review: 'The Great American Stickup' by Robert Scheer
This rationalization is all too readily accepted by the mass media, which is not surprising, given that it neatly absolves the majority of business reporters and editors who had missed the story for years until it was too late. Robert, you said this is what President Obama should have done. Copyright Los Angeles Times. Tap here to turn on desktop notifications to get the news sent straight to you. It was in the closing weeks of his administration.
He went, after he left the administration, to be a top bigshot at Citigroup, made possible by the reversal of Glass-Steagall. It was supposed to be emancipation of Americans. The economy ran into a "perfect storm," a tne of unforeseen but disastrously interrelated events.
Book review: 'The Great American Stickup' by Robert Scheer - latimes
Back inin fact, Jimmy Carter, now known mostly for his postpresidency activism on behalf of Third World democracy, Middle East peace, and ending poverty in America, was a strong advocate of business deregulation. The third is that whenever the government gets involved, it will etickup screw things up; even if regulators only ask questions, it will poison the pond and spook the fish, to everybody's detriment.
Transcript This is a rush transcript. And this is the source of our whole problem, really, in terms of the housing meltdown, because we had these suspect derivatives that sensible people in the administration, like Brooksley Born, had warned against.
They owe more on their mortgages than their houses. Russ Feingold was absolutely right to tge against it. And Reagan could never pull off that kind of deregulation.
'The Great American Stickup': It Was The Economy, Stupid | HuffPost
Rather than destabilizing the world economy, as they would prove to do two decades later, these products were supposed to be a win-win that would increase market efficiency by bringing order americqn pricing and the management of risk.
You know, the basic idea of the New Deal was that these were not innocent victims of Wall Street scams. He is the editor of Truthdig and author of many books.
The ball game is preventing all those boarded-up buildings in suburbs of South Florida, Dtickup, California. As long as we cede that power to them, we can expect to continue getting bilked. It was at once a statement of the enormous importance he attached to decimating Glass-Steagall and an admission that he would come to the end of his last term without accomplishing that goal.
But they were being rewarded with enormous bonuses. Reagan himself had risen in politics after six years of tutelage as a spokesman for the General Electric Vreat, from to Of course, this end run around congressional authority was probably not as satisfying or foolproof as wiping out the regulation altogether, yet it proved quite effective in pleasing CEOs, who aerican spent the s complaining about red tape and overzealous government investigators.
His latest book, "The Great American Stickup," blames the "captains of finance" for causing the "meltdown" of the global economy in the first place and then profiting from the tax yhe that were thrown at the problem — "a giant hustle that served the richest of the rich," as he puts it, "and left the rest of us holding the bag.
For it was this Wall Street and Democratic Party darling, along with his clique of economist super-friends -- Alan Greenspan, Lawrence Summers, and a few others -- who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in oceans of money that was poured into bad loans sold as safe investments.
Story Sep 18, InReagan signed the Garn-St. As Time magazine reported on August 17, A win-win system too good to be true turned out to be a cruel hoax in which most suffered terribly -- and not just that majority of the world's population that suffers from the whims of the market, but even some who designed and sold the new financial gimmicks.
Two, three years on mortgage foreclosures. They made the payments.