Reforms

America's Debt Addiction Is Like 1800's Slavery

No.: 
68

Darrell Delamaide argues that President Obama must stimulate the U.S. economy sufficiently to boost employment figures in the near-term, otherwise Democrats will court a political disaster next year. However, the idea of America is far more consequential than today’s interest group driven party goals. In reality, Delamaide is not arguing for stimulus as much as he is arguing against the GOP. A better argument is to replace both reckless, feckless political parties and get the nation’s budgetary affairs in order.

The Fed's Free Money Fuels New Bubble

No.: 
67

Is irrational exuberance making a comeback at the Fed’s invitation? Irwin Kellner thinks so, arguing that the “humongous volume” of Fed injected liquidity invites a speculative fever. The Fed’s bogus money has not produced consumer price inflation because the wealthy beneficiaries of the liquidity are keeping it engaged in speculative pursuits, with little trickling down to consumers.

Reasons for Optimism in the Long Haul

No.: 
66

Has America lost its soul? Is America too immoral and shortsighted to allow prudent capitalism to work properly? (Yes.) Is the Canadian hedge fund manager, Erick Sprott correct that the U.S. government is now a “dead man walking,” with central bank intervention the main dynamic that allows the U.S. Treasury to roll over government debt at low interest rates? (Marketwatch, Oct. 20, 2009).

Special Interests Infect Health Care Reform

No.: 
64

National expenditures on health care as a percentage of GDP and as an outright expense will rise with the reforms President Obama signs into law. Choices will decline and coercion will climb as bureaucrats struggle to contain soaring costs. As pending health care reforms swell our medical expenditures bubble, the nation’s slide will accelerate.

Wall Street Gets Protection ... From Itself

No.: 
63

Purportedly, President Obama may attempt to shift the focus of the G20 summit from banking improprieties to a rebalancing of trade. While a restructuring of trade is important, Obama is out-of-step with the American public if he diverts attention from the need to cap bank bonuses, heighten scrutiny of hedge funds, and corral the shadow banking system. Recent reports of a power regrowth in the investment banking sector lend support to this concern.

Wall Street Beast Recovers; Scoffs at Reform Plans

No.: 
62

Did Wall Street quake when President Obama recently addressed its elites on the one year anniversary of the Lehman Brothers collapse? Hardly. If anything, some on Wall Street were heartened by discrete assurances that reforms would not go deeply into the evolved architecture of capitalism.

Financial Reform as Window Dressing

No.: 
61

In September, 1901, Vice-President Teddy Roosevelt uttered his memorable adage, “speak softly but carry a big stick.” Shortly thereafter, President McKinley was assassinated by an anarchist, making TR at age 42 America’s 26th president. As president he failed to speak softly at times but did carry an executive bludgeon. His legacy still shines because he swatted at the insolence of his own party as well as Democratic interests. Our current president would do well to consider Teddy Roosevelt’s example in matters of economic justice.

Obama-care: A Mixed and Heavy Bag

No.: 
60

President Obama’s national health care agenda is big, bad, and bold. It is also better in various important respects than what we have currently. However, it is fatally flawed. The seriousness of the flaws outweighs the plan’s efficacies and virtues. As a result, the U.S. Congress should reject this legislation and address the fact that the nation consumes too much expensive but ineffectual health care.

President Obama's Regulatory Reforms Don't Do Justice

No.: 
59

President Obama's financial regulatory reforms will bring positive, meaningful changes to the way Wall Street does business. For this he should be commended. Nevertheless, the reforms fail to do enough, are not suitably instrumented, and sidestep systemic change. The reforms serve to affirm Wall Street's position, increasing the odds that Wall Street's grip over America will continue. This means more elitism and less true justice. The wealth and power gap between working Americans and the privileged elites of Manhattan Island will remain unjustifiably wide.

Challenging the Morality of Goldman Sachs

No.: 
58

We are long overdue for a national town hall meeting on Goldman Sachs — with or without Goldman executives. Wealthy Wall Street elites take for granted a dragon-like right to trample the vast working public. Their right claim is based upon the notion that capitalism gives the massively monied the privilege of shaping financial laws. Injustice to these people means not getting their own way at the expense of nonaligned others. A national town hall is needed to challenge, overcome and replace these distortions of capitalism.

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