Monthly Archives: December 2010

Extreme Inequality Helped Cause Both the Great Depression and the Current Economic Crisis

It is clear that when banks become too big, it harms the economy. Economist Steve Keen says that “a sustainable level of bank profits appears to be about 1% of GDP”, and higher bank profits lead to a Ponzi economy … Continue reading

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Should Hank Paulson Be In Jail?

Leading bank analyst Chris Whalen has raised the question of whether criminal charges should be brought against former Treasury Secretary Hank Paulson. Any discussion of whether Paulson committed unlawful actions as Treasury Secretary needs to start with Tarp. As the … Continue reading

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Financial Analyst: This Is The First Recession Since the End of the FIRST World War Where Government Help Isn’t Trickling Down to the American People

Banking expert Christopher Whalen (hailed by Nouriel Roubini as one of the leading independent analysts of the U.S. banking system) told the American Enterprise Institute that this is the first recession going back at least to the end of the … Continue reading

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Head of Bank of England Said In March 2008 That We Have a SOLVENCY – Not a Liquidity – Crisis

  On Monday, the Guardian reproduced a Wikileaks cable dated March 17, 2008, stating:   SUBJECT: BANKING CRISIS NOW ONE OF SOLVENCY NOT LIQUIDITY SAYS BANK OF ENGLAND GOVERNOR *** Since last summer, the nature of the crisis in financial … Continue reading

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Reagan’s OMB Director: Bush Tax Cuts “The Biggest Fiscal Mistake in History” … Extending Them Won’t Stimulate the Economy

Ronald Reagan gave big tax cuts to the wealthy. So it is dramatic that Reagan’s director of Office of Management and Budget – David Stockman – calls the Bush tax cuts “the biggest fiscal mistake in history”. Specifically, Stockman told … Continue reading

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Most Driven Into Debt by Medical Bills HAVE Health Insurance

Most driven into debt and bankruptcy by medical bills have health insurance. For example, Reader’s Digest notes: Between 2000 and 2003, seven in ten adults who were driven into debt by medical expenses had insurance at the time. Similarly, as … Continue reading

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Failing to Prosecute Wall Street Fraud Is Extending Our Economic Problems

Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky and the Wall Street Journal all say that the U.S. economy is a giant Ponzi scheme. Virtually all independent economists and financial experts say that rampant fraud was largely responsible … Continue reading

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Cats and Dogs

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