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HomeRobert Reich, “The Fed in Hot Water”
Posted by Larry Doyle on April 1st, 2010 5:14 PM |
Former Clinton Secretary of Labor Robert Reich had some very strong words today for the Federal Reserve. In his commentary which I find at Wall Street Pit, Reich questions the constitutionality of the Fed’s actions in 2008. None of this comes as a surprise, but it should cause America to wake up to the fact that the Wall Street-Washington incestuous relationship has run roughshod over America before and now throughout our economic crisis.
Who in Washington is willing to blow the whistle on this incest? Reich writes, The Fed in Hot Water:
The Fed has finally came clean. It now admits it bailed out Bear Stearns – taking on tens of billions of dollars of the bank’s bad loans – in order to smooth Bear Stearns’ takeover by JPMorgan Chase (JPM). (more…)
Mary Schapiro and Mark McGwire
Posted by Larry Doyle on January 15th, 2010 10:22 AM |
“I’m not here to talk about the past.”
Mark McGwire, the steroid abusing home run hitting phoney, may have issued a massive mea culpa this week, but his career will forever be defined by his March 2005 Congressional obfuscation.
In my strong opinion, Mary Schapiro is the financial industry’s equivalent of Mark McGwire. How so? In McGwire’s 2005 testimony, he very much wanted to position himself as a positive influence for future developments regarding the use and abuse of steroids in baseball. Fast forward to January 14, 2010 and we witness Mary Schapiro very much trying to assume the same positive position in her testimony and answers to the Financial Crisis Inquiry Commission. In Schapiro’s opening statement, Testimony Concerning the Financial Crisis, she states as much:
To assist the Commission in its efforts, my testimony will outline many of the lessons we have learned in our role as a securities and market regulator, how we are working to address them, and where additional efforts are needed. I look forward to working with the FCIC to identify the many causes of this crisis.
Oh, how kind. (more…)
