Following its crushing defeat in the 2024 election, the Democratic Party might finally face its day of reckoning. The party markets itself as the champion of the working class and a bulwark against the party of the plutocrats. But this has been a lie for at least three decades. The Democratic Party has partnered with... Read More

“It was not the highly visible acts of Congress but the seemingly mundane and often nontransparent actions of regulatory agencies that empowered the great transformation of the U.S. commercial banks from traditionally conservative deposit-taking and lending businesses into providers of wholesale financial risk management and intermediation services.” — Professor Saule Omarova, “The Quiet Metamorphosis, How... Read More

In the first seven months of Fiscal Year (FY) 2024, net interest (payments minus income) on the federal debt reached $514 billion, exceeding spending on both national defense ($498 billion) and Medicare ($465 billion). The interest tab also exceeded all the money spent on veterans, education, and transportation combined. Spending on interest is now the... Read More

In 2017, Phil Murphy, a former Goldman Sachs executive, made the establishment of a public, state-owned bank a centerpiece issue during his run for New Jersey governor. He regularly championed public banking in speeches, town halls and campaign commercials. He won the race, and the nation’s second state-owned bank following the stellar model of the... Read More

Blackstone, Apollo, and a handful of other firms are demolishing the US economy for short-term gain, and leaving workers and communities in the wreckage. Private equity firms are buying up the US economy and stripping it for parts. From healthcare to education, utilities, and more, massive firms like Blackstone and the Carlyle Group have acquired... Read More

The “protected class” is granted “safe harbor” only because their bets are so risky that to let them fail could crash the economy. But why let them bet at all? his is a sequel to a Jan. 15 article titled “Casino Capitalism and the Derivatives Market: Time for Another ‘Lehman Moment’?”, discussing the threat of... Read More

Reading the tea leaves for the 2024 economy is challenging. On January 5th, Treasury Secretary Janet Yellen said we have achieved a “soft landing,” with wages rising faster than prices in 2023. But critics are questioning the official figures, and prices are still high. Surveys show that consumers remain apprehensive. There are other concerns. On... Read More

When the FDIC put Silicon Valley Bank (SVB) and Signature Bank into receivership in March, a study reported on the Social Science Research Network found that nearly 200 midsized U.S. banks were similarly vulnerable to bank runs. First Republic Bank went into receivership in May, but the feared contagion of runs did not otherwise occur.... Read More

Just in time for the UN’s policy push for “30 x 30” – 30% of the earth to be “conserved” by 2030 – a new Wall Street asset class puts up for sale the processes underpinning all life. A month before the 2021 United Nations Climate Change Conference (known as COP26) kicked off in Scotland,... Read More