Search Results
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We WERE Punked
Hale "Bonddad" Stewart at the Huffington Post counters the argument I made on Rachel Maddow's MSNBC show this week and that I've been making in my columns and blog postings for the better part of the last three months. He...
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Maddow: Did America Get Punked On the Bailout? Yes...Now Here's What to Do.
I appeared on Rachel Maddow's MSNBC show last night to discuss my latest newspaper column about the bailout. You can watch the clip here. Rachel's first question really is the question of our time: Did we get punked? As...
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Executive Pay Packages: We Told You So, Part 4
My newspaper column this week looks at three new government reports that prove progressives were right in their criticism/predictions about the economy, and our Beltway Bailout artists were wrong - wildly wrong. But let me now add a fourth "we...
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Gov't Studies Say Progressives Were Right, Beltway Was Wrong
My newspaper column this week takes a look at three recent government reports that prove when it comes to righting our economy, progressives were right, and Beltway insiders were wrong. Remember when progressives protested the 2005 bankruptcy bill? Remember when...
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Why Is Krugman Trying to Move the Goalposts Right?
Lately, I really haven't been able to understand Paul Krugman. He went back and forth on the bailout, in a weird attempt to claim to an angry public he was against it, but to fellow economists he was for it,...
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Fearing Rejection, Bush Backs Off Bailout Request
Per my post earlier today, this is huge news if it holds: Nov. 17 (Bloomberg) -- The Bush administration told congressional aides it won't ask lawmakers to release $350 billion remaining as part of the $700 billion U.S. financial- rescue...
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Two Take-No-Prisoners Progressives To Help Oversee the Bailout
This is really great news: Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) on Friday named their three members of a five-person oversight panel that will monitor Treasury's Wall Street rescue plan and regularly report back to...
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Transparency? Baucus Says, "We Don't Need No Stinkin' Transparency."
I noticed this nasty little excerpt from the Washington Post's expose on the Bush administration's $140 billion taxpayer rip-off: In an off-the-record conference call on Oct. 7, nearly a dozen Capitol Hill staffers demanded answers from Solomon for about an...
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Bailout Watch: Bush's Subtle Scheme to Stop Obama Reforms
In his first radio address as President-elect, Barack Obama made this strong statement: "[We will] ensure that the rescue plan that passed Congress is working to stabilize financial markets while protecting taxpayers, helping homeowners and not unduly rewarding the management...
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Your Taxpayer Dollars At Work
Here's your taxpayer-financed bailout http://www.bloomberg.com/apps/news?pid=20601109&sid=aVann0.cv9Tw&refer=home">at work: Broken Securities Industry Still Has $20 Billion to Pay Bonuses Oct. 27 (Bloomberg) -- Five straight quarters of losses and a 70 percent slide in its stock this year haven't stopped Merrill Lynch &...
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CNBC CLIP: Bush Treasury Dept. Redacts More Bailout Contracts
I was on CNBC this morning discussing the Wall Street bailout, and specifically, the Bush Treasury Department's decision to redact key parts of private contracts that would tell the public how much taxpayer cash various law firms, accounting companies...
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Hypocrisy Watch
From the Wall Street Journal: Republican presidential candidate John McCain has taken to calling Democratic rival Barack Obama's tax plan "socialist," because it would give tax cuts to people who currently pay no income taxes. But such proposals -- known...
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Treasury Blacks Out Key Parts of Bailout's Private Contracts
Remember how Treasury Secretary Henry Paulson promised full transparency in spending the $700 billion bailout money? And remember how bailout opponents predicted that the failure to mandate such transparency would allow all sorts of Halliburton-style shenanigans? From the looks of...
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Now Is No Time to Experiment With Socialism? Really?
Here's Sarah Palin today: "Friends, now is no time to experiment with socialism." Apparently, she forgot that John McCain helped pass the Wall Street bailout - the single biggest act of socialism (albeit corporate socialism) in contemporary American history....
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McCain's Fake Populism
I was on Rachel Maddow's MSNBC show to discuss John McCain's fake economic populism. Watch it here:...
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Attention Wingnuttia - About Those Fannie/Freddie Attacks...
When I appeared on Fox News earlier this week, the National Review's Rich Lowry regurgitated the right-wing's newest talking point about the financial crisis supposedly being caused by Democrats' refusal to regulate Fannie Mae and Freddie Mac. I, of course,...
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Your Power-Worshiping, Maliciously Negligent Media At Work
Last week, as the bailout bill was being debated, the blog Naked Capitalism got its hands on the tape of a secret Treasury Department conference call whereby government officials reassured Wall Street speculators that all the supposed Democratic "improvements" to...
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Forcing Paulson to Be a Businessman, Not a Crony Communist
The last week has seen a tectonic shift in American politics and government. Those of us who opposed the $700 billion bailout have been proved correct, as the entire political, academic and financial Establishment has said what we were saying...
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"Oversight"
As King Henry Paulson and Prince Neel Kashkari start doling out fat bailout contracts to their friends on Wall Street, we're hearing a lot about "oversight" from Democrats who voted for the bailout. But don't be fooled. As I wrote...
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FT Editor: Paulson Bailout Aims to Enrich Paulson's Wall Street Pals
During the debate over the bailout, many of us said that Treasury Secretary Henry Paulson, a former Goldman Sachs executive, had crafted the bailout specifically to enrich his friends at Goldman Sachs. Some said that was just exaggeration from liberal...
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The Difference Between a Bailout and a Rescue
Britain teaches us what the difference between an economic rescue and a Wall Street bailout is: The move amounted to a partial nationalization of some of those institutions...Mr. Brown said there would be "strings attached and conditions to be met"...
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Bailout Opponents Are Unpatriotic & Irresponsible Members of the "Me First, Country Second" Crowd
Last week, Chris Bowers at OpenLeft noted that the major argument for the bailout from its proponents was essentially that opposing it is a sign of stupidity. This came from the highest echelons of the Broderian media - and...
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The Obama Bailout Bill
Sadly, the bailout bill is no longer George Bush's. It's Barack Obama's: Black lawmakers said personal calls from Democratic presidential nominee Barack Obama helped switch them from "no" to "yes." I'd say a pretty sad - though predictable - moment...
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TAKE ACTION: Tell the House to Reject the Crazy-ocracy and Vote "No" on the Bailout
Over the last few days, I've explored a number of explanations as to why Congress seems determined to pass a wildly unpopular Wall Street giveaway at a time of exploding budget deficits, and at a time when so many...
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STRATEGY MEMO: Turning a Wall Street Giveaway Into an Economic Rescue for All Americans
Note: Apologies for this post's length, but I felt that in order to make this really comprehensive, I had to have it go longer than most posts. It tries to summarize and boil down the negotiations over the complex issues...
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Question of the Day
Anyone who thinks we should pass the $700 billion bailout bill as is needs to answer a simple question: How does handing over $700 billion to Wall Street help the economy any more than, say, handing over $700 billion to...
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HOUSE BAILOUT VOTE: The Uprising Comes to Wall Street and Washington
I'm scheduled to appear on CNN at 3:30pm EST to discuss the House's extraordinary vote to reject the $700 billion Wall Street bailout. What I'm going to say is pretty simple: it's clear that Congress is facing a full on...
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Top 5 Reasons to Vote Against the $700 Billion Bailout
There's news this Sunday afternoon of a congressional deal to bailout Wall Street fat cats with $700 billion of taxpayer cash (you can read the draft legislation here). Though the deal negotiated between congressional leaders and the White House is...
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Back In the USSR - Where Amerika Has Always Been
A number of commentators and politicians have noted that the proposed financial bailout is, in effect, a socialization of Wall Street. They claim that such socialism is new in the good ol' commie-hatin' U.S. of A. But as my weekly...
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Brewsters Millions In Real Life - Except Its Billions, and Maybe Trillions
Just to get our heads around how absurd this bailout proposal is, let's use movies as our metaphor. First, is the metaphor of Brewsters Millions (which, incidentally, I discussed in a recent column about political movies, and whose original story...
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Remember This When the $700 Billion Bailout Passes
When you are wondering why they chose the whopping $700 billion price tag for the Wall Street bailout instead of a much smaller number, remember that they chose it for no actual reason: In fact, some of the most basic...
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Questioning Warren Buffett's Role
I've spent most of the day traveling, and have had a bit of time to think, and one of the things I started pondering was how no one has bothered to ask about the propriety of Warren Buffett's role in...
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Bank Lobbyists Laugh At Congressional Dems
In a story about Banking Committee Chairman Sen. Chris Dodd's admirable efforts to amend bankruptcy laws and put limits on executive compensation (ie. what should be the absolute minimum in any bailout), Roll Call reports that the financial industry is...
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Restating What We Already Know, But It's Still Worth Restating
I'm in Cleveland preparing for a speech tomorrow morning, and still recovering from a 2 hour public debate with Dennis Prager in front of 1,500 people in Denver last night. I just wanted to stop and take a moment to...
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The Bailout Opportunity
As Democrats chart a legislative strategy to deal with President Bush's absurd attempt to hand over $700 billion to his Wall Street donors, it strikes me that this is a unique opportunity that almost never comes along - one that...
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Dem Congress Considers Passing New Financial Deregulatory Scheme THIS WEEK
Public Citizen and a coalition of consumer groups is sounding the alarm on a stealth measure being pushed in Congress this week - yes the same week of the AIG insurance meltdown - to potentially further deregulate the insurance industry....
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About David Sirota
David Sirota is a political journalist and nationally syndicated newspaper columnist at Creators Syndicate. He is the New York Times bestselling author of Hostile Takeover. He lives in Denver, Colorado. His daily blog can be found at CREDO Action. He contributes regularly to the Denver Post's Web site, is a senior editor at In These Times magazine and is working on his second book. He has been profiled in Newsweek and the Rocky Mountain News and is widely known for his reporting on political corruption, globalization and working-class economic issues often ignored by both of America's political parties. Sirota serves as co-chair of the Progressive States Network, a 501(c)3 organization that supports state legislators and that is a partner of CREDO.
You can subscribe to Sirota's e-mail newsletter by going to davidsirota.com and signing up in the lefthand corner. To find out more about Sirota, download his official biography or see his recent media appearances. You can e-mail him at sirota@credoaction.com.
The views expressed on this blog are his own, and do not necessarily represent the views of Working Assets (publisher of CREDO Action) or the institutions Sirota works for.
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Recent Sirotablog entries
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