President Obama gave a speech on winding down Freddie Mac and Fannie Mae, the GSEs often blamed for the housing crisis and a darling of conservative ire. Government sponsored enterprises, or GSEs buy up mortgages from private lenders and the theory is to loosen up funds to stir additional lending.
There is another round of bad news for most Americans. A study shows the top 1% of America's rich captured 121% of the income gains for the two years after the 2007-2009 recession was declared over. U.C. Berkeley Economist Emmanuel Saez released his study Striking it Richer: The Evolution of Top Incomes in the United States early this month to much press. It truly is astounding. Gone is America's strong middle class where work was rewarded.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Tonight's film is the PBS American Experience biography on President Franklin Roosevelt. If only we had a FDR around today. If you haven't seen this yet, it's exceptional.
Despite a $700 Billion Wall Street Bailout, despite the Federal Reserve scooping over a $Trillion of questionable bank assets onto its balance sheets, despite an alphabet soup of new programs designed to aid the banking system, and despite -- or perhaps in part because of -- the almost-daily rule changes in the banking system I have dubbed Global Financial Calvinball; the economy and the financial emergency continues to worsen.
This is imho precisely because, as Jim Kunstler puts it:
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Tonight's theme are two plots by business interests to overthrow Democratically elected officials simply because they didn't like what the nation would do.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Tonight's theme is looking at some footage from the 1930's. Whenever there is economic turmoil I personally like to go back to the mother of all economic crises, The Great Depression.
The first film is an hour long documentary which has exceptional analysis, interviews and original film clips from 1929.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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