EconoMonitor

Great Leap Forward

  • The $29 Trillion Bail-Out: A Resolution and Conclusion

    I have argued that if we want to get a measure of the size of the Fed’s bail-out, we ought to add up the lending and asset purchases undertaken over the past three years through its alphabet soup of special emergency facilities. This is what my students Nicola Matthews and James Felkerson have done, and you […]

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  • BERNANKE’S OBFUSCATION ON THE 29 TRILLION DOLLAR BAILOUT: RESPONSE TO CRITICS

    OK anytime one criticizes the Fed or Wall Street there will be some push-back by the professionals who serve their masters. (By contrast, Barry Ritholtz understood the argument, see here: http://www.ritholtz.com/blog/2011/12/bailout-total-29-616-trillion-dollars/.)  My original piece on Friday got picked up by a number of blogs and generated a lot of hostile responses (both here on my website […]

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  • BERNANKE’S OBFUSCATION CONTINUES: The Fed’s $29 Trillion Bail-out of Wall Street

    Since the global financial crisis began in 2007, Chairman Bernanke has striven to save Wall Street’s biggest banks while concealing his actions from Congress by a thick veil of secrecy. It literally took an act of Congress plus a Freedom of Information Act lawsuit by Bloomberg to get him to finally release much of the […]

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  • MORE SECRETS OF THE TEMPLE: Time to Demand Transparency and Accountability of Our Public Stewards

    Back in 1989 William Greider shined a little light on the Fed’s operations in his book Secrets of the Temple: How the Federal Reserve Runs the Country. And then Robert Auerbach, working with Representative Henry B. Gonzalez, worked to expose Alan Greenspan’s abuse of power as Chairman of the Board of Governors. (See his book, […]

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  • Time to Abolish the Fed? Maybe Andrew Jackson Was Right, After All

    There is a growing movement to reform, reign-in, or simply shut down the Fed. And this is no longer limited to the crazy right conspiracy theorists. Along with Presidential candidate Ron Paul, Denis Kucinich and Bernie Sanders are harshly criticizing the Fed and demanding Congressional action. Very reasonable analysts including Chris Whalen at The Institutional […]

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  • UC Davis Chancellor Should be Fired Today

    UC Davis Chancellor called in the police to beat and spray her students. If she will not resign today, she should be fired immediately. She is engaged in hate crimes–she hates student dissent. She has no place in any university in America. Now. She must go today. By the end of the day, she should […]

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  • Occupy UC Davis: Chancellor asks Campus Cops to Fall on Swords

    UC Davis Chancellor Katehi has tried to shift all the blame for the attack on OWS students on her campus to the campus cops. She’s trying to save her job. It won’t fly. She’s gotta go. There’s little doubt that the police attack on her students was coordinated out of her office. And if it […]

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  • A Photo to Spark a Movement: OWS at UC Davis

    (photo: Wayne Tilcock/Davis Enterprise; Original is at: http://readersupportednews.org/opinion2/275-42/8485-uc-davis-police-violence-adds-fuel-to-fire) Two iconic photos defined the horrors of the war against Viet Nam and helped to galvanize the anti-war movment: the photo of a student shot dead by National Guard troops at Kent State, and the summary execution by a South Vietnamese officer of a defenseless POW. OWS […]

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  • OCCUPY WALL STREET: THE RIGHT SIDE OF HISTORY

    Some have disparaged the OWS on the grounds that it is leaderless and does not have a concrete list of demands. When asked what labor wants, Sam Gompers famously said “More!”. In a succinct statement of the goal of the Memphis sanitation strike, Dr. King responded that they wanted no less than the recognition that […]

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  • Warren Mosler’s Big Fat Greek MMT Exit Strategy

    It is beginning to look like a Greek exit is ever more likely, which means that the end of the EMU could be near. Even if exits and a break-up are not inevitable, countries should have a plan on the shelf. It is clear that Germany is going to insist on the maximum austerity it […]

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