Economy

Obama Joins the "Repo the Dough" Coalition

Today the Washington rumor mill sprang into overdrive as word trickled out that the Obama administration was thinking of applying some sort of fee to banks in order to take back bailout dollars and fund deficit reduction. Here at BanksterUSA we are thrilled that the Obama team has joined our "Repo the Dough" campaign and urge it to apply a financial transaction tax to destructive stock market speculation. A one time tax on bank bonuses simply will not suffice.

The Problem with the Revolving Door - It Brought Us Too-Big-To-Fail

Tiffiniy Cheng is guest blogging this week. She is the campaign coordinator for "A New Way Forward" and founder of "Open Congress."

Bailouts and political connections go hand in hand according to a just released academic study. The study, which was conducted by the Ross School of Business at the University of Michigan researchers, shows concretely that lobbying, campaign contributions, and the finance/federal government revolving door has helped the most damaging banks despite the dangers they pose to our economy.

Brace for a "Jobless Decade"

By any measure, the last decade was a rotten one. It started with a stolen election and the worst terrorist attack in American history. It is ending this week with the United States mired in two wars and deep into a catastrophic recession.

It’s hard to imagine that the next decade could be worse, but could it?

As Owners of AIG, the American Public Deserves Some Answers

More than a year after reckless Wall Street gambling collapsed the economy, no employee of a major American bank or financial institution is behind bars. This fact is all the more astounding when it comes to AIG.

AIG was at the heart of the financial meltdown. Their "innovative" use of risky credit default swaps (a type of insurance policy on bonds) helped transform boring bond trading into a highly leveraged, high-velocity global business.

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