Wall Street Fat Cats Pocketing Billions In Bailout Money

Corporate Accountability and WorkPlace Newsletter November 13th, 2008 More from Corporate Accountability and WorkPlace »

Wall Street Fat Cats Are Trying to Pocket Billions in Bailout Cash By Nomi Prins, AlterNet They got us into this mess, and now they want to cash out -- will President Obama stop them? Read more »   New foreclosure data out today, and the numbers look grim ... "Home foreclosures are at crisis levels. A startling report released by RealtyTrac, 1 in every 452 homes in the U.S. received a foreclosure notice in October causing home foreclosure activity to rise 25% up from one year ago. "The result of years of lending to risky or "subprime" borrowers has driven the U.S. foreclosure rate into double digits. The so-called housing boom instead has created an enormous amount of home foreclosures in an economic downturn." In other news ... "Employers slashed jobs from one end of the economy to the other in October, pushing the unemployment rate to 6.5%. That's the highest level in more than 14 years, and makes a deep recession a virtual certainty. "Almost no sector of the economy was immune to the decline. The biggest losses were in manufacturing and construction, but they were joined last month by big cuts in retail trade, financial services, and leisure and hospitality." Scary stuff. There's a ton of content this week to help make sense of it all. -Joshua Holland Editor, Corporate Accountability and Workplace     How to End Our Financial Misery By Robert Pollin, The Nation A large-scale stimulus program is the only action that can possibly do the job. Read more »   Setting Sights at the Top is the Key to Governing from the Middle By Sam Pizzigati, Too Much: A Commentary on Excess and Inequality To govern effectively for the middle of America's economic ladder, Obama is going to have to take aim at the top. Read more »   What Were Considered "Radical" Economics Are Re-Emerging in Wake of Crisis By Julio Godoy, IPS News The worldwide market meltdowns have many turning the pages back to Marx and Keynes. Read more »   Keep Larry Summers as Far as Possible from the U.S. Treasury By Mark Ames, TheNation.com In light of all of the corruption and cronyism that have marked the career of Lawrence Summers, why is Obama considering him for treasury secretary? Read more »   College Loan Slavery: Student Debt Is Getting Way Out of Hand By Nan Mooney, AlterNet The quest for a college degree is dumping millions of young people deep into a pit of debt from which many will never recover. Read more »   Tax Cuts: The B.S. and the Facts By Larry Beinhart, AlterNet That tax cuts stimulate the economy is taken as a matter of faith, but the brute facts suggest otherwise. Read more »   A Financial Meltdown 30 Years in the Making By Mark Brenner, Labor Notes A crisis precipitated by the wealthy, and we're all getting stuck with the tab. Read more »   Yes We Can (Have Economic Justice), but We Need to Fight Like Hell for it By Arun Gupta, Indypendent We need to band together and organize powerful new movements across this country. Read more »   Now the Hard Part: Keep Obama Accountable By Mark Engler, Dissent Magazine Obama's victory should mean not only a rejection of the imperial globalism of the Bush years, but also of Clinton's softer model of corporate rule. Read more »   Now That the Election Is Over, the Fight for Economic Justice Begins By Medea Benjamin, Arun Gupta, CODEPINK Women for Peace: Action Blog Just like the '30s, this unprecedented crisis has given us the opportunity to fix America and create a productive, sustainable economy for all. Read more »   PEEK and Video: The hottest buzz and videos on the web     With One Phone Call, Bush Could Relieve the Economic Pain of Millions By Staff, Office of Rep. Jim McDermott (D-WA) With just one telephone call, the President could single-handedly jump start the U.S. economy. Why doesn't Bush make the call? Read more »   Union-Busters Want GM to File for Bankruptcy By Jane Hamsher, Firedoglake Let's call a horse a horse folks. Read more »   Busted: AIG Caught Living High on the Hog with Taxpayers' Money (Again) By Ben Armbruster, Think Progress AIG CEO Edward Liddy should be in jail. Read more »   Why Won't the Federal Reserve Say Who They Gave $2 Trillion To? By Ian Welsh, Firedoglake The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans. Read more »   Make Sure Obama Makes Good on His Promise to Pass the Employee Free Choice Act By Staff, SEIU Help give the middle class a much-needed boost. Read more »

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