Friday, January 30, 2009

The Financial Industrial Complex

The Financial Industrial Complex

We were warned in the 1920’s about the dangers of an unregulated economy. Yet 90 years later we are faced with the same exact situation, this time because of deregulation brought about by the undue influence of the Financial Industrial Complex. The reason for both financial crashes is the same: greed and easy cash. An axis of evil made up of Wall Street, government and lobbyists.

Essay Winner: Campaign Contributions Stoked the Fire Behind Wall Street Meltdown *** Pirates of Wall Street and Congress Share Their Booty *** Wall Street campaign contributions
Congress Meets Wall Street *** Fannie Mae and Freddie Mac Invest in Democrats.

The Financial Industrial Complex is so controlling of government that even after we learn of the abuses of hedge funds, derivatives and ponzi schemes, the only thing that the new president is willing to do is Jaw Bone Wall Street about bonuses and a $50 Million jet plane. In today’s paper we read about a parks department employee who is paying a fine of 200 times that which he ripped off from his job.

HONCHO NOT LET OFF E-Z:$52 THEFT, 11G FINE - A Parks Department official caught cheating the city out of $52 by using his official E-ZPass on personal business has been socked with a stinging $11,000 fine - or 211 times what he ripped off.

President Obama needs to hire 100 US Attorneys like Patrick Fitzgerald and go after the elected officials and economic barons who have destroyed the nation’s economy. We have already seen how the same people who bankrupted their own financial institutions use the bailout funds to pay for corporate mergers that put even more people out of work.

We are even beginning to see the same elected official who took special favors and campaign contributions that led to the circumstances that got us into this mess, tell us that what we need now is better regulation of Wall Street and the nation's economy.

Senator Dodd Said He Saw V.I.P. Mortgage Treatment From...*** Sen. Chris Dodd Tied To Countrywide Mortgages - Capitol Watch *** Dodd Vows to Protect Investors - *** Chris Dodd Recipient Of Freddie Mac And Fannie Mae Donations ... *** Senators Bid to Regulate Hedge Funds.

Jaw Bone Obama Obama Calls Wall Street Bonuses ‘Shameful’ *** O SENDS ANGRY ME$$AGE: BLASTS WALL ST. OVER 'SHAMEFUL' FAT-CAT BONUSES *** STEELY BIDEN TELLS CRITICS: BUY INTO 'BUY AMERICAN' *** U.S. Eyes Two-Part Bailout for Banks *** Wall Street Bonuses: Get them back? Maybe... *** Obama on DiNapoli report: "Outrageous" *** PM Steep Slide in U.S. Economy as Unsold Goods Pile Up

Nation's Melt Down GDP Falls 3.8%, Less Than Expected *** Latest Reports Indicate Economy Is Getting Worse *** 3 Airlines End Tough Year With Deep Losses *** Disney’s TV Unit Will Cut 400 Jobs *** As Bailouts Mount, Monetary Fund Weighs Issuing Its Own Bonds *** U.S.-Style Capitalism Draws Fire *** Kodak To Cut Up To 4,500 *** WTC Settling for pedestals for now *** Economy Pinches the Billable Hour at Law Firms *** Exxon Profit Down 33% Amid Falling Prices *** Budget Reductions hit SUNY Hard *** MURDOCH: Crisis Worsening, 'Drastic Action' Needed... *** DADDY'S NEW JOB: CHANGIN' DIAPERS - former high-powered senior vice president at Lehman Brothers *** Americans receiving jobless benefits hits record... *** BERNIE FACES BOOT: APT. BROKERS TOLD TO SHOP PENTHOUSE *** New Security Team To Watch Madoff's Penthouse.

The City's Economic Melt Down Bloomberg To Address $4 Billion Budget Deficit Friday *** MIKE'S BUDGET: BAD NEWS FOR JOBS, TAXES *** Bloomberg Will Seek Increase in Sales Taxes *** Albany and City Battle Over Fund Meant for Low-Cost Housing ***Report Shows Rapid Contraction of City Economy *** NY1 Exclusive Poll: NYers Paint Gloomy Economic Outlook For '09 *** 20,000+ NYC Jobs Lost... Developing... *** Bloomberg's grim budget plan *** CRA$H COURSES: NYU & COLUMBIA WARN OF CUTS *** THE MTA MONEY PIT - half-billion dollars from stimulus packages could soon be available for the Fulton Street subway reconstruction project *** M.T.A. Planning to Spend Stimulus on Fulton St. Hub *** 'Mourning' the M and R Subway Lines *** MTA Pulls The Plug On Bus Tracking, Again *** The Financial Times has more on the City’s fiscal woes *** PM BLOOMBERG: WALL STREET LOSSES WILL TOP $47B *** Mayor Bloomberg paints grim economic picture for New York City 2009 budget *** Bloomberg to Parents, Teachers: 'Call Albany' *** Mayor offers sales tax hike, layoffs to plug gap

Inspector Clouseau NY POST ED: WHICH SOARES WILL TAKE THE CASE? - Soares did his duty on Hevesi, but he sure dropped the ball during the Eliot Spitzer-Troopergate scandal. What will he do with former Pataki Health commissioner Dr. Antonia Novello who used her staffers as personal servants *** The office of the US attorney for the Southern District of New York has been a stepping stone for many prominent New Yorkers.

Albany Luv For Gov Is Way Down *** Observers wonder who is advising Paterson ***
Podcast: Six Degrees of New York Politics - Polly Noonan the grandmother of New York's new Senator, tells of how family ties helped to shape the political workings in Albany and Washington *** Latino Officials Will Grill Gillibrand Sunday *** Kirsten: Latino session set for Sunday ***Gillibrand: Where's the transparency? *** Gillibrand had the lowest rating on a Human Rights Campaign scorecard in 2007-08 than any other Democratic member of the New York congressional delegation *** With an eye toward 2010, Sen. Kirsten Gillibrand will travel from Brooklyn to Buffalo this weekend with a fundraiser, two round tables and meetings with at least four ethnic groups on her schedule *** Hiram spends a mint to rehab his image *** Six-Month Term for Manager of Escort Ring Tied to Spitzer *** AG Cuomo may demand the return of $4 billion in bonuses paid by Merrill Lynch before it was acquired by Bank of America *** About 20 state lawmakers have outstanding tax warrants, one for over $20,000 *** PM Paterson’s One New Friend and Many New Enemies

City Hall Mayoral Control? SCHOOLS GET MIXED REPORT CARD AT HEARING *** Debate on Mayoral Control of Schools Is Renewed *** Campaign Fund-Raising Drops Sharply *** City Horse War: To Hoof And Hoof-Not *** “You wave a dollar around in front of some of these people and loyalty goes out the window” Errol Louis said this morning about some of the Democratic operatives Bloomberg hired recently *** The complex, convoluted race to be the next Public Advocate.

Washington GUANTANAMO JUDGE DEFIES O *** Obama signed his first bill into law - the Lilly Ledbetter Fair Pay Act *** Stimulus vote: Party-line Pete? *** PALIN & BAM TO SHARE STAGE *** BLAGO NOW SIMPLY BLA-GONE GOV OUSTED AFTER WACKY TRIAL SPEECH *** Blagojevich Is Ousted As Illinois Governor *** Video: Blago's hair eats Joy Behar *** Samantha Power, who earned noteriety for calling Clinton a "monster" during the campaign, will take a senior foreign policy job at the Obama White House.

Media Mess How the Future of Online News Looked in 1981.

Health Care Economix: Rational Approach to Hospital Pricing *** Times, KRUGMAN
Health Care Now.