yves smith
GRITtv: The F Word: Putting Some Bite Behind Warren
Paul Krugman called it “The War on Elizabeth Warren.” Yves Smith wrote about “The Elizabeth Warren Rorschach Test.” There's no doubt that the insightful Harvard professor turned administration official, tapped first to chair the Congressional Oversight Panel into the bank bailouts drives conservatives a little wild. And nothing drives them wilder than the prospect of her heading up a Consumer Finanacial Protection Agency that might actually protect consumers. Distributed by Tubemogul.
Email this pageGRITtv: The F Word: Inequality Drives Egyptians to Streets
It's amazing what inequality can drive people to, eventually. Just look at Egypt. "These big guys are stealing all the money," one 24-year-old textile worker standing at his second job as a fruit peddler told a reporter this weekend. "People are desperate." Distributed by Tubemogul.
GRITtv: The F Word: Attacks On Govt. Workers in Tax Deal
Republican activist Grover Norquist once famously declared that he'd like to shrink the federal government to the point where he could drown it in a bathtub — but a little-noticed provision in the “tax cut compromise” we discussed today with Bernie Sanders might well drain the states' sinks first. Distributed by Tubemogul.
GRITtv: The F Word: Credit Where Due, Geithner
We talked about the economy today, and whether Treasury Secretary Tim Geithner deserves more credit. What he should be getting credit for, it seems to me, is that Lehman Brothers report -- well, not the report, but the cover-up.
To give you the thumbnail sketch, a court-appointed bank examiner spent a year researching the fall of Lehman -- the trigger for the bailout crisis. As it turns out, surprise surprise, the accounting at Lehman was, to put it mildly, shifty... and our guests aren't the only ones asking what did Geithner know and when did he know it?
Yves Smith at Naked Capitalism is noting, "The NY Fed, and thus Timothy Geithner, were at a minimum massively derelict..."
Mike Whitney over at CounterPunch is faking disbelief: "Is there really any doubt that Tim Geithner at the New York Fed, or Bernanke knew that Lehman was trading its junk assets to finance its on-going operations?"
If Geithner and Bernanke didn't know what was going on at Lehman, that's bad. If they knew, that's worse. One way, you've got to wonder why they're still in work. The alternative is that it was all part of some bigger, nastier scam, which transferred huge amounts of wealth from taxpayers back to the very banks that created the crisis.
They shouldn't just be out of work, quite possibly, Geithner or Bernanke (or both) should be in the clink. We learned long ago that this President can cut bait when he thinks it's called for. Candidate, then president Obama has broken with his preacher, his green jobs guru, his social secretary. The last, Desiree Rogers, apparently got the boot for letting gatecrashers into last fall's first State Dinner.
If she can get the boot for letting strangers into a feast, surely Bernanke and Geithner should get at least that for covering up for the banks who ate up our whole economy? Or does Obama only get tough with homies?
The F Word is a regular commentary by Laura Flanders, the host of GRITtv which broadcasts weekdays on satellite TV (Dish Network Ch. 9415 Free Speech TV) on cable, and online at GRITtv.org and TheNation.com. Follow GRITtv or GRITlaura on Twitter.com.
