The Bank Crisis and What to Do

Below is a link to an extremely important and informative article on the subject of the health of our nation's banks. We have all heard that our banks are in crisis. What we have not heard is there is already a law on the books to deal with this crisis! This article by William K. Black, a former regulator who helped clean up the Savings and Loan fiasco of the 1980's, shows what can be done now. It is indeed remarkable that discussion of this law has been suppressed, and I believe it has.


http://www.huffingtonpost.com/william-k-black/why-is-geithner-continuin_b_169234.html

More Is Needed

By now it should be apparent that merely electing a new President has not heralded a new Renaissance in America. Even though the various "stimulus" programs and shifts in policy are welcome, something yet seems amiss. What is missing, in short, is a revision of the core way of doing business, called variously the profit system or capitalism. While this unjust system remains in place, the various efforts at stimulation will produce only marginal results. (And as I have said, what is seen as an alternative is not communism or state socialism.)

This post must be short, but I believe evidence for these statements have already been presented numerous times, and continue to be presented in the daily newspaper. Nevertheless, I shall endeavor in coming days to further bolster these bold assertions.

Bill Moyers Guest Hits the Nail on the Head

Did you see Bill Moyers Journal last Friday evening? I did not but have just caught up with a fairly astounding interview Moyers did. It is with Simon Johnson, former chief economist with the International Monetary Fund. If you have not already seen it I strongly recommend it! Other persons have been saying things like this for months, even years. Up till now these persons have been regarded as highly controversial. That is, they have been saying these things long before September 16, 2008, and even before the so-called sub-prime mortgage crisis. I -- no economist -- have simply been passing these concerns along. So it is significant that the message of Mr. Johnson has finally made it to a national and respected television program.

So I ask you to watch and/or read the transcript. The fact of the matter is there exists a potential for great good for those who can be courageous. It is going to come down to certain individuals who have both intelligence and courage at this time and can act safely and responsibly.

http://www.pbs.org/moyers/journal/02132009/profile.html

Why The Profit System Will Die

The article referenced below is short and winsome -- and useful. In fact, as far as it goes it is one of the most useful articles I have read.

Those who know me know I am not a proponent of state socialism. But my friends and readers know I am an opponent of capitalism. The article below gives important reasons why a person should be against capitalism or the profit system. And my friends also know that what I favor is an American version of the Scandinavian model of a mixed economy. This article urges us to think deeper -- to put economic functioning in its proper place as a servant of humanity, instead of the driving force of society.


http://www.truthout.org/020909E

Call for New Pecora Hearings

In the 1930's Congress did not simply try to "stimulate" the economy. There was so much more to the New Deal. Thankfully, many of the protections of the New Deal remain, even after decades of attempts by financiers and the oligarchs to dismantle them.

One thing the "New Deal" Congress did was to thoroughly investigate the shenanigans of the Wall Street Bankers. Leading the charge was the prosecutor Ferdinand Pecora. This brave patriot grilled the Wall Street crowd to the point they felt the flames.

The link below will take you to another blog which has posted a New York Times editorial advocating new Pecora-style hearings. Someone with the bravado and knowledge of an Elliot Spitzer but without the baggage should be given the job of investigating these swindlers. The major media should be prevailed upon to present these hearings live. America badly needs a catharsis. This catharsis must start with an honest gathering of the facts surrounding this mega-catastrophe which is our current financial melt-down.


http://www.annoticoreport.com/2009/01/ferdinand-pecora-why-didnt-bush-and.html

Bush's Last Day in Office

I am presenting this video, which I just saw on < Democrats.com > for its historical value. Clearly, the speakers are appropriately impassioned. I don't necessarily agree with everything. For instance, I do not condone throwing shoes at President Obama. Otherwise, this "raw footage" has significant value and a deep meaning. It does a person good to hear and watch these brave speakers.

Winter Wonders or Winter Doldrums

In North America it is winter and in parts of the U.S. it really is most decidedly winter.

Each person has a choice at this time of year, of course. Unless you live in Florida or the deep south, this is the time of year to either enjoy more time for book-reading and such or to bemoan the gray days and cold temperatures. As Spring draws slowly nearer, it gets easier to enjoy the season. Those living in the south may miss the meaning of spring somewhat.

Yet,those living in the north may not appreciate particularly having to make this kind of choice.

Wherever you live, I trust that this season of the year is meaningful for you and yours.