Daily Archives: October 30, 2012

A Counter Narrative to Peterson’s

By Joe Firestone

Stephanie Kelton writes:

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.

Pete Peterson has won and the American people have lost. There is no effective counter narrative, not even from the left. Nearly all “progressives” have accepted the fundamental premise that the federal government is like a great big household. That it faces the same kinds of constraints that you and I face. That it should spend only what it takes in and that deficits are morally and/or fiscally irresponsible. President Obama told the nation, “We’re out of money.” . . .

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The Great Betrayal – and the Cynicism of calling it a Grand Bargain

By William K. Black
(Cross-posted at Huffington Post)

Robert Kuttner has written much of the column I intended to write on this subject, so I will point you to his excellent column and add a few thoughts.

Kuttner wrote to warn that Obama intends to seek a “grand bargain” causing the U.S. to adopt the type of austerity program that threw the Eurozone back into a gratuitous recession.

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How “Brazen” does a Bankster’s Fraud have to be before he’s Prosecuted?

By William K. Black

I’ll get the obvious out of the way first and then turn in future columns to the aspects of the Department of Justice’s (DOJ) civil suit against Bank of America (B of A)/Countrywide that are vital to understand but are more subtle.  The obvious issue arises from the facts that the DOJ alleges that its investigation has found.  The complaint and the DOJ press release state that elite financial criminals committed tens of thousands of “brazen” frauds targeting U.S. government funds.  Continue reading