August 18, 2011 :: J.E. Robertson :: One Comment
As I go back and look over what was being written about the economy, and the federal budget, the lost Clinton surpluses, falling wages, and the property bubble, throughout George W. Bush’s second term in office, it is clear the signs were there throughout that a major financial collapse was coming. Many observers, some more astute than others, predicted a correction was in the offing, without having to depend on very complex analysis.
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August 12, 2011 :: The Editors :: No Comment Yet
On Monday, the first day of trading after a credit downgrade of US Treasury bonds from Standard and Poors, the Dow Jones Industrial Average dropped 624 points. On Tuesday, it gained 429 points. On Wednesday, it dropped by 509. And on Thursday, it gained 414. It is the first time in its history that the DJIA saw swings of 400 points or more for four consecutive days, swings that far out-strip some of the worst one-day declines in its history.
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August 8, 2011 :: J.E. Robertson :: No Comment Yet
With the objectivity and commitment to fact of S&P now seriously in question, and allegations now revived that it and other rating agencies were paid to give AAA ratings to junk securities derivatives, it is clear that we need a 100% not-for-profit (NFP) cooperative bond rating agency. The independent NFP agency could be one of several, staffed by top economists, stakeholders and public servants, and standing somewhere between the public and the private sectors.
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August 3, 2011 :: The Editors :: No Comment Yet
Allegations that the so-called Tea Party caucus has degenerated into little more than a lobby for the wealthy interests that back them gain credibility when they support tax hikes on the vulnerable, and which will have a direct negative impact on the middle class. It should be well understood by all: the House Tea Party Republicans have pushed for and supported—the anti-student provisions in the failed Republican-only House bills were far worse—tax hikes that will make college more expensive and eat way at middle class wealth.
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