Part three in a series examining the historical origins and the need for a Pecora Committee today.
The second in a series on the origins of the historical Pecora Committee and the need for a modern day Pecora.
Why we need a modern day Pecora Committee to shatter the Banking Culture myth. Part One of a series.
Such was the headline in Sunday’s London Observer.
The Observer’s correspondent went on to note that a call would be made this week by the U.S. watchdog “for the removal of top executives from Citigroup, AIG and other institutions that have received government funds in a damning report that will question the administration’s approach to saving the financial system from collapse.”
In my 2007 book Follow the Money, I asked the question: “What if the global war on terror had, at least in part, been the public face used to conceal millions—perhaps even billions—of dollars in corrupt appropriations being siphoned into top-secret contracts?”
When thinking about the “Duke” Cunningham affair and the subsequent dismissal of San Diego U.S.
Comes now James K. Galbraith’s “No Return to Normal,” which might well be the most important primer for understanding how this nation should and should not be responding to the world economic crisis. Suffice it to say that Professor Galbraith—he holds the Lloyd M. Bentsen, Jr. Chair in Government at the University of Texas at Austin—is largely in agreement with the, by now, well-known views of Nobel economics prize laureate and New York Times columnist Paul Krugman. Both see the crisis as larger and more systemic—and in need a vastly larger and more systematic response on the part of government (Think: New Deal II)—than is remotely suggested by anything Treasury Secretary Timothy Geithner has said in public so far.
Earlier this morning, Paul Krugman delivered what Scott Horton (“No Comment”) afterwards correctly termed “a devastating judgment” on the Obama administration’s emerging economic policies. Wrote Krugman:
This administration, elected on the promise of change, has already managed, in an astonishingly short time, to create the impression that it’s owned by the wheeler-dealers.
“What he wanted,” his biographer has said, “what he hoped to be . . . was America’s ‘best-loved’ President.” He was by nature, jovial, jolly even, an outgoing kind of a fellow. He liked going to baseball games and throwing out the ceremonial first pitch of the season. He even liked having the Boy Scouts and the Girl Scouts, celebrities and sports figures, children of all ages, shake the Presidential hand.
Yesterday, at Talking Points Memo, Josh Marshall described “the GOP Triangular Trade, in which Southern evangelicals provide the votes for a party financed by and run on behalf of Wall Street and with policies devised by a gang of New York intellectuals and scribblers.” In its essence, what this means is that, “Richard Scaife provides the money to help keep his taxes low. Bill Kristol comes up with the ideas. And Mike Huckabee provides the votes.”…