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Golden Sacks can't "show the note," couple saves own house

Miami Herald:

When California wildfires ruined their jewelry business, Tony Becker and his wife fell months behind on their mortgage payments and experienced firsthand the perils of subprime mortgages.

The couple wound up in a desperate, six-year fight to keep their modest, 1,500-square-foot San Jose home, a struggle that pushed them into bankruptcy.

The lender with whom they sparred, however, wasn't the one that had written their loans. It was an obscure subsidiary of Wall Street colossus Goldman Sachs Group.

Read below the fold...

Shock doctrine from Michelle Rhee

EdWize. Caveat:

That's the framing; Daily Howler is my go-to source for all things education, so I'd check there for Somerby's views as well. Read below the fold...

What The General said


The people who are sagely advising that America can't afford to provide basic health care to most Americans, and especially to the poorest Americans, all have the best possible health care and health insurance available — and often, it's health care provided by public funds. The people who are advising that America must keep borrowing and spending to continue waging wars in the Middle East do not themselves have to worry about ever going abroad to be put in harm's way, nor are they likely to have children and other close relatives who are asked to risk their lives in this way.

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Trying to stay out of debt peonage to Bank of America

A great, great post from Yves. Go read, rage, think, and ask yourself why financial reform is off the table for the administration and, oddly, or not, off the table on the A-list ("Access List") blogs as well.

Always nice to read about people who make their own soap -- on the econoblogs, of course. Read below the fold...

khin's picture

Netroots, "Progressives," and Matthew Kerbel

This is a transcript of the chat I had with Matthew Kerbel about his new book celebrating the "netroots," including groups like Daily Kos and Open Left which he considers to be part of "the Left." In this chat I tried to pin him down more specifically about what he meant by "the Left" and "progressives." First I'll post the Firedoglake summary so you can get more of an idea of what his book is about, and then the chat.

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Stuff only a health care wonk could love

Timothy Jost is an extraordinarily readable health care wonk [I've borrowed from him before on Switzerland and the Netherlands] and he has a 3-part series on HR 3962 at the Health Affairs blog, if you're interested. Read below the fold...

Bernie Sanders is God. Still.

He's apparently still planning to introduce both a full single payer bill in the Senate, a la Anthony Weiner's substitution move last I heard, and he's planning to introduce a Kucinich-style states' rights single payer amendment too.

Times-Argus (Vt.)
Oct. 29, 2009

MONTPELIER — U.S. Sen. Bernard Sanders will likely make history this year when — for the first time ever — he brings a bill creating a national single-payer health care system to the floor of the Senate for a vote.

Read below the fold...
MJS's picture

David Brooks is Delbert Grady

David Brooks has written a piece of shit opinion piece that calls Obama's balls into question, vis a vis his willingness to order the killing of more brown people far, far away, and to sacrifice lives to do it. Brooks is a war-monger, and since his having been breathtakingly wrong about Iraq was not enough to have his soap box taken away, he continues to inject his sickly venom onto the pages of the New York Times. Shame on them, shame on him. Seriously, this crap is indefensible. Read below the fold...

Default assumption

One of the default assumptions that most everyone in the health care insurance debate seems to share is that the Democrats will make things better, if not much better. That's the basis of the "progressive" incremental strategy, for example.

But in at least three very big policy areas -- surveillance, executive powers, and financial regulation -- the Democrats have not made things better, and at least in the case of surveillance, have demonstrably made things worse, by consolidating and normalizing Bush's policies. Read below the fold...

New hard drive needed at Pottersville

James Galbraith: "Confidence" will never be restored until bankster fraud is addressed

Via Yves:

JAMES GALBRAITH: That’s the point about the crisis, is that it could have been prevented. The people in authority two, three, five years ago, knew how to prevent it. They chose not to act, because they were getting a political and an economic benefit out of the speculative explosion that was occurring.

Read below the fold...

New post from Kip Sullivan on who will administer "public option"

Go read. I don't have time to post on this right now, but if readers can pick this up in comments, it would be great. Also, somebody who hasn't been banned over at OL might consider posting a Quick Hit on it. Be sure to put "single payer" in the subject line and, just for shits and grins, take a screen dump.

Read below the fold...

Golden Sacks may have violated securities laws, big time


In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.

Only later did investors discover that what Goldman had promoted as triple-A rated investments were closer to junk.

Read below the fold...
DCblogger's picture

Politics is a dirty word for democracy


Susie and Atrios have both cried foul on this:

WASHINGTON — Faced with anxiety in financial markets about the huge federal deficit and the potential for it to become an electoral liability for Democrats, the White House and Congressional leaders are weighing options for narrowing the gap, including a bipartisan commission that could force tax increases and spending cuts.

This is disaster capitalism:

step one, pervert the financial system into a kleptocracy, steal everything in sight

step two, use the inevitable crisis as a way of destroying democracy and steal what is left Read below the fold...

DCblogger's picture

Tell Pelosi there is still time for her to do the right thing

[So what's the outcome? I've been Googling, checking around, and nada. What's up? -- lambert]

On Monday Pelosi will decide whether or not to restore the Kucinich Amendment as a managers amendment.

If you live in her district you can contact herhouse site.

If you have a YouTube account you can leave a comment at her YouTube Channel.

If you have a blog you can write an open letter to restore the Kucinich amendment and track back to Speaker Blog. Read below the fold...


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