Obama nomination of derivatives deregulator to economic team sparks Senate controversy

American News Project’s Lagan Sebert explores the nomination of yet another Wall Street veteran to fix the broken financial regulatory system. Video story cross-posted by permission.

Barack Obama’s plan to name yet another Goldman Sachs alum to his economic team is proving too much for Sen. Bernie Sanders (I-VT). Sanders put a hold on the nomination of Gary Gensler to head the Commodity Futures Trading Commission, effectively stopping the nomination process in its tracks. Sanders says Gensler, who spent 17 years at Goldman Sachs and then joined the Treasury Department under Bill Clinton, played too big a role in deregulating derivatives in the 90s’ to be trusted to reregulate the market now.
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On walking AND chewing gum and the economy

The mantrum of the last few weeks is that Obama must focus only on the budget and, either explicitly, or implicitly drop a focus on climate change, energy independence, green jobs, just to name a few. The idea repeated through the right wing echo chamber is apparently that it is possible to do only one thing at once, that only once the most pressing thing on the list is completed is it possible to move to item number 2. And then 3. And then 4. . . .

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U.N.: It’s time for the world to ditch the dollar

by gjohnsit, posted with permission

The fact that this announcement came out just one day after the Federal Reserve committed itself to printing money by the trillions, is not a coincidence.

(Reuters) – A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

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An AIG Timeline, by GAO

The question of who is to blame for the AIG bonuses and its general performance is much in the news. We have an almost Watergatian inquiry: What did they know and when did they know it?

GAO has produced an overview of events, including a timeline, that should be helpful in understanding these complex issues.
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The End of Privatization as We Know It?

Among unbossed’s focuses – or even, obsessions – as been privatization. You can find links to prior posts on this issue here.

It is a matter of great relief to see that we now have a president who does not have, as his first priority, selling off the country’s China on the cheap. There have been a number of executive orders and other strong statements from the Obama administration on this issue, laying the groundwork for comprehensive reform related to privatization and contracting out.
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