No Crisis Here

I decided to look at what President Bush’s Council of Economic Advisors (CEA) were saying in their annual reports for 2005-2007 about the massive real estate bubble, epidemic of accounting control fraud and mortgage fraud, the resultant rapidly developing financial crisis, and the great increase in economic inequality. Here’s what I found on these topics

The President’s Speech

No, I am not talking about tonight’s speech from President Obama. This is about another President’s speech, very loosely based on the Oscar Winner, “The King’s Speech”.

Can you guess who the President is? Have a look at the video. Pretty funny (hat tip Scott)

Former US Treasury Secretary Paul O’Neill Calls George W. Bush a Liar on Bloomberg

Paul O’Neill disputes claims by George W. Bush in his book that O’Neill never advised Bush against cutting taxes as he did twice early in his term after the Internet and Technology bubble crashed. O’Neill also says that the “day of reckoning” is coming for the US on budgetary issues. In essence, O’Neill said that he told George W. Bush not to cut taxes in 2001. Bush went ahead and cut taxes anyway – twice. And he added an unfunded Medicare prescription giveaway while overseeing two wars in Afghanistan and Iraq. Now Bush is acting like O’Neill never said anything about the tax cuts. In Bush’s book “Decision Points”, he claims never to have spoken to O’Neill about the matter. Videos attached

Obama’s Bushism

I almost feel naïve for being so angry at President Obama’s betrayal of his campaign promises regarding taxes. I had never harbored much hope that he actually intended to enact the reforms that his supporters expected – not after he appointed the most right-wing of the Clintonomics gang, Larry Summers, then Tim Geithner, Ben Bernanke and other Bush neoliberals.

But there is something so unfair and wrong that I could not prevent myself from waking up early Tuesday morning to think through the consequences of President Obama’s sellout in the years to come. Contrary to his pretense of saving the economy, his action will intensify debt deflation and financial depression, paving the way for a long-term tax shift off wealth onto labor.

Whose Side is the White House On?

In a speech given on November 20, 2010 at the ADA Education Fund’s Post-election Conference at Harvard’s Kennedy School of Government, Professor James K. Galbraith asks for whom President Obama is really working

Presidential Reunion

Pretty funny video by SNL characters bringing back a host of former Presidents to advise Obama to protect consumers from the banks. See the behind the scenes video and the Dana Carvey Dream Sequence too

Stimulus, recovery, patriotism and America’s shining city, Joe Biden style

“We shall be as a city upon a hill. The eyes of all people are upon us.” –John Winthrop Joe Biden is buying none of this America-as-an-empire-in-terminal-decline meme.  The Washington Post’s E.J. Dionne caught up with the Vice President on Tuesday to discuss the Obama Administration’s economic recovery plan.  Where he got most heated was

Obama: Now watch this drive

Back in September I posted “Now watch this drive” to explain voters’ increasing alarm at Obama’s detachment from the economic problems of ordinary Americans.  Commenting on a video featuring a famous George W. Bush gaffe, I said: As I see it, the man in video number one shows extreme callousness when switching abruptly from a

Now watch this drive

I have been arguing for some time that Barack Obama made a crucial tactical error in bailing out the big banks early in his presidency. His actions have left him vulnerable to populist resentment.  In my view, this weakens his credibility and ability to push through other pieces of his legislative agenda and will harm

George Bush recounts his worst mistakes

I think this video is an example of the most self-reflective you will see the current U.S. President George W. Bush become. In it, he talks about his mistakes, grappling in front of the camera with how historians may look back on his stint in the White House

Letterman’s Top 10 George Bush moments

This video of George Bush’s top 10 moments according to David Letterman is hilarious. Bush is nearly out of office. We’ll miss moments like these

Bush Administration turns the TARP over to Obama

In a surprising move, the Bush Administration has decided not to seek the $350 billion still to be used under the TARP (Troubled Asset Relief Program). Instead, they will allow Barack Obama’s Administration to distribute the monies as they see fit. This is a good gesture on the part of the Bush Administration and should