An ambitious plan to update the Carter-era Community Reinvestment Act that supporters hope to see signed into law in 2010 comes amid charges that this legislation was responsible for nothing less than the subprime crisis and the resulting collapse of the residential real estate market.
The plan, sponsored by More…
The New York Times takes stock of the economy’s dreadful year:
In a mere 12 months, the Dow Jones industrial average plunged 4,488.43 points, or 33.8 percent, its most punishing loss since 1931. Blue chips like Bank of America, More…
We were talking Monday about the unexpected effects of the foreclosure crisis, like skateboarders in California taking advantage of empty swimming pools behind vacant homes to practice their craft. Here’s another: Gambling is falling in popularity as more people choose instead to pay their bills, Bloomberg reports. That More…
Another good point made by TWI’s Daphne Eviatar and Josh Marshall, who sums it up well. From TPM:
Senate Republicans are following this course for three key reasons — first is payback against a major industrial union; second is payback against states like Michigan
Forget credit default swaps, mortgage-backed securities and all those complicated financial instruments that are causing the economy so much trouble. Wall Street is reeling today instead from a straightforward, by-the-books, $50 billion Ponzi scheme apparently orchestrated by the once-respected investor Bernard Madoff, a former chairman of the Nasdaq Stock More…
The Obama-Biden transition team today released its first monthly list disclosing the names of donors to the transition and the size of their contributions. The list can be found here.
As of November 15, the transition has raised $1,170,937.44 from 1,776 donors, for an average donation of More…
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