FROM David Cho
Obama Picks a Fight with the Big Banks Former chair of the Federal Reserve, Paul Volker, is gaining clout with the Obama Administration, pushing a crackdown on Wall Street. Meantime the current chair, Ben Bernanke , may not have the votes to be reconfirmed when his term runs out in a little over a week. David Cho reports for the Washington Post . Segment image of yesterday's Obama-Volker. Official White House Photo: Pete Souza
Too Big to Fail...and Still Growing Banks that were rescued as “too big to fail” are now bigger than ever. JP Morgan Chase, Bank of America, Wells Fargo and Citigroup now issue half of America’s mortgages and two-thirds of its credit cards.
Too Big to Fail - and Still Growing Some banks are paying back their part of the $700 billion in TARP loans -- with interest. But challenging questions remain. America's banks that were rescued as "too big to fail" are now bigger than ever, but smaller banks are failing fast. What's the connection? With just four banks -- JP Morgan Chase, Bank of America, Wells Fargo and Citigroup -- now issue half America's mortgages and two-thirds of its credit cards, do consumers still have any choice? Are the institutions that put the entire economy at risk being rewarded? Will it be harder than ever for the government to wrestle them down to size?
New Rules on Executive Compensation The financial crisis was front and center today with the announcement of plans to tighten restrictions on compensation for executives of banks and other companies getting federal bail-out money. President Obama dismissed such rewards in the midst of the current economic crisis as “bad taste” and “bad strategy” that he would not tolerate. David Cho covers the Treasury Department and the financial crisis for the Washington Post .
Can Barack Obama Follow the Money? At Barack Obama's request, President Bush will ask Congress before he leaves office for the second half of the $700 billion financial bailout . But the first half was so badly spent that Congress may not go along.
Can Barack Obama Follow the Money? Lawmakers in both parties are outraged that the Bush Administration lost track of $350 billion, the first half of last year's massive financial bailout . Today, at Barack Obama's request, President Bush agreed to ask for the second half, so Obama will have it as soon as he takes office next week. We hear how banks refused to account for their use of taxpayer money, while there was no effort to prevent mortgage foreclosures. What's Obama saying to assure Congress he can do better?
After Syria strike a new Trump doctrine emerges The President who promised an end to entanglements in the Middle East and snuggled up to Vladimir Putin has now outraged Russia with surprise missile attacks on Syria. That's raised questions about who's running the White House? We hear a variety of answers.
"Tough on crime" rhetoric sees a revival at Sessions' DOJ The pendulum swings between treatment-focused approaches to drug abuse and tough law enforcement. Now, after years of Obama-era "reforms," President Trump’s Attorney General, Jeff Sessions wants local police freed from federal restrictions to fight another "war on drugs."
Is Venezuela becoming a dictatorship? Venezuela may have the world's largest oil reserves, but it's a nation in trouble… economically and politically. Is a populist promise to rescue democracy turning out to be a prelude to dictatorship?
Why Don't Facts Matter? "Fake News" may have a long history, but social media and 21st Century politics have brought it front and center. One reason for its appeal and its power is the tendency of so many people to cling to their beliefs — even when confronted with contradictory evidence. Today, another look at the Emotional States of America.