WASHINGTON/NEW YORK (Reuters) –
BofA, Citi, Wells need capital under stress tests
Regulators are ordering some of the largest U.S. banks to find tens of billions of dollars of capital to cushion themselves in the event of a deep economic downturn.
The results of government "stress tests" of the ability of the 19 largest U.S. banks to weather a deep recession will be released on Thursday at 5 p.m. EDT and are expected to show about half the banks need more capital.
On the Rachel Maddow show last night, Naomi Klein echoed many of my worries and discomfort over the continuity of Bushco unorthodoxy through this Obama Treasury Department. Glad-handling by financial industry lobbyists seems to be working all too well. Big Business LOBBYING SEEMS TO BE COMING DIRECTLY FROM INDIVIDUALS IN THE GOVERNMENT itself. The conflicts are rife.
In the soup that makes up the whirly-gigging world of the Beltway, the blurring of roles of elected politicians to lobbyists to corporate head quarters has made for a very unpleasant roux.
Why in the hell is Obama forcing Americans to partake of this foul concoction borne of Wall Street K Street, 1600 Pennsylvania Avenue and the Hill?
The hangover of a betrayed hope...
From Naomi's lexicon:
Political scientist Sam Gindin wrote recently that the labor movement can do more than protect the status quo. It can demand, for instance, that shuttered auto plants be converted into green-future factories, capable of producing mass-transit vehicles and technology for a renewable energy system. "Being realistic means taking hope out of speeches," he wrote, "and putting it in the hands of workers." Which brings me to the final entry in the lexicon. Hoperoots. Sample sentence: "It's time to stop waiting for hope to be handed down, and start pushing it up, from the hoperoots."
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