World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
Wall Street’s resurgent prosperity frustrates its claims, and Obama’s - The Washington Post
Keywords:
The truth is very different from the rhetoric coming from the Obama administration about helping Main Street America and ordinary workers against "fat-cat bankers," says Goldfarb. Under the Obama administration banks have grown larger and gained more influence over administration decisions. No conditions were made part of the agreement that would require banks to lend a portion of the money handed out to the banks to ordinary borrowers. And not much of significance was done to help homeowners under water, which would enable a faster recovery. In this respect the policies slanted in favor of banks of the Obama administration worsened the prospects of an economic recovery. Experts from Reagan advisor Martin Feldstein- who as early as 2008 advocated serious help to homeowners under water to reduce principal and interest- to the FDIC's Sheila Bair and Princeton Prof. Krugman, across the ideological spectrum, perceived this being in the national interest. Feldstein's first op-ed on his plan appeared in the Wall Street Journal on 3/7/2008, followed by ones on 4/15/2008, 10/4/2008, 1/20/2010/ 10/12/2011 in WSJ, and a oped on 10/30/2008 in the Washington Post, repeating the call for siginificant debt reduction to homeowners. Banks had extraordinary influence on successive administrations in the U.S., both Republican and Democratic- the Clinton, Bush and Obama administrations- so that policy actions could be distorted from what would otherwise take place. A study by two University of Michigan professors shows that banks did not increase lending after receiving government money. Instead taxpayer money was used to invest in risky securities for profits from short term price movements, resulting in gains of about 10% in investment returns. Ran Duchin, one of the two professors, says helping ordinary borrowers was not the most profitable use of capital for banks. Without the necessary conditions from the Obama administration, the banks depolyed capital in ways that did not help the economy. Similiarly when banks needed to be restructured no preparatory action was taken because of resistance within the administration- a request by President Obama to Treasury Secretary Geithner for preparing a plan for the restructuring of Citigroup was ignored, according to a report by Goldfarb and Wallsten on 9/17/2011 in the Washington Post.
Conflict of Interest and appointments in the Obama White House and the Obama administration
01/06/2011
With recent government support for US banks and heavy lobbying by the banks against reform legislation, the appointment of William Daley- who heads lobbying at Chase JP Morgan- to White House Chief of Staff, creates conflict of interest say columnists.
Grouped Articles
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
William Daley Brings Management Experience as Chief of Staff
New York Times 01/06/2011
Reich Disappointed in Obama the Centrist
New York Times 01/07/2011
Obamaâs Top Aide a Tough, Decisive Negotiator
New York Times 01/07/2011
Daley Résumé Blends Politics, Business
Wall Street Journal 01/07/2011
The U.S. Federal Reserve and conflict of interest in appointments to the boards of the Regional Fed banks
10/20/2011
Recommendations by the Government Accountability Office on conflict of interest in Federal Reserve appointments.
Grouped Articles
Fed to Fix Flaws at Regional Boards
Wall Street Journal 10/20/2011
Wall Street’s resurgent prosperity frustrates its claims, and Obama’s - The Washington Post
Washington Post 11/07/2011
Greenspan image tarnished by newly released documents - The Washington Post
Washington Post 01/13/2012
The lack of action in the "too big to fail" and systemically important financial institutions area one year into the Obama administration.
04/21/2009
Regulatory reform proposals and other actions taken in the first 6 months still leave many banking and financial nstitutions that are too big to fail. Consolidations of banks have actually increasd their size. The dangers in additional bailout assistance if banks suffer huge losses.
Grouped Articles
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Wall Street Journal 05/01/2013
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
Banks Need Fewer Carrots and More Sticks
Wall Street Journal 05/07/2009
What Does the Market Focus on After the Stress Tests?
Wall Street Journal 05/07/2009
Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
U.S. Treasury Secretary Geithner on the state of financial regulatory reform in mid- 2011
01/02/2009
Geithner says efforts in Congress to slow the implementation of the Dodd-Frank legislation hurts efforts to put in place necessary protections for the financial system after the crisis of 2008.
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
A Dodd-Frank Retreat Deserves a Veto
Wall Street Journal 07/20/2011
Barney Frank, Financial Overhaul Defendor in Chief
New York Times 07/21/2011
Debating Dodd-Frank: Is 'Too Big to Fail' Gone?
Wall Street Journal 07/21/2011
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
04/01/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Congress and conflict of interest
05/26/2011
Grouped Articles
Bachus Is Wall Street's Man in Jefferson County
BusinessWeek 05/26/2011
The Cronyism Behind a Pipeline for Crude
New York Times 10/03/2011
Wall Street’s resurgent prosperity frustrates its claims, and Obama’s - The Washington Post
Washington Post 11/07/2011
Soul searching about the lack of changes to make the financial system safer after the 2008 global financial crisis
01/15/2010
Soul searching at the IMF, Britain's Financial Services Authority and among experts about the lack of serious changes or reforms in the financial system after the global financial crisis of 2008. Bondholders did not take a haircut in Ireland, and large banks are still "too big to fail." A sense that this could happen again.
Grouped Articles
Wall Street's Giants Try 'Flow Monster' Formula
Wall Street Journal 05/20/2013
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
After a Financial Flood, Pipes Are Still Broken
New York Times 09/14/2013
Simon Johnson and other experts on the capital shortfall and banking crisis in the U.S.
04/15/2010
Johnson points to irreversible damage from the lack of aggressive action with the large banks from the Obama administration. Johnson pointed to the problems with too big to fail banks. now he and Peter Boone give a lucid explanation on the big picture facing America in relation to the task of aggressive action to resolve the banking problem.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New Life for 'the Volcker Rule'
Wall Street Journal 05/01/2010
BusinessWeek 04/15/2010
Jamie Dimon: Americaâs Least-Hated Banker
New York Times 12/01/2010
After the reforms: Safer, but not yet safe enough
Economist 05/21/2011
The Geithner March 23, 2009 Plan for attacking toxic assets with government money to private investors.
01/02/2009
The Geithner Plan and the views of people like Krugman in the NYT, and Peter Eavis of the WSJ Heard on the Street column who doubt this will work and outline their reasons. If so it will be a costly error as job losses continue to worsen the situation each month that passes without a solution that works.
Grouped Articles
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
New York Times 05/19/2014
Financial regulatory reform and lobbying by the U.S. financial industry.
01/02/2009
The extensive influence of lobbyists for the banking industry in the Obama administration The cozy relationship of bankers at Chase and Goldman with Rahm Emmanuel, White House chief of staff, and Geithner, the Treasury Secretary.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Geithner after the first year of the Obama administration.
01/02/2009
Interview with Al Hunt of Bloomberg. His views and reflections on the crisis and proposals.
Grouped Articles
New York Times 05/16/2010
Charlie Rose Talks to Timothy Geithner
BusinessWeek 07/22/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
Paul Volcker's fading influence on the Obama administration.
04/11/2009
Former Fed chairman Paul Volcker added to the credibility of the incoming Obama administration during the early days. Now his advice about the need to reinstate a wall between banking for taking federally insured deposits and making loans, from investment banking's trading in securtities, is beig ignored. He does not think regulation will be effective. One reason our system does not work thay way. Influential bankers can water down financial regulation in Congress.
Grouped Articles
Volcker Assumes Smaller-Than-Expected Role With Obama
Wall Street Journal 04/11/2009
Volcker Fails to Sell a Bank Strategy
New York Times 10/21/2009
Fed Chooses Staff Economist as Head of Bank Supervision
Wall Street Journal 10/21/2009
BOE's King: Big Banks Should Get Broken Up
Wall Street Journal 10/21/2009
Britain and Its Central Bank Disagree on Banking Laws
New York Times 10/22/2009
Fed's Tarullo Shakes Up Bank Rules
Wall Street Journal 10/26/2009
The struggle to get legislation passed to allow importation of drugs.
01/23/2008
Failure of the Byron Dorgan legislation by 9 votes in the Senate even thogh a coalition of Democrats and Republicans support it, with the Obama Administration opposing it. President Obama turns his back on action that he supported to help Americans hurt hig prescription costs, after pharmaceutial industry lobbyists are able to influence the Obama administration. Just as in the banking industry the Obama adminsitration is letting lobbyists influence its policies.
Grouped Articles
President Obama writes a new health reform prescription
Washington Post 12/16/2009
Wall Street’s resurgent prosperity frustrates its claims, and Obama’s - The Washington Post
Washington Post 11/07/2011
What caused the financial crisis? The Big Lie goes viral - The Washington Post
Washington Post 11/07/2011
A grim diagnosis for our ailing U.S. health care system - The Washington Post
Washington Post 11/28/2011
AARP Study Says Price of Popular Drugs Rose 26%
New York Times 03/06/2012
White House visitor logs show lobbying going strong - The Washington Post
Washington Post 05/21/2012
Danel Tarullo's lone effort at the Federal Reserve- 2009-2010
10/01/2009
Daniel Tarullo steps in around September 2009, when Congress and the administration have already buckled under pressure from the lobbying by the banking industry to weaken essential regulatory reform in derivatives trading, and in other reforms. Volcker is 82, and rarely uses his Washington office (ignored?), Tarullo is looked at by staff at the Fed from the previous lax regime of regulation with skepticism. Mervyn King at the Bank of England is alone in calling for the breakup of big banks into smaller banks, and separating utility and investment banking, which Volcker supports. As it stands now bank regulation falls under the FSA in England, with the Conservatives under Osborne looking to give the Bank of England this authority. And all the time banking behaviours at investment banks and trading desks continue in a business as usual manner.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
U.K. Banks Face Political Upheaval
Wall Street Journal 10/27/2009
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us