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"The No. 2 official on the Federal Reserve Board said Monday that he will retire, opening a third seat on what may be the world's most powerful economic body and giving President Obama a historic opportunity to reshape the central bank.\n\n[...]\n\nThe changes come at a time of epic transformation in, and intense scrutiny of, the Fed's mission. During the past two years, the Fed has taken extraordinary actions to contain a financial crisis and prop up the economy. Now the institution must decide how and when to wind down some of those emergency measures."

Faster than you can say "business as usual," freshman Republicans on the House Financial Services Committee have begun to execute Wall Street's agenda.

New Jersey Title, an underwriter of title insurance policies in the northeast, has become a casualty of a financial and real estate crisis that has taken many victims. Some of these casualties might never have occurred if the events of the past few years had not taken place, but because they did there are firms and individuals who now face the need to find alternatives at a time when those alternatives may be difficult to come by.

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On Sept. 13, 2009, Bloomberg published an article about Joseph Stiglitz'a recent assessment of the economy, in which he maintains that the banking crisis is actually worse than it was in 2007. The "too-big-to-fail" situation has actually worsened.

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I'm not sure how seriously to take this article. The articles references two commentators, one from Financial Times and the other from Foreign Policy. Those are pretty legitimate, I guess. They say that the US is forming an alliance with South Korea, Japan, and others contra Beijing.

Does anyone really think that this is a good idea?

The Greek default has turned out to be the proverbial dog that didn't bark. The lesson for Europe - and for the US - is clear: it is time to stop listening to what banks say, and start focusing on what they do. We must re-evaluate the distorted political economy of the financial sector, before the excessive power of the few imposes even larger costs on everyone else.

THIS DEMOCRAT RECESSION

Economics: I'm going to discuss trillions of dollars in a moment. As an economics teacher, I understand numbers this large are extremely difficult to imagine. If you are among the majority with this difficulty, I recommend that you follow the expert testimony that paints the picture, and know that success in this area of public education transformation that unleashes trillions of our dollars for human creative capacity in unimaginable power is sufficient to end the current economic crisis. This is the longest section of my briefing. If you tire in reading, please consider that at trillions of dollars of annual public benefits, you literally have nothing more valuable to do than understand the following facts and ideas. Harvard's Linda Bilmes co-authored a paper with Nobel Prize winner Joseph Stiglitz estimating the long-term costs of current US wars at now $3 to $5 trillion ($30-$50,000 per US household of $50,000/year income), with total debt increase since 2001 of over $10 trillion. Remember, as demonstrated by the evidence disclosed by our own government, all the reasons Americans were told to go to war were known to be lies as they were told and applicable law proves these wars Orwellian unlawful. Just down the Charles River from Harvard, MIT's Simon Johnson (and former Chief Economist of the International Monetary Fund) describes our economy being lead by gambling oligarchs who have captured government as in banana republics (his words), and might plunge the US into an economy worse than the Great Depression. From his article under the telling title, The Quiet Coup: "Elite business interests-financiers, in the case of the U.S.-played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The govern