Robert Kuttner
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Robert Kuttner

The Mortgage Deal with the Devil

Robert KuttnerFeb 09, 2012
(AP Photo/David J. Phillip)

The long-awaited mortgage deal between the federal government, 49 state attorneys general, and five big banks that was announced Thursday is pretty thin gruel, but it could have been a lot worse.

Help Wanted Again

Robert KuttnerFeb 03, 2012
AP Photo/Amy Sancetta

The latest jobs report was a welcome surprise. Jobs increased in January by 243,000, cutting the unemployment rate to 8.3 percent.

The question remains: Is this a blip, or has the economy turned a corner?

Earlier in the week, the Congressional Budget Report put out a more pessimistic report, showing unemployment rising to 8.9 percent by the final quarter of this year (which happens to include Election Day), and peaking at 9.2 percent in early 2013.

Force-Fed

Robert KuttnerJan 26, 2012
AP Photo/Jacquelyn Martin

The Federal Reserve, in a remarkable acknowledgement of how soft the economy is, has disclosed a vote of its open market committee to keep short term interest rates close to zero for at least three more years—until late 2014. This means that the Fed will keep pumping money into the economy by purchasing bonds at whatever level is required.

The Scarlet Tax Return

Robert KuttnerJan 24, 2012
AP Photo

Mitt Romney’s newly released tax returns, showing that he paid taxes in 2010 at a rate of just 13.9 percent on income of $21.6 million, should provide ammunition for President Barack Obama’s newly rediscovered populism. Obama is on record supporting a “Buffett Rule,” that the boss should pay at least the same tax rate as the help.

Poetic Justice

Robert KuttnerJan 12, 2012
AP Photo/Scott Gries

Glacial Progress on Jobs

Robert KuttnerJan 06, 2012

The December jobs numbers are good news—sort of—for the economy and the Obama re-election campaign. The economy added 200,000 new jobs, and the duration of unemployment is down slightly. Wages and hours worked are up, too. We can anticipate continuing progress between now and November.

Tocqueville for Toffs

Robert KuttnerJan 05, 2012

On any given day in Washington, D.C., the city’s hotels teem with civic activity. Trade associations, lobbies, corporations seeking government contracts, lawyers looking to influence agency rules—all form a beehive of action. At last count, there were 12,200 registered lobbyists in Washington, according to opensecrets.org, and that doesn’t include the many thousands of corporate attorneys who are technically not lobbyists. Of the top-spending trade associations or issue organizations, the U.S.

Earning Their Hatred

Robert KuttnerJan 05, 2012

Thank God for elections and election years. An election gives our president, who must face the voters in November, permission to think and act like a partisan. It’s long overdue.

The SEC Does Wall Street's Bidding

Robert KuttnerDec 23, 2011

The SEC Doing Wall Street’s Bidding Robert Kuttner

In the right-wing revisionism of what caused the financial collapse, Fannie Mae and Freddie Mac are leading villains with the federal Community Reinvestment Act in a supporting role. Supposedly, Fannie and Freddie lowered their standards, purchased lots of subprime mortgages, and were major contributors to the housing bubble and crash. In this fable, government pressured banks to make unsound mortgage loans to meet the goals of CRA.

House GOP's White House Stocking Stuffer: The Payroll Tax Cut

Robert KuttnerDec 22, 2011

The cave-in by the House Republicans on the payroll tax is on terms that keeps this conflict going well into the election year--and on terms very favorable to Barack Obama and the Democrats. For the GOP, the two-month extension of the payroll tax cut is the worst possible politics.

Double Standards Galore

Robert KuttnerDec 19, 2011

I happened to be flying on American Airlines the morning after the company declared bankruptcy. Exactly nothing bad happened to my flight. Nobody passed the hat to buy aviation fuel. The flight attendants offered the same dismal snacks. It was business as usual.

Elizabeth Warren: Bailout Queen

Robert KuttnerDec 08, 2011

Karl Rove’s latest ad has to set an all-time record for hypocrisy and factual inversion. The ad actually manages to blame Elizabeth Warren for the bank bailouts.

Europe's Deal: So Who Wins?

Robert KuttnerDec 07, 2011

The grand bargain between Germany, France, and the European Central Bank (ECB) is being hailed as a diplomatic breakthrough that will save the euro and the European Union (EU).

Good News, Bad News for Europe

Robert KuttnerNov 28, 2011

The good news? France and Germany seem to be in agreement. The bad news? They agree Europe needs more belt tightening so that bankers can get more relief.

The leaders of France and Germany, reportedly, are discussing ways to compel European nations to have a common fiscal policy without resorting to the cumbersome process of amending the EU treaty. This was enough to reassure stock markets for the moment, which are nothing if not subject to herd instincts.

A More Perfect Union

Robert KuttnerNov 28, 2011

Emily Dopper and her boyfriend, Willem van Leeuwen, tourists from the Netherlands, were on their way to lunch at the Boathouse restaurant in New York’s Central Park when they encountered the picket line. Clay Skaggs, a striking waiter, intercepted them. “We’re asking you not to eat here,” he said in a tone of polite explanation. “They practice sexual harassment, and they stole $3 million in wages over two years. They also got a C-rating on their health inspection.”

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