by Nancy Spannaus Nov. 1, 2018—It should be no surprise that at its Oct. 31 (Halloween) meeting, the Federal Reserve decided to loosen regulations not only for the banks with a $250 billion net worth, but also for those with assets up to the $700 billion level. This decision reflects […]
By Angela Vullo July 26, 2018–Not since the movie “The Big Short” has Wall Street been so exposed as the enemy of the American public. In a rare performance, in the Hart Senate Office Building on July 24, truth was told in a forum on the economy on Capitol Hill. […]
June 12, 2018—An extraordinary article by regular financial columnist Steven Pearlstein in the June 10 Washington Post warned that a surge in corporate debt has created “the mother of all credit bubbles,” and put the U.S. (and world) financial systems on the road to a new crash worse than that […]
May 26, 2018—The pace of deregulation coming from the Trump Administration, and the U.S. Congress, is stunning. And it runs directly contrary to the principles of the Federally-backed credit system which Alexander Hamilton established, called the American System. Here are three prominent examples (many more are likely hidden in the […]
April 14, 2018–Former Vice-Chairman of the Federal Deposit Insurance Corporation (FDIC) Thomas Hoenig issued what might be his final public warning against disastrous risk in the deregulated banking system on April 2. On that day, the last of his term, Hoenig spoke with S&P Global Market Intelligence and sharply criticized the […]
March 25, 2018–Experienced officials of the Federal Deposit Insurance Corporation (FDIC) have made it clear once again: It’s the height of stupidity to further loosen banking regulations. Former FDIC Chairman Sheila Bair made her comments to Barron’s magazine on March 1, but they continue to garner coverage in the financial […]
Opioid Epidemic Investigator Tells Congress: We Need a Marshall Plan Jan. 21, 2018—Reporter Sam Quinones, author of the widely acclaimed book on the opioid epidemic Dreamland: The True Tale of America’s Opioid Epidemic, was the sole witness at a Senate hearing Jan. 9. In a short opening statement, Quinones […]
Dec. 21, 2017—Alexander Hamilton would be turning over in his grave at the celebrations of the tax bill just passed by the U.S. Congress. The speculators just got a huge win—and the consequences for the physical economy will ultimately be disastrous. JPMorgan Chase CEO Jamie Dimon had no shame about […]
Nov. 13—While top Trump Administration officials such as National Economic Adviser Gary Cohn and Treasury Secretary Steve Mnuchin have already made it clear that they oppose reintroduction of Glass-Steagall, last week an Administration spokesman went further. Acting Comptroller of the Currency Keith Noreika took to the hustings to actively campaign […]
by Nancy Spannaus Dec. 2, 2021—The timing was auspicious. Two months prior to the New York Times’ Nov. 9 release of its book version of The 1619 Project, noted historian Gordon S. Wood issued a devastating refutation of the Project’s thesis that the introduction of chattel slavery was the “origin” […]
By Nancy Spannaus Oct. 9, 2021—All four classes in my series on Why American Slavery Persisted are now available on americansystemnow’s You Tube channel. In them, I present the evidence to support my thesis that the success of the abolition movement depended on the implementation of Alexander Hamilton’s principles of […]
The Parasite is Devouring the Host: Which Will We Save?
By Angela Vullo July 5, 2018–If you believe the Trump Administration, the media, and some pundits, the U.S. economy is in the midst of a never-ending recovery, best demonstrated by the continuing rise of the financial markets. But if you peer just beneath the surface, something entirely opposite emerges: we […]