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[I begin] with the story of a series of Socialist scholars conferences that Barack Obama attended when he lived in New York City between the years 1983 and 1985. And when I finally reconstructed what had gone on at these Socialist conferences that Barack Obama attended, I truly was amazed because what I saw was a kind of map of Barack Obama’s entire subsequent political career. It was at this Socialist conferences in New York in the mid-’80s that Barack Obama encountered the groups, the strategies, and the mentors who would guide him throughout his entire political career. [T]hese Socialist...

Yellen says policymakers need to pop bubbles By Laura Mandaro, MarketWatch Last update: 8:01 p.m. EDT April 16, 2009 Comments: 99 SAN FRANCISCO (MarketWatch) -- San Francisco Federal Reserve President Janet Yellen said late Tuesday that central banks need to deal with bubbles in asset prices before they get too big, although monetary policy may not be the best tool for the job. Letting them go unchecked "can lead to grave consequences," she said in prepared remarks for a conference held in honor of economist Hyman Minsky in New York. "Episodes of exuberance, like the ones that led to our...

Is China Pulling an Alan Greenspan? Some very interesting data out of China of late in terms of loan growth - in fact staggering data. Aside from being a very important economy to follow, it is worthwhile to dispel much of the bunk and hype coming from the punditry with reality checks. [Feb 9: China and the Baltic Dry Index - What is Really Going On?] Remember, 40%+ of this economy is export driven, and all Chinese customers are simply falling off a cliff; the largest economies of the U.S., Europe, and Japan are simply free falling. Japan's economy slumped...

(Reuters) - The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said. The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted. "In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent." Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and JPMorgan...

U.S. Rep. Ron Paul, who has been an opponent of the government's bailout plan, spoke Friday with CNN's Kiran Chetry on "American Morning." The Texas Republican says the bailout's infusion of government money will lead to inflation, that our current monetary system is coming to end, and the market, not politicians, can best solve the economic crisis.Kiran Chetry: The last time you were with us you explained why you were against the government's bailout plan, why you were voting against it, and you didn't believe focusing on buying these troubled assets was the smart thing to do. Since then, they've...

The people who created this country built a moral structure around money. The Puritan legacy inhibited luxury and self-indulgence. Benjamin Franklin spread a practical gospel that emphasized hard work, temperance and frugality. Millions of parents, preachers, newspaper editors and teachers expounded the message. The result was quite remarkable. The United States has been an affluent nation since its founding. But the country was, by and large, not corrupted by wealth. For centuries, it remained industrious, ambitious and frugal. Over the past 30 years, much of that has been shredded. The social norms and institutions that encouraged frugality and spending what...

Still another concept American home buyers might see in the months ahead: a major move toward customizing loans aimed at new immigrants and minority renters. Spurred by President Bush's pledge to turn 5.5 million African American, Hispanic and immigrant households into homeowners during this decade, mortgage companies and banks are rolling out "cross-cultural" lending campaigns designed to accept nontraditional credit standards for mortgage approvals. Freddie Mac offers a special two-part home loan tailored to meet the religious dictates of Islam for Muslim borrowers who are prohibited from paying interest