Danny Schechter: Israel’s PM Goes on US TV and GOP Financier will reap massive tax savings if Romney wins election
While everyone was debating the wisdom of giving $700B over to the US Treasury to divide amongst failing banks in late September, the Treasury Department silently changed the tax code and in doing so opened up an opportunity for banks to save billions when acquiring other banks. The Associated Press reports that, in some cases, banks will actually make money in the act of buying up their competitors. They point to Wells Fargo’s effort to acquire Wachovia, a deal that will cost roughly $15B but that, under the new tax code, will save Wells Fargo $20B. Danny Schechter believes that this is a prelude to the type of activities that can be expected from an empowered Treasury Department. He also points out that this is in line with the effect that the bailout bill itself is having, with the bailout money being used to acquire competitors instead of financing the flow of credit. Meanwhile, Danny says, the Democrats are claiming that the bailout process lacks transparency, after they promised during the bailout debate that they would ensure oversight while pushing the bill through Congress. Danny also indicates that all levels of government are stalling on what to do about the quickly sinking auto industry, a problem being made worse by the power vacuum in the White House as there are still two months before Obama takes over as president. At the end of the interview, Danny relays the rumors that Obama is looking to past administrations to fill his empty slot at the recently empowered…
In part two of our interview with Danny Schechter, Danny provides up-to-date information about the housing crisis in the US. With 21 million families now finding their homes worth less than their remaining mortgage payments, the banks are being forced to readjust the loans in order to keep people in their homes. Danny also outlines some of the grassroots work that is being done in order to stem the tide of evictions. One organization that has a long history of work in this area is ACORN, and Danny believes that the voter registration scandal surrounding ACORN is more illusion than substance, created as a distraction from the important issues of the day.
Danny Schechter: The effects of the financial meltdown are spreading as the bailout fails to work
After a technical problem brought an abrupt end to the debate between Conn Carroll and Danny Schechter, Danny joined Senior Editor Paul Jay in a one-on-one discussion about the financial crisis in the debate. Danny critiqued McCain’s haste in proposing a poorly thought-out mortgage plan as well as Obama’s oversimplification of the financial crisis into a problem of regulation. Danny also criticized the lack of any thorough analysis of the crisis on anyone’s part, along with an absence of any new ideas on how to effectively address the situation.
Danny Schechter the "News Dissector" tells The Real News that the Wall St. crisis is about to become part of the political debate in America, from Hillary Clinton slamming money brokers to the FBI investigating mortgage fraud. As well, the media is also to blame for ignoring the problems until the market melted down.