Some Minnesotans still haven’t put away their grills — and one of them is U.S. Rep. Betty McCollum. She took advantage of her seat on the House Oversight and Government Reform Committee’s hearing Monday to grill Lehman Bros. CEO…
During the 2008 cycle, Sen. Norm Coleman has received three and a half times more in campaign contributions than Al Franken from interests in the so-called FIRE (Finance, Insurance, Real Estate) sector at the heart of the continuing financial crisis–and over twice as much from the principal players in this week’s Wall Street drama.
After Monday’s dramatic tumble in the financial markets–led by dire announcements about Lehman Brothers (bound for bankruptcy court), Merrill Lynch (absorbed by Bank of America) and insurance giant AIG (desperately seeking bridge loans)–I got in touch with Doug Henwood for some help in sorting out these latest developments and what they augur for the US economy on Main Street.
In a 20-minute interview taped Tuesday afternoon, Henwood–the publisher of the invaluable Left Business Observer newsletter and perhaps our most plainspoken economics journalist–took the measure of “Gray Monday” and the arc of the US economy.
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