Disabled People Are the Canaries in the Coal Mine
The disabled community has responded to the adversities they face by organizing for legal rights that protect their autonomy and access to public life. But these rights are increasingly under attack.
1 min read
The results of the "stress tests" are in.
According to the results, the biggest banks need $75 billion in additional capital to ride out a "prolonged downturn" (as opposed to whatever it was we've just been through and all the money we've loaned out).
The Washington Post has a handy chart here. The biggest potential losers are Bank of America, Wells Fargo, and GMAC.
However, according to former banking regulator and S&L scandal prosecutor William Black, the tests are a "complete sham" that don't go nearly far enough. If they really tested banks properly they would show a collective hole of $2
(yes, capital "t"), and force banks to massively increase their capitalization rates.
Read the article here and the interview here, as well as Black's amazing article for D&S way back from 2007.
--d.f.