Wall Street's Meltdown: An Executive Summary
Lehman's demise was driven by timing. Its fiscal quarter ended on August 31, so it was compelled to report $7 billion in losses on mortgage backed securities sooner than other banks.
Lehman's demise was driven by timing. Its fiscal quarter ended on August 31, so it was compelled to report $7 billion in losses on mortgage backed securities sooner than other banks.
Love her or hate her, you have to admit that John McCain's selection of Sarah Palin for the Republican ticket this year was without any doubt the boldest political tactic of the year.
Perhaps we're better off thinking of our current state of economic ennui not as a recession or a depression, but as a "repression."
The way major financial institutions are feasting on taxpayer-backed bailouts, you'd think every bank in this country has on the feed bag. Not true. Just north of Chicago is a bank that doesn't want any part of the U.S. government's $700 billion bank bailout or any subsequent rescue plans.
Once again there was our president, presiding over disasters in part of his making and on his watch, grinning with an aplomb that suggested a serious disconnect with existing reality.
The Washington Consensus is that whatever measures are needed to ensure economic recovery should be taken. This is especially true of the incoming te...
The rich countries, most innovatively or desperately the United States, are right now developing alternatives to their own system, and very possibly undermining it -- in order to save it.
We must grow the economy by empowering the private sector. I would have hoped by now we learned that inflation doesn't solve anything.
I believe now is the time for Obama to consider a bolder and more historic approach to the financial crisis by presenting to middle income Americans a step-by-step "big think" FDR-style New Deal program.
In 2008, during the biggest financial news story since 1929, the credibility of the Wall Street Journal's ed page coughed, sputtered, and collapsed.
Really wish there were better news to post about, but the auto industry is reeling worldwide, and there's no better example than Toyota.
The inevitable chimera of economic collectivization is coming undone. Will ordinary Americans pay much of the price? Almost certainly. Should they blame what happens on marketplace forces? No.
Hyman Minsky didn't live to see how closely this year's meltdowns would follow his predicted scenario, with the Lehman failure being one of several clear Minsky moments.
Into a void of understanding, Republicans have sought to absolve themselves of blame with a racist mythology that has gone viral.
In an earlier post, I ended by paraphrasing Lenin, "Wall Street will sell us the rope to hang American Capitalism." Well, in Citigroup we have created the perfect "Grim Reaper."
Late last night, Senate Republicans derailed a bill, passed the day before by the House, to loan $15 billion to the Detroit Three, with 10 Republicans joining 40 Democrats and two Independents in favor.
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if anyone wants to make it out of this mess, attempt the following:
pay off all debt
exit the dollar, invest in foreign currencies/stocks
buy gold and silver
store food, water, energy
hunker down
we need to return to our constitution.
we need to cut our overseas expenditures (before we collapse because of them) drastically and make whole again some of the entitlement systems we have conditioned folks to become dependent upon. those programs are largely bankcrupt already. the largest ponzi scheme we have is the social security system. lets at least make it right for those who have paid into it. from there, we should have "opt out" legislation.
centralized banking, especially a NON government entity (the fed) that operates on fiat currency is really fascism.
Interesting fact: if we cut federal spending to 2000 levels (all departments) and eliminate the federal income tax we would be shortly on our way to a surplus. income tax only represents a third + of our tax revenue.
get rid of the fed. the dollar is worth 4 cents since its inception when calculating for inflation (money supply issues).
the past administrations and current proposals of "stimulus" is a ridiculous concept. the government can't create anything, including wealth. it can only take for somewhere else and put it in another place. and i am not speaking about the philosophical demise of "spreading the wealth". I'm speaking about our currency.
who will lend us the money for these proposals? china? recent articles suggest they are tired of our debt mechanized "securities". the rest of the world is following their actions.
so our "only" other option, in current political meandering is to print more money. the Federal Reserve is running this country now. It wasn't the money, the amount of money, or what the money was to be spent on that was the concern of the Fed in the bailout "debate". It was the fine print: the further authority given to them in the Bill.
we need to do the referenced above. in addition, we need to phase out the federal reserve simply...by re-legalizing competing currencies. this would allow a healthy transition, instead of a catastrophic event (although that is coming on this course we're taking).
So it is not a 'real tax' cut unless the rich get 98% of the tax cut..of course...How about we take the cap off of the Social Security tax? Like the rich have done anything for the rest of us in the last 30 years...Oh yes they gave us Walmart and took away our jobs and then don't know why we shouldn't fork over our first born children to wage slavery....
I was opposed to any bailouts, even home owners. I'm fed up with paying for everyone else's life through my taxes.
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