Keeping a jaundiced eye on the corporate media.
Posted in Corporate Statism, Dirty Rotten Scoundrels, Recession Depression, Republicans Are Good With Money on May 8th, 2008
If not your own town:
A major Wall Street firm agreed to return $37 million to 17 cities and towns in the state, as well as to the Massachusetts Turnpike Authority, after it allegedly misled them into buying investments they thought were as safe as cash.
UBS Financial Services Inc. reached an agreement with Attorney General Martha […]
Posted in Politics As Usual, Republicans Are Good With Money on May 5th, 2008
You knew this would happen:
NEW YORK — Reversing decades of tough-on-crime policies, including mandatory minimum prison sentences for some drug offenders, many cash-strapped states are embracing a view once dismissed as dangerously naive: It costs far less to let some felons go free than to keep them locked up.
It is a theory that has long […]
Posted in Politics As Usual, Recession Depression, Republicans Are Good With Money on Apr 28th, 2008
Larry Beinhart on how we got into this economic mess and how we’re stuck there:
The real estate bubble is now routinely described as the root of our current economic problems.
That’s not true. It’s merely a symptom.
The problem is that the government, the nation, and the individuals in our country have all taken on massive amounts […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Republicans Are Good With Money, The Regime on Apr 25th, 2008
I’m sorry to be inappropriate, but I find it hard not to laugh when someone uses the words “Bush” and “efficiency” in the same sentence:
Joseph Wassmann thought he had a secure position producing videos for the U.S. Military Academy, but not long ago he found his job on the line because of a Bush administration […]
Posted in Corporate Statism, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Apr 10th, 2008
Paul Krugman cites a list of market measures, and says:
All of this involves fear of defaults by banks — despite what look from here (central New Jersey) like utterly clear signals from the Fed that bank debts will be socialized if necessary. I’m puzzled, and worried.
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Recession Depression, Republicans Are Good With Money, The Regime on Apr 1st, 2008
What Lance said.
Posted in Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 28th, 2008
Once again, the Republicans want to socialize their losses - to the exclusion of everyone else’s:
For now, the parties seem to be worlds apart. This week, the two Democratic presidential contenders seized on the deepening economic crisis and proposed broad government rescue plans for homeowners that would each cost about $30 billion.
The Bush administration […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, IOKIYAR, Recession Depression, Republicans Are Good With Money on Mar 26th, 2008
Somehow, you just knew, didn’t you?
A sweeping five-month investigation into the collapse of one of the nation’s largest subprime lenders points a finger at a possible new culprit in the mortgage mess: the accountants.
New Century Financial, whose failure just a year ago came at the start of the credit crisis, engaged in “significant improper […]
Posted in Politics As Usual, Republicans Are Good With Money on Mar 26th, 2008
I have to say, I enjoyed this:
“Action needs to be taken,” Chao warned.
“Time is of the essence,” Paulson warned.
Apparently so. In their haste to fix Social Security and Medicare, the officials spoke for only 12 minutes, then fielded questions for exactly two minutes more.
One reporter asked about the impact of the prescription drug benefit. “That […]
Posted in Corporate Statism, Our Booming Economy, Recession Depression, Republicans Are Good With Money on Mar 25th, 2008
For everyone as a result of the mortgage crisis:
A glut of foreclosed homes of historic proportions is starting to drive down U.S. home prices faster as lenders put more properties on the market and buyers show signs of interest.
The ability of America’s lenders to manage this fire sale will be crucial to determining how long […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Republicans Are Good With Money on Mar 24th, 2008
From Big Picture:
I have this image in my mind of an American cowboy: Rugged, independent, self-reliant. I picture him on a cattle drive, depending upon only his own wits, his horse, and his trusty Winchester to get by.
This vision of the American past is fast becoming a myth, rendered moot by the present day […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Pointless Crap, Republicans Are Good With Money on Mar 24th, 2008
You really have to love these guys. People dropping dead from bad food and products, people losing their homes all over the country and their big worry is…
Regulation.
The idea that less regulation is better for the economy has held sway in Washington since the Reagan administration. Now that consensus is crumbling, posing a potentially costly […]
Posted in Dirty Rotten Scoundrels, IOKIYAR, Recession Depression, Republicans Are Good With Money on Mar 23rd, 2008
One would hope Congress has learned the lesson of this market crash - namely, that when you let the market run rampant, it’s a disaster. Of course, the market enablers will fight it every step of the way:
“You need regulation that is adequate to the scope of innovation and to the scope of activity,” said […]
Posted in Recession Depression, Republicans Are Good With Money on Mar 21st, 2008
Now that it’s starting to spread, even obtuse economists are starting to notice:
The broadening of the slowdown, the plunge in home prices and near-paralysis in the financial system are fueling worries that what most economists now see as an inevitable recession could end up being especially painful.
Indeed, some economists fear it will last longer and […]
Posted in Corporate Statism, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 21st, 2008
Krugman:
As the years went by, the shadow banking system took over more and more of the banking business, because the unregulated players in this system seemed to offer better deals than conventional banks. Meanwhile, those who worried about the fact that this brave new world of finance lacked a safety net were dismissed as hopelessly […]
Posted in Recession Depression, Republicans Are Good With Money on Mar 21st, 2008
There’s no such thing as a safe bank anymore, methinks:
Builders’ problems are now threatening losses for small and medium-size regional banks. Muscled out of the mortgage business by large national lenders, many of these banks flocked to construction lending as the housing market boomed. Though these institutions were generally less exposed to the subprime-backed securities […]
Posted in Media, Recession Depression, Republicans Are Good With Money on Mar 19th, 2008
The WSJ is trying to find some way to blame the market collapse on… the Democrats.
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 19th, 2008
E.J. Dionne:
Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries and how government should keep its hands off the private economy.
The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 18th, 2008
I was reading this Salon piece about the financial crisis, and was struck by this comment from the senior policy adviser of John McCain (who, if you recall, “doesn’t do” economics):
Senator McCain has complete confidence in Chairman Bernanke and the actions of the Federal Reserve, and is committed to ensuring the economy continues to grow […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Disastrous, Recession Depression, Republicans Are Good With Money on Mar 18th, 2008
Yes, because the Fed’s done such a great job keeping us out of situations like this:
Today, the Federal Reserve is expected to further cut the federal-funds rate, charged on overnight loans between banks, by between a half percentage point and a full point. The Fed hopes that cheaper credit will stimulate business activity and aid […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Recession Depression, Republicans Are Good With Money on Mar 17th, 2008
“Who will pay?” The Guardian asks:
It is now clear that no end is in sight to the turmoil, and the reason for that is that the Fed and the US treasury are no closer to solving the underlying problem than they were eight months ago. The crisis will only end when house prices stop falling […]
Posted in Class War, Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Our Booming Economy, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 17th, 2008
Athenae on the Bear Stearns bailout:
Let me ask a couple of questions here.
Does Bear Stearns have a big screen TV?
What about bling? Any bling they could sell?
Couldn’t Bear Stearns just get a job, already? I mean, I know of six or seven places that are hiring. I don’t know what they pay, but surely it […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Republicans Are Good With Money on Mar 17th, 2008
Your federal government and mortgage thieves.
I think Palast was right. They targeted Spitzer for this.
Posted in Corporate Statism, Dirty Rotten Scoundrels, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 17th, 2008
Four months ago:
WASHINGTON — Until the boom in subprime mortgages turned into a national nightmare this summer, the few people who tried to warn federal banking officials might as well have been talking to themselves.
John Gamboa and Robert Gnaizda of the Greenlining Institute, a housing advocacy group, warned the Fed in 2004 about unscrupulous lenders.
Edward […]
Posted in Corporate Statism, Dirty Rotten Scoundrels, Fuck the Poor, Politics As Usual, Recession Depression, Republicans Are Good With Money on Mar 17th, 2008
Greg Palast makes a compelling case for linking the Spitzer investigation to the Bear Stearns bailout, and he notes something I missed:
The Fed had to act. Bernanke opened the vault and dumped $200 billion on the poor little suffering bankers. They got the public treasure - and got to keep the Grinning’s house. There was […]
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