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robertogreco : bailout   50

The Great American Bubble Machine | Rolling Stone Politics
"From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again"<br />
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"The new carbon credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance."
carboncredits  carbon  carbonoffsets  goldmansachs  matttaibbi  2011  bubbles  finance  tarp  bailout  markets  manipulation  greatdepression  dotcomboom  technology  housingbubble  housing  energy  oil  gasoline 
march 2011 by robertogreco
How to Build a Progressive Tea Party | The Nation
"American citizens should ask themselves: I work hard and pay my taxes, so why don’t the richest people and the corporations? Why should I pick up the entire tab for keeping the nation running? Why should the people who can afford the most pay the least? If you’re happy with that situation, you can stay at home and leave the protesting to the Tea Party. For the rest, there’s an alternative. For too long, progressive Americans have been lulled into inactivity by Obama’s soaring promises, which come to little. As writer Rebecca Solnit says, “Hope is not a lottery ticket you can sit on the sofa and clutch, feeling lucky…. Hope is an ax you break down doors with in an emergency.” UK Uncut has just shown Americans how to express real hope—and build a left-wing Tea Party."<br />

[Related: ]
politics  policy  us  uk  teaparty  ukuncut  usuncut  uncut  taxes  activism  progressive  government  tarp  bailout  deficit  2011  johannhari  grassroots  protest  finance  wealth  incomegap  disparity  inequality  corporations  corporatism 
february 2011 by robertogreco
The Saturday Profile - Icelander’s Campaign Is a Joke, Until He’s Elected - Biography -
"A polar bear display for the zoo. Free towels at public swimming pools. A “drug-free Parliament by 2020.” Iceland’s Best Party, founded in December by comedian, Jon Gnarr, to satirize his country’s political system, ran a campaign that was one big joke. Or was it?... With his party having won 6 of City Council’s 15 seats, Mr. Gnarr needed a coalition partner, but ruled out any party whose members had not seen all five seasons of “The Wire.”... Mr. Gnarr, born in a policeman & a kitchen worker, was not a model child. At 11, he decided school was useless to his future as a circus clown or pirate & refused to learn any more. At 13, he stopped going to class & joined Reykjavik’s punk scene. At 14, he was sent to a boarding school for troubled teenagers and stayed until he was 16, when he left school for good. Back in Reykjavik, he worked odd jobs, rented rooms, joined activist groups like Greenpeace * considered himself an anarchist (he still does)."
bailout  iceland  elections  2010  government  via:cervus  biography  banks  economics  politics  unschooling  anarchism  deschooling  bestparty  jóngnarr  thewire  dropouts  reykjavík  punk 
june 2010 by robertogreco
Center for the Advancement of the Steady State Economy
"Perpetual economic growth is neither possible nor desirable. Growth, especially in wealthy nations, is already causing more problems than it solves. Recession isn't sustainable or healthy either. The positive, sustainable alternative is a steady state economy."

[via: ]
civilization  biodiversity  education  sustainability  environment  economics  economy  ecology  conservation  money  policy  politics  growth  green  bailout  recession  well-being 
may 2010 by robertogreco
On the Bailout Hustle - Matt Taibbi - Taibblog - True/Slant
"My feeling is similar to what Barry Ritholtz proposed. He said that “we should have gone Swedish on their asses.” The Swedes after a similar bubble burst in 1992 temporarily seized control of insolvent institutions, forced banks to write down losses before they got aid, & gave taxpayers a huge share in the upside of recovery. It was a tough-love approach that really worked & forcefully addressed the moral hazard issue in a way we never touched.
economics  bailout  sweden  corporatism  matttaibbi  barryritholtz  recovery  crisis  2010  housingbubble  banking  us  policy 
february 2010 by robertogreco
Wall Street's Bailout Hustle : Rolling Stone
"the biggest gift the bankers got in the bailout was not fiscal but psychological. "The most valuable part of bailout was implicit guarantee that they're Too Big to Fail." Instead of liquidating & prosecuting insolvent institutions that took us all down with them in giant Ponzi scheme, we have showered them with money & guarantees and all sorts of other enabling gestures. & what should really freak everyone out is the fact that Wall Street immediately started skimming off its own rescue money. If the bailouts validated anew the crooked psychology of the bubble, the recent profit & bonus numbers show that the same psychology is back, thriving, & looking for new disasters to create. "It's evidence that they still don't get it."
matttaibbi  banking  goldmansachs  corruption  finance  business  policy  wallstreet  fraud  bailout  economics  politics  economy  crisis  aig  2010 
february 2010 by robertogreco
Op-Ed Columnist - Chinese New Year -
"The bottom line is that Chinese mercantilism is a growing problem, and the victims of that mercantilism have little to lose from a trade confrontation. So I’d urge China’s government to reconsider its stubbornness. Otherwise, the very mild protectionism it’s currently complaining about will be the start of something much bigger."
devaluation  unemployment  dollar  recession  china  policy  economics  depression  bailout  paulkrugman  politics  currency  trade 
january 2010 by robertogreco
Harsh lessons we may need to learn again
"1. Markets are not self-correcting, & without adequate regulation, they are prone to excess. 2. There are many reasons for market failures. Too-big-to-fail financial institutions had perverse incentives: Privatized gains, socialized losses. 3. When information is imperfect, markets often do not work well – & information imperfections are central in finance. 4. Keynesian policies do work. Countries, like Australia, that implemented large, well-designed stimulus programs early emerged from the crisis faster 5. There is more to monetary policy than just fighting inflation. Excessive focus on inflation meant that some central banks ignored what was happening to their financial markets. The costs of mild inflation are miniscule compared to the costs imposed on economies when central banks allow asset bubbles to grow unchecked. 6. Not all innovation leads to a more efficient and productive economy – let alone a better society...."
josephstiglitz  finance  hypocrisy  economics  democracy  capitalism  bailout  history  greed  2009 
january 2010 by robertogreco
Op-Ed Contributors - Show Us the E-Mail -
"The three of us, as experienced investigators and prosecutors of financial fraud, cannot answer these questions now. But we know where the answers are. They are in the trove of e-mail messages still backed up on A.I.G. servers, as well as in the key internal accounting documents and financial models generated by A.I.G. during the past decade. Before releasing its regulatory clutches, the government should insist that the company immediately make these materials public. By putting the evidence online, the government could establish a new form of “open source” investigation."
finance  law  recession  crime  corruption  bailout  aig  banks  subprime  economics  2009  eliotspitzer 
december 2009 by robertogreco
Obama's Big Sellout : Rolling Stone
"What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside."
barackobama  economics  politics  bailout  government  finance  policy  matttaibbi  wallstreet  banking  fraud  democrats  corruption  banks  citigroup  goldmansachs  money 
december 2009 by robertogreco
Business & Economics Articles | Urbanist's Economic Prescription Might Make Good Medicine Today | Miller-McCune Online Magazine
"engine of economic life is "import-replacement."...making products you have been buying..."transactions of decline" — trade encouraged to prop up the economy. An example...entrenched military production. This appears productive, but it sucks the oxygen out of the economy. Innovation & entrepreneurship (import-replacing processes) slow down, there's less inter-city trade to spark new products & ideas...economy loses complexity & the ability to adapt. Entire regions become dependent on military spending; they need a war for growth to occur....derivatives all the entrepreneurial energy goes into transactions themselves rather than productivity...Jacobs was an advocate of decentralization; her belief that economies function on a regional, as opposed to national, level has helped spur recent interest in launching local currencies...larger & more complex institution or economy, less accurate feedback it provides. & accurate feedback is crucial for system to self-correct."
janejacobs  economics  adaptability  import-replacement  local  cities  business  urban  community  bailout  2009  feedback  small  size 
october 2009 by robertogreco
Ten principles for a Black Swan-proof world by By Nassim Nicholas Taleb
1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. 2. No socialisation of losses & privatisation of gains. 3. People who were driving a school bus blindfolded (& crashed it) should never be given a new bus. 4. No incentives without disincentives: capitalism is about rewards and punishments, not just rewards. 5. Complexity from globalisation and highly networked economic life needs to be countered by simplicity in financial products. The complex economy is already a form of leverage: the leverage of efficiency. 6. Complex derivatives need to be banned because nobody understands them and few are rational enough to know it. 7. Governments should never need to “restore confidence”. 8. Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. 9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement. 10. we will have to remake the system before it does so itself"

[also at: ]
nassimtaleb  blackswans  2009  capitalism  bailout  corruption  economics  us  business  finance  crisis  simplicity  complexity  politics  banking  recession  regulation  bailouts  resilience 
april 2009 by robertogreco
Bill Moyers Journal . Watch & Listen | PBS - Interview with William K. Black, April 3, 2009
"The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout."
billmoyers  williamblack  via:javierarbona  regulation  corruption  bailout  recession  meltdown  aig  banking  economics  politics  finance  crisis  2009  fraud  crime  law  timothygeithner 
april 2009 by robertogreco
Idle Words - Andrew Ross Sorkin Explains
"When a small company does what AIG did, it is called 'fraud' and people are sent to jail. However, since AIG had signed contracts with most of the biggest financial institutions in the world, it instead received a very large sum of money ($170 billion so far). This also makes sense. When a teenage kid breaks your storefront window, you chase him down and give him a pounding. But when the local mafia breaks your window, you sweep up the glass and make sure to increase the heft of your next monthly envelope."
politics  economics  aig  bailout  credit  insurance  money  us  2009  law  compensation  maciejceglowski  maciejcegłowski 
april 2009 by robertogreco
The Geithnerconomy and the New Cold War - Umair Haque -
"Welcome to Looting 2.0. What does that financial system look like? In it, everything is a hedge fund. The Geithner economy is Milton Friedman's revenge from beyond the grave: it is one that puts the allocation of public resources in a very small number of almost totally hidden private hands. The Geithnerconomy is a kind of financial Frankenstein: run by hedge funds, leveraged by the public, whose interests overlap by only 20%. The problem of toxic incentives hasn't gone away: in fact, the Geithner plan institutionalizes and explodes it, like a biological weapon infecting an entire country."
corruption  economics  umairhaque  meltdown  recession  banking  democracy  fraud  debt  goldmansachs  bailout  crisis  2009  feudalism  disincentives  moralhazard  timothygeithner 
march 2009 by robertogreco
The Big Takeover : Rolling Stone
"As complex as all the finances are, the politics aren't hard to follow. By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below."
2009  crisis  banking  wallstreet  politics  economics  recession  corruption  aig  us  matttaibbi  money  finance  business  bailout  investing 
march 2009 by robertogreco
Despair over financial policy - Paul Krugman Blog -
" In effect, Treasury will be creating — deliberately! — the functional equivalent of Texas S&Ls in the 1980s: financial operations with very little capital but lots of government-guaranteed liabilities. For the private investors, this is an open invitation to play heads I win, tails the taxpayers lose. So sure, these investors will be ready to pay high prices for toxic waste. After all, the stuff might be worth something; and if it isn’t, that’s someone else’s problem.
paulkrugman  bailout  politics  economics  barackobama  finance  government  policy  banking  somuchforchange  crisis  2009  timothygeithner 
march 2009 by robertogreco
Do not rely on bankers | vox - Research-based policy analysis and commentary from leading economists
"There is another argument, implicit or explicit, for the nationalisation of banks; we can not trust bankers not to leave with the cash, let alone spend any of the assistance provided by the government in the public interest. Two recent studies that analyse the experience of recent years show that bankers will not hesitate to enrich themselves at the expense of the public if they have the opportunity."
banking  crisis  nationalization  2009  policy  economics  government  regulation  finance  bailout 
march 2009 by robertogreco
Marginal Revolution: The economic collapse of Japan and the Phoenix Suns
"The Suns have been spending lots in recent years toward the goal of ever-rising prices for season tickets and corporate boxes. Does that strategy sound familiar?" Replace "The Suns" with "many independent schools" and insert "tuition" for "prices for season tickets and corporate boxes" and you have the predicament of many NAIS schools.
tylercowen  economics  money  finance  sports  bailout  management  property  nba  nais  bubbles  tuition  leadership  spending  administration  gamechanging  waste  cv  tcsnmy 
february 2009 by robertogreco
Davos09: Open Bank « BuzzMachine
"At the end of my Davos week, I finally saw tiny notes of hope - faint LEDs at the end of a long tunnel - and they came not from the business, government, and journalistic leaders here but instead from technologists, entrepreneurs, and educators. ... I leave Davos thinking that more often than not, we need to look at replacing rather than just repairing these broken institutions. Entrepreneurs and educators do that. We are bailing out the past. Instead, we must bail out the future."
via:preoccupations  change  reform  education  technology  internet  future  bailout  crisis  banking  finance  2009  davos  economics  opensource  society  culture 
february 2009 by robertogreco
Marginal Revolution: Department of No
"Of course they want a bailout but this is for me not a priority. Given the new distribution of wealth, arguably we need more culture for lower-income people and less culture for the rich. I don't think the old distribution of wealth is coming back anytime soon."
tylercowen  art  arts  funding  bailout  2009  crisis  money  finance  endowment 
january 2009 by robertogreco
The Biggest Ponzi Scheme of Them All - O'Reilly Radar
"it's increasingly looking like we're going to be stuck here with only one world's resources to draw on ... most reasonable people are aware that we're using up much of our children's inheritance, and handing them debt in exchange, I don't think as a society we've really come to grips with the consequence of that knowledge ... It's clear that getting to a steady-state economy will be hard, perhaps even impossible (although it's worth noting that living systems have accomplished that feat.) But what a challenge! How do we keep the dynamism of modern capitalist economies without borrowing from the future? What does it mean to keep the real costs of what we consume on the balance sheet? Will the economy of the future be built on aesthetic value exchange (the whuffie of Cory Doctorow's imagination), with renewable energy in harness and physical materials seamlessly recycled. Great questions, great opportunities for us to invent the answers!"
timoreilly  sustainability  green  environment  economics  future  bernardmadoff  growth  recession  consumption  2009  bailout  anxiety  capitalism  money  development  ponzischemes  resources  crisis  energy  finance  us  world  global  society  change  gamechanging 
january 2009 by robertogreco
Joseph E. Stiglitz on capitalist fools: About Us:
"Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion."
josephstiglitz  bubbles  finance  crisis  2008  georgewbush  alangreenspan  billclinton  us  markets  deregulation  bailout  regulation  business  history  economics  politics  capitalism  meltdown  banking 
december 2008 by robertogreco
'Countdown with Keith Olbermann' for Wednesday, December 3, 2008
"First of all, I just want to say that-you know, when the three automaker chiefs went to Washington, they were treated like errant school children and sent back home to Detroit to write an essay on why we should get free cash. When the Wall Street bankers and thieves came down there, back in October, it was just the opposite. Nobody asked them what they flew down on. The hearing room looked like a cigar bar. Seriously. All that was missing was the photographer from "Cigar Aficionado."
autoindustry  bailout  finance  us  government  manufacturing  crisis  economics  doublestandards  michaelmoore  keitholbermann 
december 2008 by robertogreco
The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle - Executive Suite Blog -
"Today, we are bailing out the banks because of their greedy and deceptive lending practices in the mortgage industry. But this is just the tip of the iceberg. More is coming, I’m sorry to say. Layoffs are being announced nationwide in the tens of thousands. As people begin to lose their jobs, they will not be able to pay their credit card bills either. And the banks will be back for more handouts."
creditcrunch  credit  creditcards  bailout  banking  recession  crisis  2008  finance  economics  business  money  debt 
december 2008 by robertogreco
McSweeney's Internet Tendency: Atlas Shrugged Updated for the Current Financial Crisis.
""I heard the thugs in Washington were trying to take your Rearden metal at the point of a gun," she said. "Don't let them, Hank. With your advanced alloy and my high-tech railroad, we'll revitalize our country's failing infrastructure and make big, virtuous profits."
politics  economics  bailout  crisis  2008  aynrand  libertarianism  objectivism  atlasshrugged  mcsweeneys  humor  finance  capitalism  satire 
november 2008 by robertogreco
Geoff Canada: Fixation on “outcomes” will hurt poor communities | GothamSchools
“We’re giving huge amounts of money to people who admit that not only have they failed … but they almost destroyed the whole economic system of the world,” Canada said, his voice rising as he referred to the Wall Street bailout that is costing taxpayers more than $700 billion. “Then somebody asks me if kids should take violin and do I have evidence?!”
bailout  finance  education  policy  funding  money  teaching  schools  wallstreet 
november 2008 by robertogreco
Merrill Lynch Needs a Dressing Down - Boing Boing
"Merrill Lynch is bullish on snobbery and status. These snobs, wearing more expensive suits, consorted to run their company into the ground. Now they look down on the company that rescued them and the people who work there as not being worthy, not sharing their own high status. It's another sign that failure will not humble Wall Street or cause them to change their ways. It's also a bad sign for Bank of America of the difficulty of getting these dandies to do an honest day's work. These are the good people we're helping bail out and they look down their noses at the rest of us. It bothers me that we're providing welfare payments to people who fly first-class, stay in five-star hotels, eat in expensive restaurants, watch sports in skyboxes and travel in limos more frequently than rock stars, all the while being impeccably dressed in the classic fashion."
merrilllynch  finance  snobbery  2008  crisis  bailout  status 
november 2008 by robertogreco
Sweet Juniper! - Don't let them die
"I do see this economic climate as an opportunity for change. It is a chance for us all to step back and think about where the things we buy are made, and all of what that means. It is a chance to accept that much of what we consider wealth isn't even real. If we're going to spend $700 billion to bail out those greedy firms who successfully used chicanery for years to manufacture an economy built of lies, shouldn't we also spend $25 billion to save one of the few remaining industries that actually design, engineer, and manufacture something real and necessary in this country?"
bigthree  autoindustry  gm  chrysler  ford  bailout  detroit  making  finance  us  economics  industry  2008  crisis  austerity  comments 
november 2008 by robertogreco
The New Trough: The Wall Street bailout looks a lot like Iraq — a "free-fraud zone" where private contractors cash in on the mess they helped create [also at:]
"There is a better way to fix a broken financial system. Treasury's plan to buy up the toxic debts never made sense and should be immediately scrapped - a move that would also handily get rid of most of the crony contractors. As for purchasing equity in banks, the next round of deals - and there will be more - has to start from the premise that the banks are bankrupt and will therefore accept whatever terms we choose to impose, including real regulatory oversight. The possibilities of what could be done if a chunk of the banking system were genuinely under public control - from a moratorium on home foreclosures to mandatory investment in green community redevelopment - are limitless.
world  capitalism  bailout  naomiklein  us  crisis  2008  banking  finance  wallstreet  corruption  money  henrypaulson  iraq 
november 2008 by robertogreco
The Frontal Cortex : Credit
"one of the reasons credit cards are such a popular form of debt is that they take advantage of some innate flaws in the brain. When we buy something with cash, the purchase involves an actual loss - our wallet is literally lighter. Credit cards, however, make the transaction abstract, so that we don't really feel the downside of spending money...Perhaps the real goal of the Paulson plan is precisely that: encourage people to use credit cards as a way to jump start retail spending. Because we've got a shiny new Visa card, we'll be less sensitive to the fact that our 401(k) is down 40 percent, the value of our home is down 20 percent and the unemployment rate shows no sign of stabilizing anytime soon. Call me crazy, but ludicrously expensive debt (rates of 25 percent or more aren't uncommon on credit cards) hardly sounds like a sound long-term solution."
psychology  via:adamgreenfield  money  credit  debt  cognition  brain  bailout  economics  tylercowen  crisis  2008  policy 
november 2008 by robertogreco
BBC NEWS | The Reporters | Robert Peston - Forced convergence of China and US
"Because US financial institutions both borrowed and lent too much, and because many other mighty companies took on far too much debt, they have been facing collapse. And where they are perceived as too big too fail (where the collateral damage were they to fall over would be devastating), the US government is stepping in with financial succour from taxpayers. For years the great trend in the world was the embracement of free enterprise in China. But now, in America's darkest hour for generations, the US is embracing a form of state-control and intervention that looks remarkably Chinese."
via:preoccupations  capitalism  china  us  finance  economics  crisis  bailout  socialism  government  autoindustry  gm  ford  chrysler  banking  2008 
november 2008 by robertogreco
Bustup Not Bailout
"I am sympathetic to the arguments that we cannot allow the entire supply chain of the auto industry fail and I am certainly aware how many plants will close and jobs will be lost if we let GM, Chrysler, and Ford fail. Its a tough call and Obama has already staked out a pro bailout auto position. So I hope someone in his incoming team reads this...If we give taxpayer money to the auto business, it should be to finance a wholesale bustup of the business. One PE firm should buy Volt. Another should buy Buick. A third should buy Jeep...And if a brand can't find a buyer at any price with a boatload of taxpayer money behind it then it should fail. This is the best way out of this mess. We have to get the biggest businesses in this country smaller and nimbler, we have to get smart money behind them, builders not spreadsheet pushers, and we must focus on innovation not lobbying. That's the only way forward that makes sense short of throwing them all under the bus and starting over"
politics  economics  policy  bailout  autoindustry  ford  gm  chrysler  us  business  finance  competition  government  via:tomc 
november 2008 by robertogreco
Announcing « blog maverick
"Transparency is key to the success of the Bailout and related loans and investments the government makes with our tax dollars. Without complete transparency, we will get from our government what we always get when it comes to finances, confusion. To do my part, I’ve worked with the folks at to create Its job is simple, keep an eye on our taxpayer dollars and call Bullshit when necessary. if you take a trip over to Bailoutsleuth you can see that its already time to call BS. In the first contract handed out, in this case to Bank of NY Mellon Corp, the compensation section is blacked out. Sad. So very sad, that we couldnt make it a week without being afraid of the very taxpayers who are footing the tab for all of this."
politics  bailout  legislation  transparency  markets  corruption  markcuban  2008  banking  crisis 
october 2008 by robertogreco
Jim Kunstler : The Nausea Express
"What we can't face is the prospect that we might become something other than an industrial "consumer" society. My narrative includes the conviction that we will have trouble producing food for ourselves as petro-agriculture fails, and since society can't go on without food production, I see this activity coming back much closer to the center of our daily lives. We're not ready to think about that. The downside of our unreadiness may be that a lot of Americans will go hungry in the decade ahead.
peakoil  bailout  politics  change  upheaval  society  gamechanging  jameshowardkunstler  crisis  2008  markets  agriculture  finance  food  future  nearfuture  oil  energy  local  consumerism 
october 2008 by robertogreco
Thought Experiments : The Blog: Nassim on Newsnight
"The economists were so implausible, so full of themselves and so smarmy that I feared for my lunch on Monday. Nassim was quivering with anger and, at one point, clutching his chest. He's my lunch. John Gray will be there to - it's the crunch lunch. Anyway, the implausible economists poured empty words over everything while angry Nas tried to explain that it was all meaningless because the most important first step was to ditch all the nonsensical models of risk dreamed up by the quack econs and statisticians employed by banks. This is the point. Salvation - and, come to that, happiness - lies not in bailouts but in a humble acceptance of how little we know and how vain are our self-important attempts to pretend otherwise. This was Nassim's message. It went unheard. On the floor of the bourse the brokers roared on like beasts."
nassimtaleb  blackswans  crisis  2008  finance  economics  bailout 
october 2008 by robertogreco
America the Banana Republic: Politics & Power:
"These are people who want to be rewarded as if they were entrepreneurs. But they aren’t. They didn’t have anything at risk. That’s almost exactly right, except that they did have something at risk. What they put at risk, though, was other people’s money and other people’s property. How very agreeable it must be to sit at a table in a casino where nobody seems to lose, and to play with a big stack of chips furnished to you by other people, and to have the further assurance that, if anything should ever chance to go wrong, you yourself are guaranteed by the tax dollars of those whose money you are throwing about in the first place! It’s enough to make a cat laugh."
crisis  2008  finance  risk  moralhazard  politics  economics  us  banking  bailout  republicans  christopherhitchens 
october 2008 by robertogreco
My Thoughts On "Startup Depression"
"I particularly like Jason's "10 specific things you can do" section. In that section he urges entrepreneurs to get focused, get better, get leaner, and ultimately to get profitable. That's spot on."
recession  web2.0  greatdepression  funding  bailout  entrepreneurship  markets  business  money  economics  leadership  austerity  management  administration  survival  focus 
october 2008 by robertogreco
This American Life - 365: Another Frightening Show About the Economy
"Alex Blumberg and NPR's Adam Davidson—the two guys who reported our Giant Pool of Money episode—are back, in collaboration with the Planet Money podcast. They'll explain what happened this week, including what regulators could've done to prevent this financial crisis from happening in the first place. You can learn more about the daily ins and outs on the Planet Money blog."
subprime  bailout  thisamericanlife  economics  crisis  2008  finance 
october 2008 by robertogreco
Reversal of Fortune: Politics & Power:
"Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the U.S. economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America’s economic sanity." ... "When the American economy enters a downturn, you often hear the experts debating whether it is likely to be V-shaped (short and sharp) or U-shaped (longer but milder). Today, the American economy may be entering a downturn that is best described as L-shaped. It is in a very low place indeed, and likely to remain there for some time to come."
josephstiglitz  economics  us  crisis  bailout  2008  banking  finance  money  policy  politics  sustainability  energy  longterm  future  taxes  biofuels  oil  gamechanging  regulation  subprime  meltdown  recession  wallstreet  reaganomics  georgewbush  housing  jobs  markets  unemployment  freemarkets  greatdepression  wealth  disparity  lending  reform  change 
october 2008 by robertogreco
TED | TEDBlog: The Bailout and the A-word
"A solution requires the country to begin to spend what it earns, reduce its mountainous debt, and address massive liabilities, restructure Social Security, pension deficits, military, and Medicare. No wonder politicians would rather spend more of your money now rather than address these problems. Because we have been spending 5 to 7 percent more each year than we earn, a forced restructuring, triggered by a currency collapse, would have the same effect on wages and purchasing power that the housing collapse had on housing prices. So let's learn from our Latin and Asian friends and act before it is too late."
debt  bailout  economics  latinamerica  brasil  argentina  austerity  crisis  banking  government  policy  politics  juanenriquez  brazil 
october 2008 by robertogreco
Timothy Garton Ash: The US democratic-capitalist model is on trial | Comment is free | The Guardian
"question about democratic capitalism remains. 25yrs ago, near beginning of what came to be known as Reagan revolution, American Catholic social theorist Michael Novak published influential book, Spirit of Democratic Capitalism, argued capitalism is "compatible only w/ democracy". "While bastard forms of capitalism do seem able for time to endure w/out democracy...natural logic of capitalism leads to [it]"...true capitalism requires moral virtues..."temperance & prudence, fortitude & justice"....In 2008, China's undemocratic capitalism looks like one hell of a bastard...In reality...has massive inequality & corruption...democratic capitalism is now on trial...faces huge homemade problems & formidable competition. Fortunately...many variants of democratic capitalism, not just one that is erupting in US...challenge to American democracy today is nothing less than to prove it can reform its whole model of democratic capitalism & make it better. Pray that it can."
us  democracy  capitalism  crisis  finance  china  neoliberalism  creditcrunch  economics  politics  bailout  eu  socialdemocracy 
october 2008 by robertogreco
The Money Meltdown
"I’ve had a lot of difficulty finding sites that pulled together useful, authoritative, and comprehensive information about our current financial crisis in an accessible way. So I thought I’d take a stab at it myself. I hope anyone looking to get up to speed on this crisis can come to the home page and get what they need. Besides the link of the day, nothing on the front page will change too much from day to day, but I will try to keep it relevant, up-to-date and valuable for those looking for more knowledge on the crisis."
crisis  2008  economics  politics  capitalism  banking  subprime  finance  bailout  meltdown  money  reference 
october 2008 by robertogreco
Dennis Kucinich Explains His "NO" Vote on $700 Billion Bailout | Cleveland Leader
"quick explanation of...bailout...taxpayers loan money to banks. But taxpayers don't have the money. So...borrow it from banks to give it back to banks. But banks do not have money to loan to gov...So they create it into existence (through mechanism called fractional reserve) then loan it to us, at interest, so we can then give it back...Confused? This is the system...standard mechanism used to expand money supply on daily basis not special one designed only for "$700 billion" transaction. People will explain this...many different ways, but this is what it comes down to...banks needed Congress' approval. Of course in this topsy turvy world...banks which set the terms of the money they are borrowing from the taxpayers...what do we get? Long term debt enslavement + pay back to banks trillions of $ ($700b w/ compounded interest) & banks give us their bad debt which they cull from everywhere in world. Who could turn down a deal like this? I did."
denniskucinich  crisis  bailout  2008  banking  finance 
october 2008 by robertogreco
Democracy Now! | Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History
"For years now, they’ve told us that we can’t afford—that the government providing healthcare to all people is just unimaginable; it can’t be done. We don’t have the money to rebuild our infrastructure. We don’t have the money to wipe out poverty. We can’t do it. But all of a sudden, yeah, we do have $700 billion for a bailout of Wall Street. So, my view is that, included in what we do, there should be a significant stimulus package, a really significant one, which addresses healthcare, which addresses sustainable energy, which addresses the infrastructure, which creates substantial number of jobs, addressing many of the long-term unmet needs of this country."
bailout  finance  politics  policy  economics  corruption  crisis  2008  us  capitalism  government  health  subprime  healthcare  infrastructure 
september 2008 by robertogreco
Angry Bear: Your Urgent Help Needed
"Dear American: I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude. I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you. I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe..."
humor  crisis  paulson  corruption  recession  bailout  economics  politics  2008  spam 
september 2008 by robertogreco
Open Left:: Yes, There Are Deeply Angry Democratic Members of Congress
From the email of an anonymous lawmaker: "Paulsen and congressional Republicans, or the few that will actually vote for this (most will be unwilling to take responsibility for the consequences of their policies), have said that there can't be any "add ons," or addition provisions. Fuck that. I don't really want to trigger a world wide depression (that's not hyperbole, that's a distinct possibility), but I'm not voting for a blank check for $700 billion for those mother fuckers. Nancy said she wanted to include the second "stimulus" package that the Bush Administration and congressional Republicans have blocked. I don't want to trade a $700 billion dollar giveaway to the most unsympathetic human beings on the planet for a few fucking bridges. I want reforms of the industry, and I want it to be as punitive as possible." And he goes on from there...
politics  economics  us  housing  government  2008  finance  anonymous  bailout  congress  democrats  recession  crisis  wallstreet  money 
september 2008 by robertogreco
The complete (though ever-changing) elite consensus over the financial collapse - Glenn Greenwald -
"I don't pretend to know anywhere near enough -- in terms of either raw information or expertise -- in order to opine on the necessity or lack thereof of The Latest Plan in terms of whether the alternatives are worse. But what I do know is that an injustice so grave and extreme that it defies words is taking place; that the greatest beneficiaries are those who are most culpable; and that the same hopelessly broken and deeply rotted institutions and elite class that gave rise to all of this (and so much more) are the very ones that are -- yet again -- being blindly entrusted to solve this."
glenngreenwald  crisis  2008  finance  corruption  collapse  economics  politics  bailout 
september 2008 by robertogreco

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