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robertogreco : bailouts   13

TARP: A Love Story — The Billfold
"Regardless, even if I could explain my love of TARP, it was clear. Nobody else outside my banker friends liked it. They hated it.

They hated it with everything they had. Some hated it with rants. But most hated it with a knowing resignation. They had seen this shit before.

It was the extreme example of a rigged system. Truck driver: “It wasn’t the needle that broke the camel’s back. It was the anvil that broke it.”

I also saw first hand why it resonated so badly with them. They were right, the system was rigged. At every level.

There really were two Americas. Two opportunity sets. Two education systems. Two legal systems. Two sets of rules.

The elites (Sorry about that word) got the better of it all. Better opportunities. Better educations. Better laws. Better bailouts.

And TARP was just a continuation of that, regardless of the relative merits of it at the time.

It represented how shit plays out in America: If you have money, you get cut all the breaks. If you don’t, you suffer all the breaks.

Nobody wanted to hear, “You know TARP benefited you too…” They have heard that shit all their lives. Everything is spun that way.

Me: “Really, it was also the best policy for you.” Them: “Funny how the person telling us that is always sitting on a pile of gold while we stand in shit.”

So regardless of what I think about the past beauty of TARP. The reality is: TARP was all about maintaining two separate and unequal systems.

So I look back at that distant day on the trading floor, when I first fell in love with TARP. It was only a marriage of convenience. For me.

I look back at that young banker and think. Damn he had it good. Damn he had it so easy. Damn he was so naïve. Damn did he ever love that TARP.

And damn if that TARP didn’t ever love him back."
2009  tarp  bailouts  elites  elitism  chrisarnade  greatrecession  banking  finance  class  middleclass  financialcrisis  politics  policy  us  classism 
june 2016 by robertogreco
—Ethel Baraona Pohl— dpr-barcelona — Have several mixed feelings by the inherent...
"Have several mixed feelings by the inherent contradictions from this crowdfunding project. At first sight it seems like a great, creative idea, but with a simple double thought, you realise how easy is to ‘find a creative solution’ for our problems, without thinking in deep if the problem doesn’t rely on our need of keep doing the same again and again… I mean collecting the same old money that will go to the same old banks, and not to the citizens in Greece; because, where does the final goal of this campaign will go if it succeed? To Tsirpas pocket? Don’t think so.

As a symbolic project is super strong indeed, but perhaps we need to use 'the power of the crowd’ to ask responsibilities to the EU, to remind them about the real fact that we are already 'crowdfunding’ our social health by paying our taxes —taxes that are being used to rescue banks and enrich the rich—. The problem at the end is not the money, is the failed system of considering 'democratic’ those decisions taken by just a few, and even worse, when those few are economic institution (FMI, CEB, etc.)

Perhaps we need the 'power of the crowd not to collect the same old money that has taken us to this stupid discourse of austerity, but to think how to use the collective power to provoke structural changes in the political field. Difficult though, but which change hasn’t been difficult along history?"
ethelbaraonapohl  2015  greece  bailouts  crowdfunding  imf  debt  money  power  change  systemsthinking  creativity  zoominginandzoomingout  finance  banks  banking  capitalism  policy  politics  geopolitics 
july 2015 by robertogreco
Chris Hedges: As a Socialist, I Have No Voice in the Mainstream - Pt 6 of 7
"I think we’re in this kind of strange period when the language we use to describe our economic and political system no longer matches the reality. I mean, laissez-faire capitalism—we don’t live in a system of laissez-faire capitalism when the federal government bails out these institutions to the tunes of trillions of dollars and then keeps pumping out free money from the Fed and handing it to—that’s not laissez-faire capitalism. And yet I’m sure that if you went to Wharton or Harvard Business School, they would still be teaching this fictional system. And we haven’t yet moved into a period where the vocabulary we use to describe our reality matches that reality. And that’s always a revolutionary period, because there’s a disconnect between the way we speak about ourselves and the way we actually function. And that’s where we are. And so we in many ways are searching for the words to describe what’s happening to us and then to articulate another vision of where we want to go. And we haven’t gotten there yet."

[via: http://scudmissile.tumblr.com/post/56796659481/i-think-were-in-this-kind-of-strange-period-when ]

[The rest in the series at The Real News website with transcripts:
part 1 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10441
part 2 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10449
part 3 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10456
part 4 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10461
part 5 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10468
part 7 http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=10486

And on Youtube:
part 1 http://www.youtube.com/watch?v=p1JF94vovww
part 2 http://www.youtube.com/watch?v=XR0oGJ2yrmc
part 3 http://www.youtube.com/watch?v=5vWcyetC3CI
part 4 http://www.youtube.com/watch?v=GCjMdOo7KkY
part 5 http://www.youtube.com/watch?v=Ff-G0DPkBv8
part 6 http://www.youtube.com/watch?v=OX6n861Gu6Q
part 7 http://www.youtube.com/watch?v=hNm_GAIXOWw ]
change  revolution  chrishedges  socialism  economics  language  capitalism  corporatism  environment  sustainability  2013  ows  occupywallstreet  politics  bailouts  corporatesocialism  businessschools  corruption  society  reality  transition  disconnect  nationalization  coldwar  neoliberalism  activism  socialunrest  socialactivism  movements  barackobama  trends  pauljay  elites  elitism  liberalelite  justice  gender  multiculturalism  identitypolitics  workingclass  nafta  outsourcing  stagnation  labor  wallstreet  finance  power  us  history  poverty  journalism  radicalism  radicalization  class  nytimes  socialjustice  goldmansachs  moralimperative  ralphnader  alternative  christiananarchism  anarchism  anarchy  richardnixon 
july 2013 by robertogreco
Olafur Grimsson [President of Iceland]: Iceland Bounces Back on Vimeo
"…describes how his country encountered social & democratic upheaval after economic crisis of 2008. Over last 3 years, by combining wide-scale systemic inquiry into governance & judicial systems as well as a long-standing investment in clean energy & technology, Iceland has been able to bounce back w/ a remarkable economic vitality."

"…inherent link btwn implications of what happened in economic area & democratic & social fate of our nation…

What should be paramount in our societies, economics or politics [democracy]?…

What we are now seeing is people power in its purest form…enhanced by social media, but fundamental essence is to challenge governmental…institutions as never before…

…traditional decision-making processes w/in institutions have almost become side show…

…3 more lessons…[1] significance of China… [2] banks have become high tech companies threatening the growth of creative sector economies even if banks are extraordinarily successful… [3] importance of clean energy…"
iceland  policy  2011  politics  energy  greenenergy  finance  banking  crisis  risk  socialmedia  democracy  bailouts  resiliency  economics  creativity  justice  governance  olafurgrimsson  society  transparency  systems  systemicoverhaul  reform  cleanenergy  resilience 
december 2011 by robertogreco
The Tipping Point | Coffee Party
"Years from now, we will think of February 2011 as the tipping point in America’s great awakening. After all the warnings and wake-up calls, this be will remembered as the time when the American people decided to come together, confront the plutocracy that plagues our republic, and do something to change the economic inequality / instability that has grown from it. There is a tide. If you don't yet feel it, here are Ten Wake Up Calls that we predict will help define February 2011 in America.  The more people who get involved, the more meaningful it will be.  So, please share this page with others who may still need a reason to wake up and stand up."

1 Egypt; 2 Bob Herbert's Challenge To America; 3 The Protest & the Prank Call in Wisconsin; 4 Johann Hari's article in The Nation; 5 It's the Inequality, Stupid; 6 The Great American Rip-off; 7 BP makes US sick; 8 House of Representatives run amok; 9 The Stiglitz Deficit-reduction Plan; 10 Tax Week, April 11 to 17, 2011."
2011  tippingpoint  us  politics  policy  plutocracy  change  gamechanging  egypt  bobherbert  matttaibbi  bp  corporations  corporatism  capitalism  corruption  campaignfinance  josephstiglitz  johannhari  inequality  disparity  incomegap  taxes  crisis  banking  finance  government  bailouts  foreclosures  unions  unionbusting  wisconsin  deficits  deficitreduction  teaparty  coffeeparty  kochbrothers  havesandhavenots  money  wealth  influence  power 
february 2011 by robertogreco
Robert Reich (Slouching Toward a Double Dip or a Lousy Recovery at Best)
"irony is that had there been no bank bailout in 2008-09, no large stimulus & no extraordinary efforts by Fed to pump trillions of $ into economy, we’d have had another Great Depression. & because it would have sucked almost everyone down with it, nation would have demanded larger & more fundamental reforms that might have lifted everyone & set US & world on more sustainable path toward growth & shared prosperity: rebuilding of nation’s infrastructure & alternative energies, single-payer health care, cap on size of big banks & resurrection of Glass-Steagall, earnings insurance, an Earned Income Tax Credit that extended into middle class & a truly progressive tax coupled w/ price on carbon to pay for all of this over long term.

No one in their right mind would have wished for another Great Depression, of course. But we seem to have got the worst of all worlds. The bank bailout, the stimulus, and the Fed brought us back from the brink just enough to dampen zeal for anything more."
robertreich  economics  greatdepression  greatrecession  missedopportunities  bailouts  2008  2009  2010  banking  finance  glass-steagall  taxes  sustainability  energy  policy  politics  infrastructure  equality  stimulus 
july 2010 by robertogreco
Washington's Blog - The Real Reason Newspapers Are Losing Money, And Why Bailing Out Failing Newspapers Would Create Moral Hazard in the Media
"newspapers, bought up by corporations in last generation, have pursued profits at expense of news gathering. By basing their businesses on advertising over circulation, newspaper owners have neglected their true economic base & core constituency...firing reporters that cover subjects that affect the community"... "primary culprit is same as it is all over country, in every industry & in government: equity extraction...when executives expect unrealistic profits of 20%+ per annum on businesses something has got to give. It's an unnatural & unsustainable growth rate. For the first ten or so years of a small to medium size company's life? Sure. But when you are 3M, or GE? Unrealistic and ultimately impossible." A comment: "Everything in our economy, from manufacturing to finance, insurance, real estate and health care, seems to have parasites attached. We need a new model of virtue - quality, not profits - and a new measure of prosperity - salaries for many, not profits for a few."
newspapers  journalism  profits  crisis  moralhazard  bailouts  banking  bonuses  corporations  communitees  business  2009 
december 2009 by robertogreco
What's Your Strategy for the Next Decade? - Umair Haque - HarvardBusiness.org
"who's the fairest of them all?...question most economists are asking. Many answer China, a few holdouts: America. I'd tell you a very different story, clashes with both orthodoxies. Economic might isn't shifting. It's evaporating. Welcome to Age of Decline...isn't just American: it's global, a descent into a new kind of economic dark age - unless different choices are made. Prosperity is a function of institutions — the building blocks on which the economy, polity, & society rest. Without the right institutions, resources cannot be seeded, nurtured, grown, &, ultimately, allocated to their most productive uses. W/out the right building blocks, markets fail, companies self-destruct, & entire economies tremble. And that should sound suspiciously familiar...America's great decline started decades ago, and has been accelerating steadily...we thought America had undergone a productivity miracle. But America's simply been working harder — not smarter. & today, we've reached Peak Dilbert"
future  economics  umairhaque  business  china  us  strategy  growth  bailouts  crisis  2009  peakdilbert  productivity  wealth  efficiency  katrinamerica  skyhooks  cranes  elinorostrom  gamechanging  decline  ageofdecline  innovation 
november 2009 by robertogreco
‘We still have the same disease' - The Globe and Mail
"Central bankers have no clue...financial crisis was not a black swan...They ignored the phenomenal buildup in leverage since 1980...After finishing The Black Swan, I realized there was a cancer...huge buildup of risk-taking based on lack of understanding of reality...second problem is hidden risk w/ new financial products...third is interdependence among financial institutions...we still have same amount of debt, but it belongs to governments. Normally debt would get destroyed & turn to air...Are you saying the U.S. shouldn't have done all those bailouts? What was alternative? Blood, sweat & tears. A lot of growth of past few years was fake growth from debt. So swallow losses, be dignified & move on. Suck it up. I gather you're not too impressed with the folks in Washington who are handling this crisis. Ben Bernanke saved nothing! He shouldn't be allowed in Washington...The first thing I would tell Chinese officials is, how can you buy U.S. bonds as long as Larry Summers is there?"
nassimtaleb  culture  finance  banking  collapse  blackswans  crisis  government  bailouts  debt  capitalism  economics 
september 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: http://www.fooledbyrandomness.com/tenprinciples.pdf ]
nassimtaleb  blackswans  2009  capitalism  bailout  corruption  economics  us  business  finance  crisis  simplicity  complexity  politics  banking  recession  regulation  bailouts  resilience 
april 2009 by robertogreco
Comparing the U.S. to Russia and Argentina - Glenn Greenwald - Salon.com
"So our political class cheers on treasury-draining wars, allows financial elites to rob and pillage, witnesses huge transfers of wealth to the richest, and then when the whole thing explodes, the "real fiscal answer" is for ordinary Americans to have their Medicare benefits "slashed" and Social Security benefits reduced."
glenngreenwald  oligarchies  us  argentina  russia  finance  government  policy  corruption  collapse  bailouts  2009  barackobama  crisis  imf  politics  economics  banking 
march 2009 by robertogreco
Welcome to double-standard America: The AIG scandal has made it apparent that we are ruled by a government of men, not laws. | Salon
"Congressional Republicans have long supported laws letting bankruptcy courts annul mortgage contracts for vacation homes. Those statutes help shower-before-work clique at least retain beachside villas, no matter how many of their speculative Ponzi schemes go bad. But for those who shower after work, it's Adams-esque bromides against "absolving borrowers of their personal responsibility," as GOP announced it will oppose legislation permitting bankruptcy judges to revise mortgage contracts for primary residences. Certainly, for all the connotations of fairness inherent in American politics' "country of law" catchphrases, most of us know that the selective application of legal principles is as old as the Republic...lots of us are only now discovering that inequality is so pronounced that time of day we bathe determines enforcement & reliability of even most basic contracts...just realizing that for all parroting of America's 2nd president, we are ruled by a government of men, not laws."
economics  government  equity  justice  class  bailouts  aig  us  politics  laws 
march 2009 by robertogreco
Taking Note: The Real Scandal
"If AIG spent $160 million on bonuses ...out of $30 billion bailout it received...from American taxpayer, what proportion...did not go to bonuses?... 99.5%...AIG is as pure as Ivory soap...bonuses are smaller than small change. What is shocking about the bailouts begun by Bush & continuing under Obama is how huge they are...impossible to imagine numbers involved except when they are set against one another...country that uses mind-boggling masses of resources to produce mind-boggling masses of output...economic crisis is showing us that policy battles of most years are concerned with nickles & dimes. Earmarks worth $8 billion – pennies...cost of healthcare for children – nickels...Social Security shortfall after 2041 – dimes. The really big money in the economy is as hard to grasp as distance to nearest star. We need to think not in miles but in light years of spending...2002-06...73% of additional income went to top 1% of households...system has failed...over last several decades"
crisis  aig  bailouts  money  numbers  economics  via:cburell  wealth  society  rich  poor  us  capitalism  georgewbush  barackobama  billclinton  bonuses  policy  politics  healthcare  socialsecurity  earmarks 
march 2009 by robertogreco

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