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robertogreco : creditcrunch   11

Will California become America's first failed state? | World news | The Observer
"Los Angeles, 2009: California may be the eighth largest economy in the world, but its state government is issuing IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong?"
california  creditcrunch  society  government  recession  healthcare  environment  economics  politics  future  crisis  finance  failedstate  financialcrisis  budget  2009  us  state  economy 
october 2009 by robertogreco
Eurozine - Debt: The first five thousand years - David Graeber
"Throughout its 5000 year history, debt has always involved institutions – whether Mesopotamian sacred kingship, Mosaic jubilees, Sharia or Canon Law – that place controls on debt's potentially catastrophic social consequences. It is only in the current era, writes anthropologist David Graeber, that we have begun to see the creation of the first effective planetary administrative system largely in order to protect the interests of creditors."
debt  economics  credit  history  society  culture  politics  creditcrunch  anarchy  money  finance  crisis  capitalism  via:javierarbona  middleages  ancienthistory  anarchism 
september 2009 by robertogreco
My Personal Credit Crisis - NYTimes.com
"If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us. But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds."

[See some follow-up here: http://delong.typepad.com/sdj/2009/05/new-york-times-crashed-and-burned-and-smoking-watch-ombudsman-clark-hoyt-edition.html ]
crisis  housingbubble  credit  creditcrunch  creditcards  2009  journalism  economics  foreclosures  mortgages 
may 2009 by robertogreco
Wall Street on the Tundra | vanityfair.com
"Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power? In Reykjavík, where men are men, and the women seem to have completely given up on them, the author follows the peculiarly Icelandic logic behind the meltdown. "
michaellewis  iceland  crisis  2009  employment  creditcrunch  banking  economics  recession  collapse  culture 
march 2009 by robertogreco
BBC NEWS | Magazine | Size matters - smaller is better: Want to go large on housing, schools, prisons, hospitals or simply pricetags? Bad idea - keeping a lid on size is the way to go, says Katharine Whitehorn.
"they told Belisarius that an army of 100,000 troops was mustering against him, he calmly said: "Very few generals can manage an army of 100,000." And when they said: "It's now 150,000", he'd say: "Even fewer generals can manage an army of 150,000." Exactly...The question of size is not just about organisational efficiency. It also affects what motivates people to do what they do...I've heard it said that 11 is the maximum useful unit, for example, for those asked to do anything really dangerous and difficult. The same number for frontline soldiers and people 100 feet down a mine. A man will put himself at serious risk to save one of his mates, but not for the 29th miner down the line. ""No matter how many communes anybody invents, the family always creeps back," said anthropologist Margaret Mead. Communes aren't in fashion right now, it's conglomerates and global empires. But in the end we can all relate only to a certain number of people; a unity more or less like a family."
size  numbers  community  family  connectivity  complexity  groups  organizations  tcsnmy  leadership  margaretmead  society  management  administration  coordination  military  business  control  brain  history  families  creditcrunch  2009  corporations  growth  architecture  advice  via:preoccupations 
march 2009 by robertogreco
The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle - Executive Suite Blog - NYTimes.com
"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
The Crisis & What to Do About It - The New York Review of Books
"The salient feature of the current financial crisis is that it was not caused by some external shock like OPEC raising the price of oil or a particular country or financial institution defaulting. The crisis was generated by the financial system itself...Excessive reliance on those mathematical models did untold harm....The new paradigm has far-reaching implications for the regulation of financial markets. Since they are prone to create asset bubbles, regulators such as the Fed, the Treasury, and the SEC must accept responsibility for preventing bubbles from growing too big. Until now financial authorities have explicitly rejected that responsibility."
georgesoros  finance  markets  2008  greatdepression  recession  corruption  creditcrunch  risk  investment  bubble  regulation  economics  capitalism  crisis  money 
november 2008 by robertogreco
The End of Wall Street's Boom - National Business News - Portfolio.com
"In the 2 decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting internet bubble, the crisis following collapse of Long-Term Capital Management: Over & over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces? At some point, I gave up waiting for the end. There was no scandal or reversal, I assumed, that could sink the system." ... "moment Salomon Brothers demonstrated potential gains to be had by investment bank as public corporation, psychological foundations of Wall Street shifted from trust to blind faith."
michaellewis  creditcrunch  crisis  finance  markets  subprime  economics  history  business  money  2008  banking  corruption  wallstreet  liarspoker  politics 
november 2008 by robertogreco
Greenspan - I was wrong about the economy. Sort of | Business | The Guardian
"The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a "mistake" in the free market ideology which guided his 18-year stewardship of US monetary policy. A long-time cheerleader for deregulation, Greenspan admitted to a congressional committee yesterday that he had been "partially wrong" in his hands-off approach towards the banking industry and that the credit crunch had left him in a state of shocked disbelief. "I have found a flaw," said Greenspan, referring to his economic philosophy. "I don't know how significant or permanent it is. But I have been very distressed by that fact." It was the first time the man hailed for masterminding the world's longest postwar boom has accepted any culpability for the crisis that has engulfed the global banking system."
alangreenspan  finance  crisis  banking  2008  business  money  economics  politics  capitalism  creditcrunch  neoliberalism  deregulation  via:cityofsound 
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
John Gray: A shattering moment in America's fall from power | Comment is free | The Observer
"Outside the US, most people have long accepted that the development of new economies that goes with globalisation will undermine America's central position in the world. They imagined that this would be a change in America's comparative standing, taking place incrementally over several decades or generations. Today, that looks an increasingly unrealistic assumption.
creditcrunch  crisis  us  economics  geopolitics  recession  banking  culture  politics  history  business  capitalism  power  money  empire  globalization  leadership  2008  global  finance 
october 2008 by robertogreco

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