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POPSWhat Obama will likely do for you What Obama will do is to try to stop Paulson spending all of the $700 Bn gov Bailout money on his Wall St buddies banks, if there is any left by the time he takes over. Wall St benefits from the '$800Bn infusion" mentioned thats plenty!
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POPSSuper Rich: The Greed Game An excellent explanation of both how the global financial markets collapsed, and how those at the top made a killing in the process, and why the rest of us are left to pay the bill . But we're supposed to look at them as virtuous capitalists, working hard and getting rewarded for it. What a crock. Parts 2 thru 7 are available on YouTube, The entire video is available via Google Vid, but the available version's audio track gets out of synch around halfway through. See also: - In Debt We Trust - Money as Debt
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POPSAtlas Shrugged (Apdated for the current financial crisis) Their eyes locked with an intensity she was only beginning to understand. Yes, Hank ... claim me ... If we're to win the battle against the leeches, we must get it on ... right now ... Don't let them torture us for our happiness ... or our billions. He tore his eyes away. "I can't. Sex is base and vile!" "No, it's an expression of our highest values and our admiration for each other's minds." "Your mind gives me the biggest boner, Dagny Taggart." He fell upon her like a savage, wielding his mouth like a machete, and in the pleasure she took from him her body became an extension of her quarterly earnings report—proof of her worthiness as a lover. His hard-on was sanction enough. "Scream your secret passions, Hank Rearden!" "Derivatives!" "Yes!" "Credit-default swaps!" "Oh, yes! Yes!" "Collateralized debt obligation." "YES! YES! YES!"
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POPSThe Dirty Secret of the Financial Crisis: Our Banking System's Broken
The Levy institute suggests that some banks are "too big to save." … "Time to Bail Out: Alternatives to the Bush-Paulson Plan," by Dimitri Papadimitriou and Randall Wray. Their perspective is Keynesian, not market worship. They argue … that the bailout is proceeding backward. Instead of saving Wall Street first, government should devote its heavy firepower to reviving jobs, incomes and business enterprises. The banks will not get well or begin normal lending until there is overall economic recovery. The financial system, meanwhile, can be managed much as it was during the Depression, with regulators weeding out doomed banks and closing them, putting troubled banks under conservatorship and supervising healthy ones closely to prevent excesses. "If we are going to leave insolvent institutions open, it is critically important to replace or at least control management," the Levy paper explains. "Business as usual would be a disaster."
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POPSIVA bankruptcy - Best Option to Escape Bankruptcy A bankruptcy situation is probably the last thing you want. But the situation has come up that you are on the edge of bankruptcy to get and do not know what to do. In this situation, there is a way you can get out of the situation and that is to select for an IVA. The type of service you receive from the experts will not only help you to overcome the situation, but will contribute to better understanding of how these crisis situations can be handled. IVA is popular for a very fast pace many people will choose this option to prevent them from being bankrupt.
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POPSRubin-Enron-Citi-One more reborn savior??Not! (Recall this from 2002) "But the Democrats have been unsure about whether to pursue the investigation into the political realm. Part of this timidity is a desire to avoid the appearance of partisan excess that, in the Clinton scandals, drew a backlash against the Republicans. But they are undoubtedly afraid that some of their own luminaries, Rubin chief among them, might end up on the wrong side of a subpoena. It would be a shame if these fears, and the media's reluctance to pursue these issues independently, kept the public from learning the truth about the political corruption involved in Enron's rise and decline."
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POPSMikhail Khazin: U.S. Will Soon Face Second "Great Depression" After becoming seriously consumed in our studies of the U.S. financial system, we found an unprecedented parallel. Just as our T-bill market had sucked all the juices out of the Russian economy, the U.S. financial market was sucking the resources out of the entire planet. We realized a similar fate awaited the U.S. financial system. " We concluded that it was just as impossible to avoid an economic crisis in the U.S. as the financial collapse in Russia.
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POPS"Nation Finally Awful Enough to Make Social Progress" ""Today Americans have grudgingly taken a giant leap forward," Williams continued. "And all it took was severe economic downturn, a bloody and unjust war, terrorist attacks on lower Manhattan, nearly 2,000 deaths in New Orleans, and more than three centuries of frequently violent racial turmoil." Said Williams, "The American people should be commended for their long-overdue courage."
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POPSWater as a global commodity And you think global warming is just a popular term? The water is going to become scarcer, and more people will want it. Water wars!
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POPSThe "miracle" of securitization This quiet little piece is probably the sharpest analysis of what actually went wrong with our financial system that I've read. Here's a money quote: ``Securitization was based on the premise that a fool was born every minute,'' Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. ``Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere.''
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POPSIf Entire Countries Go Broke, We'll Go With Them
The root of today's credit crisis is not that the world lacks money; the world is awash in cash, with $6 trillion sitting idly in global money markets alone. But if countries start to fail, the remainder of the world's investment capital could be spooked out of productive investments as well. Nor do we have the tools to avert disaster. The International Monetary Fund's resources are a pittance compared to the financial exposure of the countries in most danger. And as a result of the industrialized world's government bailouts and bank guarantees, there won't be any more capital for emerging markets that are still flailing. Take, for example, a country as large and powerful as Germany: Deutsche Bank's assets represent 80 percent of the nation's GDP. In Switzerland, the assets of the bank UBS represent 450 percent of the country's GDP. The financial exposure of the British banks is similarly alarming: Barclays PLC's assets amount to more than 100 percent of the United Kingdom's GDP,
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POPSThe Long Road Ahead -- Are You Ready for the Worst the Economy Has to Offer? The killer tidal wave washes away all the things they have labored to build for decades, all their poignant little effects and chattels, and the survivors are left keening amidst the wreckage as the sea once again returns to normal in its eternal cradle. So, that's what I think we will get: an interval of deflationary depression followed by a destructive wave of inflation that will wipe out both constructed debt and constructed savings, scraping the financial landscape clean. There's no question that stage one is underway. But we can be sure the giant wave of money recklessly loaned into existence in just a few weeks time will wash back through the global economy leaving a swath of destruction. And then what? The societies of the world will be faced with the task of rebuilding systems of fruitful activity, i.e., real economies based on productive behavior rather than the smoke-and-mirrors of Frankenstein-finance con games.
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