Wall Street’s Bailout Hustle : Rolling Stone
God bless MATT TAIBBI. He got it right again!
This is the most important issue in America right now and the only magazine to deal with it right is Rolling Stone?
Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash.
I have to admit, I do have a soft spot for Jann Wenner.
Incidentally, America’s ruling class should be hopping mad they’re getting fleeced by this corrupt executive compensation system. The bankers run their businesses into the ground because their bonuses are based on year-on-year performance.
That is to say, the easiest way for me to double profits from one year to the next is to crash the company first. Then I can do a mediocre job and look like a rockstar.
Seven things about the economy that everyone should be more worried about than they are
Seven things about the economy that everyone should be more worried about than they are
Jumbo Mortgage ‘Serious Delinquencies’ Rise to 9.6% (Update1) – Bloomberg.com
U.S. prime jumbo mortgages at least 60 days late backing securities reached 9.6 percent in January from 9.2 percent in December, the 32nd straight increase for “serious delinquencies,” according to Fitch Ratings.
via Jumbo Mortgage ‘Serious Delinquencies’ Rise to 9.6% (Update1) – Bloomberg.com.
The budget, partisans and Bin Laden » Times Record News
The teabagging cheat-sheet:
Dear Buster: It is difficult to defend the Republicans during the Bush administration, as they virtually did nothing to rein in Congress’s addiction to spending over his two terms. Unfortunately, President Bush did in fact leave President Obama a deficit of about $450 billion, but not the $1.3 trillion figure Obama bandies about. Not to make excuses, but Bush’s deficit included two wars and the economic fallout from the 9-11 attacks.
via The budget, partisans and Bin Laden » Times Record News.
Global market turmoil hints that U.S. recovery may founder | McClatchy
Awww, man.
Conflicting U.S. jobs data and mounting concerns about debt defaults abroad that threaten global economic growth triggered a worldwide wave of stock-market volatility Friday amid fears that the improving U.S. economy could unravel.
A mixed jobs report from the Labor Department, including a revision that showed that 2009 job losses were far greater than thought, called into question the strength of the U.S. recovery.
via Global market turmoil hints that U.S. recovery may founder | McClatchy.
Funds flee Greece as Germany warns of “fatal” eurozone crisis – Telegraph
The yield on 10-year Greek bonds blasted upwards by over 40 basis points to 7.15pc in a day of wild trading. Spreads over German Bunds reached almost four percentage points, by far the highest since Greece joined the euro, and close to levels that risk a self-feeding spiral. Contagion hit Portuguese, Spanish, Irish, and Italian bonds.
via Funds flee Greece as Germany warns of “fatal” eurozone crisis – Telegraph.
What Happens When Banks Foreclose on Commercial Properties?
In Downtown Los Angeles, at least eight residential projects and one hotel have fallen into bankruptcy. Some of those projects, along with others in the area, have also faced foreclosure — an equally complex process with just as many possible endings.
via Los Angeles Downtown News and Information – LA Downtown News Online > News > The Big Takeover.
The Growing Underclass: Jobs Gone Forever – Economix Blog – NYTimes.com
As a recent Congressional Budget Office report put it, “Recessions often accelerate the demise or shrinkage of less efficient and less profitable firms, especially those in declining industries and sectors.”
via The Growing Underclass: Jobs Gone Forever – Economix Blog – NYTimes.com.