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Left Business observer and writer Doug Henwood discusses the economic crisis at the Brecht Forum October 10, 2008. Co-sponsored by the Nation Henwood is an economist, has a radio show on WBAI, and runs LBO-Talk, one of the main listservs on the hard left. This is definitely worth listening to. [...] (Astromario image: Pink Floyd Wish You Were Here album cover.) My friend Sharif Abdullah argues that the financial markets– the “red market”– is overrated. It’s neither the largest nor is it the most important of the five markets he identifies. THE BLACK MARKET: Illegal, immoral and destructive. Drug sales; armed robbery; trading in stolen [...] Neatorama has a t-shirt for you As for that $700 billion, it’s sitting in the bank’s coffers. What, you thought the banks would do something even vaguely socially responsible by lending and trying to get the economy moving again? Silly you. They have more important things to do with that money, like insure they [...] This one is all over financial blogs today! Jim Rogers is a legendary investor and partner of George Soros. He is known for being blunt, and, I’ve found from watching what he says, usually quite correct. He is now saying most major US banks are bankrupt. But it worse than that, he says. The government is rewarding the venal and incompetent and punishing [...] Pond scum Goldman recommends credit default swaps against NJ, CA, WI, FL, OH, MI, others By recommending that clients buy CDS against states, Goldman is deliberately aiding and abetting the financial problems of these states in order to make a quick profit. Any concern as to the damage this will cause to those states [...] Fresh on the heels of the bankruptcy filing by the Tribune after Sam Zell bought it, took it private with mountains of debt, then carefully tried to destroy any quality journalism that still survived, comes news of another once-healthy company driven to its knees by greed and incompetence. General Growth Properties (GGP) owns large [...] The jobs report today was hideous, showing the steepest drop in employment in 34 years. Stunned workers are apparently taking solace in alcohol. Jack Daniels sales are soaring. Click to view full-sized. Sue and I have been considering starting the Bank of BobSue, immediately borrowing huge amounts of money and squandering it on highly leveraged flaky “investments”, then whining to Hank “I Never Met a Bank I Wouldn’t Toss Billions At” Paulson for a loan of $10bn or so to tide things [...] If the TARP were a private company, it would have a Sarbanes-Oxley problem. The Government Accountablity Office has just published its take on the TARP. Among the many conclusions reached is that the TARP lacks adequate internal controls, one of the key requirements of Sarbanes-Oxley. What’s worse, the Treasury hasn’t figured out how to [...] |  | ||||
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