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Dave Riley responds to our ‘Dr. Doom’ Roubini. ‘Karl Marx was right‘ post (promoted from the comments). We are not so fortunate that the wagon will fall over all by itself as the key question is what is it that it can be so destructive? But herein lies the bare bones of a solution — [...] And this chart was before foreclosuregate Zillow – a real estate cheerleader if there ever was one – is now predicting an “unprecedented decline” worse than the Great Depression Meanwhile, the Obama Administration continues to send billions to Wall Street while doing little to help Main Street or homeowners and seems asleep at the [...] No, that can’t be, some say. The recession is clearly all the fault of the other political party. They are the evildoers. We are the good guys. Actually, no. When it comes to our economic crisis, which was triggered by the cratering of the subprime market, both parties share much blame. The policies and [...] This is from Karl Denninger. He co-founded the Tea Party specifically in opposition to the theft of taxpayer money to bail out failed companies and recently blasted its current incarnation as being about “the usual pablum. Guns, gays, God” and not about the economic crisis. The Tea Party was initiated as a political protest [...] In this amusing animation, New Media Animation in Taiwan demonstrates how the investment banks plundered America with willing help from politicians. With English subtitles. Maureen Dowd ponders the sinking Obama presidency, wondering what happened, not really understanding that Obama became president with huge help from investment banks. My view, Obama just isn’t that concerned with the rest of us. After two years of taking his base for granted, the former Pied Piper of America’s youth had to spar [...] I call it Progressive’s Pixie Dust Syndrome, the belief that if progressives can just convince Obama to do the right thing, then he will! Pixie dust will then be spread across the land and all will be well, as errant Dems come to their senses and we all sing “Cumbaya” together. Sadly, Michael Moore [...] Meredith Whitney says the appalling fiscal condition of many states is a systemic risk to the country, with California being the worst. The similarity between the states and the banks is clear; off balance sheet coverage, over-leveraging, borrowing against future dollars to pay bills now, etc. Texas is by far the healthiest with low [...] Robert Reich on his new book. The problems are structural, he say, with the biggest problem being the growing disparity of wealth. The upper 1% in the US got 27% of income in 2007. This leaves much less for the middle class. We will either have reform or reactionary politics which turns us against [...] Translation: The Fed will continue coddle Wall Street at the expense of the rest of us. They plan to buy assets in hopes that will make dividend stocks more attractive, a singularly useless approach to helping the economy in the real world. Apparently they’ve forgotten or are unconcerned about unemployment. Of course, big business likes [...] |  | ||||
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