As readers probably know, the health care reform bill passed the House tonight, by a thin margin and with the Democrats offering a large concession by limiting reimbursements on abortions. Thomas Frank has a good piece in the New York Times tonight, in which he argues that health care reform might lead more doctors to […]
Read more...It should come as no surprise that those at the top of the food chain get preferential treatment on all levels. But this still stinks to high heaven. Employees of the Goldman, the Fed, Citigroup, and other banks are getting H1N1 vaccine allotments out of proportion to what can be justified from a public health […]
Read more...The efforts to try to burnish the image of bankers have gone from being unconvincing to ridiculous. I am certain we will see Jon Stewart comment on the latest twist, of trying to claim that God wants banks (and therefore bankers) to make a lot of money. Since Calvinism is the de facto religion of […]
Read more...One week ago, I put up a post on the plight of a family that was at the end of its rope financially due to a lack of savings prior to the firing of the main income provider at the start of 2009. They had started using credit cards to pay for necessities, had paid […]
Read more...We’ve been waiting for vigilante justice to start against those who profited from the financial crisis, but it should have occurred to us that it would be the foot soldiers, not the kingpins, who’d be the prime targets. From Reuters (hat tip reader John D): As Los Angeles housing advocates launched a campaign warning of […]
Read more...By Marshall Auerback, an investment strategist and analyst who writes for New Deal 2.0. How appropriate that with Halloween just around the corner, the Fed and Treasury have announced a coordinated effort that will put the central bank at the forefront of pay regulation on the zombie firms now kept alive courtesy of US government […]
Read more...By George Washington of Washington’s Blog. What is the current American economy: capitalism, socialism or fascism? Socialism Initially, it is important to note that it is not just people on the streets who are calling the Bush and Obama administration’s approach to the economic crisis “socialism”. Economists and financial experts say the same thing. For […]
Read more...Some readers like to demonize those who get in over there heads with debt as people who lived high on the hog and had their day of reckoning come upon them. This story, forwarded from a reader, shows the picture is more complicated. When I was young, savings of six months of living expenses was […]
Read more...By George Washington of Washington’s Blog. Financial insider and commentator Yves Smith wrote an essay last week entitled “MSM Reporting as Propaganda” arguing that the government has been using propaganda to make people think that things are getting better, no one is angry, and – therefore – no one should get upset: The message, quite […]
Read more...By Jonathan Mintz, the Commissioner of the New York City Department of Consumer Affairs, and Richard H. Neiman, the Superintendent of Banks for the State of New York: For over a year, most of us have agreed that reform of our financial regulatory system is essential to our future financial stability and economic growth. Yet […]
Read more...By George Washington of Washington’s Blog. In 2000, America was described as the sole remaining superpower – or even the world’s “hyperpower”. Now we’re in real trouble (at the very least, you have to admit that we’re losing power and wealth in comparison with China). How did it happen so fast? As everyone knows, the […]
Read more...I’m of two minds about taking up this theme, since stating what ought to be obvious but is nevertheless unpleasant and inconvenient is apt to get one branded as lunatic fringe. Access journalism has created what is in many respects a controlled press. And that matters because people are far more suggestible than most of […]
Read more...A fascinating and somewhat disturbing article at the New York Review of Books by Jerome Groopman looks at what counts for progress in medical diagnosis and finds it to be more of a mixed bag than most readers would assume. This won’t come as much of a surprise to those who know a bit about […]
Read more...Ed Harrison has an excellent post over on his Credit Writedowns blog, following up and elaborating on his “Greed is Not Good” post here yesterday. To whet your appetite, here it the beginning of “More on greed, regulation, Lehman and the financial industry“: In one of my latest posts I said “greed is not good.” […]
Read more...Quelle horreur, some smart people are starting to question whether banking serves a redeeming social function. Of course, in the abstract, it does. Banking (or more accurately, extending credit) is essential for commerce. But any essential support function, if it overpriced in relationship to its true value, becomes a drag on the productive economy. And […]
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