Category Archives: credit crunch

Morning Awful: Who Owns My Mortgage?

In order to create the 2008 financial crisis and credit meltdown, a gigantic machine for making money out of money out of money first had to be invented and constructed, invisible to theĀ  naked eyes of media and government. That … Continue reading

Posted in credit crunch, financial crisis, Financial Derivatives, financial meltdown, Morning Awful | Leave a comment

Could Major Financial Reform Pass on a Voice Vote?

This got me thinking: Lobbyists and committee staffers expected that the amendment — which would mandate that banks essentially could not lend out or invest more than 12 dollars for every dollar they keep in reserve — would only get … Continue reading

Posted in Banks, credit crunch, Financial Reform, financial regulation, Gold Standard | Leave a comment

CIT Didn’t Lend TARP Money

The taxpayer is out $2.3 billion with the failure of CIT. Huffington Post notes that CIT didn’t even lend the TARP money: In the fiscal year ending on Sept. 30, CIT made just 142 loans backed by the Small Business … Continue reading

Posted in credit crunch, financial crisis | Leave a comment

CIT Dead At 101

The company known as CIT succumbed to a long battle with frozen credit markets this weekend. Founded in 1908, the company’s demise as a publicly-traded entity may herald the end of the “too big to fail” era — and is … Continue reading

Posted in credit crunch, Obituaries | Leave a comment

Financial Meltdown Video

H/t to SWASH ZONE and Political Panorama for this video. While it does an excellent job of explaining the meltdown of the financial industry, it ONLY examines the financial industry. There needs to be another video showing how wages did … Continue reading

Posted in credit crunch, financial crisis, financial meltdown | Leave a comment

Will Banking Bring Bipartisanship?

After three weeks of GOP-fed media narrative proclaiming Obama’s economic stimulus an epic fail, the coverage suddenly turned positive this weekend. The press woke up to the enormous victory Obama has scored despite intense obstructionism from the right. Rhetoric about … Continue reading

Posted in Andrew Sullivan, credit crunch, Michael Steele, Timothy Geithner | 2 Comments

Blaming Americans

Humans are not naturally inclined to borrowing. If we were, then most Americans would have fifty credit cards, five homes, and seventeen cars by now. In the heady days before the credit crunch, parking lots would host fleets of vehicles … Continue reading

Posted in credit crunch, financial meltdown, wage growth | Leave a comment