Category Archives: financial meltdown

Blame The Geeks

Blame it on the math geniuses with the fancy computers. You know those fancy computer models! I mean, Al Gore and his climate “scientists” use computer models too, and that should tell you how awful they are. That’s my summation … Continue reading

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Fault For The Meltdown

Ever since the mortgage bubble burst in September of 2008, the right has spread the idea that it was all because ACORN twisted the arms of bankers until they gave loans to unqualified minorities. Because bankers are so easy to … Continue reading

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Finally, Some Interest In CDOs

Remember those Collateralized Debt Obligations that nearly destroyed the world just fifteen months ago? The government is just getting around to an investigation thereof: In a letter dated Oct. 22, the SEC sent what amounts to a questionnaire to a … Continue reading

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Sachs Socialism, Mind Bullets

Compelled by a headline about Goldman Sachs CEO Lloyd Blankfein saying that he does “God’s work,” I pored through this article from UK TimesOnline and discovered a scheme to horrify the Ayn Rand set: collective rewards! The idea of teamwork … Continue reading

Posted in Financial Derivatives, Financial Reform, Goldman Sachs, financial crisis, financial meltdown, financial regulation | 1 Comment

CNN: Corporate News Network

The original cable news titan whitewashes the issue of naked short selling: No mention of how millions of phantom shares never get delivered. No mention of the telltale signs of fraudulent short-selling at the heart of the financial meltdown last … Continue reading

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George Soros Remaking Economics

Uh-oh, break out your tinfoil-hat. George Soros is spending $50 million to shake up the American economics profession, gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of “free-market fundamentalism,” among them Nobelists … Continue reading

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Americans Are Fighting Foreclosure

And they’re doing it the old-fashioned way: they’re asking the banks to prove they have a case. All too often, the banks don’t even have the right paperwork. Arthur Delaney over at HuffPo: Several reports over the last few days … Continue reading

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Things We Should Actually Fear

Remember that genius headline in The Onion, “Recession-Plagued Nation Demands New Bubble to Invest In“? Well, life imitates comedy. From the NYT: The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash … Continue reading

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Profiting From Disaster

In the latest example of disaster capitalism, the breakup of the insurance giant formerly known as AIG stands to make Wall Street $1 billion richer. From Reuters: Morgan Stanley could collect as much as $250 million, the newspaper said, citing … Continue reading

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Too Big To Fail

Remember AIG? The American taxpayer has sunk $150 billion into the failed insurance giant and backed another $300 billion of corporate risk because it was “too big to fail.” Because the entire global system was connected to AIG, its collapse … Continue reading

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Business Press

Via Barry Ritzholz at The Big Picture, an exhaustive study of the business press as the meltdown approached proves what everyone already knows: not enough investigative journalism and far too many puff pieces. If only Jon Stewart had had a … Continue reading

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