Thursday, October 30, 2008

Capitalism's Disaster - Naomi Klein Smacks Bailout With Shock Doctrine

"Author and activist Naomi Klein gives her take on the global economic meltdown,"
From the Brian Lehrer Show on WNYC:

Tuesday, October 28, 2008

Evil Wall Street Exports Boomed With `Fools' Born to Buy Debt

An excerpt from Mark Pittman's 10/27/2008 article in discussing securitization and the Wall Street house of cards, casino collapse:

Biggest U.S. Export

The bundling of consumer loans and home mortgages into packages of securities -- a process known as securitization -- was the biggest U.S. export business of the 21st century. More than $27 trillion of these securities have been sold since 2001, according to the Securities Industry Financial Markets Association, an industry trade group. That's almost twice last year's U.S. gross domestic product of $13.8 trillion.

The growth over the past decade was made possible by overseas banks, which saw the profits U.S. financial institutions were making and coveted the made-in-America technology, much as consumers around the world craved other emblems of American ingenuity from Coca-Cola to Hollywood movies. Wall Street obliged, with disastrous results: two-thirds of a trillion dollars in bank losses, about 40 percent of them outside the U.S.

``Securitization was based on the premise that a fool was born every minute,'' Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. ``Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere.''

Friday, October 17, 2008

Dita Von Teese as the face of Wonderbra and Savior of Wall Street

Burlesque TV Spot Featuring Dita Von Tease as the Wonderbra Queen - Sexy lady ideed! Is this the boost the economy needs? Will something similar to wonderbra provide the uplifting momentum needed to loosen credit markets?

Tuesday, October 14, 2008

1929 MovieTone News On The Stock Market Crash

From Barry Ritholz of The Big Picture blog:
"Take a tip from Margaret Shotwell who dispenses advice after losing 1 million dollars in the Wall Street stock market crash on Black Friday, October 28, 1929. Her only possessions are her piano and chinchilla fur."

Monday, October 06, 2008

KEATING ECONOMICS: John McCain & The Making of a Financial Crisis

Neel Kashkari on Home Mortgage Finance

Assistant Secretary of Treasury Neel Kashkari named "to oversee the U.S. government's $700 billion financial stabilization program, the Wall Street Journal reported, citing people familiar with the matter." -

Kashkari is a former assistant to Secretary of Treasury Henry Paulson when Paulson was the chairman of Goldman Sachs.

Sunday, October 05, 2008

McCains Economic Plan: 'Everyone Marry A Beer Heiress'

It helps if that heiress' wealth comes from a family that continues to profit from its connection to the mob and the assassination of Arizona journalist Don Bolles.

Saturday, October 04, 2008

The End Of Free-Market Fundamentalism?

The Usual Suspects In The Illusory Free Market's Illusionary Capitalism.

Greenspan, Milton Friedman, Ronald Reagan, George W. Bush, Paulson, Bernanke, Federal Reserve, SEC, FDIC.

Bailout Economics removes the veil of Federal Government and Wall Street collusion.