September 2008
“Reckless people have deluded themselves that this was a subprime crisis. But we...”
– Nouriel Roubini (via azspot)
And the hedge funds will be next in line to plunge over the cliff.
Congress Reaches a Bailout Deal: 90% of the Suck... →
This is a plan that assumes that the government can buy enough bad debt at above market prices to bail out the banking system. Since as long as the government is willing to spend above market prices (and by market I mean “what other banks would pay for this crap”) banks won’t sell it to each other, the government has taken on an open ended obligation. If the pile isn’t that...
A shattering moment in America's fall from power →
There has been a good deal of talk in recent weeks about imminent economic armageddon. In fact, this is far from being the end of capitalism. The frantic scrambling that is going on in Washington marks the passing of only one type of capitalism - the peculiar and highly unstable variety that has existed in America over the last 20 years. This experiment in financial laissez-faire has imploded.
Five Best Sites to Stream TV →
For those who don’t pay for cable.
Is This a 'Victory'? →
A straightforward overview of current military/political conditions in Iraq, since no one seems to be paying attention.
Wal*Mart shutting down DRM server, nuking your... →
Hey suckers! Did you buy DRM music from Wal*Mart instead of downloading MP3s for free from the P2P networks? Well, they’re repaying your honesty by taking away your music. Unless you go through a bunch of hoops (that you may never find out about, if you’ve changed email addresses or if you’re not a very technical person), your music will no longer be playable after October 9th.
WatchPAIN ON MAIN STREET
My Senator Lindsay Graham replied to my statement that the trillion dollar bailout is a huge swindle and robbery. He explained in his letter that lenders and Wall Street investors were lured into an unwise relationship with greedy, irresponsible and even dishonest home buyers who have destroyed our economy by refusing to repay their legitimate debts. I was so relieved to...
Open the Presidential Debates... or we will! →
I kept hoping during the recent candidate debate between McCain and Obama that the third party candidates could have been included. I can easily imagine Nader’s or Paul’s answers: clear, fact-based, utterly on point - and distinctly divergent. The contrast with the major party candidates’ sound bites, slurs and bumper stickers would have been stark. The event might even have...
Watchericstacey:
Tina Fey as Sarah Palin AGAIN on SNL
Thanks to The Journey is the Reward
Mad Dog Palin - Matt Taibbi →
Here’s the thing about Americans. You can send their kids off by the thousands to get their balls blown off in foreign lands for no reason at all, saddle them with billions in debt year after congressional year while they spend their winters cheerfully watching game shows and football, pull the rug out from under their mortgages, and leave them living off their credit cards and their...
Keating Five Ring a Bell? →
Once upon a time, a politician took campaign contributions and favors from a friendly constituent who happened to run a savings and loan association. The contributions were generous: They came to about $200,000 in today’s dollars, and on top of that there were several free vacations for the politician and his family, along with private jet trips and other perks. The politician voted...
Banjos and Guns →
An interview with Clifton by Stephanie Bolling for Reax Magazine
About Down Home Radio Show - Some New Folks →
Eli Smith hosts a show he describes as a hardcore, unreconstructed, paleo-acoustic folk music program that introduces three of Clifton’s songs. There’s an audio link on the site if you’d like to hear the program.
WatchClusterfuck to the Poor House - Dive of Death
The War Economy →
IRAQ RECESSION?: A significant reason for the current $9.6 trillion federal debt has been the Iraq war, which the U.S. largely financed through borrowing. This week, President Bush said that the crisis began after “a massive amount of money flowed into the United States from investors abroad because our country is an attractive and secure place to do business,” which led to easy credit...
“Bush is no diplomat,” said a Democratic staffer, “but he’s Cardinal freaking...”
– Huffington Post (via apileofblog)
“If money isn’t loosened up, this sucker could go down.”
– Pres. George W. Bush at Thursday afternoon’s Whitehouse meeting with both candidates & congress on the bailout. Reported in the NYT.
“It might seem odd to link the current financial crisis with the long-term...”
– Doug Henwood (via azspot)
“It’s not based on any particular data point. We just wanted to choose a...”
– A Treasury spokeswoman speaking to Forbes.com Tuesday re the $700 billion bailout figure.
Chinese banks told to stop loaning money to... →
For the “We’re so screwed.” category.
The Subprime Mortage Primer →
Page through this Primer to learn all about it.
Has runaway climate change begun? →
This may be the real big story for this month. It’s why I’m always obsessing about the Artic:
The first evidence that millions of tons of a greenhouse gas 20 times more potent than carbon dioxide is being released into the atmosphere from beneath the Arctic seabed has been discovered by scientists.
The Independent has been passed details of preliminary findings suggesting that...
Print Your Own Money →
A brief history of money and banking.
Today, in essence, the central bank lends money to a federal bank, which loans it to a regional bank, and so on, each bank paying interest to the bank above, and charging more to the one below. By the time the person or business who needs the money gets it, they’re paying an awful lot of interest - so much, that it amounts to a drag on their ability to...
Buy My Shitpile, Henry! →
With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their “distressed assets”, i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we’d give regular Americans the same opportunity to sell their bad assets to the government.