BBC News asks independent trader Alessio Rastani "
what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer:
"Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite
on Sep 26, 2011 -
235 comments
The housing bubble was the last chance most middle-class families saw for grasping the brass ring. Working hard didn’t pay off. Investing in the stock market was a sucker’s bet. But the housing bubble allowed middle-class families to dream again and more importantly to keep spending as if they were getting a big fat raise every year. -
How the Bubble Destroyed the Middle Class
posted by Slap*Happy
on Jul 11, 2011 -
205 comments
"
Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this year controlled almost $1.5 trillion of assets (not far short of the $2 trillion in hedge funds), has become a matter for concern among financial regulators. Could ETFs be the next source of financial scandal, or even of systemic risk?" Characterizing the Financial sector "like a hyperactive child" that "can never leave a good thing be",
The Economist appears to be
wishing for the
ETFs to be
better regulated because "it would be a shame if reckless expansion spoiled a good innovation".
posted by vidur
on Jun 26, 2011 -
28 comments
What Good is Wall Street? Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing.
posted by shivohum
on Nov 22, 2010 -
102 comments
[MLYT] Peter Schiff gives a talk to the Western Regional Mortgage Bankers Association, describing
exactly the ongoing economic meltdown. (Part
1,
2,
3,
4,
5,
6,
7,
8).
The catch? The talk was given in
2006. Listening to his bullish counterpart in parts 6-8 is a real scream.
[more inside]
posted by valkyryn
on Apr 16, 2009 -
23 comments
Matt Taibbifilter:
Among other things, the GAO report noted that the entire OTS had only one insurance specialist on staff — and this despite the fact that it was the primary regulator for the world's largest insurer! This week's MeFi stories have generally failed to explain the reasoning that caused the recession, even though
Jon Stewart was basically on the mark. Now,
Rolling Stone's only reporter lays it all out
The Big Takeover, a typical combination of zealous snark and the overlooked, damning facts needed to clear up a ridiculously complicated story.
posted by shii
on Mar 20, 2009 -
111 comments
Retiring hedge fund manager
Andrew Lahde: "
All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America."
posted by finite
on Oct 17, 2008 -
37 comments
I.M.F. Report Says U.S. Deficits Threaten World Economy
With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years--"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.From The Brookings Institute:
Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray (Full Report
PDF)
posted by y2karl
on Jan 8, 2004 -
60 comments
WalmartFilter: "Wal-Mart controls a large and rapidly increasing share of the business done by most every major U.S. consumer-products company: 28% of Dial total sales, 24% of Del Monte Foods, 23% of Clorox, 23% of Revlon... Wal-Mart plans to open 1,000 more supercenters in the U.S. alone over the next five years.. giving it control over 35% of U.S. food sales and 25% of drugstore sales...The $12 billion worth of Chinese goods Wal-Mart bought in 2002 represented 10% of all U.S. imports from China." Setting aside questions of monopoly, isn't this a potentially
dangerous monoculture?
posted by alms
on Oct 15, 2003 -
95 comments
http://www.Breadhours.org A group of over 300 residents and merchants in California’s Bay Area has established a local currency called BREAD (a rough acronym for Bay Area Regional Exchange and Development), based on hours of work valued at $12 an hour. Through the BREAD network, which now has over $20,000 worth of currency in circulation, members can pay for dinner, carpentry, childcare, tutoring, clerical assistance or organic produce. Tired of traditional activism, founder Miyoko Sakashita wanted to create a positive local economy and “stop our resources from supporting global corporations that are not accountable to people and the environment.” Check it out at Breadhours.org
posted by bureaustyle
on Mar 15, 2003 -
28 comments
Bush Cited Non-Existent eport There was only one problem with President George W. Bush's
claim Thursday that the nation's top economists forecast substantial economic growth if Congress passed the president's tax cut: The forecast with that conclusion doesn't exist.
posted by orange swan
on Feb 24, 2003 -
82 comments
China.
Abandons Communism. Gets
AIDS. May be about to
lose its shirt. While everybody on the pink side of Ebenezer Scrooge is pissing and moaning about the state of America, here's one American who thinks the state of the Middle Kingdom is at least equally interesting (as in ancient Chinese curse, "May you live in interesting times.")
posted by jfuller
on Nov 12, 2002 -
11 comments
J.K. Galbraith shocked at scale of corporate failures. "I can only say I hadn't expected to see this problem on anything like the magnitude of the last few months – the separation of ownership from management, the monopolisation of control by irresponsible personal money-makers." Myself and
chrispy came to the same conclusion on the drive home from the resolutely un- (rather than anti-) corporate
Glastonbury Festival today. Profit is valued and rewarded by the vast majority of corporations above all else. As a consquence, people with the same values dominate executive positions, to the exclusion of those with more 'humanitarian' or longer-term outlooks. Where is the balance? Should we make hippie non-exec directors compulsory? Or should I just go back to bed and let the drugs wear off???
posted by barnsoir
on Jul 1, 2002 -
9 comments
The Nash equilibrium
So at the present time I seem to be thinking rationally again in the style that is characteristic of scientists. However this is not entirely a matter of joy as if someone returned from physical disability to good physical health. One aspect of this is that rationality of thought imposes a limit on a person's concept of his relation to the cosmos....from John F. Nash Jr.'s autobiography for the 1994 Nobel Prize for Economics.
posted by riley370
on Dec 12, 2001 -
8 comments
This is truly awesome. Awesome. Awesome. Awesome. Awesome. Awesome.
Just the best use of flash, collaborative model/data building and use of interactive interface to explain a complex issue... i.e. the interconnections of money, influence and power in boardrooms of the global economy.
Conceived designed and built by Josh ON and the FutureFarmers
I think it's going to move to a more permanent and snappier URL once it's fully ready for prime-time... I hope Josh and the gang don't mind me posting it here... but it's just too good not too... It genuinely deserves a lot of praise and attention, IMHO.
posted by blackbeltjones
on Jul 19, 2001 -
24 comments
