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The Closest Thing We Have To A 99 Percent Movement Comedy

Alyssa Rosenberg of Think Progress on why CBS's new show 2 Broke Girls is the closest thing we have to a 99% Movement Comedy.
posted by reenum on Oct 25, 2011 - 69 comments

 

The NoDeficits club

How the Austerity Class Rules Washington. Tracing the origin of a political meme. (Via Paul Krugman.)
posted by Kevin Street on Oct 21, 2011 - 28 comments

(That's 9% Income Tax, 9% Sales Tax, 9% Corporate VAT)

Effect of Herman Cain's proposed "9-9-9" tax reform plan on average household tax liability. Cain is leading the field of GOP Presidential candidates in polls of Iowa, South Carolina and Florida. Previously 1 2
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Oct 20, 2011 - 283 comments

We appreciate your candor

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

Not so smart as everyone and their cat?

"It is this failure of political will both in the EU and US which is starting to make the contemporary economic scene resemble that of the 1930s. " The Eurozone and the US are heading into a bad economic decade, argues John Lanchester (wiki). [more inside]
posted by doctornemo on Sep 22, 2011 - 49 comments

Going Native in the World of Finance

The Guardian has launched what they term "Bankers: An Anthropological Study." One of their first discoveries? People really hate bankers. Daniel Davies - Left of Center Finance Guy, Twitterer, and Crooked Timber Blogger attempts a defense. "But who's the real criminal? Its me, isn't it?"
posted by JPD on Sep 22, 2011 - 35 comments

Chext

Chext is a site that enables the user to enter transactions and track their bank balance via SMS. People sharing a bank account can also get updates when money is spent from the account by the other person. [more inside]
posted by reenum on Sep 19, 2011 - 30 comments

Too big to fail...too big to sue?

TARP is winding down...bring on the lawsuits. Within the next week, the US government is set to sue a dozen banks for billions in losses caused by those banks' misrepresenting the risks of mortgage-backed securities. This is in addition to numerous State Attorneys General suing the banks for failing to reach an agreement in foreclosure abuses. Insurance giant AIG will also be suing BofA to recoup losses over the mortgage bonds. BofA had also agreed to a settlement of $8.5 billion to cover losses from soured mortgage debt issued through Countrywide. Deutsche Bank is suing WaMu. Goldman Sachs already settled with the SEC for $500 million for their fraud and have been sued by othersseeking to recover losses. [more inside]
posted by darkstar on Sep 1, 2011 - 56 comments

Obama nominates Alan Krueger as chairman of the White House Council of Economic Advisers

White House economic policy largely originates with The Council of Economic Advisers, CEA, who directly advise the President of the United States. CEA research and publish the annual Economic Report of the President[ .pdf ], which details the state of the nation's economic health. Today President Barack Obama is expected to nominate Princeton Economist Alan Krueger as chairman of the White House Council of Economic Advisers. Krueger, who previously held the post of Assistant Treasury Secretary for Economic Policy, has written on a wide range of topics, from the economics of rock music [ .pdf ], the causes of terrorism [ .pdf ] and American's changing work / life balance. But Krueger is best known as a labor economist who has extensively researched long term unemployment. [more inside]
posted by Mutant on Aug 29, 2011 - 69 comments

Realtorsincars.Tumblr.com

Realtors in Cars is one of the strangest sites I've seen in some time. I have no idea how these agencies got their realtors wedged into their cars, or why.
posted by mek on Aug 24, 2011 - 36 comments

The SEC's Memory Hole

Is the SEC Covering Up Wall Street Crimes? "A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals."
posted by homunculus on Aug 18, 2011 - 45 comments

Marx was right. Capitalism may be destroying itself.

Roubini warns of global recession risk. In a video interview with the Wall Street Journal, Economist Nouriel Roubini of Roubini Global Economics warns that the risk of a global recession is higher than 50%, suggests investing in cash, blames George Bush for the United States' economic predicament, advocates higher taxes, warns of a possible break-up of the European monetary union and states that "Karl Marx was right". [more inside]
posted by moorooka on Aug 15, 2011 - 122 comments

"all this amazing wealth is fragile, a castle built on sands of illusion...."

Has the Higher Education Bubble Popped? According to the CSM, the boom in demand for bankers, barristers, and bureaucrats is over.
posted by blue_beetle on Aug 11, 2011 - 79 comments

FiveThirtyEight rips apart Standard and Poor's ratings

Nate Silver: Why Standard & Poor’s Ratings Are Substandard and Porous
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Aug 10, 2011 - 46 comments

An unfiltered view from the top of the pyramid

In an investment manager's view on the top 1% - referring to the richest Americans by wealth and income - we learn that one needs $1.2 million in net worth to barely slip in the door of the top 1%. But that's just a start: the real power and influence in the U.S., the author argues, resides in the top 0.1%. You can guess who you'll find there: bankers and large-cap CEOs. Relevant quotes include... [more inside]
posted by mark7570 on Aug 4, 2011 - 115 comments

Recent innovation and optimism from Goldman Sachs

Reuters reports that Goldman Sachs is storing aluminum in several warehouses outside Detroit. Apparently not much aluminum is actually leaving the warehouses. This may help explain the recent spike in the price of - any guesses? - aluminum. [more inside]
posted by mark7570 on Jul 28, 2011 - 155 comments

Not what it says on the tin

"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

Addicted To Pawn

When athletes are in financial trouble, they often go to high end pawn shops to get money.
posted by reenum on Jun 24, 2011 - 27 comments

Bubbles and Public Facts

The Destruction of Economic Facts - "Renowned Peruvian economist Hernando de Soto argues that the financial crisis wasn't just about finance—it was about a staggering lack of knowledge" (via) [more inside]
posted by kliuless on May 23, 2011 - 35 comments

Bad Education

The Higher Education (Debt) Bubble - "[H]igh and increasing college costs mean students need to take out more loans, more loans mean more securities lenders can package and sell, more selling means lenders can offer more loans with the capital they raise, which means colleges can continue to raise costs. The result is over $800 billion in outstanding student debt, over 30 percent of it securitized, and the federal government directly or indirectly on the hook for almost all of it. If this sounds familiar, it probably should... [more inside]
posted by kliuless on May 17, 2011 - 185 comments

The Free-Banking vs. Central-Banking Debate

Out of thin air? "Have you ever said something like 'Let me buy you a beer next week'? I'm sure you have. We all issue promises of this sort. And we frequently use such promises as a form of currency... I have just described a simple credit exchange. Societies rely heavily on promising-making and promise-keeping. It is the foundation of all financial markets. I'd like to point out something about the promises you make. They are made 'out of thin air.' " [more inside]
posted by kliuless on Apr 14, 2011 - 47 comments

Buying stocks by the speed of light, in the middle of the ocean

"..the time it takes light to propagate between [stock] exchanges, for example between New York and London, is now a limiting factor in [financial] trading.. enabling traders to buy low and sell high [ahead of others].." [more inside]
posted by stbalbach on Apr 7, 2011 - 138 comments

And apparently he roomed with Jon Stewart in Colledge

New York State Congressman Anthony Weiner (D) did an IAMA (I Am A Democrat Who Fights) Q and A on reddit last week. While he answered many questions, he responded to the top five most popular questions questions in video form. [more inside]
posted by The Whelk on Mar 31, 2011 - 54 comments

The answer to everything in Dubai is money

"The plan was money. The architect was money. The designer was money and the builder was money. And if you ever wondered what money would look like if it were left to its own devices, it's Dubai."
posted by vidur on Mar 13, 2011 - 69 comments

Offshore Banking Business

"People have always thought of tax havens as sideshows to the main event, whereas in fact they are central to the global economy". . . Treasure Islands: Tax Havens and the Men who Stole the World [more inside]
posted by Mister Bijou on Mar 3, 2011 - 48 comments

Oscar acceptance speech for "Inside Job"

In his Oscar acceptance speech, documentary filmmaker Charles Ferguson reminded viewers worldwide that "not a single financial executive has gone to jail" for the fraud that created the 2008 financial meltdown. His film Inside Job (on Netflix DVD) explains, among other things, that the crisis was avoidable. See also the Inside Job trailer and a subsequent followup video in which Ferguson says that many sources "mysteriously backed out" before being filmed. He also spoke at MIT in January.
posted by mark7570 on Mar 2, 2011 - 55 comments

The Dead Weight of Debt

"The World", an ambitious real estate project conceived at the height of the real estate boom, is sinking back into the sea.
[more inside]
posted by reenum on Jan 28, 2011 - 34 comments

Inside the paradox of forecasting

That guy who predicted the big one? Don't listen to him. Stern School of Business (NYU) Professor Nouriel Roubini (wiki : twitter : prev : prev : prev) made waves when he predicted the Great Recession, but not all of his predictions have panned out. This needn't be a surprise, however: Predicting the Next Big Thing: Success as a Signal of Poor Judgment outlines how those who make big, accurate predictions are often worse than the general public at making predictions in general. [more inside]
posted by Sticherbeast on Jan 20, 2011 - 34 comments

I'd like $14,300 in small, unmarked bills

Student puts the cost of education on the table Out of state student Nic Ramos paid his $14,300 tuition cost for a semester at CU Boulder in $1 bills to bring attention to the rising cost of education in the U.S. [more inside]
posted by lonefrontranger on Jan 18, 2011 - 65 comments

What's the problem?

Interview with Gary Gorton (pdf) - Fascinating look at private institutional bank money creation (really) and subsequent run on the shadow banking system that hearkens back to the late-19th century banking crises with securitization playing the role of checking before the advent of deposit insurance. "Gorton is a lucid narrator of a complex tale." (via via)
posted by kliuless on Jan 14, 2011 - 10 comments

Down and Out on $250,000 a Year

This is not satire. This appears to be a completely serious attempt to justify the extension of the Bush tax cuts by showing a "typical" family of 4 with no debt (other than a mortgage) struggling to get by on a quarter of a million dollars a year. They clearly can't afford to pay a couple thousand more in taxes. They can barely afford to send the kids to summer camp as it is.
posted by COD on Jan 5, 2011 - 314 comments

Unlocking money in pre-IPO companies

Employed by a startup? Working long hours for little pay but lots of stock options? When your company goes public you can finally realise the value of your options but what if the IPO is delayed or never happens? [more inside]
posted by Mutant on Jan 3, 2011 - 32 comments

Checks Without Banks: The Irish Banking Strike

The Irish Banking Crisis: A Parable - What happened when the Irish stood up to the bankers in the 1970s? cf. Why Wall Street won't get shrunk & The Inequality That Matters [more inside]
posted by kliuless on Dec 17, 2010 - 38 comments

We don't want to read about the poors

There is a firestorm in Bedford, New Hampshire, because a parent wants the school board to take the book "Nickel and Dimed: Not Getting By In America" off the reading list for a high school personal finance class. [more inside]
posted by reenum on Dec 14, 2010 - 131 comments

Board diversity by the basics: the bottom line about getting women into CXO roles

We know companies with a larger percentage of women directors show a higher incidence of "positive events"[ .pdf ], while "Women Matter" [ .pdf ], a 2007 McKinsey study found that adding Women to a company's board of directors improved ROE, EBIT and share price growth. A business case for including women on the board. [more inside]
posted by Mutant on Dec 10, 2010 - 16 comments

Good-bye to Dubai

The once shining beacon of capitalism in the Persian Gulf has lost a lot of its luster since the global financial crisis in 2008. But is it too soon to declare Dubai dead? [more inside]
posted by reenum on Nov 30, 2010 - 43 comments

Control Fraud Theory: When CEOs go bad

Ken Lay & Enron. Bernie Madoff. Bernie Ebbers & WorldCom. What is it about CEOs that makes them uniquely capable of pulling off the most audacious & expensive kind of white collar crime? Control Fraud Theory has the answer. Via the ever-enlightening Bruce Schneier.
posted by scalefree on Nov 8, 2010 - 37 comments

Let me talk to my browser.

Looking for a car loan? Get a better rate searching with Chrome. [more inside]
posted by bonehead on Nov 5, 2010 - 12 comments

Researchers claim Tweets predict The Dow

Invented by Charles Dow in 1896, The Dow Jones Average ("The Dow") is perhaps the most widely known metric of equity market behaviour. Calculated as a price weighted average of thirty stocks, The Dow is generally eschewed by professional investors who prefer the broader S&P 500, a so-called market capitalisation weighted index consisting of 500 stocks. Regardless, proponents of the Dow claim its simplicity, long history and careful design as a reliable proxy of US economic activity as points in its favour. But can they now claim predicability as well? [more inside]
posted by Mutant on Oct 23, 2010 - 19 comments

Cocoa Puffed

Earlier this week news bubbled up that a hedge fund manager with a Bond-villain nickname had made a Bond-villain move: "Choc Finger" bought a whopping 241,000 tons of cocoa beans -- 7% of the world's cocoa supply and enough to make 5 billion chocolate bars -- driving prices to 33-year highs. [more inside]
posted by chavenet on Jul 22, 2010 - 46 comments

Obama signs Wall Street reform bill

In a "Triumph of Policy Over Politics" President Obama today signed most sweeping Wall Street reform bill since Great Depression. Obamas remarks at the signing. A piece-by-piece guide to th financial overhaul law. Timeline of the laws effects. 10 Ways New Wall Street Reform Law Will Help You.
posted by Artw on Jul 21, 2010 - 141 comments

mad as hell

Dylan Ratigan's Howard Beale Moment (via se) [more inside]
posted by kliuless on Jul 19, 2010 - 35 comments

HOW SUPERMODELS ARE LIKE TOXIC ASSETS

There is very little intrinsic value in Coco Rocha's physique that would set her apart from any number of other similarly-built teens. 'When dealing with symbolic goods like “beauty” and “fashionability,” we would be hard pressed to identify objective measures of worth inherent in the good itself.' 'The social world of fashion markets reveals how market actors think collectively to make decisions in the face of uncertainty. And this social side of markets, it turns out, is key to understanding how investors could trade securities backed with “toxic” subprime mortgage assets leading us into the 2009 financial crisis.' 'In 2002, a tall and skinny 14-year old girl competed in a dance contest in Vancouver, Canada. There she encountered a modeling agent, who asked her to consider going out for modeling jobs. Today, the 22-year-old Coco Rocha is celebrated as a “supermodel”'. [more inside]
posted by VikingSword on Jul 16, 2010 - 60 comments

Phantom Debts, Real Anguish

Debt buyers have become a multi-billion dollar industry. They buy old debts and then litigate in an effort to collect with little or no evidence. [more inside]
posted by reenum on Jul 2, 2010 - 18 comments

The Casino Called Wall Street

Maybe Microsoft is trading in London at a penny less than it's trading at the same moment in New York. A high-frequency trader will buy shares in London and wait for them to rise. Since the discrepancy lasts a mere fraction of a second, speed is key. [Tradework CEO] M. Narang boasts it takes only 15 millionth of a second for his computers to place a buy or sell order after detecting an opportunity. Or, as he puts it, "If you try to pick up the penny, we'll probably beat you to it." [more inside]
posted by HP LaserJet P10006 on May 15, 2010 - 62 comments

Hello, Dr. Evil here...

Good morning, ladies and gentlemen. In a few hours, I will destroy the Greek economy. Unless, that is, you give me the sum of...one trillion dollars! (SLNYT, but with this much money I can afford to look frumpy)
posted by anigbrowl on May 10, 2010 - 61 comments

Automated Trading Suspected in Stock Market Crash

Major market indices fell almost 10% this afternoon before recovering half of that value. Some blame the failing Greek economy and the related loss of confidence in the Eurozone. But a lot of attention is being paid to the role of automated trading systems. Accenture's stock, for example, dropped from $41 to one penny in two minutes and then recovered just as quickly. Will this trigger a loss of confidence in automated trading?
posted by spitefulcrow on May 6, 2010 - 162 comments

FRAUDONOMICS

-Confessions of a Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built on Fraud by Mark Ames (note: polemic)
-The Feds vs. Goldman by Matt Taibbi (note: vampire squid reprise)
-The Goldman Casino: Do investment banks do anything that helps America anymore? by Eliot Spitzer (cf. Robert Rubin, oh and Dick Fuld)
-William Black on Fraud interviewed by Bill Moyers (note: Moyers' penultimate PBS show) [more inside]
posted by kliuless on May 5, 2010 - 57 comments

Talking Points Memo: Bush prevented Paulson from briefing Congress

September 18, 2008 - Lehman Brothers had filed for bankruptcy four days earlier and the Federal Reserve had authorized the New York Fed to lend up to $85 billion to insurance giant AIG. That afternoon, Nancy Pelosi called Henry Paulson to ask for a full briefing the next morning. "They said, 'That will be too late. That will be too late. Tomorrow morning, 9 o'clock will be too late.' ... 'We were not allowed to tell Congress, but since you called, we're going to answer your questions.'" The Bush administration prohibited its own top officials from briefing Congress on the financial crisis.
posted by East Manitoba Regional Junior Kabaddi Champion '94 on May 3, 2010 - 29 comments

Too big not to fail?

SEC sues Goldman Sachs for fraud. GS has already come under fire for "betting against" financial products it was marketing, a practice that apparently helped it prosper from the real estate bubble but come out relatively unscathed. The SEC now says that one such product was designed specifically so that a Goldman business partner, Paulson & Company, could take a short position on it. Investors were apparently not advised of this fact. Goldman's stock was off more than 10% in the half hour following the announcement. [more inside]
posted by grobstein on Apr 16, 2010 - 48 comments

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