Advice on how to survive late capitalism: "Your life is sold to serve an economy that does not serve your life. You don’t seem to be entertained, Bank-robbin’; your white-hot rage festers. It probably doesn’t help that you live in Brooklyn—this place where in the last ten years rent has spiked 77 percent while real median income has dropped, where the rich (the top 10 percent of earners who, as is well known, control 80 percent of the wealth) and their children live right on top of some of the worst poverty known to this country, while 20 percent of Brooklynites survive somehow below the poverty level, such that the widening income and wealth gap becomes achingly visible here. I could advise you to leave Brooklyn. But I don’t want you to leave Brooklyn."
The iEconomy: Apple and Technology Manufacturing. Since January, the New York Times has been running a series of articles "examining the challenges posed by increasingly globalized high-tech industries," with a focus on Apple's business practices. The seventh article in the series was published today: In Technology Wars, Using the Patent as a Sword. Related: For Software, Cracks in the Patent System and Fighters in the Patent War. [more inside]
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]
$11.5 Trillion Lost In Bermuda Triangle In case you've ever wondered just how much money the mega rich keep nice and tax free in off shore shelters, it's $11.5 trillion.
The wall seperating analysts and traders appears to have completely broken down in Merril Lynch. Yesterday, NYT reported that SEC is joining the investigation. The accounting scandal in QWest is now one of many in the telecommunication world. There is also the well documented travails of Anderson Consulting.... This year there has been a crop of accounting scandals. Does the financial world needs stricter regulatory mechanism or is it simply a matter of lax supervision? (more inside)
That didn't take long. Thanks to Paul Krugman; it's high time someone disagreed with Bush's wrongheaded fiscal ideas. Bush is going back to fuzzy math to justify another tax cut.