Tim Geithner, the guy who is in charge of IRS, once defaulted on paying taxes once. That is reason enough not to have him as the Treasury Secretary. But there is growing evidence that Geithner is complicit in a scheme that favored Goldman Sachs and the ilk at the expense of US tax payers. If […]
The essence of Capitalism is that you take risk and ‘invest’ via ownership or debt in a venture. If the venture goes bust, then: If you are a shareholder, you could lose all you invested; If you are a bondholder, you get some back (say your fair share of whatever is remaining, after liquidation); and […]
If you are watching the economic developments around the world through the tainted glasses provided by CNBS, you would think that everything in the world is just fine. Economic utopia is around the corner, yada yada yada. What else do you expect from a TV network that panders to the financial shills, a la, mutual […]
If you are following a lot of news on the economy lately, you would have read headlines saying something or other got “unexpectedly” worse. Some headlines this week: Jobless claims unexpectedly rose last week (today) New home sales unexpectedly plunged in January (earlier this week) Consumer confidence unexpectedly plunges to a 43-year low (yesterday) Durable […]
The purpose of this post is two-fold. To give some background on my earlier blogging (or its predecessor: bulletin board life) on the subject of economy and financial markets; and To lead you into a phenomenal video produced by PBS Frontline on this subject as a sequel to this post. I have been educating myself […]
[Via – ConsumerReports] Today the bulk of the consumer protections of the Credit Card Act of 2009 go into effect. They usher in some strong protections, but also leave some things undone. Some benefits: an end to overlimit fees, more advanced notice of changes to your account with the right to opt out, no fees […]
The legend has it, “Those who fail to learn from history are doomed to repeat it.” [Something like that.] Bill On financial matters, Bill Black is one of the guys always worth listening to. He was a successful bank regulators who handled the Savings and Loan debacle in late 80s and early 90s. In this […]
This is not a major news event – but significant, nonetheless. If you take anything to an extreme, what we will be left with is a revolution. A revolution to change the status quo. A classic example is the French Revolution of the 18th century when the monarchy that ruled France for centuries completely collapsed […]
Teenage unemployment is at 25.5%, an all time high since government started tracking these numbers in 1948. An estimated 1.64 million kids between ages 16 – 19 are unable to find jobs. Does government benevolence contribute to high rate of teenage unemployment? Before going into the role of government as a contributing factor for teenage […]
I am not a ‘chicken-little’ or an alarmist of any kind. But, when I see disturbing developments that are going to affect our livelihood and lives, I feel like disseminating that ‘feeling.’ In the attached audio (podcast) bit I sounded an alarm and urged the listeners to take defensive mechanisms with your money and investments. […]
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Yesterday the White House released the annual Economic Report of the President – a detailed analysis of actions taken by the Administration to address our Nation’s economic challenges over the past year and the President’s plans to rebuild and rebalance our economy for the future. As part of White House’s commitment to make government more accessible, […]
It seems to me that Elizabeth Warren, Chairwoman of Congressional Oversight Panel is the only person fighting for the consumer against the sleazy business practices of big banks. See this interview and notice how CNBS anchors, whose job is to shill for Wall Street money interests, come out as apologists for those unconscionable business practices […]
Today the Eurozone leaders have announced some sort of a rescue plan for debt burdened Greece. The pledge failed to calm fears. Experts I follow are warning that this sovereign debt storm will not stop with Greece, Spain or Portugal. It is expected to spread to entire Europe and affect US and all economies in […]
Here is a nonsensical rant from a right-wing nut and a CNBS host Larry Kudlow. According to this ‘recovered’ drug addict and yet to recover ‘BS’ addict, all tax cuts are good, unions are bad. Bailouts are a necessary evil as long as they prop markets which were not fundamentally justified being at the levels […]
Mark Faber doesn’t need introduction. A smart, no, very smart investor. Listen to what he has to say.
