The London Whale and the real link between the US economy and Cyprus | Dean Baker | Guardian
"Many highly-respected Washington types have been running around for the last three years yelling that because of its large budget deficits, the United States is Greece. Then we learned last week that the immediate danger is the United States being Cyprus."
Tuesday, March 26, 2013
Monday, March 25, 2013
Tuesday, March 19, 2013
Jamie Dimon Told Regulators He Would Not Follow Regulations | FDL News Desk
Jamie Dimon Told Regulators He Would Not Follow Regulations | FDL News Desk:
"Only Wall Street could be so brazen, the confidence that comes from widespread bribery. In no other field could a corporate officer decide to break the law and when questioned by the regulator scream at them about the law being wrong. If you are looking for more evidence that it’s the rich not the law that rules – now you have it. How dare the regulators try to regulate! Don’t they know Dimon is special? Don’t they know that Wall Street is above the law?
"Only Wall Street could be so brazen, the confidence that comes from widespread bribery. In no other field could a corporate officer decide to break the law and when questioned by the regulator scream at them about the law being wrong. If you are looking for more evidence that it’s the rich not the law that rules – now you have it. How dare the regulators try to regulate! Don’t they know Dimon is special? Don’t they know that Wall Street is above the law?
The Senate Committee released a damning report on JP Morgan’s conduct in the London Whale trade and apparent cover up. Of course, there won’t be any real consequences, not only does Wall Street get toshop for its regulators but in the event the regulator actually tries to enforce the law they get to bully them out of their position which the public will only learn about if the Senate has a hearing.
No fines, no jail time, just break the law and never back down and you can get that big bonus. Too Big To Fail and Too Big To Jail."
Monday, March 18, 2013
MI6 and CIA heard Iraq had no active WMD capability ahead of invasion | World news | guardian.co.uk
MI6 and CIA heard Iraq had no active WMD capability ahead of invasion - Guardian
"Tony Blair told parliament before the war that intelligence showed Iraq's nuclear, chemical, and biological weapons programme was "active", "growing" and "up and running".
A special BBC Panorama programme aired on Monday night details how British and US intelligence agencies were informed by top sources months before the invasion that Iraq had no active WMD programme, and that the information was not passed to subsequent inquiries."
"Tony Blair told parliament before the war that intelligence showed Iraq's nuclear, chemical, and biological weapons programme was "active", "growing" and "up and running".
A special BBC Panorama programme aired on Monday night details how British and US intelligence agencies were informed by top sources months before the invasion that Iraq had no active WMD programme, and that the information was not passed to subsequent inquiries."
Sunday, March 17, 2013
JPMorgan bullied bank regulators, documents and testimony show - The Washington Post
JPMorgan bullied bank regulators, documents and testimony show - The Washington Post
When examiners issued recommendations the bank didn’t like, executives yelled and called the federal officials “stupid.”
When examiners issued recommendations the bank didn’t like, executives yelled and called the federal officials “stupid.”
Friday, March 15, 2013
How Monsanto outfoxed the Obama administration - Salon.com
How Monsanto outfoxed the Obama administration - Salon.com
"Experts who have examined Monsanto’s conduct say the Justice Department’s decision not to act all but officially establishes the firm’s sovereignty over the U.S. seed industry. Many of them also say the decision ratifies aggressive practices Monsanto used to entrench its dominance and deter competition. This includes highly restrictive contractual agreements that excluded rivals, alongside a multibillion-dollar spree to buy up seed companies."
"Experts who have examined Monsanto’s conduct say the Justice Department’s decision not to act all but officially establishes the firm’s sovereignty over the U.S. seed industry. Many of them also say the decision ratifies aggressive practices Monsanto used to entrench its dominance and deter competition. This includes highly restrictive contractual agreements that excluded rivals, alongside a multibillion-dollar spree to buy up seed companies."
Thursday, March 14, 2013
Iraq war costs U.S. more than $2 trillion - study - Yahoo! News India
Iraq war costs U.S. more than $2 trillion - study - Yahoo! News India
"The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.
"The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.
The war has killed at least 134,000 Iraqi civilians and may have contributed to the deaths of as many as four times that number, according to the Costs of War Project by the Watson Institute for International Studies at Brown University."
37 percent of people completely lost | Notes & Errata by Mark Morford | an SFGate.com blog
37 percent of Americans completely lost - SFGate.com blog
"Six percent of Americans believe in unicorns. Thirty-six percent believe in UFOs. A whopping 24 percent believe dinosaurs and man hung out together. Eighteen percent still believe the sun revolves around the Earth. Nearly 30 percent believe cloud computing involves… actual clouds. A shockingly sad 18 percent, to this very day, believe the president is a Muslim."
"Six percent of Americans believe in unicorns. Thirty-six percent believe in UFOs. A whopping 24 percent believe dinosaurs and man hung out together. Eighteen percent still believe the sun revolves around the Earth. Nearly 30 percent believe cloud computing involves… actual clouds. A shockingly sad 18 percent, to this very day, believe the president is a Muslim."
Iraq's pain has only intensified since 2003 | Sami Ramadani | Comment is free | The Guardian
Iraq's pain has only intensified since 2003 | Sami Ramadani | The Guardian
The country already so damaged, is now crippled by fear of all-out civil war.
"Wanton imperialist intervention and dictatorial rule have together been responsible for the deaths of more than a million people since 1991. And yet, according to both Tony Blair and the former US secretary of state Madeleine Albright, the "price is worth it". Blair, whom most Iraqis regard as a war criminal, is given VIP treatment by a culpable media. Iraqis listen in disbelief when he says: "I feel responsibility but no regret for removing Saddam Hussein." (As if Saddam and his henchmen were simply whisked away, leaving the people to build a democratic state). It enrages us to see Blair build a business empire, capitalising on his role in piling up more Iraqi skulls than even Saddam managed."
The country already so damaged, is now crippled by fear of all-out civil war.
"Wanton imperialist intervention and dictatorial rule have together been responsible for the deaths of more than a million people since 1991. And yet, according to both Tony Blair and the former US secretary of state Madeleine Albright, the "price is worth it". Blair, whom most Iraqis regard as a war criminal, is given VIP treatment by a culpable media. Iraqis listen in disbelief when he says: "I feel responsibility but no regret for removing Saddam Hussein." (As if Saddam and his henchmen were simply whisked away, leaving the people to build a democratic state). It enrages us to see Blair build a business empire, capitalising on his role in piling up more Iraqi skulls than even Saddam managed."
Katrina vanden Heuvel: Above the law - The Washington Post
Katrina vanden Heuvel: Above the law - The Washington Post
The country is waging a war on terrorism that admits no boundary and no end. Now Holder is saying that the president has the authority to kill Americans in the United States if they are “engaged in combat.” No hearing, no review, no due process of law. For those who remember how the FBI deemed Martin Luther King Jr. a communist, and how the national security apparatus termed Nelson Mandela a terrorist, alarm is surely justified.
Then, the attorney general, while testifying before the Judiciary Committee, was challenged by Sen. Charles Grassley (R-Iowa) about the glaring absence of any indictments against leading bankers or big banks coming out of the financial collapse. Holder responded that, essentially, these banks were too big to jail.
“The size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy,” he said.
This astounding admission of what clearly has been administration policy helped spur newly elected Sen. Elizabeth Warren (D-Mass.) to grill regulators at a separate banking committee hearing. Asking why there was no indictment of the big British bank HSBC, which settled after after an investigation found that it laundered billions of dollars from Iran, Libya and drug cartels despite repeated cease-and-desist warnings, Warren expressed the public’s exasperation.
“If you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life,” Warren said. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night — every single individual associated with this. And I think that’s fundamentally wrong.”
Taken together, the attorney general’s astounding claims undermine the whole notion of a nation of laws.
The country is waging a war on terrorism that admits no boundary and no end. Now Holder is saying that the president has the authority to kill Americans in the United States if they are “engaged in combat.” No hearing, no review, no due process of law. For those who remember how the FBI deemed Martin Luther King Jr. a communist, and how the national security apparatus termed Nelson Mandela a terrorist, alarm is surely justified.
Then, the attorney general, while testifying before the Judiciary Committee, was challenged by Sen. Charles Grassley (R-Iowa) about the glaring absence of any indictments against leading bankers or big banks coming out of the financial collapse. Holder responded that, essentially, these banks were too big to jail.
“The size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy,” he said.
This astounding admission of what clearly has been administration policy helped spur newly elected Sen. Elizabeth Warren (D-Mass.) to grill regulators at a separate banking committee hearing. Asking why there was no indictment of the big British bank HSBC, which settled after after an investigation found that it laundered billions of dollars from Iran, Libya and drug cartels despite repeated cease-and-desist warnings, Warren expressed the public’s exasperation.
“If you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life,” Warren said. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night — every single individual associated with this. And I think that’s fundamentally wrong.”
Taken together, the attorney general’s astounding claims undermine the whole notion of a nation of laws.
Sunday, March 10, 2013
Many Left Behind as Silicon Valley Rebounds - ABC News
Many Left Behind as Silicon Valley Rebounds - ABC News
Food stamp participation just hit a 10-year high, homelessness rose 20 percent in two years, and the average income for Hispanics, who make up one in four Silicon Valley residents, fell to a new low of about $19,000 a year— capping a steady 14 percent drop over the past five years, according to the annual Silicon Valley Index...
Before the Great Recession, about 10 percent of people seeking food had at least some college education. Today, one in four who line up at food pantries for bags of free food have been to college. Last year the share of households in Silicon Valley earning less than $35,000 rose two percentage points to 20 percent, according to the 2013 Silicon Valley Index.
"There are millionaires, even billionaires, who sit in their sunrooms watching me work in their gardens and they have no clue what's going on," said Sherri Bohan, a credentialed horticulturist who ran a landscape gardening firm for 30 years and raised two sons as a single mom. Today, retired and disabled, she picks up a free bag of groceries every week at her local food bank. Without the food she says she would go hungry.
Food stamp participation just hit a 10-year high, homelessness rose 20 percent in two years, and the average income for Hispanics, who make up one in four Silicon Valley residents, fell to a new low of about $19,000 a year— capping a steady 14 percent drop over the past five years, according to the annual Silicon Valley Index...
Before the Great Recession, about 10 percent of people seeking food had at least some college education. Today, one in four who line up at food pantries for bags of free food have been to college. Last year the share of households in Silicon Valley earning less than $35,000 rose two percentage points to 20 percent, according to the 2013 Silicon Valley Index.
"There are millionaires, even billionaires, who sit in their sunrooms watching me work in their gardens and they have no clue what's going on," said Sherri Bohan, a credentialed horticulturist who ran a landscape gardening firm for 30 years and raised two sons as a single mom. Today, retired and disabled, she picks up a free bag of groceries every week at her local food bank. Without the food she says she would go hungry.
Friday, March 08, 2013
401Ks are a disaster: Column
401Ks are a disaster: USAToday
Thanks Wallstreet for pushing the 401Ks in place of defined benefit plans/pensions.
Thanks Wallstreet for pushing the 401Ks in place of defined benefit plans/pensions.
Thursday, March 07, 2013
Tuesday, March 05, 2013
Economic Optimism Plunges; 59% Say U.S. In Recession: IBD/TIPP Poll - Investors.com
Economic Optimism Plunges; 59% Say U.S. In Recession: IBD/TIPP Poll - Investors.com:
Dow hits all time high while 59% think US is in recession !
Dow hits all time high while 59% think US is in recession !
Sunday, March 03, 2013
India's rice revolution
India's rice revolution - Guardian
In a village in India's poorest state, Bihar, farmers are growing world record amounts of rice – with no GM, and no herbicide. Is this one solution to world food shortages?
Last month Nobel prize-winning economist Joseph Stiglitz visited Nalanda district and recognised the potential of this kind of organic farming, telling the villagers they were "better than scientists". "It was amazing to see their success in organic farming," said Stiglitz, who called for more research. "Agriculture scientists from across the world should visit and learn and be inspired by them."
In a village in India's poorest state, Bihar, farmers are growing world record amounts of rice – with no GM, and no herbicide. Is this one solution to world food shortages?
Last month Nobel prize-winning economist Joseph Stiglitz visited Nalanda district and recognised the potential of this kind of organic farming, telling the villagers they were "better than scientists". "It was amazing to see their success in organic farming," said Stiglitz, who called for more research. "Agriculture scientists from across the world should visit and learn and be inspired by them."
Friday, March 01, 2013
Thursday, February 28, 2013
Short sales surged in 2012 - Yahoo! Finance
Short sales surged in 2012 - Yahoo! Finance
Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5% year-over-year, accounting for 32% of all home deals.
Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5% year-over-year, accounting for 32% of all home deals.
Wednesday, February 27, 2013
Salt, Sugar, Fat: How the Food Giants Hooked Us by Michael Moss – review | Books | The Observer
Salt, Sugar, Fat: How the Food Giants Hooked Us by Michael Moss – Guardian.com
A damning investigation into the junk food industry is both chilling and contentious.
A damning investigation into the junk food industry is both chilling and contentious.
Sunday, February 24, 2013
Why Should Taxpayers Give Big Banks $83 Billion a Year? - Bloomberg
Why Should Taxpayers Give Big Banks $83 Billion a Year? - Bloomberg
Banks have a powerful incentive to get big and unwieldy. The larger they are, the more disastrous their failure would be and the more certain they can be of a government bailout in an emergency. The result is an implicit subsidy: The banks that are potentially the most dangerous can borrow at lower rates, because creditors perceive them as too big to fail.
Banks have a powerful incentive to get big and unwieldy. The larger they are, the more disastrous their failure would be and the more certain they can be of a government bailout in an emergency. The result is an implicit subsidy: The banks that are potentially the most dangerous can borrow at lower rates, because creditors perceive them as too big to fail.
Thursday, February 21, 2013
Tuesday, February 19, 2013
There’s Still a Foreclosure Crisis » Counterpunch: Tells the Facts, Names the Names
There’s Still a Foreclosure Crisis Mike Whitney - Counterpunch
A closer inspection of the data suggests that it’s not Mr. Public who’s buying all those homes, but deep-pocket speculators who’ve piled into the market seeking short-term gains.
A closer inspection of the data suggests that it’s not Mr. Public who’s buying all those homes, but deep-pocket speculators who’ve piled into the market seeking short-term gains.
Monday, February 18, 2013
Don’t Blink, or You’ll Miss Another Bank Bailout - NYTimes.com
Don’t Blink, or You’ll Miss Another Bank Bailout - NYTimes.com
Late last Wednesday, the New York Fed said in a court filing that in July it had released Bank of America from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. One surprise in the filing, which was part of a case brought by A.I.G., was that the New York Fed let Bank of America off the hook even as A.I.G. was seeking to recover $7 billion in losses on those very mortgage securities.
Late last Wednesday, the New York Fed said in a court filing that in July it had released Bank of America from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. One surprise in the filing, which was part of a case brought by A.I.G., was that the New York Fed let Bank of America off the hook even as A.I.G. was seeking to recover $7 billion in losses on those very mortgage securities.
Equal Opportunity, Our National Myth - NYTimes.com
Equal Opportunity, Our National Myth - Joseph Stiglitz - NYTimes.com
According to research from the Brookings Institution, only 58 percent of Americans born into the bottom fifth of income earners move out of that category, and just 6 percent born into the bottom fifth move into the top. Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia.
According to research from the Brookings Institution, only 58 percent of Americans born into the bottom fifth of income earners move out of that category, and just 6 percent born into the bottom fifth move into the top. Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia.
American Dream died with Dow 49,200 forecast - Paul B. Farrell - MarketWatch
American Dream died with Dow 49,200 forecast - Paul B. Farrell - MarketWatch
Some of the Dow predictions in 2000:
Some of the Dow predictions in 2000:
- 15,000 by 2005: Deutsche Bank economist Ed Yardeni, quoted in Barron’s.
- 18,500 by 2006: Prudential’s chief technician, Ralph Acampora, quoted in Fortune.
- 41,000 by 2008: Harry Dent, author of “The Roaring 2000s: Building The Wealth And Lifestyle You Desire In The Greatest Boom In History.” Wired magazine quoted 41,000 as a peak with the market not bottoming till 2022. Dent has since published “The Great Crash Ahead” and “The Great Depression Ahead.”
- 21,200 by 2010: Sheldon Jacobs, publisher of the popular No-Load Fund Investor newsletter hedged his optimistic bet in small type: “But it won’t be smooth sailing. There will be three major bear markets before then.” But long-run, it was optimistic.
- 30,000 by 2010: In an interview, Barron’s noted that back in 1989 Frank Jennings, manager of Oppenheimer Global Growth & Income Fund, had successfully predicted the Dow at 10,000 within 10 years. His new Dow 30,000 assumed an “exponential gain of 11% a year.” Later in 2000, Jenning’s optimism was reinforced with the publication of “Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market,” by James Glassman and Kevin Hassett.
49,200 by 2013: Investor’s Business Daily made this forecast based on an assumed 15% annual growth rate, which was the actual average gain of the Dow from 1982 to 2000, so at the time, it made sense.
Incomes Flat in Recovery, but Not for the 1% - NYTimes.com
Incomes Flat in Recovery, but Not for the 1% - NYTimes.com
There was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings declined by 0.4 percent.
There was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings declined by 0.4 percent.
Monday, February 11, 2013
Sunday, February 10, 2013
Saturday, February 09, 2013
How do you explain drone killings? With post-Orwellian “Newspeak” - Salon.com
How do you explain drone killings? With post-Orwellian “Newspeak” - Salon.com
In the logic of perma-war, "imminent threat" is everywhere and drone attacks on Americans are no problem.
Thursday, February 07, 2013
Wednesday, February 06, 2013
Tuesday, February 05, 2013
S.& P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor - NYTimes.com
S.& P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor - NYTimes.com
“We rate every deal. It could be structured by cows and we would rate it.”
“We rate every deal. It could be structured by cows and we would rate it.”
Saturday, February 02, 2013
Monday, January 28, 2013
Housing Market’s Future Still Has Many Clouds - NYTimes.com
Housing Market’s Future Still Has Many Clouds - NYTimes.com
History doesn’t suggest that another big bubble will come so fast. In fact, before the most recent one, the United States had had only one major national home price boom in the last century, when real prices rose a total of 68 percent from 1942 to 1953.
...
As of December, the Zillow-Pulsenomics Home Price Expectations Survey, which involves more than 100 forecasters, and the S.& P. Case/Shiller Composite Index Futures were both forecasting modest increases for the next half-decade, implying inflation-adjusted price growth of 1 to 2 percent a year.
History doesn’t suggest that another big bubble will come so fast. In fact, before the most recent one, the United States had had only one major national home price boom in the last century, when real prices rose a total of 68 percent from 1942 to 1953.
...
As of December, the Zillow-Pulsenomics Home Price Expectations Survey, which involves more than 100 forecasters, and the S.& P. Case/Shiller Composite Index Futures were both forecasting modest increases for the next half-decade, implying inflation-adjusted price growth of 1 to 2 percent a year.
Inventory and the Low Equity/No Equity Homeowner | The Big Picture
Inventory and the Low Equity/No Equity Homeowner | The Big Picture
It is not “If we only had more houses, we could sell them.” Rather, its more of “The lack of equity is causing both a lack of homes for sale and a lack of potential new buyers.”
It is not “If we only had more houses, we could sell them.” Rather, its more of “The lack of equity is causing both a lack of homes for sale and a lack of potential new buyers.”
Saturday, January 26, 2013
Thursday, January 24, 2013
Monday, January 21, 2013
Saturday, January 19, 2013
Friday, January 18, 2013
Thursday, January 17, 2013
Saturday, January 12, 2013
Thursday, January 10, 2013
Wednesday, January 09, 2013
Tuesday, January 08, 2013
Monday, January 07, 2013
Sunday, January 06, 2013
Thursday, January 03, 2013
Wednesday, January 02, 2013
Thursday, December 20, 2012
Tuesday, December 18, 2012
How Wal-Mart Used Payoffs to Get Its Way in Mexico - Yahoo! Finance
How Wal-Mart Used Payoffs to Get Its Way in Mexico - NYT
Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited, an examination by The New York Times found.
Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited, an examination by The New York Times found.
Tuesday, December 11, 2012
Thursday, December 06, 2012
For Pete's Sake, What's Happened to Our Democracy?
For Pete's Sake, What's Happened to Our Democracy?
One billionaire has the wherewithal to totally redirect America's political discourse.
One billionaire has the wherewithal to totally redirect America's political discourse.
Wednesday, December 05, 2012
Tuesday, December 04, 2012
Sunday, December 02, 2012
Thursday, November 29, 2012
Food stamps on the rise - Nov. 28, 2012
Food stamps on the rise
Nearly 15 million households were on food stamps at some point last year, up from 13.6 million in 2010, newly released Census data shows. That's an increase to 13%, up from 11.9% in 2010.
Nearly 15 million households were on food stamps at some point last year, up from 13.6 million in 2010, newly released Census data shows. That's an increase to 13%, up from 11.9% in 2010.
Tuesday, November 27, 2012
Monday, November 26, 2012
Wednesday, November 21, 2012
Strategic Maneuvers | CREW | Citizens for Responsibility and Ethics in Washington
Strategic Maneuvers-The Revolving Door from the Pentagon to the Private Sector
- Citizens for Responsibility and Ethics in Washington
- Citizens for Responsibility and Ethics in Washington
Monday, November 19, 2012
Thursday, November 15, 2012
Wednesday, November 14, 2012
Thursday, November 01, 2012
Tuesday, October 30, 2012
Friday, October 26, 2012
Wednesday, October 24, 2012
Wednesday, October 17, 2012
Tuesday, October 16, 2012
Saturday, September 29, 2012
Friday, September 28, 2012
Tuesday, September 25, 2012
The devil in Case-Shiller housing details - Yahoo! Finance
The devil in Case-Shiller housing details - Yahoo! Finance
Some analysts say that the NAR report may present a too-rosy view of that market. Case-Shiller house prices are historically slightly more conservative than price data from the NAR, mostly because the report adjusts for the size of homes being sold, while the NAR’s price index does not. The result is that NAR’s numbers jump when homes at the high end of the market sell strongly, and larger and more expensive homes have lately been selling particularly well, says Jed Kolko, chief economist at real-estate listing site Trulia. “This is why the NAR median sales price has risen so much more than other indexes.”
Some analysts say that the NAR report may present a too-rosy view of that market. Case-Shiller house prices are historically slightly more conservative than price data from the NAR, mostly because the report adjusts for the size of homes being sold, while the NAR’s price index does not. The result is that NAR’s numbers jump when homes at the high end of the market sell strongly, and larger and more expensive homes have lately been selling particularly well, says Jed Kolko, chief economist at real-estate listing site Trulia. “This is why the NAR median sales price has risen so much more than other indexes.”
Dow will repeat 2007-2008 peak-crash cycle - Paul B. Farrell - MarketWatch
Dow will repeat 2007-2008 peak-crash cycle - Paul B. Farrell - MarketWatch :
You can never trust Wall Street bulls, they’re lying to you 93% of the time.
You can never trust Wall Street bulls, they’re lying to you 93% of the time.
March 1999: Harry S. Dent, author of “The Roaring 2000s.” “There has been a paradigm shift.” The New Economy arrived, this time really is different.
October 1999: James Glassman, author, “Dow 36,000.” “What is dangerous is for Americans not to be in the market. We’re going to reach a point where stocks are correctly priced … it’s not a bubble ... The stock market is undervalued.”
August 1999: Charles Kadlec, author, “Dow 100,000.” “The DJIA will reach 100,000 in 2020 after “two decades of above-average economic growth with price stability.”
December 1999: Joseph Battipaglia, market analyst. “Some fear a burst Internet bubble, but our analysis shows that Internet companies ... carry expected long-term growth rates twice other rapidly growing segments within tech.”
December 1999: Larry Wachtel, Prudential. “Most of these stocks are reasonably priced. There’s no reason for them to correct violently in the year 2000.” Nasdaq lost over 50%.
December 1999: Ralph Acampora, Prudential Securities. “I’m not saying this is a straight line up. ... I’m saying any kind of declines, buy them!”
February 2000: Larry Kudlow, CNBC host. “This correction will run its course until the middle of the year. Then things will pick up again, because not even Greenspan can stop the Internet economy.” He’s still hosting his own cable show.
April 2000: Myron Kandel, CNN. “The bottom line is in, before the end of the year, the Nasdaq and Dow will be at new record highs.”
September 2000: Jim Cramer, host of “Mad Money.” Sun Microsystems “has the best near-term outlook of any company I know.” It fell from $60 to below $3 in two years.
November 2000: Louis Rukeyser on CNN. “Over the next year or two the market will be higher, and I know over the next five to 10 years it will be higher.”
December 2000: Jeffrey Applegate, Lehman strategist. “The bulk of the correction is behind us, so now is the time to be offensive, not defensive.” Another sucker’s rally.
December 2000: Alan Greenspan. “The three- to five-year earnings projections of more than a thousand analysts ... have generally held firm. Such expectations, should they persist, bode well for continued capital deepening and sustained growth.”
January 2001: Suze Orman, financial guru. “The QQQ, they’re a buy. They may go down, but if you dollar-cost average, where you put money every single month into them, I think, in the long run, it’s the way to play the Nasdaq.” The QQQ fell 60% further.
March 2001: Maria Bartiromo, CNBC anchor. “The individual out there is actually not throwing money at things that they do not understand, and is actually using the news and using the information out there to make smart decisions.”
April 2001: Abby Joseph Cohen, Goldman Sachs. “The time to be nervous was a year ago. The S&P was overvalued, it’s now undervalued.” Markets fell 18 more months.
August 2001: Lou Dobbs, CNN. “Let me make it very clear. I’m a bull, on the market, on the economy. And let me repeat, I am a bull.”
June 2002: Larry Kudlow, CNBC host. “The shock therapy of a decisive war will elevate the stock market by a couple thousand points.” He also predicted the Dow would hit 35,000 by 2010.
The Dow didn’t bottom until October 2002 at 7,286, down from 11,722. The Iraq War started in April 2003. Soon after, Enron, Spitzer and Sarbanes-Oxley were distracting us from all the insanity of the 2000 crash, the bear market and the 2000-2002 recession.
Saturday, September 22, 2012
Thursday, September 20, 2012
Sunday, September 16, 2012
Thursday, September 13, 2012
Wednesday, September 12, 2012
Wednesday, September 05, 2012
Friday, August 31, 2012
Thursday, August 30, 2012
Tuesday, August 28, 2012
Sunday, August 26, 2012
Thursday, August 23, 2012
Wednesday, August 22, 2012
Tuesday, August 21, 2012
Friday, August 17, 2012
Thursday, August 16, 2012
Thursday, August 09, 2012
Thursday, July 26, 2012
Wednesday, July 25, 2012
Sunday, July 22, 2012
Sunday, May 13, 2012
One year on, Spain's 'indignants' take to streets - http://news.yahoo.com/spains-indignants-over-streets-042623383.html
Thursday, May 10, 2012
How Hewlett-Packard lost its way - Fortune - A glimpse at the Boardroom/Executive suite shenanigans. Do these guys ever think about the lives of the thousands of the employees they play with?
Thursday, May 03, 2012
Why US house prices won't recover : Taking inflation into account , home prices are down to 1895 levels - http://www.marketwatch.com/story/why-us-house-prices-wont-recover-2012-05-01-1225310
Monday, April 30, 2012
Home ownership rate drops to 15-year low :
http://www.reuters.com/article/2012/04/30/us-usa-economy-housing-idUSBRE83G0T120120430
"Credit might get easy for creditworthy borrowers, but you are not going to see the same drive to bring in the broader demographic into home ownership you had in the early 1990s and 2000s. Renters are going to be renters, they will not become buyers,"
http://www.reuters.com/article/2012/04/30/us-usa-economy-housing-idUSBRE83G0T120120430
"Credit might get easy for creditworthy borrowers, but you are not going to see the same drive to bring in the broader demographic into home ownership you had in the early 1990s and 2000s. Renters are going to be renters, they will not become buyers,"
Saturday, April 28, 2012
"My job was to corrupt high officials in countries and get them to accept huge loans to sign off on them to make a lot of money." - John Perkins - CNBC - Corporate America and Bribery - http://video.cnbc.com/gallery/?video=3000085781
Sunday, April 22, 2012
Wells Fargo Insiders Detail Foreclosure Fraud Practices: ‘It’s Exactly Like An Assembly Line’ - http://ow.ly/arsCM
Sunday, April 08, 2012
Americans brave for new foreclosure wave
- http://www.reuters.com/article/2012/04/04/us-foreclosure-idUSBRE83319E20120404Wednesday, April 04, 2012
The Case for Remaining a Renter - SmartMoney -
http://blogs.smartmoney.com/advice/2012/04/04/the-case-for-remaining-a-renter/
Tuesday, March 27, 2012
Shiller: Housing Has “Chance” to Bottom But Suburban Prices May Not Recover “In Our Lifetime” ow.ly/9UOjO
Thursday, February 23, 2012
Million-dollar foreclosures rise as rich walk away
Over 36,000 homes valued at $1 million or more were foreclosed on -- or at least served with a notice of default -- in 2011, according to data compiled by RealtyTrac, which tracks foreclosures. While that's less than 2% of all foreclosures nationwide, it represents a much bigger share of foreclosure activity than in previous years.
Over 36,000 homes valued at $1 million or more were foreclosed on -- or at least served with a notice of default -- in 2011, according to data compiled by RealtyTrac, which tracks foreclosures. While that's less than 2% of all foreclosures nationwide, it represents a much bigger share of foreclosure activity than in previous years.
Tuesday, September 13, 2011
Poverty hits 50-year high, U.S says - latimes.com: Census Bureau's grim statistics show recession's lingering effects, as young adults move back home and 1 million more Americans go without health insurance.
Wednesday, August 31, 2011
CEOs Get Paid Extra to Stiff the Taxman - Outrage - TheStreet: Stiffing the taxman is the key to success in corporate America.
Monday, August 29, 2011
Thursday, August 25, 2011
Many seniors keep working-wsj
More than three in five U.S. workers in their 50s and 60s plan on working past 65 — and 47% of that group say they'll do so because they'll need the money or health benefits, according to a 2011 study from the nonprofit Transamerica Center for Retirement Studies.
More than three in five U.S. workers in their 50s and 60s plan on working past 65 — and 47% of that group say they'll do so because they'll need the money or health benefits, according to a 2011 study from the nonprofit Transamerica Center for Retirement Studies.
Wednesday, August 24, 2011
Druckversion - Out of Control: The Destructive Power of the Financial Markets - SPIEGEL ONLINE - News - International
Speculators are betting against the euro, banks are taking incalculable risks and the markets are in turmoil. Three years after the Lehman Brothers bankruptcy, the financial industry has become a threat to the global economy again. Governments missed the chance to regulate the industry, and another crash is just a matter of time.
Speculators are betting against the euro, banks are taking incalculable risks and the markets are in turmoil. Three years after the Lehman Brothers bankruptcy, the financial industry has become a threat to the global economy again. Governments missed the chance to regulate the industry, and another crash is just a matter of time.
Thursday, August 18, 2011
Is the SEC Covering Up Wall Street Crimes? | Rolling Stone Politics: A whistle-blower 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.
Monday, August 15, 2011
Stefan Stern: Marx was right about change - Commentators, Opinion - The Independent
Stefan Stern: Marx was right about change - Commentators, Opinion - The Independent
...
...
Even now, most global financial institutions and political leaders are advocating wholly orthodox approaches to managing budget deficits and currency volatility, even as their efforts are revealed as being more or less futile, or worse. The truth is perhaps too scary for some to contemplate. Either that, or the temporary winners of the current system are simply filling their boots with as much as they can before the next, potentially even bigger crash.
Those who regard the recent actions of rioters in English cities as "criminality pure and simple" will not see any connection between Roubini's declaration that "Marx was right" and the decision to steal a 42-inch TV from a burning electricals store. But, for some, looting may have seemed a sensible (if illegal) response to the apparently continuous turmoil of the economy. If everything about your financial future seems at best uncertain and at worst desperate, why not carpe diem, or carpe television at any rate? Rational economic man (and woman) has finally been sighted, legging it down Tottenham High Street in a new pair of trainers.
...
Thursday, July 21, 2011
Thursday, July 14, 2011
Wednesday, July 13, 2011
Tuesday, July 12, 2011
Thursday, July 07, 2011
Wednesday, June 29, 2011
Wednesday, June 22, 2011
Who really benefited from QE2 anyway? Brett Arends' ROI - MarketWatch
Who really benefited from QE2 anyway? Brett Arends' ROI - MarketWatch
Wall street made out, main street largely missed out.
Wall street made out, main street largely missed out.
Tuesday, June 21, 2011
Why IT Workers Should Unionize - Llewellyn Hinkes-Jones - Technology - The Atlantic
Why IT Workers Should Unionize - The Atlantic
There is power in a union for the information technology industry, one of The Atlantic's own developers argues, even though programmers often resist collective organizing.
There is power in a union for the information technology industry, one of The Atlantic's own developers argues, even though programmers often resist collective organizing.
Monday, June 20, 2011
Friday, June 17, 2011
Guest Post: Corporate America Really Really Cares About Its Employees (Really) - A Distributed Rant | zero hedge
Corporate America Really Really Cares About Its Employees (Really) - A Distributed Rant | zero hedge: "In a recent blog post on the Harvard Business Review web site – and praise be to them for publishing it – Haque let rip on some of the absurdities of contemporary business and economic life. “Just ask yourself,” he wrote, “if you were to walk into any corporation, would you find faces brimming over with deep fulfillment and authentic delight – or stonily asking themselves, ‘If it wasn’t for the accursed paycheck, would I really imprison myself in this dungeon of the human soul?’”"
Thursday, June 09, 2011
UPDATE 1-US economy at tipping point,double-dip risk-Shiller | Reuters
US economy at tipping point,double-dip risk-Shiller | Reuters:
"'My gut feeling is we might see a continuation of the decline' in home prices, Shiller said earlier on Thursday at a Standard & Poor's housing summit. He added that a 10 percent to 25 percent slump in real home prices 'wouldn't surprise me at all,' though he cautioned that was not a forecast."
"'My gut feeling is we might see a continuation of the decline' in home prices, Shiller said earlier on Thursday at a Standard & Poor's housing summit. He added that a 10 percent to 25 percent slump in real home prices 'wouldn't surprise me at all,' though he cautioned that was not a forecast."
Tuesday, June 07, 2011
More Homeowners With Second Mortgages Are Underwater - WSJ.com
More Homeowners With Second Mortgages Are Underwater - WSJ.com: "Almost 40% of homeowners who took out second mortgages—extracting cash from their residences to cover everything from vacations to medical bills—are underwater on their loans"
Thursday, June 02, 2011
Tuesday, May 31, 2011
Thursday, May 26, 2011
Friday, May 20, 2011
A Defiant 'Spanish Revolution' - Alan Taylor - In Focus - The Atlantic
A Defiant 'Spanish Revolution' - The Atlantic
Ever since Sunday, May 15th, residents from many cities around Spain have been demonstrating against the country's ongoing financial crisis, its politicians, and its bankers. The spontaneous protests are the largest since the country plunged into recession in 2008, and they're made up mainly of young people who have set up camps in main squares across the country. Called "los indignados" (the indignant), the May 15 Movement, or simply 15-M, they are fueled by frustration with austerity measures, apparent indifference from politicians, and serious joblessness...
Ever since Sunday, May 15th, residents from many cities around Spain have been demonstrating against the country's ongoing financial crisis, its politicians, and its bankers. The spontaneous protests are the largest since the country plunged into recession in 2008, and they're made up mainly of young people who have set up camps in main squares across the country. Called "los indignados" (the indignant), the May 15 Movement, or simply 15-M, they are fueled by frustration with austerity measures, apparent indifference from politicians, and serious joblessness...
Tuesday, May 17, 2011
Sunday, May 15, 2011
Wednesday, May 11, 2011
Sunday, May 08, 2011
Tuesday, April 26, 2011
Wednesday, April 13, 2011
Tuesday, April 12, 2011
Monday, April 04, 2011
Thursday, March 31, 2011
Wednesday, March 30, 2011
The Exceptional Mr. Greenspan - NYTimes.com
The Exceptional Mr. Greenspan - Krugman
"Alan Greenspan continues his efforts to cement his reputation as the worst ex-Fed chairman in history; in today’s FT, he comes out for a repeal of financial regulations designed to prevent a repeat of the crisis for which he, more than any other individual, bears personal responsibility. ..."
"Alan Greenspan continues his efforts to cement his reputation as the worst ex-Fed chairman in history; in today’s FT, he comes out for a repeal of financial regulations designed to prevent a repeat of the crisis for which he, more than any other individual, bears personal responsibility. ..."
Tuesday, March 29, 2011
Wednesday, March 23, 2011
Tuesday, March 22, 2011
Monday, March 21, 2011
Sunday, March 20, 2011
Thursday, March 17, 2011
Tuesday, March 08, 2011
Tuesday, February 22, 2011
Friday, February 18, 2011
Wednesday, February 09, 2011
Tuesday, January 25, 2011
Thursday, December 02, 2010
Wednesday, December 01, 2010
Tuesday, November 30, 2010
Friday, November 26, 2010
U.S. Corporate Profits Hit Record in Third Quarter - NYTimes.com
U.S. Corporate Profits Hit Record in Third Quarter - NYTimes.com: "The nation’s workers may be struggling, but American companies just had their best quarter ever."
Thursday, November 04, 2010
Wednesday, October 20, 2010
Guest Post: iDepression 2.0 | zero hedge
Guest Post: iDepression 2.0 | zero hedge: "The key disturbing facts are as follows:
* Goods producing jobs as a percentage of all jobs have declined from 31.2% in 1970 to 13.8% today.
* Lawyers, accountants, financial advisors and other paper pushing professions made up 12.4% of jobs in 1970 versus 18.7% of all jobs today.
* Obese Americans love to go out to restaurants and be served. Hospitality employees now make up 10.1% of the workforce versus 6.7% in 1970.
* Obese, vain, stupid Americans have also benefitted the Health Services and Education industries as the number of nurses, proctologists, teachers, school administrators and Beverly Hills TV surgeons has surged from 6.4% of the workforce to 15.1%. You’d think we would be healthier and smarter with these figures. We’re not."
* Goods producing jobs as a percentage of all jobs have declined from 31.2% in 1970 to 13.8% today.
* Lawyers, accountants, financial advisors and other paper pushing professions made up 12.4% of jobs in 1970 versus 18.7% of all jobs today.
* Obese Americans love to go out to restaurants and be served. Hospitality employees now make up 10.1% of the workforce versus 6.7% in 1970.
* Obese, vain, stupid Americans have also benefitted the Health Services and Education industries as the number of nurses, proctologists, teachers, school administrators and Beverly Hills TV surgeons has surged from 6.4% of the workforce to 15.1%. You’d think we would be healthier and smarter with these figures. We’re not."
Occidental Petroleum CEO Ray Irani is the poster child for extravagant executive pay - latimes.com
Occidental Petroleum CEO Ray Irani is the poster child for extravagant executive pay - latimes.com: "The executives have been given seven years to hit a target they're on track to reach in 2 1/2 years."
Sunday, October 17, 2010
Thursday, October 14, 2010
Wall Of Worry Redux: 24 Statistics Confirming America's Decline | zero hedge
Wall Of Worry Redux: 24 Statistics Confirming America's Decline | zero hedge: "Did US economy has officially enter the 'Late Roman Empire' phase of its civilization?"
Monday, October 11, 2010
Are WSJ OpEd Writers Clueless or Liars? | The Big Picture
Are WSJ OpEd Writers Clueless or Liars? | The Big Picture. As a man's home sold out from under him in foreclosure mistake - he DID NOT HAVE A MORTGAGE, WSJ OpEd says - "We’re not aware of a single case so far of a substantive error."
Thursday, October 07, 2010
Tuesday, October 05, 2010
Monday, September 27, 2010
Atheists, agnostics most knowledgeable about religion, survey says - latimes.com
Survey says atheists, agnostics most knowledgeable about religion. "If you want to know about God, you might want to talk to an atheist."
Tuesday, September 07, 2010
Wednesday, September 01, 2010
Friday, August 27, 2010
Robert Shiller Says Double Dip Imminent | zero hedge
Robert Shiller Says Double Dip Imminent : "He is worried housing prices could decline for another five years".
Thursday, August 26, 2010
Wednesday, August 25, 2010
Wednesday, August 11, 2010
Tuesday, August 10, 2010
Poor Mark Hurd: HP severance includes $12.2 million cash, $16 million in stock - BusinessWeek
Poor Mark Hurd: HP severance includes $12.2 million cash, $16 million in stock.
But looks like HP employees are not "saddened" by Hurd's departure from this WSJ deal journal blog. Apparently some "had an office party this Monday at HP HQ’’.
But looks like HP employees are not "saddened" by Hurd's departure from this WSJ deal journal blog. Apparently some "had an office party this Monday at HP HQ’’.
Wednesday, July 14, 2010
Sunday, April 25, 2010
Saturday, April 17, 2010
Is still a lot of pain ahead for US housing market? Jump in foreclosures makes you wonder ... http://www.informationclearinghouse.info/article25230.htm
Thursday, December 10, 2009
Tuesday, December 01, 2009
I always wondered how it looks if someone posted the performace of "best stocks for 10 years" after 10 years. Now I know the answer.
Tuesday, November 24, 2009
Friday, November 13, 2009
Saturday, November 07, 2009
Now we know how the money gets transferred from have not's to have's. - Wall Street bonuses to rise 40% - Analysts thought 2009 would be a good year for bankers, but it turns out it will be great.
Thursday, May 07, 2009
I should re-read this article about management myth/science every time I think that I should have taken up management route. To sum up: just as most people are able to lead fulfilling lives without consulting Deepak Chopra, most managers can probably spare themselves an education in management theory.
Saturday, March 14, 2009
Saturday, February 14, 2009
Friday, November 14, 2008
Thursday, November 13, 2008
Thursday, November 06, 2008
Here is a beautiful quote I heard yesterday:
"Rosa sat so Martin could walk, Martin walked so Obama could run, Obama ran so our children could fly!".
Apparently, it is from rapper Jay-Z. Here is a link (http://morrisvideos.com/watch_video.php?v=40469f25fad6b4e) where it was said on Oct 5h concert in New York city (at around 1min 53sec)
"Rosa sat so Martin could walk, Martin walked so Obama could run, Obama ran so our children could fly!".
Apparently, it is from rapper Jay-Z. Here is a link (http://morrisvideos.com/watch_video.php?v=40469f25fad6b4e) where it was said on Oct 5h concert in New York city (at around 1min 53sec)
Wednesday, October 29, 2008
Tuesday, August 26, 2008
Friday, May 09, 2008
Wednesday, April 23, 2008
Friday, April 18, 2008
Iceland, a Tiny Dynamo, Loses Steam - Hedge funds at fault ? Makes you wonder who is running the world.
Wish this were true for Bay Area .. maybe the wish might come true in due course of time -
California home prices fall 26 percent amid foreclosures
California home prices fall 26 percent amid foreclosures
Wednesday, April 09, 2008
Friday, March 28, 2008
Tuesday, February 26, 2008
Wednesday, February 06, 2008
Thursday, January 03, 2008
Thursday, December 06, 2007
Wednesday, November 07, 2007
Tuesday, October 30, 2007
Monday, October 22, 2007
Tuesday, October 16, 2007
CEOs Don't Earn Their Pay, Execs Agree - CFO.com. Are they being honest or feeling the public backlash ?
Thursday, October 11, 2007
Thursday, September 27, 2007
Tuesday, September 25, 2007
Friday, September 21, 2007
Thursday, June 14, 2007
Monday, June 11, 2007
Wednesday, May 30, 2007
Friday, May 25, 2007
Tuesday, May 08, 2007
Tuesday, May 01, 2007
Tuesday, April 17, 2007
Friday, April 13, 2007
Kenneth Heebner, manager of the top-performing real-estate fund over the past decade, says
U.S. home prices may plunge as much as 20 percent because of rising defaults on riskier mortgages.
Tuesday, March 06, 2007
Wednesday, February 28, 2007
Wednesday, January 24, 2007
Saturday, October 28, 2006
M.B.A.s are the Biggest Cheaters - Graduate business students take their cue from corporate scandals
Thursday, October 05, 2006
Monday, September 25, 2006
Wednesday, August 30, 2006
Friday, July 21, 2006
Finally, The chief economist of the California Assn. of Realtors has stopped using the term "soft landing" to describe the state's real estate market, saying she no longer feels comfortable with that mild label! Housing Expert: 'Soft Landing' Off Mark !
Housing Expert: 'Soft Landing' Off Mark !
Monday, April 10, 2006
Monday, March 13, 2006
- MarketWatch ArticleSaturday, February 18, 2006
Friday, January 13, 2006
Friday, December 09, 2005
Friday, November 18, 2005
Thursday, November 17, 2005
Tuesday, November 15, 2005
Friday, November 11, 2005
Monday, October 31, 2005
Monday, October 24, 2005
Sunday, October 23, 2005
Saturday, October 22, 2005
Saturday, June 25, 2005
The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops - Economist
Friday, June 24, 2005
Monday, June 06, 2005
Questions remain over Itaniums potential. Michael Dell said - "If I talked for three hours about what's important to our business I don't think I'd ever mention Itanium".
Friday, May 27, 2005
Sunday, April 24, 2005
Tuesday, April 19, 2005
Tuesday, April 12, 2005
Tuesday, April 05, 2005
Thursday, March 31, 2005
Friday, March 25, 2005
Tuesday, March 22, 2005
Tuesday, March 01, 2005
Monday, February 28, 2005
Sunday, February 27, 2005
Tuesday, February 08, 2005
The average salary of technology workers in the United States last year slipped to $67,800 from $69,600, a 2.6% decline according to this IT Salary Survey by dice.com
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