Archive for February, 2010

25
Feb
10

ron paul ties fed to saddam hussein in the 1980’s

maybe farfetched but wouldn’t friggin’ surprise me….

http://blogs.wsj.com/economics/2010/02/24/ron-paul-on-watergate-saddam-hussein-and-the-federal-reserve/

here’s henry waxman backing up RP’s claim:

from dailypaul.com

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22
Feb
10

ron paul interviewed by fox’s raddow maddow copy

20
Feb
10

charles munger parable on usa

some obvious barbs at america’s finance based economy.

excerpt:

But even a country as cautious, sound, and generous as Basicland could come to ruin if it failed to address the dangers that can be caused by the ordinary accidents of life. These dangers were significant by 2012, when the extreme prosperity of Basicland had created a peculiar outcome: As their affluence and leisure time grew, Basicland’s citizens more and more whiled away their time in the excitement of casino gambling. Most casino revenue now came from bets on security prices under a system used in the 1920s in the United States and called “the bucket shop system.”

The winnings of the casinos eventually amounted to 25 percent of Basicland’s GDP, while 22 percent of all employee earnings in Basicland were paid to persons employed by the casinos (many of whom were engineers needed elsewhere). So much time was spent at casinos that it amounted to an average of five hours per day for every citizen of Basicland, including newborn babies and the comatose elderly. Many of the gamblers were highly talented engineers attracted partly by casino poker but mostly by bets available in the bucket shop systems, with the bets now called “financial derivatives.”

http://www.slate.com/id/2245328/pagenum/all/#p2

18
Feb
10

another great taibbi article hammering ponzi wall street

excerpt:

This may sound far-fetched, but the financial crisis of 2008 was very much caused by a perverse series of legal incentives that often made failed investments worth more than thriving ones. Our economy was like a town where everyone has juicy insurance policies on their neighbors’ cars and houses. In such a town, the driving will be suspiciously bad, and there will be a lot of fires.

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/print

17
Feb
10

great new nike commercial during olympics

17
Feb
10

onion parody of money

excerpt:

WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.

http://www.theonion.com/content/news/u_s_economy_grinds_to_halt_as

17
Feb
10

can’t wait to stop hearing about these golddam derivatives….

excerpt:

The banking lobby is resisting efforts to overhaul the $605 trillion market for derivatives that don’t trade on exchanges. Although a lack of transparency and hidden leverage in this over-the-counter market fueled systemic weakness in 2008, regulators and politicians haven’t delivered some basic improvements.

The Club-Med meltdown may persuade them to act. For years, Greece wrote large derivatives contracts with banks, mostly associated with sovereign-bond issues. These derivatives likely have a feature that now makes them particularly worrying for banks, lax “margin” requirements

http://online.wsj.com/article/SB10001424052748704431404575066982745810158.html?mod=WSJ-hpp-LEFTWhatsNewsCollection




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