The above 60 Minutes Report on how badly compromised members of Congress are is echoed in this report from the Daily Beast on Obama’s Energy Department graft that extends well beyond Solyndra. Clearly the US is teetering with political graft and scandal that extends across parties and is making Washington a place of Moral Compromise […]
Why Congress Has Failed to Regulate Wall Street, Healthcare, Energy, etc. Read More »
Three new reports on MF Global’s Bankruptcy and its Impact on Financial Policy are worth noting: NYTimes – Gretchen Morgenstern, who has been instrumental in exposed recent Financial Follies, describes the damage to the credibility of current financial regulatory reforms and how the current European financial crisis impacts American banks and financial institutions as a consequence. Marketwatch
MF Global:Wall Street Reforms Fail: Update Read More »
Takethe5th has been advancing the idea that the US, in a major departure from its democratic roots, has been in the process of becoming a Bautocracy. This is the process of the very wealthiest replacing one-man-one-vote with bought political access and therefore power. This buying of influence has been accomplished through unprecedented political access and power
Occupy Wall Street: Bautocracy Brought Into Focus Read More »
Reuters has a story on investigation of S&P and Moody’s by Justice department for their role in the Mortgage meltdown of 2007-2008. Clearly the question is why is this probe starting up 3 years or more after the fact. Here are 5 possibilities: 1)It takes a long time to do Financial fraud prosecutions. Also GOP has held
The Ratings Agencies Moodys and S+P: Investigations 3 Years Late Read More »
Well Wall Street has spoken and they are demanding and betting big time as seen in the 3% rise in the DJIA today that Federal Reserve Chairman Ben Bernanke will be “printing money”. He did it last year just before the midterm elections with an annnoucement at Jackson Hole Wyoming financial conference in August trying
Hell, More QE – Quantitative Easing Read More »
The revelation in 2010 of 500o UBS tax avoiders in Switzerland at the UBS bank turns out to be the tip of the iceberg. CNBC has a slideshow showing the extent of tax evasion – the government reports nearly 500,000 thousand tax avoiders having secret and illegal offshore bank accounts. Despite a second round of amnesty
Who Is Not Paying Their Taxes Read More »
In all the turmoil associated with the Euro debt crisis in Greece, Ireland, Portugal and now Italy, a major movement in energy policy has taken place. Germany has voted to re-align their energy development to replace their previous commitment to nuclear power with renewables- solar, wind and even geothermal. This is groundbreaking because this is
Germany Goes Non-Nuclear Read More »
The Financial Press reported that both Apple and Microsoft had “blow out quarters” for their June 2011 end quarterly reports. The table below tells the tale: Comparison of AAPL-Apple and MSFT-Microsoft July 2011 Sales and Earnings Description AAPL Sales AAPL Profits MSFT Sales MSFT Profits Mar end 2011 $24.7B $6.0B $16.4B $5.2B Jun end 2011
Apple vs Microsoft Blowout Quarters Read More »
The Republican party is built on a smorgasboard of special interests which are often at polar opposites. Here are a few examples: Immigration hardliners vs Small businesses on accommodating migrant workers Military Industrial Corporates vs Tea Party Deficit Hawks on spending cuts and war adventurism Tea Party Deficit Hawks vs Wall Street Financiers on Debt
Republican Party Is Fragmenting Read More »
News Corp International is the name of Rupert Murdoch’s media empire that stretches from his native Australia [owning many of the largest Australian newspapers] thru Europe with many interests based in England [including Harpers Collin Book Publishing, Sky Italia and other Sky TV networks, several newpapers including the Sunday Times and the just now defunct
As Murdoch’s News Empire Crumbles: Rule of Law Implications Read More »
This blog has been arguing that the Republican Party has over the past thirty years been engaging in deliberately irrational policies. It started with Ronald Reagan’s approval of the enticingly treasonous “Starve the Beast” government spending policy. Starve the Beast condones government spending increases which are not paid for by tax increases or spending cuts
Republican Irrationality: US Budget Deficit Math Read More »
NYTimes has a good article about Mitch’s Daniel’s Indiana and some of the heart rending tradeoffs Daniels has had to make in the face of recessionary winds: “People think great business climate, Indiana comes to mind. People think infrastructure, we’re exactly who they think of.”Because recessionary winds have not toppled Indiana’s house, this state is
Mitch Daniel’s Indiana – Facing National Decline Read More »
What is long over due from John Q. Public is a revolt against the Banksters But there are signs that the public is doing “a Network” against the Elite Powers That Will Be Damned Until John Q. Says No!”. Here is what is happening in the Capital 1 takeover of ING Direct banking. First the
Whats Long Overdue From John Q. Read More »
Want to know why jobs are not coming back anytime soon and why Washington ignores what is being requested by the public in poll after poll? It is all a case of Supreme Court powered $dollar-votes being courted slavishly by both political parties for the upcoming Presidential Elections. Listening to the political pundits on the Sunday
Race to the Bottom: Obama Curries Wall Street Favors Read More »
The public debate on Economic Policy is becoming more important because the US Economy is stalling out with very poor job creation and GDP growth despite nearly 4 years of unrelenting and ridiculously low interest rates plus initial huge bailouts made to the car and financial industries. Trickle Down and”Let No Big Bank Fail”
What Was Said: Economic Policy Read More »
Why is Marketwatch’s David Weidner calling Peter Diamond and Paul Krugman Sissies? Is he envious of their respective Nobel Economics Prizes or has the Partisan Congressional Rancor and Name-calling spilled over into the Financial Press? Is Marketwatch becoming the Fox News tough guy affiliate for New Corp common parent? Does David want Jon Friedman’s job
Why is Marketwatch’s David Weidner Calling Diamond and Krugman Sissies? Read More »
Why is Pimco boss Bill Gross, manager of trillion dollars in assets Pimco Funds, under fire from the Wall Street Journal? The WSJ published a report today which examines in great detail how Bill Gross lost over $3billion on Lehman Brothers bonds going bankrupt in September 2008 tripping off the Financial meltdown which the US is still
Why is Pimco Boss Bill Gross Under Fire From WSJ? Read More »
US voters are clamoring for bipartisanship and for the Democrats and Republicans to work together to deliver much better governance. There are too many polls that tell Washington so. But leaders from both parties cite the stridence and shrill lack of civility that undoes all efforts at good bipartisan governance. Even the one arena, foreign affairs.
Bipartisanship: No Rule of Law for Wall Street Read More »
Only in America could you see a headline like this – American SuperWealthy Wage War on Americans! Such an irony – the SuperWealthy who have risen to power and position by a combination of hard work, good fortune and stealth are finally throwing off the shackles of their dependence on the good will of the
American SuperWealthy Wage War on America! Read More »
America has fallen just like Egypt into the grips of ruthless despots. These despots have a rule of law unto themselves[see Frank Rich]. They have accrued huge wealth and unlimited risk insurance from taxpayers; yet the themselves barely pay taxes[see Bob Herbert]. They have accrued $trillions in no small part due to US Federal largesse
The engine of inquiry often rolls along slowly – this appears to be especially true in the case of the financial meltdown. The commission of ten appointed by President Obama with the usual accommodation for polical leanings has finally produced its report and the verdict is: Financial Crisis Was Avoidable. Despite the 6:4 Democrat versus Republican split on the conclusions
Financial Crisis Was Avoidable Read More »
NYTimes Conseravative columnist, David Brooks forecast President Obama’s critical theme message in the the State of the Union Address. Brooks said the crucial idea is that “In the 21st century, the U.S. will no longer be the Big Dog”. And at the top of his address, President echoed the idea in muted form. The US
No More USA As Automatic Top Dog Read More »
Russia has done it again – moved to becoming a dysfunctional, failed state. In the 1900’s under the Czar Nicholas II, Russia made a belated charge towards modernization including dramatic political and economic development. But the there were so many disaffected groups within Russia and corruption was so rife that radicals and communists were able
One could see it in the economic policy – so disjointed and just plainly off target – so much help for the banks and financial sector; too little for creating jobs and a business climate of recovery. Now, the NYTimes has done a major story on the people behind it – and one can see
How the Obama Economic Policy Team Came to Shambles Read More »
A colleague asked “why do you think the TV air waves are filled with so many crime and justice show from CSI to Law and Order:The Latest Variation on a Theme?” A bit no plussed ye Editor replied “Look at the venerable history of thrillers and whodunnits over the past 200 years starting with Mary
Too Big To Jail II Read More »
Ye 5th’s Editor admits plagiarism. I have stolen the above headline from a report by Reuter’s Felix Salmon who has some of the best commentary on whats going on Wall Street. And the plagiarism is blatant. Except for the “II” , the above headline is an exact copy of the title Felix uses in his
JPMorgan Threatens Small Depositors II Read More »
Moodys, one of the big three American Bond rating agencies is cautioning about the US Debt. Here are some of the salient remarks. Moody’s Investors Service Inc. said in a report Thursday that the U.S. will need to reverse an upward trajectory in its debt ratios to support its Aaa rating.“We have become increasingly clear
Moody’s Caution about US Debt Read More »
According to Pugh Research, the belief that your kids will not be able to do as well or prosper as one`s own success, has reached new highs. And there is distinct writing on the wall as to why this is true. First and foremost, 1% of the US population now controls 25% of the wealth
My Kids Will Not Be Able to Do As Well As I Have Read More »
In nuclear arms strategy, one winning gambit is to convince your opponents that you are an irrational and unstable player. This puts your opponents on the defensive because they can’t count on you to compute and think rationally. And so therefore in all the MAD [Mutually Assured Destruction] posturings one can never be sure that
G.O.P. – Irrational Like Foxes Read More »
There is a coming Awakening or Dawning on America that its 100-150 year reign as the premier economic and politic power is coming to an end. With technology and economic trends ripping like torrents throughout the World, what is to prevent the USA from becoming the next Blockbuster or Lehman Brothers – rapidly going out
Dawning on America Read More »
As the US hurtles towards mid-term elections in which Supreme Court blessed campaign financing has tripled relative to the 2006 midterms, the People discover once again that their Bankers have fcuked Fiduciary Trust, Rule of Law and the People once again by Fcuking Foreclosures with gross negligence and legal fraud. Paul Krugman at the NYTimes
Bankers Did It Again – Fcuked You Ess Ehhh Read More »
Arianna Huffington’s new book Third World America describes and echoes a number of different commentators on the broad health of the US over the next 10 years. As one can see from the title of her book, both the forecast and prescription are not good as the US is locked in a political war of
Third World America Read More »
