Tag Archive | "Subprime Mortgages"

The Laughter You Hear Comes From Wall Street and The Banks

When I come back in my next life, I want to be a banker or a hotshot on Wall Street. Because it’s the kind of work where you can do anything you want, break any laws, never get punished and make a huge amount of money. And the best thing is: you make someone else pay for your fuck-ups. That is the upshot of the settlement reached today with the banks. Another day, another sham.

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S&P Under Investigation: Lawbreaking Or Not, S&P Is Bankrupt

   Over the past few months, I’ve written a number of pieces about the ludicrous spectacle of anyone taking Standard and Poor’s and Moody’s seriously anymore. When S&P downgraded the U.S. rating, it underscored how entirely corrupt the system has become.     Joy and celebration: maybe S&P even broke the law.  The investigation is […]

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Financial Crisis Probe Widens? “This is where all the bodies are buried”

    I’ve maintained for a long time that the civil fines levied against Goldman Sachs ($550 million) and J.P. Morgan ($153 million) for their roles in the financial crisis scam amounted to peanuts–costs that will be ultimately passed on to consumers and shareholders. If a financial executive could aid and abet a massive fraud and […]

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“Guys who can’t get a job on Wall Street get a job at Moody’s”

   Every day, there is a new joke about the economy–though, the joke is a cruel one on most normal people and unfortunately, the transcribers of the news (nee "journalists") don’t get the jokes largely because they are (a) really dumb and/or (b) don’t really care and/or (c) are so wrapped up in being "serious" […]

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Moody’s Threatens U.S. Credit–Hah! Who Cares What Moody’s Says?

    This is so absurd it made be burst out laughing in the midst of a sip of coffee this morning–and fittingly the coffee splashed over the idiotic front-page article in The New York Times (yes, I still read the actual paper version) that hails the newest words from the mountaintop, wisdom passed down from […]

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The Probe Widens

   Via The Wall Street Journal today: Federal prosecutors, working with securities regulators, are conducting a preliminary criminal probe into whether several major Wall Street banks misled investors about their roles in mortgage-bond deals, according to a person familiar with the matter. The banks under early-stage criminal scrutiny—J.P. Morgan Chase & Co., Citigroup Inc., Deutsche […]

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You Got Screwed, CEOs Made A Fortune

  This is a story that seems all too familiar, but it’s worth repeating each time it happens: trillions of dollars in retirement and savings are gone, millions of jobs will be lost, we’re facing a severe economic crisis that could go on for a number of years, and we could be in for a […]

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It Was A Recession Long Ago And May Get Uglier

    Readers of this blog know that I have been pointing out for a long time that the majority of Americans have been in recession for a long time–it was partly masked by the housing bubble, which allowed a lot of people to pull out a whole bunch of cash from almost under the mattress […]

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Sen. Obama Speaks on The Economy

    This morning, Sen. Obama is scheduled to give a major address on the economy. Yours truly is scheduled to appear on CNBC’s "Power Lunch" (hey, I didn’t come up with the name) at 1:20 p.m. (Eastern Time). I may not have a chance to post the entire speech here before the CNBC gig but […]

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More “Emminent Leaders” Crap

    Yesterday, I observed the bizarre proposal by Sen. Clinton to hand over fixing the economic mess we’re in to the very people who helped create the mess (well, actually, for most workers we’ve been in an economic mess for a very long time–but you’all know that). I wasn’t trying to pick on Sen. Clinton […]

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Sen Clinton, You Want WHO To Fix Our Economic Mess?

I have been waiting to hear what the presidential candidates have to say about how to address the financial crisis gripping the country, and the international markets. Very little of substance has been said, beyond vague pronouncements—until yesterday. Sen. Hillary Clinton released a plan, which, in my humble opinion, underscores why another Clinton Administration would […]

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More People Out Of Work

    This just out via the Associated Press: The number of newly laid off workers filing for unemployment benefits rose last week to the highest level in nearly two months, providing more evidence that the weak economy is having an adverse impact on the labor market. The Labor Department said Thursday that applications for jobless […]

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More People Out Of Work

    This just out via the Associated Press: The number of newly laid off workers filing for unemployment benefits rose last week to the highest level in nearly two months, providing more evidence that the weak economy is having an adverse impact on the labor market. The Labor Department said Thursday that applications for jobless […]

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It Will Be Ugly On Wall Street Today (UPDATED)

    We will get a window on how bad it could get in about 20 minutes when the stock market opens. Stocks will drop like a rock if the overnight trends are any indication: European and Asian stocks fell Monday in response to renewed worries about the financial strength of the world’s banking system after […]

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It Will Be Ugly On Wall Street Today (UPDATED)

    We will get a window on how bad it could get in about 20 minutes when the stock market opens. Stocks will drop like a rock if the overnight trends are any indication: European and Asian stocks fell Monday in response to renewed worries about the financial strength of the world’s banking system after […]

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Meltdown In The Markets

    A short post today since it’s big fundraiser day. Paul Krugman reports: The scariest thing I’ve read recently is a speech given last week by Tim Geithner, the president of the Federal Reserve Bank of New York. Mr. Geithner came as close as a Fed official can to saying that we’re in the midst […]

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