Posted on 03 July 2012. Tags: Financial Crisis, Fraud, Gretchen Morgenson, Moody's, Ratings Agencies, Standard and Poor's
Among the myths promoted by the traditional press–myths that hurt the entire country–is the “independence” of the ratings agencies. And that myth was one of the underpinnings of the financial crisis–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their […]
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Posted in General Interest
Posted on 26 November 2011. Tags: Jon Corzine, MF Global Holdings, Moody's, S & P
How many times a day do you shake your head at the farces that jump out of the business world every day? Raise your hand if it’s at least twice day. Here you go for your list: Lawmakers on the Oversight and Investigations Subcommittee, who are conducting the hearing, also plan to home in […]
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Posted in General Interest
Posted on 03 November 2011. Tags: Alan Simpson, Alice Rivlin, Debt, Deficit, Erskine Bowles, Molly Ivins, Moody's, Nonsense, Pete Domenici, Republicans, Super Committee, Taxes
Somehow, I’ve been thinking a lot about Molly Ivins recently and how she would know exactly what to say about the absurdity of our political leaders who are just clueless. She once said, of former Republican House Majority leader Dick Armey, “If ignorance ever goes to $40 a barrel, I want drillin’ rights on that […]
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Posted in General Interest
Posted on 12 July 2011. Tags: Bond Market, Debt, Deficit, Depression, It's Not Raining We're Being Peed On, Jobs, Michael Lewis, Moody's, Scams, Subprime Mortgages, The Big Short, Wall Street
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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Posted in General Interest
Posted on 03 June 2011. Tags: Bond Market, Debt, Deficit, Depression, It's Not Raining We're Being Peed On, Jobs, Michael Lewis, Moody's, Scams, Subprime Mortgages, The Big Short, Wall Street
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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Posted in General Interest