It is becoming clearer what will be the likely cause of the next financial crisis. In a recent report to US banks issued by the Office of the Comptroller of the Currency (which regulates more banks than even the Fed does), the OCC has cautioned banks to limit their lending to highly-leveraged corporations. Further, the [...]
At an east coast cocktail party several weeks ago, a reporter asked a CEO what he feared most in regards to the global economy. The billionaire, who asked to remain anonymous, replied, “the guillotine”.
When even the hyper-wealthy are looking anxiously over their shoulder, something is badly wrong with the economic order. For several years [...]
Some of the more troubling parts of this Alt-Market piece excerpted here:
This statistic is less of a surprise than it appears:
Thanksgiving night shopping looked like a new family tradition this year as stores opened earlier and consumers took advantage of the extra time to spread out their Black Friday shopping.
The Thursday-through-Sunday tally, though, was less buying overall, according to data from [...]
It is not surprising that Rush Limbaugh, spiritual leader of the Republican Party – the man who determines Republican ideology and who enforces obedience to orthodoxy within the party – now finds Pope Francis a “Marxist”. Pope Francis, spiritual leader to over one billion Catholics, has issued a direct assault on the [...]
Hilarity, that’s what…
Matt Taibbi’s been covering it – here’s a snippet of the original article: Chase’s Twitter Gambit Devolves into All-Time PR Fiasco:
“I almost couldn’t believe it when I heard that JP Morgan Chase was going to do a live Twitter Q&A with the public – you know, all those people around [...]
Warren proceeds to calmly recite numbers that could inspire even librarians to storm a few barricades. The Wall Street crash has cost the US economy $14tn, she says, but its top institutions are 30% larger than before, own half the country’s bank assets and are in receipt of an implicit taxpayer subsidy of $83bn [...]
Republicans party after big vote
The Money Party’s latest training exercise with live ammunition (aimed at us) is over for a while. At the last minute, the geniuses in your nation’s capitol got it together long enough to pass a relatively clean budget resolution and raise the debt limit for a few weeks. The [...]
NYT – AMIRAS, Greece — As they moved through the isolated villages in this region in 1943, systematically killing men in a reprisal for an attack on a small outpost, German soldiers dragged Giannis Syngelakis’s father from his home here and shot him in the head. Within two days, more than 400 men were dead [...]
ABC News, By Alan Farnham, October 2
An offshoot of the Occupy Wall Street movement plans to issue its own debit card. What’s next? The Occupy-edition Range Rover?
Asked this same snide question, Carne Ross, a board member of the Occupy Money Cooperative, tells ABC News that his group’s intentions could not be more altruistic [...]
Guardian story here
ekathimerini story here
A-Z on how to turn a liberal democracy into a proto-fascist state-
just take away people’s food, lodging, and jobs to pay back the international bankers of the IMF.
Note the non-response by the ruling party in the linked stories.
(originally posted Sep 13)
Update1: Greece moves [...]
Guardian Online – Police fired tear gas at demonstrating school guards amassed outside the administrative reform ministry in Athens. Three protestors were subsequently rushed to hospital suffering respiratory problems. The decision of authorities to resort to using toxic chemicals so early in the day appears only to have reinforced the resolve of unions in [...]
Lesson to learn — it’s usually not their fault. Case in point:
Donald Cardin became a firefighter at age 20 in Central Falls, R.I., a town just north of Providence that filed for bankruptcy in 2011. He was making $60,000 a year as a fire chief before retiring at age 42 in 2007 to take [...]
Drop dead date pushed up – Man made pollution, mostly CO2, is accelerating at a rate that has a definite endpoint for world civilization as we know it. Since accumulated CO2 in the atmosphere sticks around for hundreds of years, we won’t be able to change the cycle of oblivion once it gets rolling. (Image: [...]