Wall Street has not only an army of lawyers and accountants, but a horde of mathematicians with advanced degrees searching for the perfect equations to separate people from their money.
Filed in Creative-i on Capitalism, Creative-i on Socialism, Creative-i on the Media, Creative-i’s Featured Writer
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Also tagged afghanistan, collateralized debt obligations, credit default swaps, hedge funds, index funds, structured investment vehicles, subprime mortgages, wall street
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‘May you live in interesting times’, traditional Chinese curse
Being raised in a family of Reds has its pluses and its minuses, one of the minuses being a decidedly unworldly approach to economics. It was as if we already lived in a socialist world but of course nobody else did. The upshot of this was a [...]
America is self-destructing & bringing the rest of the world down with it
Global Research, October 23, 2008
I believe that banking institutions are more dangerous to our liberties than standing armies. (Thomas Jefferson, US President; 1743 – 1826)
America is dying. It is self-destructing and bringing the rest of the world down with it.
Often referred to as [...]
Obama can no more succeed than John McCain in resolving the contradictions of capital by feeding the beast the last remnants of the national wealth.
Filed in Creative-i on Capitalism, Creative-i’s Featured Writer
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Also tagged bailout, cash for trash, citigroup, Congressional Black Caucus, Goldman Sachs, Lawrence Summers, McCain, obama, Paulson, Robert Rubin
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First the policy makers pretend that they can be paid, then they denounce the pessimists as spreading panic, and then they say that of course students have been taught for four thousand years now how the ‘magic of compound interest’ keeps on doubling and redoubling debts faster than the economy can squeeze out an economic surplus to pay.
Filed in Creative-i on Capitalism
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Also tagged bailout, Bank of America, Bernanke, capitalism, CDOs, Citibank, collateralized debt obligations, compound interest, Countrywide, Dow Jones Industrial Average, FDIC, fraud, Glass-Steagall Act, JPMorgan Chase, NASDAQ, Paulson, Short sellers, TARP, Wachovia, wall street
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Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’
By Margareta Pagano and Simon Evans
Sunday, 12 October 2008
The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the ‘ticking time-bomb’.
It’s a market in which the lead [...]
What changes take place in the real world to cause the crisis? Nothing, necessarily. The crisis is usually caused by changes in the make-believe world of financial capitalism.
22 September, 2008
What does it take for the corporate media to speak the truth about the economic meltdown? Take the BBC Website for example: It has a page titled ‘Q&A: Financial crisis and you’ where you would expect to find an explanation of this, the latest crisis of capital. Dream on folks, dream on.
Actually the [...]
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