Posts tagged “Ben Bernanke”

Quotable: Sen. Jim Bunning

While grilling Federal Reserve Chairman Ben Bernanke during his reconfirmation hearing:

Rather than making management, shareholders, and debt holders feel the consequences of their risk-taking, you bailed them out. In short, you are the definition of moral hazard.Senator Jim Bunning
(R-Kentucky)

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Sen. Sanders puts hold on Bernanke renomination

Sen. Sanders Unfiltered: Hold On Bernanke

Sen. Sanders to Bernanke: Will you tell the American people to whom you lent 2.2 trillion of their dollars?

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The lost armada of consumerism

The ghost fleet lingers off the coast of Singapore

Image: Richard Jones/Sinopix

Thousands of ships float off the coast of Singapore and Malaysia. Never before photographed, this armada exceeds the U.S. and British navies combined.


You are looking at the largest and most secretive gathering of ships since humans returned to the seas. Well, that is the impression of the Daily Mail’s Simon Parry in his fascinating article and I’m hard-pressed to argue. They are parked off the coast of Singapore and Malaysia, crewed by solitary Indian sailors, rusting away while the world economy languishes. This is the hidden reality politicians and economists don’t like to share: things are not getting better. If they were, these ships would be underway.

First we find out about the trash continent, now we have this lost armada of consumerism. What else is just languishing out in the ocean, hidden in plain sight?

Thanks, Jill!

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Factoid: S&L Retribution vs. Bailout Retribution

…between 1990 and 1995 no less than 1,852 S&L officials were prosecuted, and 1,072 placed behind bars. Another 2,558 bankers were also jailed, often for offenses which were S&L-linked too.Gillian Tett
Assistant Editor, Financial Times

This, according to a Department of Justice report. How many jail sentences have you seen meted out to bankers during the last couple years? I can only think of one, Bernie Madoff. I am willing to admit some escaped the radar, but this is hardly justice. The S&L crisis cost taxpayers roughly $124 billion and netted thousands of incarcerations. My how our society has changed.

Via Jon Taplin’s blog

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Please read Matt Taibbi’s latest article. It’s very important.

I cannot overestimate how important it is that all of us, from the young to the old, National Review readers to Bravo watchers, read this article. The reach of its material touches each and every one of us, no matter how engaged in the broader world we think we might (or might not) be. Ostensibly, it is about the investment bank Goldman Sachs. In reality, it highlights the task ahead if we, as human beings, are to overcome the megalithic obstacles placed in front of us. You’ll laugh, you’ll cry, you will definitely want to punch someone in the face.

As Taibbi says,

It’s not always easy to accept the reality of what we now routinely allow these people to get away with; there’s a kind of collective denial that kicks in when a country goes through what America has gone through lately, when a people lose as much prestige and status as we have in the past few years. You can’t really register the fact that you’re no longer a citizen of a thriving first-world democracy, that you’re no longer above getting robbed in broad daylight, because like an amputee, you can still sort of feel things that are no longer there.Matt Taibbi
Rolling Stone

You simply must read this excellent piece of Journalism. That is all.

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Visualizing the credit crisis

The Crisis of Credit Visualized, Part 1

There have been many attempts to make the financial meltdown understandable, but The Crisis of Credit Visualized, by Jonathan Jarvis, is far and away the best I’ve seen. This is the kind of information that broadcast journalists should be drooling over, desperately trying to get their grubby little hands on it to fill up the precious moments between ad cycles. Instead, on my nightly news last night, I got to hear a story about a horse crapping on the side of the road and a dalmatian that rides a tricycle, literally back to back, in the middle of the newscast. I wonder why ad revenue for local broadcasters has dropped while Google continues to soar?

Even if you understand the credit crisis, it is worth taking a few minutes to watch the video above and Part 2, after the jump.

Thanks, Kevin!
Read the rest of this entry »

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Quotable: Chief Maquinna

On the American Indian, Sustainable Banking System:

Once I was in Victoria, and I saw a very large house. They told me it was a bank and that the white men place their money there to be taken care of, and that by and by they got it back with interest. We are Indians and we have no such bank; but when we have plenty of money or blankets, we give them away to other chiefs and people, and by and by they return them with interest, and our hearts feel good. Our way of giving is our bank.Chief Maquinna
Nootka Tribe

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Happy new year!

I’ve been on a holiday hiatus and didn’t even bother to let you know I’d be gone for more than three days as per the terms of my e-lease. I’m glad to come back and find that the pipes didn’t burst in my absence. I hope you all had the chance to take some time away from your daily lives and celebrate life with those you care about. All the best of the New Year to you!

Ooh, almost forgot my fun news: BofA just increased my credit limit again on an account I don’t use. This is the third time since the bailouts began (1, 2). Looks like Conglomobank is desperate for my debt business in ‘09. Clearly, the bailout worked!

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Solidarity wins! No auto bailout! Everyone gets laid (off)!

Honestly, I thought this was a foregone conclusion, but the hatred of the southern Republican Senators for all things union has foiled the attempt by GM, Chrysler and Ford to suckle from the bailout teat. Who would have thought I’d celebrate such disdain for a union? Not me.

Now we will see just how honest the Big 3’s dire predictions about their own futures actually were. I’ve said it before and now I can yell it from the mountain tops, let ‘em swing! Nothing to see here people. The “free” market will sort them out.

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Quotable: Theodore Roosevelt

A man who has never gone to school may steal from a freight car; but if he has a university education, he may steal the whole railroad.Theodore Roosevelt
Rapscallion, President of the United States

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