Posts tagged “The Fed”

The devolution will be televised, just not here

BBC News: Tent cities spring up in LA

This past Sunday, I had a conversation with my father about the Bear Stearns debacle and its portent for the rest of the US/world economy in which I said, “Well, we aren’t seeing shanty towns yet, but…” Little did I know that there were shanty towns and that we simply were not seeing them.

I am (pridefully) the first to admit that I am not a regular viewer of the evening news, so there may have been a mention of this that escaped my attention. But I doubt it very seriously. I am a voracious consumer of news on the interwebs and have seen nary a mention of this until perusing BoingBoing today. Looks like BBC News just got added to my TiVo season passes. Join me in my outrage, won’t you? Can I get an amen from the congregation?

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Bear Stearns & the New Depression: not so great

Hang in there!

Image: Jennifer McKnight-Trontz

Hang in there!

Depression is a technical, financial term that may or may not apply today (remember: liars use/make/lie about numbers, so you can’t believe the numbers). Regardless, the current state of American life if hardly inspirational, so I’m going with the term. Now, before you stop reading this because it is too depressing (did I already lose you, Mom?), I’m not suggesting we are hopeless here. Instead, I am suggesting that we get all French Revolution on these sheißkopfs. I am sick of the American public being victimized by the plutocracy that runs this land and (I think) you are too! So instead of curling up into a ball, pick up a torch and storm the friggin’ Bastille with me, ok?

So, how did we get here and where is here (and where is the Bastille)? Well, here is actually teetering on the edge of the collapse of the American economy due to predatory lending practices, successful lobbying of Congress and failure to heed historical bellwethers of sound investment.

Shit, I just lost the rest of you, didn’t I? Don’t go, please. It gets good after the jump; I name names… Read the rest of this entry »

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Perino cannot discuss dollar; Fed bails out billionaires

White House Press Secretary Dana Perino indicated she would be fired if she discussed the state of the falling dollar.

Ok, this is not the first time a president has forbade a press secretary from discussing a given topic. I’m sure it won’t be the last. But this just sticks in my craw.

There is something so terribly out of whack when the “leader of the free world” has to tell his PR flack that she will be fired if she says word one about the flagging dollar…and then she tells the world that very same thing! I don’t know if I am more disgusted with the ostrich-stance of the executive branch or the chicken-shit way Perino chose to stand up to her boss. Hell, I’m probably giving her too much credit; she probably just let it slip without thought to the implications of such a statement.

Don’t even get me started on the Fed beginning to bail out the robber baron billionaires sitting comfortably at Wall and Broad. I agree with the comment over at Jon Taplin’s blog that this should be the top headline in every major paper today. I guess that will have to wait for another day.

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