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Wall Street and the federal government played a game of chicken over the weekend, and neither side backed down, pushing Lehman Brothers toward bankruptcy and setting off worries of a worldwide sell-off when markets open on Monday.
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Wall streetIt's Time to Grow Up
I'm gonna say this as plain as I can. High Fructose Corn Syrup almost did me in.
There's no reason whatsoever, except for PROFITS, as to why our sodas and soft drinks are sweetened by HFCS. As to those of you drinking the "diet" versions of those sodas and soft drinks; I hope you all reconsider your choice, before you find out that only the first three letters apply to your ingestion of a known carcinogen and a neurotoxin.
The Scorpion And The Frog - The Ongoing Saga Of Wall Street
The Scorpion And The Frog - The Ongoing Saga Of Wall Street
D.A. Hynes: Got a REAL JOB For You
Before we get into this piece...a quick note: Levi Aron was in possession of children's clothing. Copious amounts of children's clothing. What use does a man without children have for children's clothing?
An Idea To Pay Off The National Debt - Tax Financial Transactions One Percent
Got a chance to do some fun shopping at Fairway this weekend. After polishing off our repast, I tinkered with a couple of PCs in my humble abode. Yes...I did say couple. I have one hunk of junk that works best with a Linux installation...but I think it finallly bit the big one. At any rate, I have a very low-tech PC that I use to listen to tunes.
Inside Job - A Must-See Film
How NYC Became the World's Banking CapitalBanking and Politics As Old As the Republic By Gary Tilzer Many economists are now blaming the deregulation of the banking industry by congress as the cause of the nation’s economic crisis. It is important to understand that the intimate relationship between politics and banking policy is not new, nor is its economic influence now unique. Since the nation's beginnings banking regulations have been intimately connected to politics, and the politics of banking is a high stakes game not well understood by the public. It is clearly not understood by today's elected officials who have destroyed Wall Street and the economy of New York City. A review of New York's economic history and banking policy from 1784 to the Civil War clearly shows that banks and banking policy were central to the state's economic development (and closely entwined with politics). It also shows that intelligent banking policy can further economic development while bad policy inevitably causes economic havoc.
Understanding the Mortgage MessI have been talking to a lot of people about the current mortgage mess and I have been surprised by how many people really don't understand what is going on and how big a role the US Government and two Government Sponsored Enterprises (Fannie Mae and Freddie Mac) played in causing this financial melt down. To help I have collected a few articles and some videos that can help people understand the causes behind the current crises.
Obama's Economic Plan
Obama’s response to Wall Street’s meltdown is to laugh at John McCain. Isn’t it great that he can find something to laugh about in all of this. What a sense of humor!
But, what’s Obama’s plan??? He will lead. In the tradition of Bill Clinton. Ouch. He will not put his head in the sand and hand accountability over to a commission…. Yep, that's Bill's style. Answer to no one.
The Fall of Lehman (and why it matters)Lehman is no more. The 158-year-old New York City firm that had survived two World Wars and the Great Depression couldn't make it in the current climate. It matters to all of us because of one thing--trust. If trust is gone in our financial markets, Wall Street is dead. Say goodbye to New York and to America as well. My late father had known Arthur Levitt (the former SEC chairman is now on the Bloomberg Board of Directors) and had invested in Levitt's old company, Shearson. That Shearson stock later became a large holding in two very New York City stocks--American Express and Lehman.
Black Monday on Wall Street Today?Black Monday on Wall Street? I'm feeling it. New York City and New York State are feeling it. America is feeling it. Feeling broke, that is. Jittery Road Ahead
Today's Dow dropped 345 points (3%)--what's it all about?While everyone's looking at Sarah Palin and anticipating John McCain's speech tonight, a quick look at the stock market showed a 345-point drop (3%) in one day. OUCH! What's going on here? Wasn't the worst supposed to be over? Wasn't the recovery supposed to be started? Personally, my finances have been slaughtered this past year. It would be nice to know about the major players who started today's selloff. Certainly, there wasn't all bad news today. The price of oil went down again. What appears clear is that 2008 is shaping up to be a miserable economic year. The political implications should be obvious.
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