Explaining why the latest floated plan from Obama's "top economic advisors" (is that you, Timmy and Larry?) doesn't make sense.
The proposal is to "stretch" (the NYTimes' word) the bailout funds by converting the existing loans to the biggest banks into common stock. This turns the loans into capital for the banks, thus improving their balance sheets, and good things ensue (or so we are told). Because, uh-oh! the stress test are expected to show that some big banks, including my own personal parasite BoA, are in need of more capital. (I know the feeling!)
Quoth the Times: Read more about Paul Krugman says "Yo' mama"
Here are some videos from the Consumer Reports sit down session with the good doctor. The first three sessions are up in video form with the other parts to follow in the next few days.
Part 1) It's not all Bad News
Part 2) On surviving the next year
Part 3) On falling prices and deflation
The videos run between 2 1/2 to 3 min each.
(hat tip The Consumerist) Read more about Nouriel Roubini interview at Consumer Reports
Since both the White House and Congress no longer consider prosecuting torture as a crime, it is safe to assume that we can begin to legally use these methods as legitimate tools to lobby our Congress and White House for the real changes we expect from our government. These methods that I document will be equally applicable to those who lobby against the interests of average American citizen on these issues.
Congressionally Approved Method of Lobbying #1 Read more about Congressionally Approved Torture Tools for Lobbying
Nobody's talking about it in the news. Polo's not exactly a commonplace, I suppose, anymore than cowhorse contests are.
Something about this story just seems way too wrong to me, though. Read more about Deaths in the afternoon: were the Venezuelan polo ponies poisoned?
Surveillance and political corruption
... Thinking about that further reenforces the point that selective, unaccountable surveillance is very dangerous. A president could do a great deal to gin up pretexts to wiretap members of congress and blackmail them even without the members doing anything unusually egregious.
If you took the under on the leading indicators, pass Go and collect!
But for the banksters, mission accomplished! Three steps to the plan:
1. Goldman "11 months to the year" Sachs and Wells "What future losses?" Fargo release their carefully massaged earnings reports. Read more about Well, so much for the "green shoots"
Fun with technology!
Maybe I should buy a TV after all. CBS:
"The three-legged stool [of Social Security, retirement plans, and 401(k)], if you will, has gone to two legs and it's wobbly. And it's wobbling, and I'm not sure that it's gonna support anything. And that's the scary part and people are afraid," Brooks Hamilton, who has helped design retirement plans for some of the country's largest corporations, told [CBS correspondent Steve] Kroft.