The price of everything in the real economy is collapsing, and the banksters are going to use the money we lent them to buy it all up, including whatever the cash-strapped states privatize (starting with the highways). That's one reason they're not lending our own money back to us (which was the putative reason for the bailouts). Something to look forward to; I've always enjoyed Snow Crash. Read more about Where the bailout money is going
The length of time the average unemployed person has been without a job has been hitting new record highs for a while; it’s now managed to pass the 6-month mark. That’s much higher than any previous peak in this data series. And I fear that the only way it’s likely to come down any time soon is as these people become so demoralized that they take themselves out of the labor force altogether.
Since Goldman Sachs has been a big part of the Lower Manhattan fabric for almost a century and a half, we’d like to take this opportunity to apologize to the rest of the country on behalf of our neighbor, a financial giant personifying much of what is wrong on Wall St.
Before we get to the multibillion-dollar stuff, we’d first like to apologize that the firm has not yet paid a few thousand dollars of vet bills for the five kittens born in its headquarters building nearing completion in Battery Park City. In August, after our sister publication Downtown Express reported the kittens’ discovery, Goldman offered to pay the bills and encourage its employees to adopt the “BlackBerries.”
Obama: Time for big banks to help small businesses
"[OBAMA] These are the very taxpayers who stood by America's banks in a crisis, and now it's time for our banks to stand by creditworthy small businesses and make the loans they need to open their doors, grow their operations and create new jobs," Obama said.
The nation's medical costs will keep spiraling upward even faster than they are now under Democratic legislation pending in the House, a report from government economic experts [but see below] concluded Wednesday.
The Obama administration immediately challenged the analysis...
Of course, of course.
... because Trigger isn't dead. Yeah, Mike Allen, Politico.
I figure somebody's sending a signal. Or it's all kabuki. Who knows?
Isn't it time to have a Democratic President? A long quote from Taibbi, but a good one. And I'm glad we're starting this discussion now instead of in 2010 or, heaven forfend, 2012:
I’m personally of the opinion that our main problem lay with the fact that the Democratic Party as currently constituted is more afraid of losing the financial support of Wall Street and the health insurance industry and the pharmaceutical industry than it is of losing progressive voters. In fact, I think I’ve put that wrong, because it implies that the Democratic Party pushes the agenda of industry insiders out of fear. That is a misread of the situation, I think.