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355: The Giant Pool of Money - This American Life
A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money.
The Real Pirate Bay - Umair Haque - HarvardBusiness.org
Set up a torrent tracker, get fined, go to jail.
Join a bank, destroy the economy, profit.
Let's draw out the distinction.
The Pirate Bay guys were criminally prosecuted for....violating (largely obsolete) copyright. Almost no one in finance has been held even civilly liable for vastly more economically damaging actions.
On the one hand, we have damages worth maybe (maybe) a few million. On the other, a few trillion.
On the one hand, innovation and better music is stifled - benefits are foregone. On the other, reform of a broken banking system is stifled - losses are incurred.
That's everything that's wrong with the economy in two sentences: the ongoing inability of today's leaders to deal with 21st century economics.
Bill Moyers Journal . Watch & Listen | PBS
The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout
Op-Ed Columnist - China’s Dollar Trap - NYTimes.com
And there’s nothing to keep China from diversifying its reserves away from the dollar, indeed from holding a reserve basket matching the composition of the S.D.R.’s — nothing, that is, except for the fact that China now owns so many dollars that it can’t sell them off without driving the dollar down and triggering the very capital loss its leaders fear.
How the Crash Will Reshape America - The Atlantic (March 2009)
The crash of 2008 continues to reverberate loudly nationwide—destroying jobs, bankrupting businesses, and displacing homeowners. But already, it has damaged some places much more severely than others. On the other side of the crisis, America’s economic landscape will look very different than it does today. What fate will the coming years hold for New York, Charlotte, Detroit, Las Vegas? Will the suburbs be ineffably changed? Which cities and regions can come back strong? And which will never come back at all?
Visualizing One Trillion Dollars | Mint.com Blog | Personal Finance News & Advice
One trillion dollars; it’s a number that few people can comprehend, let alone your standard nine digit calculator. There have been attempts to put this number into perspective before. A trillion dollar bills laid end to end would reach the sun or you spend a dollar per second for 32,000 years or one trillion dollars in pennies would weigh as much as 2,755,778 Argentinosauruses (the largest known dinosaur). Fanciful as this may be, the real story behind one trillion dollars is in its economic impact. Let’s investigate what one trillion dollars can do.
27 Visualizations and Infographics to Understand the Financial Crisis | FlowingData
I've said it before, and I'll say it again. If there's anything good that has come out of the financial crisis it's the slew of high-quality graphics to help us understand what's going on. Some visualizations attempt to explain it all while others focus on affected business. Others concentrate on how we, as citizens are affected. Some show those who are responsible. After you examine these 27 visualizations and infographics, no doubt you'll have a pretty good idea about what's going on.
Let crippled banks fail: Kevin Rudd | The Australian
KEVIN Rudd has called for unviable overseas banks to be allowed to collapse and an international effort to shift toxic assets off the balance sheets of surviving banks as an essential first step to global economic recovery.
Clusterfuck Nation by Jim Kunstler : The Abyss Stares Back
One of the sad paradoxes of politics is that democracies do not seem very good at disciplining their citizens' behavior. The wish to please voters and the influence of campaign money overwhelm even leaders with mature instincts.
Rick Santelli: Tea Party Time - The Opinionator Blog - NYTimes.com
This divide between the Market Populism people are fed through the media and people’s own Grassroots Populism is a major catalyst that has turned the last two elections into backlash moments. And as bailouts and handouts now become daily news, and the Market Populists get ever more outrageous, that backlash is intensifying. Channeling it into something positive is the challenge of our time.
NPR: Why We Don't Know Nothing About Nationalization
So, rumors of nationalization will encourage people who own bank stocks to sell in a wild rush. Even though those banks stock prices are low, they're not zero. Not yet.
Even worse, any bank needs to borrow money constantly in order to survive. That's their business model: they borrow money and then lend the money out. If they can't borrow money, they are out of business. Would you lend money to a bank that you heard might be taken over by the government? Probably not.
The Crisis of Credit Visualized
The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated.
China and Russia slam US | The Australian
The Chinese Premier contrasted this with the major causes of the crisis, which he put down to “inappropriate macroeconomic policies of some economies and their unsustainable model of development, characterised by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and ratings agencies and ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread”.
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inappropriate macroeconomic policies of some economies and their unsustainable model of development, characterised by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and ratings agencies and ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread
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I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US economy's fundamental stability and its cloudless prospects.
“Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years
Op-Ed Contributors - The End of the Financial World as We Know It - NYTimes.com
Incredibly, intelligent people the world over remain willing to lend us money and even listen to our advice; they appear not to have realized the full extent of our madness. We have at least a brief chance to cure ourselves. But first we need to ask: of what?
Barack Obama, A Free-Market-Loving, Big-Spending, Fiscally Conservative Wealth Redistributionist - NYTimes.com
I have spent much of this year trying to get a handle on what is sometimes called Obamanomics and have come away thinking that Obama does have an economic ideology. It’s just not a completely familiar one. Depending on how you look at it, he is both more left-wing and more right-wing than many people realize.
John Gray: A shattering moment in America's fall from power | Comment is free | The Observer
The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over
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