Tag: Bush’s Fubar Economy
Bush Ignored the Warnings
From the AP yesterday, reporting in detail on how BushCo would not implement a crackdown on the worst of the mortgage practices and just plain ignored people who were warning of the long-term consequences. This is going to make you mad: The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the […]
The Official Bush Recession
The NBER has confirmed what many financial types have been presuming is true for awhile — the current recession started in December 2007. From the Determination of the December 2007 Peak in Economic Activity: The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call on Friday, November 28. The […]
Funding the Holidays with Your Stock Shares
Funny AND depressing — Thanksgiving Dinner: Holiday Gifts: (h/t The Big Picture)
It’s Like A Hijacking
Exactly right. And apparently the We Don’t Negotiate With Terrorists rule doesn’t apply to Paulson’s Pals. It also seems to me that there are still banks out there who haven’t gotten in to this kind of trouble and those execs are likely quite competent to bring Citi in for a (likely hard) landing without the […]
Citi Credit
(Via The Big Picture) Since it looks as though Citigroup will be the latest casualty of the Bush Economy in the upcoming week, we might as well get the Making Fun Of part out of the way:
The Myth of $70 Auto Workers
While everyone is debating the Big 3 Bailout, you’ve undoubtedly heard something along the lines that current Big 3 autoworkers are making about $70.00/ hour fully burdened and the automakers in the south are making considerably less. It turns out that $70 figure is wrong: The average GM assembly-line worker makes about $28 per hour […]
A Fine Mess
The most frustrating aspect of living through the economic woes of the early 2000’s (aside from how badly it messed up my career path in Computer Science) was watching the limp, tepid response of the Bush Administration to it. The “voodoo economics” that had become passe by the time Bush Sr. was elected were back. […]
Bailout Nation — The Crime Scene
While some have been comforted by the bailout that hasn’t particularly stabilized much other than the ability for banks to take over other banks and to maintain their pay and bonus structures. In today’s Washington Post, we learn that the Treasury actively enabled even more looting: The financial world was fixated on Capitol Hill as […]
Stories From The Grocery Store Line
Mrs. Geek was at a grocery store this morning and came back with this story: A mother and her adult daughter (with children) were in line in front of Mrs. Geek. when the total of $158 came up. the daughter swiped her ATM, but it wouldn’t process the transaction. Daughter went over to the nearby […]
How Did This Happen?
Financial version from a joint project website from Media Matters Action Fund and the CAPAF: [youtube]http://www.youtube.com/watch?v=x8aJpOUVi6c[/youtube] One more — This American Life had a remarkable program on a few weeks ago (that is being reprised on WHYY now) called Giant Pool of Money that is a great piece of work synthesizing a bunch of info […]
Bailout Nation — Same As It Ever Was
On Saturday, this article was front page news in The Guardian, with this choice bit of reporting: Financial workers at Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year – […]
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