Last night I watch Bill Moyers Journal via the internet. The first piece interviewed David Simom, creator of “The Wire.” His realistic view of the quagmire of drugs/ghettos/crime/corruption had such a ring of Knowing that I found myself nodding and shaking my head again and again. If you are a “Wire” fan, as I am, [...]
Entries Tagged as 'Credit Default Swaps'
The Sad State of Our Country
October 12th, 2009 · No Comments · Bailout, Banks, Corporate Power, Credit Default Swaps, Federal Reserve, Mortgages, Obama, Policy, Politics, Restructuring, Stock Market, Taxpayers, Treasury, Video, Wall Street
Tags:
Obama Redeems Himself
March 30th, 2009 · No Comments · Bailout, Banks, Bonds, Corporate Power, Credit Default Swaps, Debt, Federal Reserve, Financial, Interest rates, Obama, Policy, Restructuring, Treasury, Video, Wall Street
In a recent post on the latest bank bailout plan, I took President Obama to task for not using the opportunity afforded by the dire financial straits of the banks to reduce their political and economic influence. I said,
[I hoped that] Obama would bring a fresh perspective to managing our economy, one that would [...]
Tags:
How BIG is a Trillion Dollars?
March 18th, 2009 · No Comments · Bailout, Banks, Credit Default Swaps, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Restructuring, Wall Street
It used to be a million dollars was a lot. Then billions were bandied about with hardly a blink on an eye, but a billion still seemed an incomprehensible amount to me. Now the government and the financiers are talking in TRILLIONS. How much more incomprehensible is a trillion than a billion. A lot!
Here is [...]
Tags:
Hedge Funds Betting on Housing Collapse May Get AIG Cash
March 18th, 2009 · No Comments · Bailout, Banks, Bonds, Credit Default Swaps, Debt, Default, Economics, Federal Reserve, Financial, Global Economy, Housing, Interest rates, Mortgages, Policy, Regulation, Stock Market
The Wall Street Journal has an article that describes in some detail how hedge funds and Goldman Sachs bet on the collapse in the US housing market using hundreds of billions of dollars of credit default swaps, swaps that eventually were bought by AIG for pennies per year. In the event, when the housing market [...]
Tags:
The AIG Bonuses Are Not the Problem
March 18th, 2009 · 1 Comment · Bailout, Banks, Bonds, CDS, Credit Default Swaps, Federal Reserve, Financial, Housing, Nationalization
The exploding outrage over the hundreds of millions of bonuses paid by AIG to the traders whose actions created the financial meltdown is completely understandable and appropriate. Unfortunately, though, it appears to have distracted the media and the public from a far more grievous aspect of the AIG fiasco.
AIG has finally, under pressure, released [...]
Tags: