I know, in the scheme of things, when you look at it from a pure monetary standpoint, it isn't a big deal. But as a matter of principle, it just isn't good: The CEOs of the big three automakers flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is … Read More
AIG, Having Received $152 In Government Bailouts, Gives $503 Million In Bonuses
The lede graf: American International Group plans to pay out $503 million in deferred compensation to some of its top employees, saying it must tap the funds to keep valuable workers from exiting the troubled insurance giant…. AIG spokesman Nicholas Ashooh said yesterday that the company is desperately trying to keep top talent from leaving, and that giving them deferred … Read More
Chart Of The Day
A very bleak Christmas, spending-wise: Kevin Drum explans: The chart… from Calculated Risk, shows the numbers adjusted for inflation (in blue). Those are the ones that count. Just as it's ridiculous to say that "spending at gasoline stations dropped sharply," as if that's meaningful (people didn't buy less gasoline, after all, they merely benefited from lower prices), it's also … Read More
Peter Schiff Was Right
Peter Schiff is president of Euro Pacific Capital, Inc, a brokerage firm in Darien Connecticut. In an August 2006 interview Schiff generated much controversy when he repeated his long-held investment thesis: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship …I see a real financial crisis coming … Read More
Guess Who ELSE Has Been Hit Hard By The Economic Crisis?
Santa: Santa won't be waving to the children of Bay City, Mich., this year — at least, not the giant illuminated Santa that used to perch on a downtown rooftop. Mayor Charles M. Brunner made the call with a heavy heart. During long winter nights, it always gave him a lift to see the lights all aglow. But this year, … Read More
The Latest Drudge-Driven Attack
Hyped by a Drudge article, the conservative websites and the McCain campaign are attacking Obama over this, a radio interview on September 6, 2001, by then state legislator Barack Obama. You can hear a heavily edited version on Youtube (this is what the conservatives are drooling over, but if you click on my first link, you'll see access to the entire … Read More
The Financial Crisis Explained
For those who missed it, 60 Minutes did a nice job 3 weeks ago explaining how we got into the financial mess we're in. It's more than just "the housing bubble burst". This 12 minute segment is well worth the watch…. What turned the collapse of the housing and mortage industry into a worldwide economic disaster was this — uh … Read More
About Whores And Socialism (But Mostly About Socialism)
At a dinner party one night, a drunken Winston Churchill asked an attractive woman whether she would sleep with him for a million pounds. “Maybe,” the woman said coyly. “Would you sleep with me for one pound?” Churchill then asked. “Of course not, what kind of woman do you think I am?” the woman responded indignantly. “Madam, we’ve already established … Read More
Gonna Fill The Tank
I'm sure gas prices are dropping all over the country. It's a nice oasis in a sea of economic turmoil. But I've noticed something odd though here in North Carolina: the price disparity is larger than I have ever seen it before. At one station near my house, the price of regular unleaded is $2.99 a gallon. Go another quarter … Read More
Thinking About This Wall Street Journal Graphic
Okay, here it is: Now since 2002, the gross domestic product has risen steadly, while workers' wages have remained constant. What does that mean? That means that as a nation, we have been producing more and more stuff. Now, some of that gets exported, but we're hardly the world's largest exporter. So where do these products end up? With … Read More
And Up We Go
760 points (the biggest daily gain ever, if it holds) as of 3:45 pm…. Of course, this is one the news that all the countries got together and came up with a plan (investment rather than aimless stimulus), which is how things should be done, rather than the U.S. going it alone and mucking it all up. UPDATE: Up 940 … Read More
Nice Win For Krugman
Wins Nobel Prize in Economics. Not for his political commentary sadly, but for his academic work. UPDATE: Let's go down memory lane back in the day — August 8, 2005, to be exact — when one of the wankers at Powerline wrote: It must be depressing to be Paul Krugman. No matter how well the economy performs, Krugman’s bitter vendetta against the … Read More
Bush Speaks To Nation; Reassures Everyone
During the course of his chat with the nation, the Dow dropped 60 points. I'm thinking maybe he needs to not talk to us anymore. We're just sick of him (which is why, I think, Oliver Stone's "W" is going to have lackluster box office receipts).
This Takes Balls
Seriously, these people need to be bitch-slapped a little: WASHINGTON – Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday. The tab included $23,380 worth of spa treatments for AIG employees at the … Read More