Category Archives: Financial Meltdown

The Beginning of the End of the Age of Casual Fraud

One does not usually associate high finance with high drama. Oliver Stone pulled it off in his 1987 movie Wall Street – but that relied on a script full of over-the-top one-line zingers, and on Michael Douglas, with the slicked-back … Continue reading

Posted in Economic Issues, Economic Theory, Financial Meltdown, Financial Reform, Goldman Sachs Charged With Fraud | Tagged , , , , , , , , , , , , , , | 1 Comment

The Second Bill of Rights We Once Considered

In the last months of the Bush administration the chickens came home to roost, as they say. You open your eight years in office with massive tax cuts for the wealthy and for corporations and reduce tax revenues by thirty … Continue reading

Posted in Economic Theory, Europe versus America, Financial Meltdown | Tagged , , , , , , , , , , , , | Leave a comment

Pass the Cognac

A long time ago there was this skinny young kid from Pittsburgh, and when he was at Westinghouse High School he was reading the New Yorker and learning French – an odd thing for a young, gay black man. And … Continue reading

Posted in Anti-European, Billy Strayhorn, Class Warfare, Economic Meltdown, Economic Reporting, Financial Meltdown, G20 Summit, Lush Life, Obama's Foreign Trip, Paris | 1 Comment

Been Down So Long It Looks Like Up To Me

Sometimes good days are hard to manage – you don’t know what to make of them. You’re suspicious. Been Down So Long It Looks Like Up To Me – the famous novel by Richard Fariña – had a great title … Continue reading

Posted in Bank Bailouts, Blame for Economic Crisis, Capitalism Disappearing, Causes of Financial Meltdown, Class Warfare, Economic Confidence, Financial Meltdown, Geithner Plan to Rescue the Financial System, Geithner's Toxic-Asset Action Plan, Major Banks Actually Insolvent, Major Market Rally, Managing America's Anger, Nationalizing the Banks, Populist Rage, Timothy Geithner, Toxic-Assets | 1 Comment

On Being Told Things Are Worse Than You Ever Imagined

It was the usual Saturday morning call from the friend who used to work on Wall Street and doesn’t anymore – that’s happened to a lot of people – and, after chat about friends and family and music and photography, … Continue reading

Posted in AIG Bailout, AIG Bonus Scandal, Credit Default Swaps, Economic Confidence, Economic Fear and Panic, Financial Meltdown, Geithner's Toxic-Asset Action Plan, Saving the Banks, Toxic-Assets, Worse than the Great Depression | Leave a comment

Lessons from Iceland

You might have seen the tour on the Travel Channel – Samantha Brown visits Reykjavík. Reykjavík, and Iceland in general, seems like a nice enough place – perhaps a bit dull. Iceland has a population of about 320,000, and people … Continue reading

Posted in Economic Crisis, Economic Meltdown, Financial Meltdown, Iceland as America, Iceland's Collapse, International Women's Day, Women Better at Assessing Risk | Leave a comment

You Can Take That to the Bank

It seems to be economic history. Wednesday, February 11, 2009, was the day that business with the stimulus bill was finally settled:   Moving with lightning speed, the Democratic-controlled Congress and White House agreed Wednesday on a compromise $790 billion … Continue reading

Posted in Bank Bailouts, Credit Markets, Economic Issues, Economic Theory, Financial Meltdown, Geithner Plan to Rescue the Financial System, Japan's Lost Decade, Major Banks Actually Insolvent, Nationalizing the Banks, Stimulus Plan, Zombie Banks | Leave a comment