News Stories (October 2011)
- 2011/10/27: PressEurop: Birth of a United States of Europe
- 2011/10/31: DVoice: The Breakfast of Plutocrats -- Grape Nuts and Hazardous Morals
- 2011/10/31: ZeroHedge: Bill Gross' Latest Monthly Thoughts: "Pennies From Heaven" Or Can You Solve Debt With More Debt?
- 2011/10/31: DerSpiegel: The World from Berlin -- A 55 Billion Euro Windfall from 'Germany's Dumbest Bank'
- 2011/10/31: AlterNet: How the Austerity Class Rules Washington
- 2011/10/31: AlterNet: Occupy Wall Street is Transforming its Participants, Our Country, and Democracy
- 2011/10/31: PS: The ECB’s Battle against Central Banking by J. Bradford DeLong
- 2011/10/31: WiC: The Occupy movement has rattled the establishment
- 2011/10/31: WiC: An investment banker says bankers must listen to the Occupy movement
- 2011/10/31: RWER: Supercommittee of the One Percent Won’t Even Think of Taxing Wall Street
- 2011/10/31: RWER: Four questions about David Ricardo (and his times)
- 2011/10/31: EconView: DeLong: The ECB’s Battle against Central Banking
- 2011/10/31: EconView: "Did The European Deal Just Collapse?" - Tim Duy
- 2011/10/31: BRitholtz: Bonds Beat Stocks: 1981-2011
- 2011/10/31: NakedCapitalism: Were Customer Accounts Pilfered at Jon Corzine’s MF Global?
- 2011/10/31: CalcRisk: Europe: Greece to Hold Referendum on Debt Deal in December or January
- 2011/10/31: BBC: Greece will hold a referendum on a new European Union aid package intended to resolve the country's debt crisis, Prime Minister George Papandreou says
- 2011/10/31: Guardian(UK): Greece throws euro bailout into fresh crisis
- 2011/10/28: DerSpiegel: The Second Gilded Age -- Has America Become an Oligarchy?
The Occupy Wall Street movement is just one example of the sudden outbreak of tension between America's super-rich and the "other 99 percent." Experts now say the US has entered a second Gilded Age, but one in which hedge fund managers have replaced oil barons -- and are killing the American dream.
- 2011/10/31: PEF: Austerity Kills: Conservative cure worst thing for what ails the economy says Stiglitz
- 2011/10/31: BBC: US brokerage firm MF Global has filed for Chapter 11 bankruptcy protection after revealing £4bn of eurozone debt exposure
- 2011/10/31: BBC: The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization (ILO) has warned
- 2011/10/31: NYT: Bombs, Bridges and Jobs
- 2011/10/31: NakedCapitalism: Europe’s Economy is Falling Apart
- 2011/10/31: NakedCapitalism: German Finance Minister Schäuble Calls for a Eurozone Tobin Tax
- 2011/10/31: NakedCapitalism: Gene Frieda: Europe’s Dying Bank Model
- 2011/10/31: NakedCapitalism: Satyajit Das: Central Counter Party Risk Taming
- 2011/10/31: uComics: (cartoon - Toles) Occupy DC
- 2011/10/30: Telegraph(UK): George Soros attacks Brussels rescue deal
Veteran investor George Soros has attacked the lack of leadership at the top of the eurozone and said that the new Brussels "deal" to solve the debt crisis will only last between "one day and three months".
- 2011/10/30: WiC: Inequality in America is even worse than you thought
- 2011/10/30: WiC: Bank of America’s death rattle
- 2011/10/18: BBerg: BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit
- 2011/10/31: InformedComment: [Gerald] Ganann: Police raids and violence against activists are Un-American
- 2011/10/30: AlterNet: 4 Simple Steps for Taking Your Money Out of the Vampire Banks
- 2011/10/28: AlterNet: 5 Places Where the Rich Got Richer -- Mostly on the Government's Dime
- 2011/10/30: AlterNet: "I Wanted Something Productive to Do": Creating Space for Books and Learning at Occupy Wall Street
- 2011/10/30: CEPR:BtP: Is Keynesian Economics Prohibited In NYT Discussions of the ECB?
- 2011/10/30: NYT:PK: European Doom Loop
- 2011/10/30: RWER: "Politburo of correct economic thinking"
- 2011/10/29: CEPR:BtP: Washington Post Discards All Journalistic Standards In Attack on Social Security
- 2011/10/29: TrythOut: How the 99 Percent Really Lost Out - in Far Greater Ways Than the Occupy Protesters Imagine
- 2011/10/30: Independent(UK): Cover-up at St Paul's -- Clerics suppress report on bankers' greed to save church embarrassment
- 2011/10/30: RWER: Greg Mankiw gets it wrong on the US budget
- 2011/10/30: EconView: "It Doesn’t Get Any More Immoral Than This"
- 2011/10/30: EconView: Robert Stavins: The Promise and Problems of Pricing Carbon
- 2011/10/30: NakedCapitalism: Latest Leak on State Attorney General Mortgage Settlement: A Shameless Sellout to the Banks
- 2011/10/30: NakedCapitalism: #OWS Guest Post: Denver Police Use Tear Gas, Rubber Bullets, Batons and Pepper Spray On Protesters
- 2011/10/30: BBC: Japan intervenes in currency markets to weaken the yen
- 2011/10/28: NYT: America’s Exploding Pipe Dream
We are slowly -- and painfully -- being forced to realize that we are no longer the America of our imaginations. Our greatness was not enshrined. Being a world leader is less about destiny than focused determination, and it is there that we have faltered.
We sold ourselves a pipe dream that everyone could get rich and no one would get hurt -- a pipe dream that exploded like a pipe bomb when the already-rich grabbed for all the gold; when they used their fortunes to influence government and gain favors and protection; when everyone else was left to scrounge around their ankles in hopes that a few coins would fall.
We have not taken care of the least among us. We have allowed a revolting level of income inequality to develop. We have watched as millions of our fellow countrymen have fallen into poverty. And we have done a poor job of educating our children and now threaten to leave them a country that is a shell of its former self. We should be ashamed.
Poor policies and poor choices have led to exceedingly poor outcomes. Our societal chickens have come home to roost.
- 2011/10/28: NYT:PK: Coalmines And Military Keynesians
- 2011/10/11: EH: The Hellhound of Wall Street: How Ferdinand Pecora’s Investigation of the Great Crash Forever Changed American Finance
- 2011/10/26: NYMag: The Ideological Fantasies of Inequality Deniers
- 2011/10/29: EconView: When It Reigns, It Poors
- 2011/10/29: BRitholtz: A Historical Perspective of Recessions and Bear Markets
- 2011/10/29: NakedCapitalism: The Natural Chaos of Markets
- 2011/10/29: CalcRisk: Unofficial Problem Bank list increases to 985 Institutions
- 2011/10/24: DailyKos: (cartoon - TomTom) Breaking News: Povert Eliminated
- 2011/10/29: CDreams: Spanish Indignados a Force in Global Movement -- Millions turned out for Spain's Occupy protests and inspire others abroad
- 2011/10/29: NYT:PK: More Thoughts On Weaponized Keynesianism
- 2011/10/27: CCurrents: Numbers Justify Occupy Movement
- 2011/10/27: CCurrents: Occupiers, Take Back Our Government -- Rein In The Robots
- 2011/10/27: CCurrents: We Shall Not Be Moved: Police Repression, Official Mendacity And Why OWS Has Already Overcome
- 2011/10/27: CCurrents: Marine Down In Police Attack On Occupy Oakland
- 2011/10/27: CCurrents: Amidst Police Crackdown, Widespread Public Support For Occupy Movement
- 2011/10/27: CCurrents: Occupy Earth: Nature Is The 99%, Too
- 2011/10/28: WiC: Egyptian protesters’ message to Obama: Stop repression of your own people
- 2011/10/28: WiC: Occupy Movement scores huge victory in Cleveland after seeking a federal injunction eliminating curfew
- 2011/10/28: WiC: Protest smearing of Occupy Wall Street, Palestine solidarity movements as "anti-Semitic"
- 2011/10/28: DerSpiegel: The World from Berlin -- Brussels Decisions 'Will Exacerbate the Crisis'
The list of measures passed in Brussels on Thursday morning is impressive, with the 50 percent debt haircut for Greece topping the list. But given ongoing concerns over Italian debt, will it be enough? German commentators on Friday are skeptical.
- 2011/10/27: DerSpiegel: Merkel and the Crisis -- The Demolition Lady Strikes Again
With Thursday's decisions in Brussels, Europe has made good progress towards saving the euro. This is in large part due to the work of the German chancellor. Angela Merkel's approach -- to decelerate rather than succumb to panic -- is starting to pay off.
- 2011/10/27: DerSpiegel: Agreement in Brussels -- Europe Slashes Greek Debt by 50 Percent
Meeting late into the night, euro-zone leaders agreed to reduce Greece's vast debt burden by half. In addition, the euro backstop fund will be boosted to over a trillion euros. Europe hopes the measures will finally put an end to the spread of the debt crisis.
- 2011/10/28: AlterNet: 10.4 Million American Families Slide Toward Losing Their Homes -- Is It Time for Debt Forgiveness?
- 2011/10/26: AlterNet: MTV's Occupy Wall Street Shows: Horrifying Co-Option or Great Publicity?
- 2011/10/27: AlterNet: How the Bitter Elitists at Fox News Keep Trying -- And Failing -- to Dampen Support for Occupy Wall Street
- 2011/10/27: AlterNet:SE: Meet the 0.01 Percent: War Profiteers
- 2011/10/27: NYT: The Path Not Taken
Financial markets are cheering the deal that emerged from Brussels early Thursday morning. Indeed, relative to what could have happened -- an acrimonious failure to agree on anything -- the fact that European leaders agreed on something, however vague the details and however inadequate it may prove, is a positive development.
But it’s worth stepping back to look at the larger picture, namely the abject failure of an economic doctrine -- a doctrine that has inflicted huge damage both in Europe and in the United States.
The doctrine in question amounts to the assertion that, in the aftermath of a financial crisis, banks must be bailed out but the general public must pay the price.
- 2011/10/27: CEPR:BtP: The NYT Touts the Fact That GDP Data Show the World Did Not End
- 2011/10/28: RWER: Why Steve Keen is even more right than he thinks
- 2011/10/28: RWER: The global wealth pyramid
The unequal distribution of global wealth by individuals (not countries) should give us pause. Even the Wall Street Journal is impressed:
Here’s another stat that the Occupy Wall Streeters can hoist on their placards:
The world’s millionaires and billionaires now control 38.5% of the world’s wealth.
How do we know? Because Credit Suisse has just published the second edition of its Global Wealth Report, in which they calculate the distribution of the world’s total wealth.
- 2011/10/28: EconView: Paul Krugman: The Path Not Taken -- Austerity doesn't work
- 2011/10/28: BRitholtz: QOTD: Birinyi on Wall Street research
- 2011/10/28: BRitholtz: Succinct Summation Of Week’s Events
- 2011/10/28: NakedCapitalism: Goldman Bullies Teeny Credit Union that #OccupyWallStreet Uses
- 2011/10/28: NakedCapitalism: Grand European Rescue Already Starting to Come Unglued?
- 2011/10/28: NakedCapitalism: Debunking the "Paid Back the TARP" Myth: Banks Should be Paying Over $300 Billion a Year in Systemic Risk Insurance
- 2011/10/28: NakedCapitalism: Making a mockery of sovereign CDS
- 2011/10/28: CalcRisk: Consumer Sentiment increases in October, still very weak
- 2011/10/28: CalcRisk: Bank Failure #85: All American Bank, Des Plaines, Illinois
- 2011/10/28: BBC: Germany finds extra 55bn euros after accounting error
Germany has found itself 55bn euros ($78bn; £48bn) richer after discovering an accounting error at Hypo Real Estate (HRE), the troubled bank it nationalised in 2009.
- 2011/10/28: BBC: Occupy Wall Street: Arrests in Nashville and San Diego
Protesters in two US cities have been detained after police moved into their camps during the night.
In Nashville, a new law was enacted preventing camping overnight near the Tennessee state Capitol.
In San Diego, police arrested 51 people at 02:30 (9:30 GMT), removing tents, canopies, tables and other furniture.
- 2011/10/28: BBC: St Paul's Cathedral and the City of London Corporation are to take legal action to evict protesters camped outside the London landmark
- 2011/10/28: EurActiv: Europe sighs relief after summit, but doubts linger
EU leaders' decisions taken early on Thursday (27 October) were greeted with widespread relief across Europe, but the summit outcome was tempered by worries on the complexity of the deal. The EurActiv network reports from Europe's capitals.
- 2011/10/28: EUO: First doubts emerge over eurozone deal
- 2011/10/28: CCP: New York City trying to get rid of Occupy Wall Street by taking away their power generators, please help
- 2011/10/28: G&M: Auditor General sounds alarm over BC Hydro accounting
BC Hydro is keeping rates artificially low by funnelling billions of dollars in expenses into deferral accounts, the province’s auditor general says.
And the day of reckoning for ratepayers will come, Auditor General John Doyle warns, because BC Hydro has no clear plan to repay those burgeoning accounts, which now stand at $2.2-billion. By 2017, BC Hydro expects to have deferred $5-billion in expenses.
- 2011/10/26: ProPublica: Why the SEC Won’t Hunt Big Dogs
- 2011/10/27: WiC: Why the SEC won’t hunt big dogs
- 2011/10/28: BBC: Eurozone seeks bailout funds from China
- 2011/10/28: BBC: David Cameron: EU 'constant attacks' on City of London
The City of London is under "constant attack" from EU directives, David Cameron has said.
Speaking on his way to Australia for a Commonwealth summit, the PM said the finance industry was a "key national interest" and should be defended.
- 2011/10/26: AlterNet: Gandhi’s Wings: Occupy Wall Street and the Redistribution of Anxiety
- 2011/10/27: AlterNet: 10 Reasons Bank of America Is the Most Hated Bank in America
- 2011/10/27: AlterNet: 4 Key Questions About the Future of Occupy Wall Street
- 2011/10/27: al Jazeera: Sarkozy: Greek euro entry a mistake
French president makes comment as stocks rally, led by banking sector, on action plan to tackle debt crisis.
- 2011/10/26: TP: Chart: ‘Life Without Stimulus’ -- The U.S. vs. The U.K.
- 2011/10/27: RWER: The upward redistribution of income in the United States 1979 to 2007
- 2011/10/27: RWER: Thoughts on The Ethics Of Economics
- 2011/10/27: EconView: Charlatans and Cranks
- 2011/10/27: BRitholtz: What Do Big Corporations Pay in Taxes?
- 2011/10/27: NakedCapitalism: Delaware Attorney General Sues MERS Over Deceptive Practices, Asks for Halt of Foreclosures Relying on MERS
- 2011/10/27: NakedCapitalism: Police Crackdown Effort at #OccupyOakland Raises Bigger Questions About Movement Evolution
- 2011/10/27: NakedCapitalism: Eurozone Leaders Agree a Few Rescue Details, Like 50% Haircut on Greek Bonds; Plan to Develop a Plan Gooses Markets
- 2011/10/27: CalcRisk: Advance Estimate: Real Annualized GDP Grew at 2.5% in Q3
- 2011/10/27: CalcRisk: Weekly Initial Unemployment Claims decline slightly
- 2011/10/27: BBC: Nicolas Sarkozy: Greece should have been denied euro
- 2011/10/27: EUO: EU talks prolonged after banks say 'no deal' on Greece
- 2011/10/27: BBC: The US economy grew at an annualised rate of 2.5% in the third quarter of this year, according to figures from the US Commerce Department
- 2011/10/27: BBC: Occupy Oakland seeks strike after Scott Olsen injury
Activists taking part in the the Occupy Oakland protests have called for a general strike in the city next week.
- 2011/10/27: BBC: European Commission President Jose Manuel Barroso has said Europe has moved closer to solving the eurozone debt crisis, as an agreement was reached in Brussels
- 2011/10/27: CBC: St. Paul's to reopen amid Occupy [London] protest camp
- 2011/10/27: CBC: U.S. economy grows 2.5% in third quarter [2011 Q3 GDP 2.5% (annualised, first estimate)]
- 2011/10/27: CBC: TD says balanced budget forecast off by 2 years
- 2011/10/26: WiC: Police state: Oakland looks more like Pearl Roundabout than Tahrir Square
- 2011/10/26: WiC: Where does Occupy go from here?
- 2011/10/26: WiC: Iraq veteran in critical condition after being shot in face by police in Oakland
- 2011/10/26: WiC: Same weapons of mass suppression used by Israelis and Oakland police
- 2011/10/26: EmpireBurlesque: Oakland Police Riot: The Imperial Boardroom Strikes Back
- 2011/10/25: BizInsider: The Congressional Budget Office Just Jumped Into The Debate About Inequality, And It Definitely Picks A Side
- 2011/10/27: StF: Tax Holiday Generates Holiday Gifts For Big Multinationals
- 2011/10/27: InformedComment: If American Land were Distributed the way American Wealth Is
- 2011/10/27: BBC: Leaders agree eurozone debt deal after late-night talks
European leaders have reached a "three-pronged" agreement described as vital to solve the region's huge debt crisis.
They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital.
Shares on European markets rose sharply on news of the deal.
- 2011/10/27: BBC: Bank of Japan increases stimulus and keeps rates low
- 2011/10/27: CBC: Eurozone leaders agree on Greek debt deal
- 2011/10/26: AlterNet: Wall Street Firms Spy on Protesters in Tax-Funded Center
- 2011/10/27: AlterNet: Oakland Police Violence Raises the Stakes for the OWS Movement
- 2011/10/25: AlterNet: Occupying the Rust Belt: In Three Deindustrialized Cities, Protesters Find Friendly Cops, Determination and Despair
- 2011/10/26: SciAm: Why Economic Models Are Always Wrong
Financial-risk models got us in trouble before the 2008 crash, and they're almost sure to get us in trouble again
- 2011/10/27: al Jazeera: EU leaders strike deal on eurozone debts
"Three-pronged" agreement reached in Brussels entails a 50 per cent cut in private banks' Greek bond holdings.
- 2011/10/27: al Jazeera: Oakland protesters reconvene for 'round two'
Thousands of Occupy activists regroup a day after California police used tear gas in eight hour street battle.
- 2011/10/25: CBOBlog: Trends in the Distribution of Income
- 2011/10/25: CSM: Iraq war will cost more than World War II
- 2011/10/26: RWER: USA going down
- 2011/10/26: RWER: Trichet’s Rein at the ECB: No Party for Europe
- 2011/10/26: EconView: "Trends in the Distribution of Income" -- This is from the CBO
- 2011/10/26: EconView: "Important Ideas Have Been Discovered ... or, Rather, Rediscovered" - John Cassidy
- 2011/10/26: EconView: Fed Watch: Waiting, Waiting, Waiting" - Tim Duy
- 2011/10/26: BRitholtz: Are SuperConnected Finance Networks Inherently Unstable?
- 2011/10/26: NakedCapitalism: Helicopter Geithner’s NY Fed $40 Billion Iraq Money Drop
- 2011/10/26: CalcRisk: New Home Sales increase in September to 313,000
- 2011/10/26: CalcRisk: House Sales: Distressing Gap and New Graph Gallery
- 2011/10/26: CBC: Rich-poor gap widens quickly in U.S.
- 2011/10/26: CBC: [Canadian] Consumer confidence falls to 2-year low
- 2011/10/25: CBO: Trends in the Distribution of Household Income Between 1979 and 2007
- 2011/10/26: BBC: 'Unequal' US sees Occupy Wall Street clashes
Income inequality in the US has sharply increased in recent decades, a bipartisan analysis has revealed.
The Congressional Budget Office said income had trebled for the richest 1% between 1979 and 2007.
- 2011/10/26: EUO: EU agrees to fresh bank bailouts
- 2011/10/24: CCurrents: On Playing By The Rules -- The Strange Success Of #OccupyWallStreet
- 2011/10/25: CSM: Capital reserves are the key to financial reform
- 2011/10/25: DemNow: From Tahrir to Wall Street: Egyptian Revolutionary Asmaa Mahfouz Speaks at Occupy Wall Street
- 2011/10/25: DemNow: Dozens Arrested at Occupy Oakland as Police Raid Encampment, Tear Down Tents
- 2011/10/25: CRG: Massachusetts Supreme Court rules that thousands of home foreclosures are invalid because banks do not have promissory notes
- 2011/10/26: DerSpiegel: Controversial Leverage Plan -- Europe Opting For Discredited Tools to Solve Crisis
Not long ago, European governments were blasting the financial products which contributed to the 2008 meltdown. Now, in an attempt to save the common currency, they are turning to those methods themselves. They have become no less dangerous in the intervening years.
- 2011/10/24: DerSpiegel: Rescue Plan Details -- Euro Backstop to Be Leveraged to One Trillion Euros
Chancellor Angela Merkel has provided German party heads some details of the planned euro rescue package set for approval by European leaders on Wednesday. They include a Greek debt cut of up to 60 percent and leveraging the bailout fund to one trillion euros. The measures will be put to a full vote in German parliament on Wednesday.
- 2011/10/24: DerSpiegel: Bonjour Tristesse -- France Stares into the Euro-Crisis Chasm
Falling productivity, a stagnating economy and growing debt: France's economic health leaves plenty of room for improvement. Markets have begun to notice and the country threatens to become mired in the ongoing European debt crisis.
- 2011/10/24: DerSpiegel: Controversial Leveraging Plan -- German Parliament Expected To Hold Full Vote on EFSF
The whole German parliament is expected to vote on planned guidelines for the enlarged euro-zone rescue fund on Wednesday, Spiegel Online has learned. Initially, only the budget committee had been due to vote, but coalition lawmakers have changed their minds due to huge public interest in the measure.
- 2011/10/26: BBC: European Union leaders are gathering for an emergency summit in Brussels to try to finalise details of a plan to tackle the eurozone debt crisis
- 2011/10/25: AlterNet: Inside the Shocking Police Crackdown on Occupy Oakland: Tear Gas Used, 85 Arrested
- 2011/10/25: AlterNet: Inside the New Occupy Wall Street Economy
- 2011/10/25: AlterNet: New York Becoming a Police State? Occupy Wall Street Meets the "Ring of Steel" at Liberty Square
- 2011/10/25: AlterNet: The Tea Party vs. Occupy Wall Street: Guess Which One is the Real Populist Movement
- 2011/10/25: AlterNet: How the Legal System Was Deep-Sixed to Serve Elite America and Occupy Wall Street Became Inevitable
- 2011/10/26: AlterNet: The Stunning Victory That Occupy Wall Street Has Already Achieved
- 2011/10/25: AlterNet: Don't Diss The Drum Circles: Why Hippie Culture Is Still Important to Our Protests
- 2011/10/26: al Jazeera: Police crack down on Oakland protesters
"Occupy" demonstrators marching in anger over arrests made earlier, met with flash grenades and tear gas in US city.
- 2011/10/24: Guardian(UK): Jean-Claude Trichet's dire tenure at the ECB
The retiring head of the European Central Bank presided over disaster: fixated on 2% inflation, he missed the housing bubble
- CWF: Capitalism Without Failure
- 2011/10/25: CWF: Ritholtz Interviews with Jonathan Miller: An Uncompromised View of Contemporary American Politics and Economics
- 2011/10/25: RWER: A Plutonomy and a Précarité
- 2011/10/25: RWER: Celebrity economists embrace Occupy Wall Street: Krugman, Sachs, Stiglitz and Co.
- 2011/10/25: EconView: Fed Watch: Floating Rate Treasuries - Tim Duy
- 2011/10/25: EconView: Regulatory Uncertainty is Not the Problem
- 2011/10/25: BRitholtz: Case-Shiller Home Price Indices
- 2011/10/25: BRitholtz: Felix Zulauf: The Die is Cast
- 2011/10/25: NakedCapitalism: On the Administration’s Latest Potemkin Help Struggling Homeowners Plan
- 2011/10/25: NakedCapitalism: Europe Readies Its Rescue Bazooka
- 2011/10/25: NakedCapitalism: Satyajit Das: Central Counter Party Politics
- 2011/10/25: BBC: China minimum wage up by 21.7% despite economic cooling
- 2011/10/25: Guardian(UK): Euro bailout wrangles spook markets as fears of slump intensify
- 2011/10/25: Guardian(UK): Straws grasped from China won't solve this world crisis
Policymakers' search for a one-time economic fix is futile. Only a globally co-ordinated, Keynesian expansion offers any hope
- 2011/10/25: Guardian(UK): To the Occupy movement -- the occupiers of Tahrir Square are with you
- 2011/10/25: Guardian(UK): Tahrir Square protesters send message of solidarity to Occupy Wall Street
- 2011/10/25: Wonkette: 500 Riot Cops Attack #OccupyOakland With Tear Gas, Rubber Bullets
- 2011/10/25: EUO: Finance ministers' meeting cancelled ahead of summit
- 2011/10/25: CSM: Occupy Wall Street arrests increase. Have mayors reached their tipping point?
- 2011/10/25: BBC: Eurozone rescue plan hits new hitch -- Poland says key meetings postponed
There has been another hiccup in the eurozone's plans to announce a final rescue deal in Brussels to try to end the turmoil in the euro area.
The Polish presidency of the EU has confirmed to the BBC that key meetings have been postponed.
The EU's 27 finance ministers and the 17-nation Eurogroup will not now meet on Wednesday, although a full emergency heads-of-government summit will happen.
- 2011/10/25: BBC: US consumer confidence slumps as house prices flatline
- 2011/10/25: BBC: Credit Suisse fined £6m by FSA for advice failings
- 2011/10/25: CBC: U.S. consumer confidence plunges [down to 39.8]
- 2011/10/25: CBC: Bank of Canada holds rate at 1% as outlook worsens
- 2011/10/25: G&M: Economists to give Jim Flaherty bad news
Private-sector economists will deliver some bad -- although not unexpected -- news when they meet with federal Finance Minister Jim Flaherty on Tuesday: The government’s numbers are too rosy, and some are questioning whether Ottawa will meet its timeline for erasing the deficit.
The government first released its 2011 budget in March, but it chose not to update its assumptions when it re-released the budget in June after the federal election. However, months of economic havoc -- including debt troubles in Europe and a credit downgrade in the United States -- are adding up to a gloomier economic picture.
- 2011/10/25: AlterNet: Occupy Oakland Raided by Police, Reports of Tear Gas, Rubber Bullets
- 2011/10/25: G&M: Economists to give Jim Flaherty bad news
Private-sector economists will deliver some bad -- although not unexpected -- news when they meet with federal Finance Minister Jim Flaherty on Tuesday: The government’s numbers are too rosy, and some are questioning whether Ottawa will meet its timeline for erasing the deficit.
The government first released its 2011 budget in March, but it chose not to update its assumptions when it re-released the budget in June after the federal election. However, months of economic havoc -- including debt troubles in Europe and a credit downgrade in the United States -- are adding up to a gloomier economic picture.
- 2011/10/25: al Jazeera: Fighting the politics of illusion
Since the financial crisis began in 2008, political discourse in the US has been awash in defence mechanisms.
- 2011/10/24: WiC: The class war has begun
- 2011/10/24: WiC: Wall Street firms spy on protesters in tax-funded center
- 2011/10/24: WiC: Why Occupy Wall Street wants nothing to do with our politicians
- 2011/10/24: AlterNet: 4 Polls That Show Occupy Wall Street is Just Getting Started
- 2011/10/24: AlterNet: Occupy the Silver Screen? 10 Films to Get You Ready to Occupy Wall Street
- 2011/10/24: AlterNet: Occupy Wall Street: The Primary the President Never Had?
- 2011/10/24: AlterNet: How Video of Police Behaving Badly Made Occupy Wall Street a Global Phenomenon
- 2011/10/24: AlterNet: New York Cops Defy Order to Arrest Hundreds of ‘Occupy Albany’ Protesters
- 2011/10/24: AlterNet: Republican Jobs Plan: An Economy for the 1%
- 2011/10/24: HillTimes: It’s Finance Minister Flaherty versus Budget Officer Page
PBO Kevin Page says recent questions raised over his impartiality are a distraction from the real issue: Canada’s rising debt is outpacing economic growth.
- 2011/10/20: StreetLight: Where Exactly Are Those Lazy Southern Europeans, Anyway?
- 2011/10/23: NYT: The Hole in Europe’s Bucket
- 2011/10/24: RWER: Southern European workers versus Northern European workers: 5 charts
- 2011/10/24: RWER: Argentina’s economic success is key to presidential election
- 2011/10/24: RWER: Break up the banks
- 2011/10/24: EconView: "More Jobs Predicted for Machines, Not People" - Steve Lohr
- 2011/10/24: EconView: Unemployment Insurance and Job Search in the Great Recession
- 2011/10/24: BRitholtz: QOTD: Volcker on Making the Economy Safer
- 2011/10/24: BRitholtz: Forget the top 1% -- Look at the top 0.1%
- 2011/10/24: BRitholtz: How Has MERS Damaged Real Estate Title?
- 2011/10/24: NakedCapitalism: Marshall Auerback and Rob Parenteau: The Myth of Greek Profligacy & the Faith Based Economics of the ‘Troika’
- 2011/10/24: NakedCapitalism: The Eurobanks’ Latest Scheme to Escape the Pain of Recapitalization: Pull More Financial Firms into the TBTF Complex
- 2011/10/24: NakedCapitalism: Philip Pilkington: My European Nightmare -- An Infernal Hurricane Gathers?
- 2011/10/24: NakedCapitalism: Satyajit Das: Will a Central Counter Party Tame Derivatives Market Risks?
- 2011/10/24: CalcRisk: DOT: Vehicle Miles Driven decreased 1.7% in August compared to August 2010
- 2011/10/24: BBC: The governor of the US state of Pennsylvania has declared a fiscal emergency in the capital, Harrisburg, beginning a state takeover of the city's finances
- 2011/10/23: TP:JR: Top Ten Occupy Wall Street Cartoons
- 2011/10/23: TreeHugger: Proof of Global Domination By a Few Corporations
- 2011/10/23: WiC: Barbara Ehrenreich: Homeless in America
- 2011/10/22: WiC: The bankers that rule the world
- 2011/10/22: WiC: How to make banks really mad: occupy foreclosures
- 2011/10/23: BizInsider: David Frum: It's Time We Republicans Finally Admitted That Paul Krugman Might Be Right
- 2011/10/24: BBC: Markets hold steady ahead of eurozone debt plan
- 2011/10/24: CBC: EU leaders defer debt-crisis action
- 2011/10/24: CBC: 100 Occupy Chicago protesters arrested
- 2011/10/23: AlterNet: The Shocking, Graphic Data That Shows Exactly What Motivates the Occupy Movement
- 2011/10/23: AlterNet: Cornel West, Others Arrested as 'Stop Stop-and-Frisk' Movement Against Police Abuse Kicks Off with Occupy Wall Street Support
- 2011/10/23: AlterNet: How Homelessness Became an Occupy Wall Street Issue
- 2011/10/23: AlterNet: Has the Dying Bank of America Managed to Ensure Its Next Taxpayer Bailout?
- 2011/10/23: AlterNet: Occupy Chicago Activists Face Second Mass Arrest; Rahm Emanuel Sends Nurses to Jail With Protesters
- 2011/10/19: AlterNet: "What Did We Actually Do Right?" On the Unexpected Success and Spread of Occupy Wall Street
- 2011/10/20: AlterNet: How Global Capitalism Always Finds Fresh Green Pastures to Exploit and Demolish
- 2011/10/23: JaredB: Capital Reserves: They’re Key to Financial Reform
- 2011/10/21: Reuters: Commodity traders: The trillion dollar club
For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the world's biggest trading houses.
- 2011/10/23: RWER: Top 0.1%, top 1%, bottom 90%
- 2011/10/23: NakedCapitalism: The Verboten Story of Argentina’s Post-Default Economic Success
- 2011/10/23: NakedCapitalism: Bill Black: The Anti-Regulators Are the Job Killers
- 2011/10/23: Guardian(UK): United States tipped to lose another AAA credit rating
- 2011/10/21: NYT:PK: Why Not The Worst?
- 2011/10/21: G&M: Herd analysts are putting lipstick on every pig
- 2011/02/03: LRB: How Much Is Too Much?
- 2011/10/20: Guardian(UK): Europe on the breadline: 'Chaos is a Greek word'
- 2011/10/22: EconView: Raise Taxes on the Wealthy: It’s the Fair Thing to Do
- 2011/10/22: BRitholtz: A Historical Look at CEO Pay
- 2011/10/22: NakedCapitalism: Eurozone Rescue Going Off the Rails
- 2011/10/22: NakedCapitalism: Marx Versus Capitalism Versus You
It is a measure of how un-self critical modern economics has been, that the Marxists are starting to appear to be making the most sense of the current crises.
- 2011/10/22: CalcRisk: Unofficial Problem Bank list declines to 976 Institutions
- 2011/10/18: CA: (cartoon - TomTom) Invisible Hand of the Free Market Man! vs, the Occupation
- 2011/10/22: BCLSB: Go Get 'Em, Lads!
- 2011/10/20: CCurrents: "This One Could Take Them All Down"
- 2011/10/20: CCurrents: Let Them Worry About Us
- 2011/10/22: DVoice: Outside the Box: Occupy Wall Street
- 2011/10/20: DVoice: Resurrection Cities
The 99% will convene a National Convention in Philadelphia, so that’s the good news.
- 2011/10/20: DVoice: Britain, France, US: And the Winner Is ...
- 2011/10/22: BBC: 'Occupy London' start camp in Finsbury Square
- 2011/10/22: CBC: Eurozone to banks: take bigger loss on Greek debt
- 2011/10/22: al Jazeera: Are regulations killing US jobs?
Politicians pushing right-wing positions assume they can say anything about economics with little scrutiny.
- 2011/10/22: al Jazeera: EU 'agrees' on plan to bolster banks
Official says finance ministers agree in principle to framework to recapitalise banks to help resolve Greek debt crisis.
- 2011/10/22: al Jazeera: From Occupy Wall Street to Occupy Everywhere
The Occupy Wall Street movement - the story has moved on, but can the media keep up?
- 2011/10/21: WiC: How the austerity class rules Washington
- 2011/10/21: WiC: 99ers join Occupy Wall Street movement
- 2011/10/21: WiC: How income inequality skyrocketed and the 1 percent profited from the decline of unions
- 2011/10/20: DerSpiegel: French-German Impasse -- EU to Hold Second Summit Next Week Due to Differences
The European Union is to hold a second summit next week in addition to its meeting this Sunday. The reason is an ongoing dispute between Germany and France over how best to maximize the impact of the euro backstop fund, the EFSF. According to media reports, Sarkozy and Merkel discussed the delay on Wednesday night.
- 2011/10/20: DerSpiegel: No Deal in Sight -- Germany and France Divided over Euro Bailout
With his wife Carla Bruni giving birth in Paris, French President Nicolas Sarkozy was at an emergency euro meeting in Frankfurt in an effort to find agreement with Germany. But the meeting ended with no apparent progress made, raising questions about whether a solution to the currency crisis will be found before the EU summit on Sunday.
- 2011/10/22: BBC: UK Chancellor George Osborne has said the eurozone debt crisis is a "real danger" to all of Europe as he arrived for a summit in Brussels
- 2011/10/21: AlterNet: Toxic Student Debt Might Blow Up Our Economy -- Why the Fed Must Bail Out the Millions of Young People Crushed by Student Loans
- 2011/10/21: AlterNet: Why Occupy Wall Street Should Fight Co-Option By Established Liberal Groups
- 2011/10/21: AlterNet: Another Corporate Thief Gets Off the Hook -- 5 Reasons to be Outraged at the SEC's Ruling on Citigroup's Scams
- 2011/10/21: TSL: Where Exactly Are Those Lazy Southern Europeans, Anyway?
- 2011/10/20: BBerg: Consumers Most Negative on U.S. Economy Outlook Since Recession
- 2011/10/21: EconView: Fed Watch: On That Double-Dip - Tim Duy
- 2011/10/21: BRitholtz: Succinct summation of week’s events
- 2011/10/21: NakedCapitalism: Mirabile Dictu! Eurozone to Impose Penalties on Banks That Get Bailouts
- 2011/10/21: CalcRisk: Bank Failure #84: Community Banks of Colorado, Greenwood Village, CO
- 2011/10/21: CalcRisk: Bank Failures #81 - 83: Georgia and Florida
- 2011/10/21: EurActiv: Paris and Berlin announce second EU summit
In addition to the EU and eurozone twin summits on Sunday (23 October), another summit will take place "at the latest on Wednesday", France and Germany said yesterday (20 October) after a tense day of hesitation and conflicting announcements.
- 2011/10/21: BBC: Occupy London: Demo forces St Paul's Cathedral to close
- 2011/10/21: BBC: US jobs plan: Senate blocks key proposal
- 2011/10/21: BBC: Eurozone debt crisis meetings begin
Eurozone finance ministers are meeting to discuss the region's debt crisis in the first of several summits to be held in Brussels over the next few days.
- 2011/10/21: CBC: Inflation inches higher to 3.2%
- 2011/10/20: AlterNet: Nurses to Obama: Push for a Global Financial Transaction Tax, Now!
- 2011/10/20: AlterNet: The $1 Trillion Student Loan Rip-Off: How an Entire Generation Was Tricked into Taking on Crushing Debt That Just Enriches Banks
- 2011/10/20: AlterNet: Lakoff: How Occupy Wall Street's Moral Vision Can Beat the Disastrous Conservative Worldview
- 2011/07/28: arXiv: The network of global corporate control by Stefania Vitali et al.
- 2011/10/19: NewScientist: Revealed - the capitalist network that runs the world
- 2011/10/19: RReich: The Austerity Death-Trap
- 2011/10/19: PS: America at Stall Speed? by Mohamed A. El-Erian
- 2011/10/20: BBerg: Wall Street Has Worst Quarter for Banking, Trading Since Financial Crisis
- 2011/10/19: Reuters: Is Bank of America preparing for a Chapter 11?
- 2011/10/18: RS: Why Rush Limbaugh Is Freaking Out About Occupy Wall Street
- 2011/10/19: NEP: Not with a Bang, but a Whimper: Bank of America’s Death Rattle
- 2011/10/19: FDL: Massachusetts Supreme Court Blows Whistle on How the Banks Broke the Housing Market
- 2011/10/20: RWER: #OccupyWallStreet: The Real Tea Party
- 2011/10/20: RWER: Who’s bailing whom? Challenging the private credit system
- 2011/10/20: BRitholtz: First Look At US Pay Data, It’s Awful
- 2011/10/20: NakedCapitalism: Quelle Surprise! GAO Finds the Fed is a Club of Backscratching, Well Connected, White Bankers
- 2011/10/20: NakedCapitalism: Eurozone Leaders Ready 80 Billion Euro Band-Aid for Banking Industry Gunshot Wound
- 2011/10/20: CalcRisk: Builders to deliver record low number of housing units in 2011
- 2011/10/20: BBC: Extra euro crisis summit called
EU leaders are to hold another summit by Wednesday, because they will not be able to agree a rescue plan for the euro on Sunday.
- 2011/10/20: EUO: Eurozone to hold a second summit on Wednesday
- 2011/10/19: ZeroHedge: David Rosenberg On The Insanity Of Fixing Excess Leverage With More Leverage, And The Relentless Euro Rumormill
- 2011/10/20: BBC: World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis
- 2011/10/20: BBC: Germany cuts economic growth forecast for 2012 [from 1.8% to 1%]
- 2011/10/20: CBC: 1 dead as protesters clash in Athens
- 2011/10/19: AlterNet: Nomi Prins on 'Black Tuesday' and Occupy Wall Street
- 2011/10/19: AlterNet: Tarps, Not Spirits, Sag as Storm Soaks Liberty Square
- 2011/10/19: AlterNet: Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage
- 2011/10/20: al Jazeera: Greek strike resumes ahead of austerity vote
Second day of general strike gets under way with mass protests, as parliament takes final vote on new austerity laws.
- 2011/10/19: WiC: Occupy K Street
- 2011/10/19: RWER: Economics has met the enemy, and it is economics
- 2011/10/19: EconView: "A Call for Economic Justice"
- 2011/10/19: EconView: A Convenient Excuse
- 2011/10/19: BRitholtz: Fraudclosure Errors Destroying Americans’ Property Rights
- 2011/10/19: NakedCapitalism: Bank of America Setback: $8.5 Billion Mortgage Settlement Successfully Removed to Federal Court (Updated)
- 2011/10/19: NakedCapitalism: David Graeber: On Playing By The Rules -- The Strange Success Of #OccupyWallStreet
- 2011/10/19: NakedCapitalism: Latest Attorney General Bailout Plan: Give Banks "Get Out of Jail Free" Card for a Few Refis
- 2011/10/19: EnergyBulletin: The fantastic success of Occupy Wall Street by Immanuel Wallerstein
- 2011/10/19: Wonkette: ‘I Hate Banks,’ the New National Anthem (From 1986)
- 2011/10/19: EUO: Delors says treaty change should allow euro exit
- 2011/10/19: EUO: Ukraine mulls joining Russian union, not EU trade zone
- 2011/10/19: CCP: "It does not make you tough to hurt these people!" U.S. marine, Shamar Thmoas, puts 30 NYPD to shame at Times Square Occupy Wall Street protest -- tells them there is no honor in what they are doing
- 2011/10/19: TreeHugger: Could #OccupyWallStreet Become a Constitutional Convention?
- 2011/10/19: NBF: Wealthiest metropolitan area in the United States is now Washington DC
- 2011/10/19: CSM: A small tax on Wall Street could be a big help to US economy
- 2011/10/19: BBC: Citigroup is paying $285m (£180m) to settle civil fraud charges from the Securities and Exchange Commission
- 2011/10/19: CBC: U.S. inflation edges up to 3.9%
- 2011/10/19: DemNow: Former Financial Regulator William Black: Occupy Wall Street a Counter to White-Collar Fraud
- 2011/10/19: G&M: Our tax code is pockmarked with costly exemptions
- 2011/10/12: MoneyMorn: Derivatives: The $600 Trillion Time Bomb That's Set to Explode
- 2011/10/17: DerSpiegel: Will Merkel Take The Reins? Europe Deeply Divided Ahead of Make-or-Break Summit
The head of Deutsche Bank is raging against politicians, Berlin is raging against Paris and the north is raging against the south. The world is expecting decisive results at this weekend's EU summit on emergency measures to shore up the euro, but the Europeans remain split. Will German Chancellor Angela Merkel finally take the lead?
- 2011/10/17: DerSpiegel: The Next Domino? Top Economists Warn of France Downgrade
Top German economists are warning that France's AAA rating could be in danger should additional measures become necessary to prop up indebted euro-zone members or to save ailing banks. With debt relief for Greece under discussion, it may be a question of when, not if.
- 2011/10/17: DerSpiegel: Interview with German Opposition Leader [SPD Chairman Sigmar Gabriel] -- 'Commercial Banking Should Be Split From Investment Banking'
In an interview with Spiegel, Sigmar Gabriel, the leader of the opposition center-left Social Democrats, outlines his plans to tame financial capitalism, warns that the supposed supremacy of banks and markets is eroding faith in politics and says the SPD would do a better job containing the crisis.
- 2011/10/17: DerSpiegel: The World from Berlin -- 'The Protests Are an Expression of Bitter Disappointment'
Germany has largely been unscathed by the global economic crisis. Nonetheless, tens of thousands turned out across the country over the weekend for protests modelled after "Occupy Wall Street." Commentators say people are growing increasingly concerned their standard of living may soon diminish.
- 2011/10/18: BBC: End of Empire: Tough economy closes mining town
- 2011/10/19: BBC: The Bank of England's Monetary Policy Committee (MPC) was unanimous in voting for another £75bn of quantitative easing (QE) to support the weak UK economy.
- 2011/10/19: AlterNet: Activists in New York Target 'Governor 1 Percent:' Cuomo Under Fire for Refusing to Extend Millionaire's Tax
- 2011/10/18: AlterNet: We Have a First Amendment Right to Protest -- So Why All These Arrests Around Occupy Wall Street?
- 2011/10/18: AlterNet: What We Can Learn from Germany: How Countries With Publicly Owned Banks Do Better Than America
- 2011/10/18: AlterNet: Occupy Wall Street: 992 Arrested at Price Tag of More Than $3.4 Million
- 2011/10/19: al Jazeera: Moody's is latest to cut Spain's debt rating
Agency now expects real GDP growth in 2012 to be 1 per cent at best, compared with earlier expectations of 1.8 per cent.
- 2011/10/15: BizInsider: Here Are Four Charts That Explain What The Protesters Are Angry About...
- 2011/10/18: BBerg: BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit
- 2011/10/18: RWER: Dodd-Frank brings transparency to financial industry
- 2011/10/18: RWER: The 99 Percent Movement: Tactical Briefing #15
- 2011/10/18: EconView: The GOP's (Lack of a) Jobs Plan
- 2011/10/18: EconView: "The Seven Biggest Economic Lies" - Robert Reich
- 2011/10/18: NakedCapitalism: Bank of America Deathwatch: Moves Risky Derivatives from Holding Company to Taxpayer-Backstopped Depositors
- 2011/10/18: NakedCapitalism: The Data That the Economy is Not So Hot is Getting Harder to Ignore
- 2011/10/18: NakedCapitalism: Tom Ferguson: Congress is a "Coin Operated Stalemate Machine"
- 2011/10/18: BBC: Moody's cuts Spain's debt rating
- 2011/10/18: BBC: China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P)
- 2011/10/19: JQuiggin: Tea Party didn’t mind bailing out Wall Street, only Main Street
- 2011/10/18: JQuiggin: Money for nothing?
- 2011/10/18: BBC: Goldman Sachs reports $393m loss on eurozone impact
- 2011/10/18: BBC: UK CPI inflation rate rises to 5.2% in September
- 2011/10/18: BBC: S&P downgrades 24 Italian banks
- 2011/10/18: CBC: China growth eases to 9.1%
- 2011/10/18: CBC: Canadians' economic confidence dips to 2-year low
- 2011/10/17: WiC: Ending the 30-year stranglehold on the human imagination
- 2011/10/17: WiC: Charting inequality in America
- 2011/10/17: Salon:GG: What are those OWS people so angry about?
- 2011/10/16: CRG: Four US banks hold a staggering 95.9% of U.S. derivatives: The $600 Trillion Time Bomb That's Set to Explode
- 2011/10/17: CRG: Five Banks Account For 96% Of $250 Trillion In Outstanding US Derivative Exposure
Morgan Stanley Sitting On An FX Derivative Time Bomb?
- 2011/10/18: BBC: Moody's warns on France's credit rating
France has been given a warning over its top AAA credit rating by Moody's, one of the main rating agencies.
- 2011/10/17: AlterNet: Occupy Wall Street is a Movement Too Big to Fail
- 2011/10/17: AlterNet: The Greeks Are Being Unfairly Maligned by Global Financiers: The Truth is Very Different.
- 2011/10/17: AlterNet: Wall Street’s Second Occupation: The Rise of the NYPD's Homeland Security State
- 2011/10/17: BBerg: Germany Shoots Down ‘Dreams’ of Swift Fix
- 2011/10/17: Telegraph(UK):AE-P: Europe's lost decade as $7 trillion loan crunch looms
Europe’s banks face a $7 trillion lending contraction to bring their balance sheets in line with the US and Japan, threatening to trap the region in a credit crunch and chronic depression for a decade.
- 2011/10/17: RWER: Democracy versus Bankers at the Fed
- 2011/10/17: RWER: Not a Recession? Then what do we call it?
- 2011/10/17: EconView: Yglesias: Glass-Steagall Is Mostly A Red Herring
- 2011/10/17: BRitholtz: The Most Important Facts about the Global Debt Crisis
- 2011/10/17: BRitholtz: The Greatest OWS Protest Sign Ever
- 2011/10/17: BRitholtz: Occupy Wall Street Must Occupy Congress, AG offices
- 2011/10/17: NakedCapitalism: Steve Rattner, Card Carrying Member of Top 1%, Tells Us We Should Lie Back and Enjoy Much Lower Wages Resulting From Globalization
- 2011/10/17: NakedCapitalism: From QE to Communism
- 2011/10/17: CalcRisk: Fed's Evans suggests raising inflation target until unemployment falls below 7%
- 2011/10/15: NYT: America’s ‘Primal Scream’
- 2011/10/17: EUO: China beats US to become EU's top trade partner
- 2011/10/17: CSM: The rise of the regressive Right and the reawakening of America
- 2011/10/16: NYT: Losing Their Immunity
As the Occupy Wall Street movement continues to grow, the response from the movement’s targets has gradually changed: contemptuous dismissal has been replaced by whining. (A reader of my blog suggests that we start calling our ruling class the "kvetchocracy.") The modern lords of finance look at the protesters and ask, Don’t they understand what we’ve done for the U.S. economy?
The answer is: yes, many of the protesters do understand what Wall Street and more generally the nation’s economic elite have done for us. And that’s why they’re protesting.
- 2011/10/17: NorRe: Life Gets Tough
- 2011/10/16: WiC: It’s not just the economic inequality, stupid
- 2011/10/16: WiC: Obama plans to hijack Occupy Wall Street
- 2011/10/15: WiC: A manifesto for regime change on behalf of all humanity
- 2011/10/15: WiC: Wall Street tells senators: We pay you to represent us
- 2011/10/16: WMTC: (cartoon - McFadden) Occupy Poor Street
- 2011/10/16: BBC: Hong Kong becomes first centre for gold trading in yuan
Hong Kong has become the world's first place to offer gold trading in yuan, cementing its status as an offshore hub for the Chinese currency.
- 2011/10/16: BBC: The UK economy has stalled at a dangerous junction, according to independent forecaster Ernst and Young
- 2011/10/16: RReich: The Rise of the Regressive Right and the Reawakening of America
- 2011/10/16: EconView: "Stop Dehumanizing the Protestors" - Andrew Samwick
- 2011/10/16: BRitholtz: US Debt Accumulation by President
- 2011/10/16: CalcRisk: Unofficial Problem Bank list declines to 979 Institutions
- OECD.Stat Extracts
- 2011/10/16: CCP: Unbelievable video! Citibank thugs force woman into bank then arrest her for trespassing although she is a Citibank customer
- 2011/10/12: Onion: Nation Waiting For Protesters To Clearly Articulate Demands Before Ignoring Them
- 2011/10/14: Economist:FE: Things could actually get a lot worse
- 2011/10/14: NYT:PK: An Imaginary Ratchet
- 2011/10/14: NYT:PK: Arithmetic Has A Well-Known Keynesian Bias
- 2011/10/14: NYT: The 1930s Sure Sound Familiar
- 2011/10/14: BaselineScenario: The Smugness of Unintended Consequences
After my post on Corey Robin’s new book, a friend recommended Albert O. Hirschman’s Rhetoric of Reaction. As the title suggests, the book is about the rhetorical style of conservative thought dating back to Burke. Hirschman identifies three common tropes: perversity (that great-sounding progressive idea you have will have the opposite of its intended effect), futility (that great-sounding progressive idea won’t change anything, because you don’t understand the fundamental laws of the world), and jeopardy (that great-sounding progressive idea will destroy some other thing that we all agree is valuable, making everyone worse off in the end). Hirschman doesn’t dwell on this specific point, but it’s obvious that, similar to the argument Robin makes, these rhetorical devices can only exist in opposition to some progressive reform movement.
- 2011/10/15: RWER: Links for following the Anti-Bank or Occupy Wall Street Movement
- 2011/10/15: BRitholtz: Income Gain Distribution 1917-81; 1982-2000; 2001-08
1917-81: Bottom 90% captured 69% of income gains
1982-2000: Bottom 90% captured 23% of income gains
2001-2008: Bottom 90% had income losses (negative gains)
- 2011/10/15: BRitholtz: WashingtonsBlog: Move On Tries to Co-Opt the OWS Protests
- 2011/10/15: NakedCapitalism: As Many as 24 People Arrested for Trying to Close Accounts at #Citibank
- 2011/10/15: NakedCapitalism: "Zombie Mortgages" Mean Delay of Housing and Economic Recovery Well Past 2014
- 2011/10/16: Guardian(UK): 'Occupy' anti-capitalism protests spread around the world
- 2011/10/16: Guardian(UK): From the fringe to centre stage, the Occupiers may yet change US politics
As the Occupy protests take over Europe, the movement's lasting impact could be on the American election
- 2011/10/15: POGGE: Mostly competent government
Since the end of the federal government's fiscal year 2010-11 was in March, you would think that a government run by the party touted for its competence in managing our money would have long since produced financial statements. You'd be wrong.
- 2011/10/15: al Jazeera: Will Occupy Wall Street be a global catalyst?
The youth and middle class are paying a huge price for mismanagement and greed by the financial and political elite.
- 2011/10/12: DailyKos: (cartoon - TomTom) So what do these Wall Street protestors want, anyway?
- 2011/10/13: NYT:PK: Everyone Has An Ideology
- 2011/10/14: GG&G: Krugman Is So Right And The Austerians Are So Wrong
- 2011/10/13: GG&G: Ideology and Economics
- 2011/10/14: TreeHugger: Al Gore Strongly Supports #Occupy Wall Street
- 2011/10/14: CCurrents: Wall Street Sit-In Goes Global Saturday
- 2011/10/13: CCurrents: The All-American Occupation
- 2011/10/12: CCurrents: Rumble From The People by Ralph Nader
- 2011/10/12: CCurrents: Nightmare On Wall Street
- 2011/08/11: BBerg: Bank Profits Depend on Debt-Writedown ‘Abomination’ in Forecast
- 2011/10/15: BBC: Occupy London protests in financial district
Up to 3,000 people are demonstrating in London's financial district as part of a worldwide protest against alleged corporate greed.
- 2011/10/15: al Jazeera: America's 'Millbank moment'
Protests that started at Wall Street have spread, revealing the crisis of representative democracy.
- 2011/10/11: Salon:GG: Can OWS be turned into a Democratic Party movement?
- 2011/10/06: WaPo: Banks turn to demolition of foreclosed properties to ease housing-market pressures
- 2011/10/14: DVoice: The Public Option in Banking -- Another Look at the German Model
- 2011/10/14: DerSpiegel: Deutsche Bank Downgrade? Pressure Is Rising in the Search for a Euro Solution
The ratings agency Fitch on Thursday said Deutsche Bank is at risk of a downgrade while Standard and Poor's dropped Spain by a notch. Pressure on Europe to prevent the debt crisis from spreading is rising. Now emerging economies like China and Brazil are vowing to help.
- 2011/10/13: DerSpiegel: Temporary Relief -- Slovakia Approves Euro Bailout Expansion
The Slovak parliament voted on Thursday to approve the expansion of the euro bailout fund. An earlier rejection forced the current government to agree to new elections in exchange for opposition support for the measure, which will increase the rescue package's lending ability and reach.
- 2011/10/15: BBC: Worldwide 'Occupy' protests held over financial crisis
- 2011/10/14: BBC: US delays ruling on China currency manipulation
The US Treasury has delayed a ruling on whether China manipulates its currency to gain an unfair trade advantage until later this year.
- 2011/10/13: AlterNet: Dean Baker on How We Can Make the 'Free Market' Work for the 99%
- 2011/10/13: AlterNet: How Christian Fundamentalism Helped Empower the Top 1% to Exploit the 99%
- 2011/10/14: AlterNet: Matt Taibbi: Break Up the 'Too-Big-to-Fail' Financial Behemoths that Destroyed the Economy
- 2011/10/13: AlterNet: Occupy Wall Street's Remarkable Success
- 2011/10/13: NYT: Labor Rights, Under Republican Attack
In the past month, the National Labor Relations Board has come under furious attack from Republicans in Congress, and decades-old workers’ rights are at risk. Backed by a well-financed lobbying and publicity offensive, Republicans are using a recent labor-law complaint against Boeing to achieve a radical goal that goes far beyond the legal issues in the case: unraveling workers’ rights that have been part of the fabric of our social contract since the Great Depression.
- 2011/10/13: RReich: The Triumph of Dogma, and a Sad Goodbye to David Frum
- 2011/10/14: DallasFed: Did Speculation Drive Oil Prices? Market Fundamentals Suggest Otherwise by Michael D. Plante and Mine K. Yücel
Oil market speculation became an especially popular topic when the price of crude tripled over 18 months to a record high $145 per barrel in July 2008. Of particular interest to many is whether speculators drove oil prices beyond what fundamentals would have otherwise justified. We explore this issue over two Economic Letters. In this article, we look at evidence from the physical market for oil and conclude that fundamentals, and not speculation, were behind the dramatic rise and fall in oil prices.
- 2011/10/13: RawStory: ‘Indignant’ protests to sweep across world
- 2011/10/13: NYT: Rabbit-Hole Economics
Reading the transcript of Tuesday’s Republican debate on the economy is, for anyone who has actually been following economic events these past few years, like falling down a rabbit hole. Suddenly, you find yourself in a fantasy world where nothing looks or behaves the way it does in real life.
And since economic policy has to deal with the world we live in, not the fantasy world of the G.O.P.’s imagination, the prospect that one of these people may well be our next president is, frankly, terrifying.
- 2011/10/13: FDL: That Giant Sucking Sound
That giant sucking sound you hear today is the sound of jobs being outsourced as President Obama signs into law three free trade deals; South Korea, Colombia and Panama. According to the Economic Policy Institute, passing the Korea Free Trade deal will likely cost this country 159,000 jobs.
- 2011/10/14: RWER: The self-inflicted wound of US foreign aid cuts
- 2011/10/14: EconView: Wanted: Job Creation
I wish I could find a way to adequately express the frustration I feel over the way Congress has all but turned its back on the unemployed.
- 2011/10/14: BRitholtz: QOTD: Bill King on Normal Markets
- 2011/10/14: BRitholtz: (cartoon - Anthony Freda) Too Big To Fail
- 2011/10/14: BRitholtz: Succinct summation of week’s events
- 2011/10/14: NakedCapitalism: Curious Omissions from a New York Times Story on a Foreclosure Auction Protest
- 2011/10/14: NakedCapitalism: On the Lack of Democratic Consent of Greeks to Austerity Programs
- 2011/10/14: NakedCapitalism: Fitch Installs Its Own Glass-Steagall
- 2011/10/14: CalcRisk: Bank Failure #80: Country Bank, Aledo, Illinois
- 2011/10/14: CalcRisk: Bank Failures #77 through 79: In Georgia, North Carolina and New Jersey
- 2011/10/14: CalcRisk: Consumer Sentiment declines in October
- 2011/10/12: RS:MattTaibbi: My Advice to the Occupy Wall Street Protesters -- Hit bankers where it hurts
- 2011/10/14: GreenLeft: Wall Street occupation ignites mass movement
- 2011/10/14: Guardian(UK): Protesters plan to 'occupy' London Stock Exchange
- 2011/10/14: PEF: Canada’s Billionaires
- 2011/10/14: EurActiv: Slovakia completes EFSF reform, Spain downgraded
Slovakia yesterday became the last country to approve a reform of the euro zone's bailout fund, the European Financial Stability Facility (EFSF). But the good news was spoiled by worrying signals from Spain, whose credit rating was downgraded by Standard & Poor's amid worsening growth prospects.
- 2011/10/14: uComics: (cartoon - Rall) Caution: The Revolution Will Be Anesthesized
- 2011/10/14: JQuiggin: Percentiles
- Occupy Wall Street
- 2011/10/14: al Jazeera: The instability of inequality
An economic model that does not address inequality will at some point face a decline of legitimacy.
- 2011/10/10: Monbiot: If this analysis is correct [by Steve Keen], a Great Depression is all but inevitable
- 2011/10/14: InformedComment: Mayor Bloomberg and Occupy Wall Street by the Numbers
- 2011/10/13: BBC: Fitch cuts ratings on UBS and warns 12 other banks
- 2011/10/14: BBC: S&P downgrades Spain on weak growth outlook
- 2011/10/14: BBC: Occupy Wall Street: Protesters to block 'eviction' move
- 2011/10/14: CBC: Occupy Wall Streeters scramble to clean up park
- 2011/10/13: AlterNet: Occupy Wall Street: People Power vs. the Police State
- 2011/10/13: AlterNet: 6 Places to Occupy Next: Protest the 1% Where They Live, Work and Play
- 2011/10/13: AlterNet: How Bank of America Covered Up Fraud by Silencing Whistleblowers
- 2011/10/10: AlterNet: 3 Ways Ben & Jerry's and Other Companies Are Supporting Occupy Wall Street
- 2011/10/14: al Jazeera: Insider trader sentenced to 11 years in US
Hedge-fund founder Raj Rajaratnam given 11 years in jail over inside trading estimated to have netted him up to $75m.
- 2011/10/13: RWER: When Being Rich Makes Us Poor, People Should Occupy Wall Street
- 2011/10/13: EconView: "A Breathtaking Act of Economic Vandalism"
- 2011/10/13: EconView: Roubini: The Instability of Inequality -- Nouriel Roubini says inequality is a destructive force
- 2011/10/13: BRitholtz: Florida AG Takes Orders, Money from Fraudclosure Firm
- 2011/10/13: CalcRisk: Weekly Initial Unemployment Claims at 404,000
- 2011/10/13: BBC: S&P downgrades Spain on weak growth outlook [from AA to AA-]
- 2011/10/13: BBC: Raj Rajaratnam jailed for 11 years for insider trading
- 2011/10/12: WiC: Trust bust: Why no one believes the banks
- 2011/10/12: WiC: Financial giants put New York City cops on their payroll
- 2011/10/11: WiC: Panic of the plutocrats as Occupy Wall Street heads for their castles
- 2011/10/11: EmpireBurlesque: Changing of the Guards: The New Road of the Occupation Movement
- 2011/10/13: Reuters: Number of poor hit record 46 million in 2010
- 2011/10/13: BBC: The International Monetary Fund (IMF) has cut its growth forecasts for Asia over worries about eurozone debt and new fears for the US economy
- 2011/10/13: BBC: European banks may have to raise a collective 200bn euros ($276bn; £175bn) to boost their capital reserves
- 2011/10/12: BBC: Federal Reserve split over 'Operation Twist' stimulus
Three members of the Federal Reserve's Open Market Committee (FOMC) voted against the Fed's latest stimulus measures at its meeting last month, minutes have revealed.
After the meeting, the Fed announced a $400bn (£254bn) bond programme designed to keep interest rates low. But three members argued for no additional stimulus.
- 2011/10/12: BBC: UK unemployment total reaches 17-year high
- 2011/10/12: AlterNet: 5 Reasons To Move Your Money From Bank Of America
- 2011/10/12: AlterNet: Occupy Wall Street Fights for Diversity
- 2011/10/12: AlterNet: 5 Reasons the Right Is Terrified of Occupy Wall St.
- 2011/10/11: AlterNet: Banking Has Become an Oligopoly Instead of a Competitive Business -- And That's Really Bad News for Us 99%
- 2011/10/11: RReich: The seven biggest economic lies
- 2011/10/12: BBerg: Wall Street Sees ‘No Exit’ From Financial Decline as Bankers Fret Future
- 2011/10/12: RWER: The Outlook
- 2011/10/12: EconView: Rodrik: Milton Friedman’s Magical Thinking
- 2011/10/12: NakedCapitalism: Is a Rising Yuan Inevitable?
- 2011/10/12: BBC: The US city of Harrisburg - capital of the state of Pennsylvania - has filed for bankruptcy, a move quickly opposed by the city's mayor
- 2011/10/12: Guardian(UK): Occupy Dame Street: Irish bank protesters stage well-mannered sit-in
- 2011/10/12: Guardian(UK): Khamenei claims Occupy Wall Street protests will topple US capitalism
- 2011/10/12: EUO: Barroso outlines 'comprehensive' roadmap to tackle eurozone crisis
- 2011/10/12: uComics: (cartoon - Danziger) So the plan is...
- 2011/10/12: PSinclair: Take Back the Tundra
- 2011/10/11: NYT: Something’s Happening Here by Thomas L. Friedman
When you see spontaneous social protests erupting from Tunisia to Tel Aviv to Wall Street, it’s clear that something is happening globally that needs defining. There are two unified theories out there that intrigue me. One says this is the start of "The Great Disruption." The other says that this is all part of "The Big Shift." You decide.
- 2011/10/12: TreeHugger: Occupy Wall Street Plans Mass Close-Out of Chase Bank Accounts
- 2011/10/12: al Jazeera: America's lost decade
The American middle class and lower classes have taken a blow during the last decade in comparison to earlier decades.
- 2011/10/12: al Jazeera: UK unemployment highest in almost two decades
Latest figures show more than two and a half million Britons are out of work with levels at their highest in 17 years.
- 2011/10/10: CCurrents: It’s Now, Occupy World Wide
- 2011/10/11: CSM: Bonds say 60 percent chance of recession
- 2011/10/11: Rabble: It's time, nationalize the banks
- 2011/10/11: DVoice: QE: Quantitative Easing or Questionable Economics?
- 2011/10/12: DerSpiegel: Parliament Votes No -- EU Pins Hopes on Second Slovak Vote This Week
- 2011/10/11: DerSpiegel: Occupying Wall Street -- The Start of a New American Movement
For weeks, the Occupy Wall Street movement has protested the greed of bankers and the growing disparity of wealth. In the past criticizing the capitalist system may have been viewed as un-American, but chronic social problems and deep-rooted frustrations may be changing this.
- 2011/10/11: DerSpiegel: The World from Berlin -- 'EU Leaders Are Staring at Markets Like Rabbits at a Snake'
French President Nicolas Sarkozy and German Chancellor Angela Merkel have made sweeping promises in recent months. The results, however, have been meager. Now the two are demanding a swift recapitalization of European banks. German commentators aren't buying it.
- 2011/10/10: DerSpiegel: The Financial Crisis Returns -- Europe's Attention Shifts to Its Ailing Banks
Sovereign bonds were once considered among the safest of all investments. Yet with Greece teetering and several more euro-zone countries on the watch list, the Continent's banks are in trouble. The European Union is struggling to come up with an antidote.
- 2011/10/10: DerSpiegel: Dexia Rescue -- Belgium Nationalizes Troubled Bank
The European banking crisis claimed its first victim on Monday: The Dexia group will be broken up. The Belgian government is paying 4 billion euros to acquire the company's operations in that country. Meanwhile, the Belgian, French and Luxembourg governments all plan to provide billions in guarantees.
- 2011/10/11: BBC: Slovakia votes down eurozone bailout expansion plans
- 2011/10/11: AlterNet: 6 Reasons Why Occupy Wall Street Protests Won't Help Democrats
- 2011/10/11: AlterNet: Inside Occupy Wall Street: Journalist-Participant Describes What Life Is Really Like (Complicated and Inspiring) at Zuccotti Park
- 2011/10/11: AlterNet: Millionaire's March: Protesters Hit the Streets in NY and Visit the 1 Percent at Their Homes
- 2011/10/11: al Jazeera: US Senate defeats jobs bill
- 2011/10/11: al Jazeera: Slovak government falls on eurozone vote
- 2011/10/10: FatasMihov: The Lost Decade
- 2011/10/11: RWER: Meandering along, going nowhere -- Who knew that interesting times could be so dull?
- 2011/10/11: RWER: Double Dip Nonsense: Excuses for a Pathetic Recovery
- 2011/10/11: EconView: The Rise of the Renminbi as International Currency: Historical Precedents - Jeff Frankel
- 2011/10/11: NakedCapitalism: Has China Just Hit Stall Speed?
- 2011/10/11: NakedCapitalism: Iceland: From Crisis to Constitution
- 2011/10/11: NakedCapitalism: On Wall Street’s Private Police in NYPD Uniforms
- 2011/10/11: CBC: 50 Occupy Boston protesters arrested -- Spreading Occupy Wall Street movement targets homes of rich
- 2011/10/11: CBC: Senate Republicans kill Obama jobs plan
- 2011/10/11: BBC: The US Senate has voted through a bill which aims to punish China for keeping its currency artificially undervalued
- 2011/10/11: BBC: Occupy Wall Street: 100 arrests at Occupy Boston protest
- 2011/10/11: BBC: Republicans block Obama jobs bill
- 2011/10/11: EurActiv: Nobel prize winner: Europe needs a fiscal union
- 2011/10/11: NYT:PK: Why Believe In Keynesian Models?
- 2011/10/11: CCP: Twitter Reports of Cops Beating Participants in #OccupyBoston, Breaking Up Encampment, U.S. Veterans thrown to the ground
- 2011/10/11: CCP: Geraldo Rivera expelled by Occupy Wall Street because Fox News lies -- this is what democracy looks like!
- 2011/10/11: CCP: Occupy Chicago blocks streets, 3,000 protest at meeting of American Mortgage Bank(st)ers Association, police arrest 26 in Chicago Teachers Union T-shirts
- 2011/10/06: Cryptome: OWS Is a Kick in the Ass to Intellectuals
- 2011/10/11: BBC: Eurozone bailout fund faces key Slovakian vote
- 2011/10/10: AlterNet: Bank of America, Citigroup, Morgan Stanley Could Be Headed Toward Collapse -- Will Obama Have the Guts to Do the Right Thing This Time?
- 2011/10/10: AlterNet: 5 Conservative Economic Myths Occupy Wall St. Is Helping Bust
- 2011/10/10: AlterNet: Why Corporate Elites Should Be Petrified of Occupy Wall Street
- 2011/10/10: AlterNet: Bank Warns Employees About OWS
- 2011/10/10: AlterNet: Of 400 Richest Americans, Only 8 Say They're Willing to Pay More Taxes
- 2011/10/10: TP: Journalists Funded By ‘Vulture Capitalist’ Paul Singer Campaign To Smear Wall Street Protests
- 2011/10/10: TP:JR: The Other 99% of Us Can’t Buy Our Way Out of the Impending Global Ponzi Scheme Collapse
- 2011/10/08: NYT: An Ugly Forecast [by ECRI] That’s Been Right Before
- 2011/10/09: NYT: Recession Officially Over, U.S. Incomes Kept Falling
- 2011/10/10: EconView: Why Wait? Richard Thaler
- 2011/10/10: EconView: Fed Watch: Too Early to Sound the All Clear? Tim Duy
- 2011/10/10: BRitholtz: Huge Employment Chart Roundup
- 2011/10/10: NakedCapitalism: On #OccupyWallStreet and the Power of Open Source and Consensual Processes
- 2011/10/10: NakedCapitalism: #OccupyWallStreet Publishes First Issues of "The Occupied Wall Street Journal"
- 2011/10/09: FDL: Republicans Scramble to Side with Wall Street over Main Street
- 2011/10/10: Guardian(UK): Don't believe the hype on US jobless numbers
- 2011/10/10: Guardian(UK): It's in all our interests to understand how to stop another Great Depression [George Monbiot]
When a man like Steve Keen says the trillions spent on refinancing the banks has truly stuffed us, we really should listen
- 2011/10/10: Guardian(UK): Why Europe's debt crisis is a storm warning for Wall Street
- 2011/10/10: CDreams: Panic of the Plutocrats
- 2011/10/10: CDreams: Why the Elites Are in Trouble
- 2011/10/10: EurActiv: EU summit postponed over bank recapitalisation discord
Herman Van Rompuy, European Council President, decided to postpone the EU summit, originally planned for next week, until 23 October. It appears extra time is needed for Germany and France to overcome discord over bank recapitalisation plans, despite the agreement touted last Sunday.
- 2011/10/10: EUO: Belgium rescues troubled bank amid ratings warning
The Belgian state has said it will pay 4 billion euros to purchase Dexia, a Franco-Belgian-Luxembourg bank with high exposure to Greek debt.
- 2011/10/10: TPMDC: Congressional Dysfunction Begins To Spook Old Pros
- 2011/10/10: Bronte: Anarchists for good government
- 2011/10/09: Guardian(UK): Big Bang's shockwaves left us with today's big bust
Everything changed when the City was deregulated in October 1986. Today, 25 years on, we are living with the consequences
- 2011/10/10: WiC: China’s debt pileup raises risk of hard landing
- 2011/10/09: WiC: The financial deregulation monster that Margaret Thatcher unleashed
- 2011/10/06: TPR: CEO With Deep Pockets Has Children On Food Stamps In Alabama
- 2011/10/10: CBC: Stocks leap up to 3% after EU plan to aid banks
- 2011/10/08: AlterNet: Occupy Wall Street Strikes a Chord: NYC Action Inspires Hundreds of Occupations Around the World
- 2011/10/06: AlterNet: 99% vs. 1% -- The Latest on Occupy Wall St. Movement: 853 Cities Across the World Shoring Up for the Long Haul
- 2011/10/10: al Jazeera: The class warfare the rich don't understand
The Masters of the Universe evaded responsibility and defiantly demanded more sacrifice from their victims, says author.
- 2011/10/10: BBC: Dexia bank gets massive bailout
- 2011/10/09: BBC: Greece must default, says former PM Sir John Major
Former Prime Minister Sir John Major has told the BBC that European banks need to recapitalise and "Greece needs to default" on its debts, to help bring an end to the eurozone debt crisis.
- 2011/10/07: AlterNet: How Unpaid Internships Perpetuate Rampant Inequality in the US
- 2011/10/07: AlterNet: Wall St. Has Poured Millions into the NYPD -- Are They Getting Their Pay Back Now?
- 2011/10/09: AlterNet: Message to Bank of America & the Rest: "It's My Money! Hands Off!"
- 2011/10/07: AlterNet: Occupy Wall Street Trades in 'The Whole World is Watching' for Watching the Whole World
- 2011/10/07: AlterNet: 5 New Rules for an Economy That Works
- 2011/10/09: EconBrowser: Is another U.S. recession a 'done deal'?
- 2011/10/09: RWER: Meanwhile in Europe...(19). Retail sales post 2000. Exuberance, or not?
- 2011/10/09: EconView: How Long Will It Take for the Labor Market to Recover?
- 2011/10/09: NakedCapitalism: More Proof of Federal Coverup of Mortgage Fraud: Robosigner-Equivalents Hired to Review Foreclosure Files in Required Audits
- 2011/10/09: NakedCapitalism: Alan Grayson Shreds P.J. O’Rourke on #OccupyWallStreet
- 2011/10/08: RawStory: Alan Grayson takes ‘Real Time’ panel to task regarding ‘Occupy Wall Street’
- 2011/10/09: BBC: German and French leaders to meet on eurozone crisis
- 2011/10/07: AlterNet: IMF Advisor Robert Shapiro: Prepare for Global Financial Meltdown Within Two to Three Weeks
- 2011/10/08: RWER: What Would Keynes Do? Get the Dollar Down
- 2011/10/08: EconView: Reich: The Wall Street Occupiers and the Democratic Party
- 2011/10/08: CalcRisk: Unofficial Problem Bank list declines to 983 Institutions
- 2011/10/09: Guardian(UK): Euro crisis spreads and puts the world economy at risk
- 2011/10/08: Guardian(UK): Michael Bloomberg: Occupy Wall Street is trying to destroy jobs
- 2011/10/07: BBerg: Italy, Spain Ratings Cut by Fitch; Belgium Is Put Under Review by Moody’s
- 2011/10/07: DerSpiegel: The Ticking Euro Bomb -- What Options Are Left for the Common Currency?
Politicians have maneuvered their countries into an unparalleled situation in the euro crisis. And they already know what most voters don't yet suspect. In the end, only two possibilities will remain to save the beleagured common currency: an expensive transfer union or a smaller monetary union. Either solution will be extremely costly.
- 2011/10/07: DerSpiegel: Bailouts or Bankruptcies? Europe Begins Working on Plan B for the Euro
How should the euro zone solve its currency crisis? European capitals are currently preparing to inject fresh capital into their banks with some economists arguing that saving financial institutions would be cheaper than propping up entire countries.
- 2011/10/07: DerSpiegel: Slovakian EFSF Opponent Sulik -- 'The Greatest Threat to Europe Is the Bailout Fund'
Only two countries, Malta and Slovakia, have yet to ratify the expansion of the euro bailout fund. Its fate may be in the hands of a minor Slovak party headed by Richard Sulik. In an interview, the politician explains why he hopes the fund will fail and what he sees as the only way to save the euro.
- 2011/10/06: DerSpiegel: The Ticking Euro Bomb -- How the Euro Zone Ignored Its Own Rules
After they joined the euro zone, the countries of southern Europe suddenly discovered they could borrow money at German-style rates, and any hope of sorting out their dodgy finances vanished. But it was France and Germany who set the worst example, when they broke the euro-zone rules they had forced on others.
- 2011/10/05: DerSpiegel: The Ticking Euro Bomb -- How a Good Idea Became a Tragedy
The Greek crisis has revealed why the euro is the world's most dangerous currency. The euro was built on a foundation of debt and trickery, where economic principles were sacrificed to romantic political visions. The history of the common currency is the story of a good idea that turned into a tragedy of epic proportions.
- 2011/10/07: AlterNet: The Reign of the One Percenters: How Income Inequality Is Destroying Our Culture
- 2011/10/07: AlterNet: 2000s: The Decade from Hell for Almost All Americans But The Richest
- 2011/10/07: AlterNet: 11 Facts You Need To Know About The Nation’s Biggest Banks
- 2011/10/07: RWER: They could have been worse?
- 2011/10/07: BRitholtz: The Impact of Phoney Short Squeezes
- 2011/10/07: BRitholtz: Succinct summation of week’s events
- 2011/10/07: NakedCapitalism: On #OccupyWallStreet and the Danger of Elite Capture
- 2011/10/07: NakedCapitalism: Why #OccupyWallStreet Doesn’t Support Obama: His "Nothing to See Here" Stance on Bank Looting
- 2011/10/07: NakedCapitalism: Quelle Surprise! Servicer Consent Orders Producing Expected Whitewash
- 2011/10/07: CalcRisk: Bank Failures #75 & 76 in 2011
- 2011/10/07: CalcRisk: AAR: Rail Traffic increases [1.1% yoy] in September
- 2011/10/07: CalcRisk: September Employment Report: 103,000 Jobs, 9.1% Unemployment Rate
- 2011/10/07: EnergyBulletin: Economics is not a social science
- 2011/10/07: BBC: Italian and Spanish government debt have both been downgraded by the Fitch credit rating agency
- 2011/10/07: Guardian(UK): Italy and Spain downgraded by Fitch over eurozone crisis
- 2011/10/07: Guardian(UK): The US today: economic stagnation, political paralysis
- 2011/10/07: EurActiv: Barroso urges 'coordinated' bank recapitalisation
Seeking to avert a spillover effect from the Dexia crisis, European Commission President José Manuel Barroso repeated the need to inject funds into the euro zone's troubled banks in several media appearances yesterday (6 October).
- 2011/10/07: EUO: Brussels questions plans for world’s biggest stock exchange [Deutsche Boerse AG + NYSE Euronext = ??]
- 2011/10/06: NYT: There’s something happening here. What it is ain’t exactly clear, but we may, at long last, be seeing the rise of a popular movement that, unlike the Tea Party, is angry at the right people.
When the Occupy Wall Street protests began three weeks ago, most news organizations were derisive if they deigned to mention the events at all. For example, nine days into the protests, National Public Radio had provided no coverage whatsoever.
It is, therefore, a testament to the passion of those involved that the protests not only continued but grew, eventually becoming too big to ignore. With unions and a growing number of Democrats now expressing at least qualified support for the protesters, Occupy Wall Street is starting to look like an important event that might even eventually be seen as a turning point.
What can we say about the protests? First things first: The protesters’ indictment of Wall Street as a destructive force, economically and politically, is completely right.
- 2011/10/07: PSinclair: Occupy Oil Street
- 2011/10/07: al Jazeera: Job growth fails to dent US unemployment rate
Economy created 103,000 new jobs in September, but unemployment remained high at 9.1 per cent.
- 2011/10/07: al Jazeera: To cure the economy
The underlying cause of the financial collapse is growing inequality; the solution is strong government expenditures.
- 2011/10/07: al Jazeera: Taxing nothing: Making empty homes pay
A tiny tax on empty properties sitting idle would increase state revenues and boost local economies.
- 2011/10/07: al Jazeera: Wall Street protesters bullied by police
New York police beat, pepper spray, and arrest protesters, leading activists to wonder who the cops are protecting.
- 2011/10/07: InformedComment: Best of the Web on Widening Wall Street Protests
- 2011/10/07: BBC: Bank of England governor fears crisis is 'worst ever'
Bank of England governor Mervyn King has said this financial crisis could be the worst the UK has ever seen.
His comments came after the Bank authorised the injection of a further £75bn into the economy through quantitative easing (QE).
"This is the most serious financial crisis we've seen at least since the 1930s, if not ever," he said.
Despite criticising the use of QE in the past, Chancellor George Osborne said it was now the right move to make.
- 2011/10/06: AlterNet: 10 Things to Know About Wall Street's Rapacious Attack on America
- 2011/10/06: AlterNet: Occupy Wall Street: 'We're Mad As Hell and We're Not Going to Take It Anymore'
- 2011/10/06: AlterNet: Study: Wealthy Stockbrokers More Dangerous Than Psychopaths
- 2011/10/06: AlterNet: 'We Can't Afford Not to Be Here': Occupy DC Takes Off
- 2011/10/06: AlterNet: 99% Vs 1%: The Latest Developments on the Occupy Wall St. Movement
- 2011/10/06: AlterNet: 'Our Berlin Wall Is Breaking': Taking on Wall Street's Dictatorship
- 2011/10/07: al Jazeera: The 'asset crisis' of emerging economies
China's economy seems to be steadily growing; in reality it is extremely vulnerable to the devaluation of the dollar.
- 2011/10/07: al Jazeera: Wall Street protests spread to US capital
"Occupy" movement gains ground in Washington DC, as US president says his American Jobs Act will appease some concerns.
- 2011/10/06: JBernstein: A Few Pictures to Keep in Mind
- 2011/10/06: RWER: Occupy Wall Street
- 2011/10/06: EconView: Fed Watch: Don't Let Monetary Policy Off The Hook - Tim Duy
- 2011/10/06: EconView: "So, How'd That Trickle-Down Thing Work Out?"
Republican presidential candidates are peddling trickle-down tax policies, but as Jared Bernstein notes "it’s hard to take seriously those who claim that 'supply-side' tax cuts ... will deliver for the middle class"
- 2011/10/06: NakedCapitalism: Matt Stoller: The Anti-Politics of #OccupyWallStreet
- 2011/10/06: NakedCapitalism: Finra Weakened by Appellate Court Ruling
- 2011/10/06: CalcRisk: Weekly Initial Unemployment Claims increase to 401,000
- 2011/10/04: CEPR:BtP: The IMF, ECB, and EC are Prepared to Wreck the World Economy to Squeeze a Few Extra Dollars Out of Greece
- 2011/10/06: al Jazeera: Why tax the rich to pay for more war?
Instead of taxing the rich to enable continued warfare, it would be better to stop the conduct of war.
- 2011/10/05: AlterNet: An Incredible Show of Solidarity, Followed by Police-Induced Confusion and Violence, at Occupy Wall St.
- 2011/10/04: AlterNet: How the Occupy Wall Street Protesters Can Defeat the Corporate Elite
- 2011/10/05: AlterNet: This Is Only Getting Bigger: 20,000 Rally in New York to Support Occupy Wall Street
- 2011/10/05: AlterNet: If Top 1% Hadn't Ripped Off Trillions, You'd Likely Be Making Thousands of Dollars More Right Now
- 2011/10/05: AlterNet: Supercommittee Co-Chair Patty Murray Accepts Award from Defense Industry As She Mulls Cuts To Pentagon Budget
- 2011/10/04: HuffPo: A New Direction for American Economic Policy
- 2011/09/30: DSNews: Job Loss Could Put One in Three Out of Their Home
One in three Americans would be unable to make their mortgage or rent payment beyond one month if they lost their job, according to the results of a national survey taken in mid-September.
- 2011/10/05: RWER: Wall Street under seige?
- 2011/10/05: EconView: Robert Solow: Keynesian Economics Has Become Dramatically Relevant Again Today
- 2011/10/05: EconView: "The Republican Consensus is Seriously Wrong" -- I wish the GOP would listen to David Frum
- 2011/10/05: NakedCapitalism: Ian Fraser: On Banking, Cameron is Clueless
- 2011/10/05: NakedCapitalism: One Third of Americans One Paycheck Away From Homelessness
- 2011/10/05: CalcRisk: ADP: Private Employment increased 91,000 in September
- 2011/10/05: CalcRisk: ISM Non-Manufacturing Index indicates expansion in September
- 2011/10/05: EnergyBulletin: On the Occupy Wall Street ‘media blackout’
- 2011/10/05: BBC: Wall Street protesters march in New York
- 2011/10/05: Guardian(UK): America cannot afford such inequality
- 2011/10/05: DemNow: As Unions, Students Join Occupy Wall Street, Are We Witnessing Growth of a New Movement?
- 2011/10/03: DemNow: 700 Arrested on Brooklyn Bridge as Occupy Wall Street Enters Third Week, Protests Grows Nationwide
- 2011/10/05: BBC: IMF warns that countries may need to reverse cuts
Europe's stronger economies should avoid imposing drastic budget cuts at the expense of growth, a report by the International Monetary Fund has said.
If things worsen in the UK, Germany or France, they should "consider delaying" cuts, because they can borrow "at historically low" interest rates.
- 2011/10/05: al Jazeera: Occupy Wall Street: The labour connection
Major US labour unions plan to back the Occupy Wall Street protesters in pushing for a financial transaction tax.
- 2011/10/04: WiC: Occupy Wall Street ends capitalism’s alibi
- 2011/10/04: DVoice: Arrests, Lies, and Videotape: the Truth About the Brooklyn Bridge Arrests
- 2011/10/04: DerSpiegel: Profit Warnings and Greek Debt -- European Banks Show Signs of Ill Health
Germany's Deutsche Bank issued a profit warning on Tuesday and a Franco-Belgian bank wobbled signficantly as Greek debt begins to drag significantly on Europe's financial industry. The European Central Bank is expected to make emergency credit available this week for the first time since the Lehman collapse.
- 2011/10/04: DerSpiegel: The World from Berlin -- 'The Finale of the Greek Drama Is Drawing Closer'
With Greece's next aid payment delayed following the release of dismal economic figures, insolvency is looming. European leaders have promised they won't abandon Athens, but some German commentators on Tuesday suggest that allowing the country to go bust may be the best option.
- 2011/10/03: DerSpiegel: America's Debt Crisis -- Why Europe Is Right and Obama Is Wrong
US President Barack Obama has recently suggested that Europe must take on more debt to stimulate the economy. Such reliance on cheap money, though, is what got us into the current crisis in the first place -- both in Europe and in the US. America's problem isn't too little money. It's a lack of competitive products.
- 2011/10/03: DerSpiegel: Former Obama Adviser -- Euro Crisis 'Could Become a Global Conflagration'
Austan Goolsbee was President Barack Obama's most important economic adviser until August. He told SPIEGEL that Europe must recapitalize its banks immediately to avoid the risk of a financial collapse. He says that Europe has been far too hesitant in combatting the ongoing debt crisis.
- 2011/10/05: BBC: UK economic growth slower than previously thought [0.1% not 0.2%]
- 2011/10/04: BBC: Boehner says Senate currency bill 'pretty dangerous'
- 2011/10/04: BBC: Ben Bernanke says US economy 'close to faltering'
- 2011/10/04: AlterNet: From Wall St. to K Street: Protests Kick Off In Washington DC October 6
- 2011/10/04: AlterNet: Van Jones on America's Uprising: It's Going Be an Epic Battle
- 2011/10/03: AlterNet: The Real Reason Why Police Cage Peaceful Protestors
- 2011/10/04: AlterNet: Putting Pundits to Shame: Protesters Know Exactly What They're Fighting For
- 2011/10/04: AlterNet: 5 Facts You Should Know About the Wealthiest One Percent of Americans
- 2011/10/04: EconView: "The Biggest Policy-Related Threat" -- Greg Ip notes that fiscal policy will be working against the recovery in coming months
- 2011/10/04: EconView: Fed Watch: The Fed Drops the Ball - Tim Duy
- 2011/10/04: NakedCapitalism: PR Watch: Iowa Attorney General Tom Miller Still Flogging Dead Horse of Mortgage Settlement Negotiation
- 2011/10/04: CalcRisk: Unofficial Problem Bank List Quarterly Transition Matrix
- 2011/10/04: CalcRisk: Goldman puts U.S. recession probability at 40% in 2012
- 2011/10/04: CBC: Wall Street protests spread
- 2011/10/04: BBC: Italy credit rating slashed by Moody's from Aa2 to A2
- 2011/10/04: BBC: Belgium approves 'bad bank' for Dexia assets
- 2011/10/04: Guardian(UK): Bernanke says US economy is 'close to faltering'
- 2011/10/04: Guardian(UK): Wall Street protest movement spreads to cities across US, Canada and Europe
- 2011/10/04: Guardian(UK): Occupy Wall Street: echoes of the past as protesters grasp the future
Occupy Wall Street may make little impression in Washington, but like its 60s forebear, its real influence is on the zeitgeist
- 2011/10/04: al Jazeera: Understanding Wall Street's 'Occupation'
Four activists discuss goals of the 24-hour encampment in New York's financial district as it gains nationwide momentum.
- 2011/10/03: Cryptome: Occupy USA Photos, 3 October 2011, Day 17
- 2011/10/03: Cryptome: Occupy Wall Street Photos, 3 October 2011, Day 17
- 2011/10/02: Cryptome: Occupy Wall Street, 30 September-2 October, 2011, Days 14-16
- 2011/10/02: Cryptome: Net Worth by John Galt OWS
- 2011/10/01: Cryptome: Occupy Wall Street Photos, 30 September 2011, Day 14
- 2011/10/04: ProPublica: Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite
- 2011/10/04: al Jazeera: The revolution begins at home
The #OccupyWallStreet protest is the voice of a generation and could spark a popular revolution in the United States.
- 2011/10/03: CCP: It started with 12 students in Wall Street
...now demonstrations spread across America as Boston, Chicago, L.A., Denver and Seattle erupt
Totally lame reporting on what actually occurred on the bridge, but good photos
- 2011/10/03: VoxEU: Currency wars: Lessons from the US experience: 1973-95 by Michael Bordo & Owen F Humpage
The Great Recession has resulted in sharp exchange-rate changes and threats of ‘currency wars’ linger. Some countries -- notably Japan and Switzerland -- have shown an interest in foreign-exchange intervention. This column argues that sterilised intervention does not afford monetary authorities a means of systematically affecting their exchange rates independent of their domestic policy objectives. Countries that engage in currency wars run a real risk of shooting themselves in the foot.
- 2011/10/03: PS: To Cure the Economy by Joseph E. Stiglitz
- 2011/10/02: NEP: Lenders Put the Lies in Liar’s Loans and Bear the Principal Moral Culpability
- 2011/10/03: RWER: Why Is It? Wages, Profits, and Civil Unrest
- 2011/10/03: RWER: Inequality and mainstream economics
- 2011/10/03: EconView: Stiglitz: To Cure the Economy
- 2011/10/03: NakedCapitalism: Stocks Hammered by EuroCrisis Worries; Bank of America, Citi Down Nearly 10%
- 2011/10/03: NakedCapitalism: Satyajit Das: Euro-Zone’s Leveraged Solution to Leverage
- 2011/10/03: NakedCapitalism: Mark Provost: Occupy Boston -- Day One (and Other OccupyWallStreet Updates)
- 2011/10/03: CalcRisk: U.S. Light Vehicle Sales at 13.1 million SAAR in September
- 2011/10/03: CalcRisk: ISM Manufacturing index increases in September
- 2011/10/03: CalcRisk: Chrysler: U.S. September sales increase 27% year-over-year
GM U.S. vehicle sales total 207,145 in Sept., up 20%
Ford Sept. U.S. sales rise 9%
- 2011/10/03: EnergyBulletin: The new recession
- 2011/10/03: BBC: US Senate backs debate on currency law amid yuan row
- 2011/10/03: al Jazeera: Functional deficits for dysfunctional America
The United States' deepest functional shortfalls may not be on any balance sheet - but they should be.
- 2011/10/03: al Jazeera: On October 6 let's make a clamour for peace
After ten years in a state of war, a number of actions can be taken to bring about peace.
- 2011/10/03: EUO: Greece will not meet deficit targets this year or in 2012
- 2011/10/03: JQuiggin: Tahrir in Wall Street
- 2011/10/03: CSM: Stock market gloom spreads. Blame Greece.
- 2011/10/02: TPR: Wall Street Buy Protection From NYPD
- 2011/10/02: InformedComment: New York and Cairo Protests Show Egyptian 1% more Responsive than the American
- 2011/10/02: AlterNet: "They're Arresting Us One by One" -- 700 Thrown in Jail as Wall St. Protest Grows -- Labor Declares Support
- 2011/10/02: AlterNet: Occupy Wall Street: The Other 99% Is Not 90% Men
- 2011/10/02: AlterNet: Need a Job? Start Your Own -- Here Are 5 Entrepreneurs Who Ditched the Corporate World
- 2011/10/03: al Jazeera: World markets down on Greek debt fears
Stocks fall in Europe and Asia with French banks under pressure amid fears over Greek debt crisis and recession danger.
- 2011/10/02: al Jazeera:Greece to miss deficit reduction targets
Shortfall this year is expected to reach 8.5 per cent of GDP, higher than targeted 7.8 per cent despite huge job cuts.
- 2011/10/02: EconView: Fiscal Stimulus Works
- 2011/10/02: NakedCapitalism: Citi Joins Bank of America in Finding New Ways to Bleed Customers
- 2011/10/02: NakedCapitalism: Is JP Morgan Getting a Good Return on $4.6 Million "Gift" to NYC Police? (Like Special Protection from OccupyWallStreet?)
- 2011/10/02: ZNet: A Tale of Two Rallies
- 2011/10/02: CBC: Occupy Wall St. protest to march into Canada
Activists are planning an occupation of Toronto's financial district as well as other Canadian cities following in the footsteps of protesters currently camped out on Wall Street in New York City.
- 2011/10/02: BBC: Greece has said its budget deficit will be cut in 2011 and 2012 but will still miss targets set by the EU and IMF
- 2011/10/02: Guardian(UK): Occupy Wall Street protesters arrested on Brooklyn bridge - in  pictures
- 2011/10/02: Guardian(UK): Occupy Wall Street protest: NYPD accused of heavy-handed tactics
- 2011/10/02: CBC: 700 arrested after protesters swarm Brooklyn Bridge
- 2011/10/02: al Jazeera: Hundreds held over Brooklyn Bridge protest
Police detain about 700 'Occupy Wall Street' campaigners after they disrupt traffic on iconic New York crossing.
- 2011/10/01: VoxEU: Making globalisation work for workers by Sascha O Becker et al.
As jobs losses continue to haunt the headlines, people are left asking if long-term unemployment is to be one of the so-called benefits from globalisation. This column reports on a conference aimed at understanding how globalisation can be made to work for workers.
- 2011/10/01: RWER: 1,000,000 economists can be wrong: the free trade fallacies
- 2011/10/01: RWER: What skills shortage?
- 2011/10/01: RWER: The Second Great Depression
- 2011/10/01: EconView: Fed Watch: Too Late for the Unemployed? Tim Duy
- 2011/10/01: EconView: Why Isn’t the Unemployment Crisis a National Emergency?
- 2011/10/01: CalcRisk: Unofficial Problem Bank list at 986 Institutions
- 2011/10/01: BBC: Hundreds of Occupy Wall Street protesters arrested
About 400 people from the Occupy Wall Street protest movement have been arrested on New York City's Brooklyn Bridge, police say.
- 2011/10/01: Clarify: (cartoon - Deutsch) A History of Corporate Whining
- 2011/10/02: Guardian(UK): If it doesn't do something about its underwater mortgages, America could sink without trace
- 2011/10/01: Guardian(UK): Occupy Wall Street protesters arrested on Brooklyn Bridge -- in  pictures
- 2011/10/01: TPM:IL: Occupy Wall Street Begins Third Week With Greatest Numbers Yet, Aims Still Uncertain
- 2011/10/01: al Jazeera: Wall Street protests spread to other cities
Protests inspired by "Occupy Wall Street" movement have emerged in Boston, San Francisco and Los Angeles.
- 2011/10/01: Guardian(UK): Occupy Wall Street protesters march against police brutality
Last modified November 3, 2011