October 2008
“The Heartbeat of America”: The Fall of the Automotive Industry
There’s a reason the Chevrolet slogan evoking Detroit as America’s heart resonated so powerfully. The automotive industry is as American as rolling amber waves of grain. And now look how far it has fallen.
October 31, 2008 | Read More
Doomsday: A Must-Read on the Economic Crisis
If you’re convinced that the current economic crisis is just the opening act for Great Depression II and you’re looking for some confirmation out there in the electronic media, or if you’re just in the mood for a bone-chilling “The End Is Nigh!” kind of read, you can’t do much better than this column in the Asia Times. One bit of advice, though: keep your Prozac close at hand. Or at least a good bottle of Scotch.
October 30, 2008 | Read More
The View From Iran
When most people in the U.S. think of Iran and the Iranian people, they inevitably picture news footage of the hostage crisis in the late 70’s and rabid crowds of demonstrators stomping on flaming American flags. But the truth, as usual, is bit more complex.
October 30, 2008 | Read More
Delerium Tremen$
Another Through the Looking Glass day in the markets. The government released a report showing that our Gross Domestic Product contracted last quarter and that consumers actually cut their spending for the first time in 17 years, and by the largest amount since 1980. Meanwhile the Dow Jones … jumped 250 points at the opening bell.
October 30, 2008 | Read More
Bubble-omics Reborn?
Yesterday, the Dow exploded for its sixth biggest percentage gain ever. Happy times are here again, right? Wrong. The Consumer Confidence Index plunged in October from an already dour, “put your money under your mattress and leave it there until the storm blows over” 61.4 in September to “bury your cash in coffee tins and start siphoning your neighbor’s gas” 38 (38!) in October.
October 29, 2008 | Read More
Blood Stocks
Slate highlights a study this morning that shows U.S.-led coups didn’t just benefit connected multinationals. They also made unknown government insiders a ton of money.
October 28, 2008 | Read More
Big Surprise: Politicians Vote To Extend Their Careers
In what has to be the least startling outcome in recent political memory, members of New York city council voted today to give themselves, and Mayor Michael Bloomberg, extra time in office.
October 23, 2008 | Read More
Greenspan’s Mea Culpa - A Day Late, A Dollar Short
An update to my earlier post on Alan Greenspan’s testimony to Congress today. Greenspan finally conceded that trusting Wall Street to govern itself wasn’t such a good idea.
October 23, 2008 | Read More
The Real Unemployment Rate: 11%
Daniel Gross at Slate says today what I’ve been saying for some time: don’t believe government statistics, especially when it comes to unemployment.
October 23, 2008 | Read More
Cue The Tar And Feathers
Alan Greenspan testified on Capitol Hill this morning. If you’re looking for one person to blame for the mess we’re in, Greenspan could and probably should be him.
October 23, 2008 | Read More
