Hanging around at the end of Wall Street capitalism! Monsanto's Genetically Modified corn will ruin yr reproductive health too
Well, kiddies, as it turns out, all the money has to get printed & stolen before the Democrats get into office. Srry.
You should check out these very readable accounts of How It Went Down all around - the Collateralized Debt Obligations, Credit Default Swaps and other tricks of fiscal necromancy.
First the British version: LRB · John Lanchester: Cityphilia:
My friend Tony, however, is sanguine. ‘Sorting out who’s in the shit is going to be a nightmare, but when it all shakes out, all it’ll mean is that credit is a little bit more expensive. That’s a good thing. It had got crazy. It was cheaper for companies to borrow money from other companies than it was for governments. That’s nuts. These things are cyclical, it had all just gone too far and we needed a correction.’
‘So we’ll have to stop running around spending money like drunken sailors,’ I said.
‘Well, drunk sailors tend to be spending their own money,’ Tony said. ‘By contemporary standards they’re quite prudent.’
Love it. This one is a little more fun because it's American... The End of Wall Street's Boom - National Business News - Print - Portfolio.com
The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong....
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.
Highly recommended. I like how some cool cats actually called bullshit on the ratings agencies and other preening bastards who all pretended everything was making sense. I like the part about how Moody's mathematical model of real estate prices literally did not even include the possibility home prices could go down! (h/t Agonist as always)
Meanwhile reality turns out to be fuzzy too. It's confirmed: Matter is merely vacuum fluctuations - physics-math - 20 November 2008 - New Scientist. Electron movies are gettin made.
Meanwhile Cryptogon has a couple goodies as usual. Hedge Fund Manager: All Major U.S. Financial Companies Will Be Nationalized Within a Year @ CNBC. Also IMF Chief Economist: “The Worst is Yet to Come” @ AFP. NZ Kevin also has dubbed "FDIC Friday" when they move in to take over crashing banks. Three more, Downey Savings and Loan Association, PFF Bank & Trust of Pomona, as well as Community Bank of Georgia. US Bank took over Downey & PFF.
Obama is hiring hawks, dammit. It looks like they are deep-sixing all the doves who talked shit about Hillary. Damn. Secret genetically modified food efforts in the UK are amusing. Here we just get infested thru pollen and everything else. The Austrians determined that Monsanto's horrible GM corn with that modified Roundup gene is fuckin poison.
It's a grim scene, people. Hope & Change, I'll believe it when I see it.
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