I am at IKEA and some guy asks for change. But I rarely carry cash and tell him so. I reach in my pocket and pull out four pennies. He looks and says, “I’ll ask […]
Category: Money
'We Do Business the Old-fashion Way'
My fake mafia money-lending TV commercial (making a point about how attitudes have changed regarding what’s a high interest rate):
Scene opens with a handsome, greying man dressed in dark suit and tie standing by a burning fireplace, holding a glass of red wine. The hue is yellow.
Banks Play the Foreclosure Blame Game
Big business plays the kind of blame game that makes four year-olds crying “He made me do it!” seemingly mature. So, I’m not surprised that yesterday before the US Senate Committee on Banking, House & Urban Affairs, Bank of America’s Barbara Desoer blamed investors for the financial institution’s inability to modify more mortgages. It’s not her fault!—she claims. She makes a strange distinction between investors and shareholders, in the process casting blame as misdirection from a much larger problem: Banks and other lenders mishandling mortgage/foreclosure paperwork.
Foreclosure Fallout will Last 9 Years
The Wall Street Journal‘s number of the week is startling. “107: How many months it would take to sell banks’ current and shadow inventory of foreclosed homes.” If Journal reporter Mark Whitehouse is right, banks will need 9 years to clear their foreclosure inventory. But I wonder. Could it be longer?
Should Barack Obama Bail Out Americans?
My answer is yes. Artificially created debt is cholesterol clogging the arteries of consumer spending. The economy that created the debt is gone. Only by surgically removing debt can Americans freely spend, thus pumping fresh blood to the heart of the U.S. economy. But, hey, I’m no economist, although in 2005 I rightly predicted the housing bubble’s collapse and much of the aftermath. Surely such insight is worth something.
Matt Taibbi Wits British Petroleum Senseless
It was sickening enough when British oil giant BP set new standards for corporate scumbaggery in the Deepwater Horizon oil spill, turning the Gulf of Mexico into its own personal toilet and imperiling entire species […]
‘The China Question’ Revisited
In March 2009, I asked “The China Question,” highlighting shocking parallels between the 1920s and `00s (the “Noughties”). Both decades similarly started off and ended, with boom and bust. Other parallels show how quickly an empire collapses—the Brits during early last century and quite possibly the yanks during this decade.
I resurface the post in context of incessant chatter about China’s increasing global economic dominance and America’s growing mountain of debt. Additionally, the United States is close to entering a double-dip recession, if it’s not there already. Recent economic indicators are disconcerting. China has largely exited the global recession fairly unscathed, while the United States is an economy divided: Public companies are reporting record profits, while the American public struggles to relieve record debt.
Barack Obama’s Three Mistakes
I voted for Barack Obama and still have much hope for his presidency. But from my humble perspective, his priorities were out of order coming into office. Healthcare should have been second to financial reform. The Financial Crisis Inquiry Commission hearings now underway started more than a year too late.
The Price You Pay Google for Paywalls
Have you heard of Reid Reviews? Until this week I hadn’t either. The quality photography review site is nearly invisible to Google search. Paywall is almost certainly the major reason. Photographer Sean Reid charges a yearly subscription of $32.95. The price he charges readers carries a hidden cost: Google search visibility.
In August 2009, I asked: “Can You Charge For News? Ask Google“. In that post, I looked at different online publications, including Advertising Age and Wall Street Journal Online, to assess their Google visibility and effectiveness of their paywalls.
A Bill Too Far
Do you ever get the impression your wallet is being relentlessly sucked dry? Or that consumers are being expected to pay for an ever growing list of subscription-based services that, in a less profit-mad world, […]
Robert Reich: No Jobs Recovery
University of California Professor Robert Reich isn’t glowing over March employment figures, and neither am I. Positive stories about the figures ignore fundamental information.
Masters of the Econolypse
While I was flu-snookered last week, Rolling Stone issue 1099 arrived. It’s the third issue received since my resubscribing after more than 25 years. Amazon made an offer I couldn’t refuse: Half-year subscription for a buck. The writing is better than ever, although a contributing editor wrote the best story—”Wall Street’s Bailout Hustle“.
That best story is simply amazing. Matt Taibbi puts the mortgage crisis and subsequent government bailout in grifter terms (Seven different cons). Matt’s storytelling is exceptional, and he gives the crisis the rip-off context it deserves.