First Looks category archive
Stiglitz on TARP 0
“They’re in fundamental denial about their insolvency . . . . The financial sector wants to get as much for itself as it can.”
Translation: The banks are lying to themselves and to us. And we’re screwed.
They are not “too big to fail.” They have already failed.
Proposal: Nationalize them, liquidate them, and dress their executives in orange jumpsuits and have them pick up litter along the highways.
If they miss Greenwich and the Hamptons, let them pick up litter in Greenwich and the Hamptons.
Video via TPM.
Killed by the iPod? 0
Muzak goes Chapter 11. I don’t know whether they are responsible for the sound track in my local super market, but, if they are, good riddance.
Via Skippy the Bush Kangaroo, where there’s an interesting capsule history of the firm.
Up against the Wall Street 0
Time nominates the 25 persons most responsible for the crash. (They include the “American Consumer” as one, rather than as 300 million. Guess that would have messed up their “top 25” thing.)
Via the Huffington Post.
Financial Analysis 0
TerranceDC takes a stab at figuring out what’s wrong with Wall Street.
Alexander Graham Bell’s Worst Nightmare 0
Brendan makes a phone call.
Is It Really February in Delaware? 2
Temperature in the high 50 Fahrenheits, mostly sunny, 45 mph wind gusts.
More on Being Illerate Illiterate
1
Techfun looks into where people get their news (emphasis added):
The Latest for Your Dining Pleasure 0
Ummmmmmmmmm.
Soup.
City officials hope to dish out 65,000 free or inexpensive meals a day at the soup kitchens, he said.
Coming soon to a kitchen near you.
Drink Liberally 0
Tuesday, Triumph Brewing Company, Chestnut two blocks from Front, Philadelphia, Pa., 6 p.
I just checked the weather forecast. I might actually make it this week.
The Cost of Unemployment Compensation 0
This is just screwy: Pennsylvania started moving its umployement compensation to debit cards. The hook: you get your payments weeks faster than if you opt for checks or direct deposit.
And guess what?
You get to pay for the privilege of getting unemployement benefits with fees to the ATM card issuer (some outfit called ACS State & Local Solutions Inc.):
Yes, fees. Fees to withdraw unemployment benefits. Fees to transfer. Fees to learn that besides being out of work, you’re broke.
(snip)
The unemployment debit card touts one free withdrawal per month at Wachovia or PNC Bank.
Bank elsewhere or more often, and you’ll pay $1.50 for the privilege of getting your money. Maybe more, depending on “surcharges.”
Weather Weirdness (Updated) 0
Two days ago it was 22 Fahrenheits.
Today it’s already 62 Fahrenheits.
Addendum:
It seems to have topped out at 66 Fahrenheits.
Food for Naught 0
More possible toxic “assets,” resulting from the “free hand of the market’s” allegiance to greed over moral conduct (emphasis added):
The kits were shipped to Arkansas and Kentucky to help feed some of the 1.3 million people left without power for days at the height of last week’s ice storm. No illnesses have been reported, but several people consumed the suspect plastic packets of peanut butter.
Note that there is no evidence that the products in question are dangerous.
It could be that dangerous food is being removed from circulation (a good thing) or that good food is being wasted (a very bad thing).
Once again, we see moral bankruptcy of Republican Economic Theory: the “free hand of the market” is amoral and does immoral things if left unwatched.
“. . . they have failed” 0
The Republican motto seems to be “go wit’ what brung ya.” But look where it brung ya, for heaven’s sakes.
Failed war, homelessness, hopelessness, torture, unparalled greed, unmatched incompetence, and venality (I could go on).
No nitpicking. Cut to the chase.
Do you honestly want more of what we’ve had for the past eight years?
We’re not going to get relief by turning back to the very same policies that in eight short years doubled the national debt and threw our economy into a tailspin. We can’t embrace the losing formula that offers more tax cuts as the only answer to every problem we face, while ignoring critical challenges like our addiction to foreign oil, the soaring cost of health care, failing schools and crumbling bridges, roads and levees. I don’t care whether you’re driving a hybrid or an SUV – if you’re headed for a cliff, you have to change direction.
No one with any sense can expect anyone to be perfect.
But, Dear God, I would just settle for normal.
We haven’t seen that in national governance since the Republican Party put its contract on America (and, boy, did they ever!)
Addendum:
The Booman’s terminology is somewhat more temperate than mine.
Bushonomics: Bushies Can’t Count Dept. 0
Since Republicans know that wealth equals virtue, giving the wealthy more than they deserved simply makes them more virtuous. Doesn’t it?
Warren said that Treasury spent $254 billion to purchase assets whose actual value was only $176 billion, “a shortfall of about $78 billion,” she said.
Warren said Treasury failed to “price for risk,” and used a metaphor to explain: It’s as if Treasury was looking at 10 paintings and promised to pay $1 million for each, even though “one is a Picasso, one is a Rembrandt” and the other eight are not.
H/T Karen for the link.