“The American economy lost 467,000 more jobs in June, and the unemployment rate edged up to 9.5 percent in a sobering indication that the longest recession since the 1930s had yet to release its hold.”
This is really something from Charles Dickens.
“The blame has been spread wide — to arcane credit-default swaps, to lax enforcement of weak regulations, to poorly understood risks and badly managed financial institutions.
But with his arrest on Dec. 11, Mr. Madoff, a senior statesman in the private corridors of Wall Street who was respected for his vision and trusted by tens of thousands of customers, put a human face on those abstractions.
Mr. Madoff’s luxurious lifestyle, including a penthouse, yachts and French villa, all quickly became fuel for public outrage. ”
Like a Children’s tale, really something so graphic, doesn’t this say everything.
“In meting out the maximum sentence, Judge Chin pointed out that no friends, family or other supporters had submitted any letters on Mr. Madoff’s behalf that attested to the strength of his character or good deeds he had done.”
“The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff’s $7 million Manhattan penthouse in a move that forced his wife to move elsewhere.”
Here is a time line for the fraud. Massive and total failure in all elements of financial investigation at Federal and State levels. An earlier SEC investigation found no fraud at all.
How is this possible? It’s simple really, and had all happened before (several times).
“Banking became the goose laying the golden eggs. There is no period in recent UK financial history which bears comparison,’ says executive director for financial stability, Andy Haldane”
Things are done differently in Germany. Follow this link.
So what about the rest of the economy? There is really no sight of the bottom at this time.
“Between May 1999 and May 2009, employment in the private sector sector only rose by 1.1%, by far the lowest 10-year increase in the post-depression period. It’s impossible to overstate how bad this is. Basically speaking, the private sector job machine has almost completely stalled over the past ten years.”
“Employment Dec 1999: 130.53 million
Employment Jun 2009: 131.69 million
A gain of just 1.16 million. What are the odds that the economy loses another 1.16 million jobs over the next 6 months? Pretty high.”
In terms of regulations effectively nothing has changed and the economic conditions continue to weaken. So what is upcoming? Surprisingly lately the Rolling Stone has done some excellent reporting.
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again
Here is a better version of the article. Read the entire thing carefully.
When you have a party that elects someone like this as their potential VP, things are clearly broken, the lunatics have taken control.
“The second thing McCain could have discovered about Palin is that no political principle or personal relationship is more sacred than her own ambition. To be sure, Palin is “conservative,” whatever that means, but she can be all over the lot in the articulation of her platform. In a June interview with Sean Hannity, she sounded like a New Dealer when she proudly proclaimed that “a share of our oil-resource revenue goes back to the people who own the resources—imagine that.” In the next breath, sounding like a “starve the beast” conservative, she said she hoped the price of oil, the principal variable of state revenue, would not rise too much. “The fewer dollars that the state of Alaska government has, the fewer dollars we spend, and that’s good for our families and the private sector.” Palin has always been a party of one. She gained the mayoralty of Wasilla in 1996 by turning against the incumbent, John Stein, who had been one of her mentors when she was on the city council, and injecting sharply partisan issues such as gun rights and abortion into what had previously been a low-key local contest. She fired the police chief, eased out the museum director and the city planner, and fired and then rehired the librarian (who had opposed book censorship). Palin was entitled to make the dismissals, and she variously justified them on the grounds of budget difficulties or the need for a team that she could be sure would support her efforts. But the Frontiersman accused Palin of confusing her election with a “coronation.””
It is amazing to me that someone like this would be considered for a nano-second for a nationally important office. Alaska is essentially a single party state, she was chosen by a political machine on the basis of advert potential. She has already quit only completing half of her term. No need for term limits here.