A fascinating article from Johann Hari and The Independent.
This is the story of how some of the richest people in the world – Goldman, Deutsche Bank, the traders at Merrill Lynch, and more – have caused the starvation of some of the poorest people in the world.
It starts with an apparent mystery. At the end [...] Read more »

Two paragraphs from a VERY thought-provoking diary:
The market theory is that corporations make money by meeting human needs, and the more needs they meet, the more money they make, so corporate profitability is a social good.  This theory is at least 100 years out of date.  Corporations don’t make money by  meeting human needs–or at [...] Read more »

This is a paragraph from a story by the BBC today:
“The _____________ are completely wrong if they think they can destroy Greece,” he added.
What do you think might make sense there?
Pirates, maybe?
Armies of Attila the Hun?
Alien invaders?
Nope:
“The financial markets are completely wrong if they think they can destroy Greece,” he added.
It’s a sad world we’re [...] Read more »

From DaveJ at OpenLeft:
The other day Digby wrote about a scam by Bank of America, where they switched the monthly bill’s envelope to look like junk mail, so people threw it away, and they collect million upon millions in late fees.
The plain brown envelope looked like it was one of those car [...] Read more »

From the NY Times:
The Fed is expected to start the first phase of the program, which will provide $200 billion in loans to investors, in early March.
But analysts question whether this approach will be enough to unlock the credit that the economy needs to pull out of a deepening recession. Some worry it may benefit [...] Read more »

From Der Spiegel:
For months, similar cases have been found across Germany, all involving bits of metal contaminated with radioactive cobalt. And most of them come from the same source: three steelworks in India, in particular a company called Vipras Casting, based in Mumbai. Germany’s environmental authorities are alarmed.
…
Since last August, a total of 150 tons [...] Read more »

Four Worlds Bakery, a local, sustainable bakery in West Philly, had a diary on Dailykos yesterday entitled “Betting on the new local economies: I’m expanding my business.” I thought it was rally interesting and inspirational, and I wanted to share one of the most interesting portions:
Sustainable Business model. I have been convinced that the high [...] Read more »

…as long as they’re indebted to the taxpayers of the United States. Makes damn fine sense to me. Call your senators if you’d like to see this passed. And watch her fiery speech: Read more »

Naturally, I agree with Chris at OpenLeft:
Banks about to go under because of bad assets should be nationalized by the government, and the stockholders wiped out. Once that is done, the banks should then resold to the private sector with vastly increased regulations. This is what we did in the 1980’s during the S & [...] Read more »

I know that my generalization is unfair, and that there are some good economists doing good work that makes sense. But by and large, modern economists seem like thieves to me; greedy little bastards. If they’re not stealing other people’s loot themselves, they’re justifying and enabling it:
These paper or electronic `securities’  have taken on a [...] Read more »

Gee, do you think this is newsworthy? Read more »

Per the BBC…
Congressional leaders are trying to finalise the deal in time for the opening of the Asian markets on Monday morning.
Next time we’re thinking about spending a trillion dollars, let’s try to decide it even faster! Next time Wall Street asks Congress for $700,000,000,000, Congress should try to have the cash in their hands within 24 [...] Read more »

In the midst of the current financial crisis, this phrase - “Tax the Rich” - should be on the lips of everyone who cares about the future of this country, and our collective well-being. There are pragmatic, political and punitive reasons for doing so, and there’s really no time to lose. If we’re unable to [...] Read more »

Matt Stoller cites the following email by a congressional lawmaker as a part of the debate currently taking place in Congress over the $700 Billion giveaway to the rich & irresponsible:
Paulsen and congressional Republicans, or the few that will actually vote for this (most will be unwilling to take responsibility for the consequences of their [...] Read more »

Matt Soller writes:
I was at a panel last week with Governor Corzine about paid family insurance, and there were a lot of bright people in the room discussing the tactical issues involved in passing legislation to allow someone to spend 6 weeks with their newborn.  And all I could think, while Wall Street was getting [...] Read more »

Under the terms of his employment contract, Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause.”
Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least [...] Read more »