"Religion is what the common people see as true, the wise people see as false, and the rulers see as useful." Seneca
Excellent look at how things went wrong “We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, [...]
Deficits And Economic Recovery Politicians will face major voter backlash if they advocate cuts in Social Security benefits or choose deficit reduction over job creation, according to a poll by Greenberg Quinlan Rosner commissioned by the Campaign for America’s Future and Democracy Corps, with support from MoveOn.org; the American Federation of State, County and Municipal [...]
Telling Swiss secrets: A banker’s betrayal A story on how UBS got caught breaking US tax laws NEW YORK — It’s the inner sanctum of Swiss banking — the heavily-guarded nexus between numbered Swiss bank accounts and their owner’s good names — and it’s the rare American that is allowed entry. Bradley Birkenfeld was one [...]
Free market FAIL Andy Groves former CEO of Intel “Our fundamental economic beliefs, which we have elevated from a conviction based on observation to an unquestioned truism, is that the free market is the best economic system–the freer, the better…So we stick with this belief, largely oblivious to emerging evidence that while free markets beat [...]
from the BBC. US home sales in unexpected fall Sales of previously-owned US homes fell unexpectedly in May despite tax credits designed to encourage homebuyers, figures suggest. Sales fell 2.2% to 5.66 million after a surge in sales in April, the National Association of Realtors (NAR) said. Analysts had expected sales to rise. Gee what [...]
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