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Banking Porn

This article is cross-posted from Naked Capitalism.

New York Attorney General Eric Schneiderman has been celebrated as the progressive Great White Hope. But the danger of assuming leadership is that that individual becomes a target both of attacks and of seduction. And while I’d like to think better of Schneiderman, an announcement earlier this evening has strong hallmarks of Schneiderman falling prey to the combined pressures and blandishments of the Administration and its allies.

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Posted on: January 25th, 2012 | Comments (21)

The Fed, Paul Krugman & The Economic Bullshit Artistry In Election Year 2012

So, who you gonna believe, a Nobel Lauraete, taking on his election year hack role as a Democrat, or your lying eyes, looking at miles and miles of abandoned manufacturing areas across the midwest and northeast, and shuttered main streets across the country where Wal-Mart, packed with Chinese manufactures monopolizing a good chunk of “personal consumption” in those communities?

Posted on: January 18th, 2012 | Comments (62)

Want to Watch 107 Minutes of Wall St. Propaganda? Then Go See "Margin Call"

You may have heard positive things about Margin Call, a new bankster suspense drama loosely based on the 2008 collapse of Lehman Brothers. I just saw the film, and my advice: Don’t waste your time and cash, not unless you want…

Posted on: November 3rd, 2011 | Comments (40)

The "Flash Crash" Cover-Up

This article was first published on the CounterPunch website The breathlessly awaited government report that promised to shore up public confidence by explaining why the stock market briefly plunged 998 points on May 6, with hundreds of stocks momentarily losing…

Posted on: October 14th, 2010 | Comments (14)

Being Tim Geithner: A Brief Excursion Into The Marble-Floored Mind Of Our Treasury Secretary

Now I know what they mean when the media uses that word “outrage.” I saw it with my own eyes, during yesterday’s Congressional hearings with Tim Geithner. Turns out “outrage” refers to a ritual whereby Congressmen in Washington put on…

Posted on: January 28th, 2010 | Comments (16)

Who Remembers The Murder Of Nicholas Deak?

Gold coin issued by Nicholas Deak at the peak of the last gold boom While working on my upcoming book out here in the High Desert, I went off on one of those research tangents that led me to an…

Posted on: January 25th, 2010 | Comments (49)

Shilling With Schiller: Newspapers Attempt To Boost The Real Estate Market, Again

Once again, the Case/Schiller Index has lived up to its name. All summer long, real estate shills have used it to jack up homebuyer confidence and fluff the housing market. Now, they are doing it again. Just look at the bullshit…

Posted on: September 29th, 2009 | Comments (3)

Behind the Real Estate Bullshit: Socialism & Scams Drive Housing Market Optimism

If you search your favorite news aggregate for “US housing market”,  you’ll find a whole mess of headlines guaranteed to make you feel good about that crappy McTractHome you might have bought at the height of the real estate orgy….

Posted on: September 3rd, 2009 | Comments (25)

FusterClucked Again: The Commercial Real Estate Crash Is On

News about the economy has gone from apocalyptic to merely bad. Stock indexes and commodity prices have been on a five month tear. Hints are showing up that at least the worst of the home mortgage disaster might be over. Unemployment is still…

Posted on: August 10th, 2009 | Comments (10)

Depression Porn: The New Taxpayer-funded Subprime Market No One Wants You To Know About

Everything the real estate industry tells you is a hustle. No industry is more geared toward pumping up the positive and burying anything remotely negative, leaving you — and truth — out in the cold. The crash has not made…

Posted on: June 16th, 2009 | Comments (17)

Myron Scholes: Nobel Prize Winner, Con Man And High Priest of Derivative Divinity

Every now and then I run across some important finance type saying something so patently crazy, such a complete howler, that it just stops me little brain. The most recent one of these was from Myron Scholes in the New…

Posted on: May 20th, 2009 | Comments (16)

The "Stress Test" Scam

The results are in and, completely and utterly to no surprise at all, the US banking system is in decent fundamental shape. Yup, Dr. Geithner and Nurse Bernanke had the 19 largest banks in the US drop trow, grabbed their…

Posted on: May 8th, 2009 | Comments (17)

Banking Porn: The Blowjob Market

One of the things Wall Street does best is confuse people. They are brilliant at it, making simple things seem complex. So today we’re going to go over one of the things they’re trying to make obscure and make them…

Posted on: March 12th, 2009 | Comments (23)

CNBC: A Dumb, Perky Cheerleader for the Team That Stole Our Money

There aren’t a huge number of constants in the world of finance. First of all, that word, finance, includes a guy sitting in a cube cold-calling retirees while he’s working at Fidelity. It also includes Larry Fink, the CEO of…

Posted on: February 24th, 2009 | Comments (13)