In case you haven’t heard, financial markets are plummeting again. We have yet to see how this will play out, but it was to be expected because absolutely nothing has been resolved since the last time. The most direct causes–not to be confused with the most fundamental ones–are trouble with the banking system in Europe… Continue reading Don’t panic, it’s only financial markets
Author: dm
Through the economist’s looking glass
I’ve had people requesting me to post more economics-type stuff for a while now and I think it’s time to get to work on it. I’ve had trouble thinking of exactly what would fall under that category as I would define it, but I keep getting more requests, implying I have a definition. The easiest… Continue reading Through the economist’s looking glass
Investment freedoms
I’ll start by following up on a post Tars made about the debt ceiling because the fun isn’t over! The ceiling is going to be hit again on the 16th (according to a letter Timmy Geithner sent to congress). If you weren’t sure that this was all completely cynical, even Chamber of Commerce is getting… Continue reading Investment freedoms
The State Department spokesman has gone rogue
The Obama administration has gone nuts having everyone use twitter accounts, particularly in the State Department. This obviously includes the State Department spokesman, who was fired last month for making a minor criticism of the administration’s treatment of Bradley Manning. It turns out that they didn’t take away his twitter account and has decided to… Continue reading The State Department spokesman has gone rogue
So much for Hollywood
Last year, the CFTC decided to allow trading in movie futures, enabling people to bet on how much major films will earn at the box office (either up or down) before they’ve been finished or even started for that matter. Businessweek, May 5, 2010: Even as lawmakers rail against impossible-to-understand toxic securities and Wall Street… Continue reading So much for Hollywood
More on the private intel stuff
LA Times: Hoping to win a lucrative agreement with the U.S. Chamber of Commerce, three data security contractors for federal defense and intelligence agencies developed a proposal to monitor and manipulate the chamber’s left-leaning critics, according to recently released e-mail correspondence. Employees of the firms compiled short dossiers on a few activists that included photographs,… Continue reading More on the private intel stuff
Bank of America hired private intel to target WikiLeaks
This is really creepy. It doesn’t look like there’s much on this story yet, but apparently Glenn Greenwald was contacted about it because he was mentioned in the leaked report (pdf). There are also news reports being made right now downplaying the the BoA documents, which could be a PR effort on their part. The… Continue reading Bank of America hired private intel to target WikiLeaks
More deficit insanity
“I think there is an element of truth in the view that the superstition that the budget must be balanced at all times [is necessary]. Once it is debunked [that] takes away one of the bulwarks that every society must have against expenditure out of control. There must be discipline in the allocation of resources… Continue reading More deficit insanity
Deficit commission report 2
Part 1 here. I’m going to consolidate mandatory and discretionary spending into one post so I can deal with the tax stuff separately. Discretionary Discretionary spending is spending authorized or re-authorized every year by congress. See the summary of the 2011 budget by the National Priorities Project here. • 1% of the FY2011 discretionary budget… Continue reading Deficit commission report 2
Deficit commission report 1
Link (pdf). This thing is 50 pages long so I’m going to do it in several parts. It’s absolutely terrible and full of lies. Its guiding principle was explained by Marx in Vol. I of Capital: The system of public credit, i.e., of national debts, whose origin we discover in Genoa and Venice as early… Continue reading Deficit commission report 1