The Plutonomy—AI Edition—and the Coming Crisis
Driven by speculative finance, stagnant wages, and AI hype, today’s tech-heavy economy mirrors the fragile plutonomy that collapsed into the Great Crash of 1929.
Latest news (Page 166)
D&S Piece on Historic Events since September
We just posted a rather long piece on the impressive string of historic events that have taken place in the
The G-20 Communique
This meeting, which President-elect Obama has said he won't attend anyway, has been pushed in some circles
Biggest Rise in Joblessness since WWII
Or so Goldman Sachs seem to believe. Note expectations of a rate cut to .5% by the Fed in December.
GM Shares Plummet On Analyst Report
A Deutsche Bank analyst forecast that GM's shares would soon be valued at $0 sent the car company&
Synthetic CDOs and Merrill's Fall
A fine piece by Gretchen Morgenson in the International Herald Tribune (as part of a series entitled "The Reckoning&
How Far Will Deleveraging Go?
From Wall Street Journal (November the 8th); via Yves Smith Wall Street Journal Opinion November 8, 2008 How Far Will
Lame-Duck Administration Still Has Priorities
From the Washington Post : A Quiet Windfall For U.S. Banks With Attention on Bailout Debate, Treasury Made Change to
Words Can't Describe How Wacky This Is
There's an absolutely devastating critique of corporate-led globalization hidden (only a little) in this story somewhere. From
$600 Billion Plan: Not Enough to Sustain Rally
Despite a stimulus plan of historic scale, the announcement of China's $600 billion program, though sufficient to fuel
Closures & Layoffs (Nov. 2-8)
Mark Heschmeyer's weekly report, from CoStar. Another Week, Another Round of Fortune 500 Layoffs A Weekly Report on
Notes on the Foreclosure Crisis (T. Weisskopf)
In case you missed it--we posted two new articles on Friday: notes on the foreclosure crisis, by Tom Weisskopf,
The Politics of Studs Terkel (Roger Ebert)
An amusing riposte to this annoying comment on Studs Terkel's work. The most recent episode of This American