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.
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The Maximum-Strength Remedy (Robert Reich)
This is from Talking Points Memo; hat-tip to Ben Collins. By Robert Reich - November 9, 2008, 2:26PM This
No GM/Chrysler Deal
After losing a staggering $4.2 billion in the 3rd quarter, GM has been forced to call off talks about
Good Review of Subprime
The excellent Julian Delasantellis, who contributes regularly to Asia Times, reviews Confessions of a Subprime Lender, by Richard Bitner, who
Black Jobless Rate: 11.1% In October
From Bob Feldman: Despite the election of a Democratic Party majority in the U.S. Congress in November 2006, the
Can Obama Be FDR? (Bob Kuttner)
The following is an excerpt from Chapter 4 of Obama's Challenge by Robert Kuttner; it was posted on
2-Day Downturn and Hedge Fund Redmptions
Also via Yves Smith: Originally from Wall Street Journal. Friday, November 7, 2008 Hedgies Still Blowing Up the Markets, Oh
Horrific Retail Sales; More Bankruptcies?
From the New York Times; hat tip to (and opening comment by) Yves Smith (which is significant: she doesn'
On The Ratings Agencies
From Mother Jones: Credit Rating Exec: "We Sold Our Souls to the Devil" Internal documents show that while
And If That Didn't Impress You...
...two items from the auto industry. From Reuters, again. Seems like some sort of nationalization of this industry is only
Far Worse Than Thought
From Reuters: October job losses worse than feared Fri Nov 7, 2008 8:49am EST WASHINGTON (Reuters) - Employers cut payrolls
Good Survey: How Bad in Emerging Markets?
From Der Spiegel (translated into English, though). Hat tip toYves Smith SPIEGEL ONLINE 11/04/2008 04:54 PM THE
Co-centric Vicious Cycles
This posting is from D&S collective member and frequent blogger Larry Peterson. To see more of his posts,