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 170)
Interpreting Friday's Craziness
Some snippets from today's Financial Times lead piece. All are horrific. Looming recession batters stocks By Michael Mackenzie
Capitalism with American Characteristics
Creeping socialism continues. Of the costs, anyway....From today's Financial Times: Treasury urged to aid car and insurance
It Wasn't Just an Overreaction
Stock markets got hammered today, but it was nowhere near as bad as some (including me) had feared it might
AIG Keeps Sinking
AIG executives, back from their spa retreat and British hunting trips, are busily back at work throwing tax dollars into
Dean Baker: Why Economists Get It Wrong
Another insightful commentary from the inestimable Dean Baker: Unlike custodians, cab drivers, or dishwashers, economists are not held accountable for
Chrysler Slashes Workforce
Chrysler announced that it will cut 25% of its white-collar workforce of 17,300 by the end of the
A Chronology of Today's Events
US shares seem to be settling down at with losses at a level below five percent. But today has still
What To Expect Today?
From Nouriel Roubini ...I was accused yesterday of being alarmist arguing that policy makers may have to shut down financial