Until people wake up and realize how much our economic system and political system has been hijacked by corporate interests we deserve what ever we get.
When Obama sat in office, he promised a lot and talked about the problems a lot. Everything seems to be accelerating, bankruptcies, foreclosures and now bankruptcies. Obama also promised that he will turn back the bankruptcy laws to pre-2005.
So Sad what is happening to America.
Millions Of Americans are unemployed because of Outsourcing to India and also Guest Workers on H1-B and L1 from India. Americans have lost their houses. Now they still want work from our government.
So greedy, and our Government will be sooo stupid to let it happen. Like Obama apologizing to Calderon right now.
is write up an overview blog post on this with quotes, some of the tables, data points pulled out of your references.
that's one of the things EP can do, is highlight, overview books, large Academic papers, massive amounts of data and information...
You can look at midtowng or my posts because I do this a lot, esp. with Congressional hearings which can have, each 100 pages of written testimony, documents and 4 hours of video of the hearing, Q&A. No one can watch all of these things so when something critical comes out in one, I try to highlight that so people do not have to sit through 4 hours of video, 3x a day.
Then, techniques to edit videos to pull out quotes from PDFs to format a post are in the user guide, admin forum and last but not least, people can email me for help.
Of course. I never meant to imply that I was a successful investor -- but I have to try and make back my losses. I wish we could all be prosperous, but all we can do is fight in the environment we have. I will turn bear as soon as I see this one start to crumble. Don't mistake trader talk for economics or politics.
Yes, the system perpetuates itself -- Michels told us that, and it's still true. Geithner is not placed where he is to accommodate us, nor is Uncle Ben.
Now I have seen communism up close, and it ain't pretty. Uncle Joe did not need the guillotine, he simply used mass starvation and labor camps. But it's amazing how fast those states can turn capitalist. Statues of Lenin near private businesses and global banks.
But here in the US, we have problems. It will get uglier before it gets better. But it will get better. Meanwhile,I ain't rich but I try not to get poorer -- as Sophie Tucker would say, "It's my duty."
Sorry, you are right, I shouldn't be lumping Palley with the NAF. I'm not saying the securitization bubble exactly matches the Great Depression, I am repreating the NY Times article - and what experts have written about, namely the part of no new jobs being added to the economy for the longest period of time since the Great Depression - that's the match.
but the system ensures incumbent management will stay in. Average holding period NYSE-listed stock is like 9 months so there is high turn over of stock particularly by institutional investors. So with such short holding periods there is really no incentive to care about the long-term viability of a company and no accountability of executives and boards because investors are not around long enough to care.
Second, CEO/Chairman control the entire nomination and proxy process. They have control over the governing process. I was expecting "say on pay" to have real teeth by giving shareholders a real say on at least compensation. I guess that was too much to expect.
I recall that I used to wonder how Europeans kept complaining about American inflation when I had to pay $5 for a cup of coffee in Rome (20 years ago). Of course I then flew about an hour to Budapest where I could get a complete breakfast with coffee for much less than that. We all know the story of how prices get set and envelopes get pushed. Social Security is the cow that no one dares to topple and it is indexed to the CPI. But the taxes that support it are a bitch to increase, even in nominal terms. Go to Canada and they complain about taxes, but we (and they) survive our trips there. Go to Germany and pay for gasoline by the litre. Then go to Switzerland and admire their roads and train system, all built with tax revenues. Somehow, people survive. But here in America, if you suggest that incomes above a certain number might get taxed more, it is the end of life as we know it. We all think we might be rich some day, and wouldn't it be a calamity if we had to pay taxes? But the Germans, the Canadians, and even the Swedes keep showing up for work. So what is so sacred about paying executives a hundred million a year and then making jokes about how a GS-14 couldn't possibly be smart enough to do that job? Wall Street has played one hell of a practical joke on us, but somehow we've stopped laughing.
It's pretty clear lobbyists are controlling government and they especially zero in on Congressional committee chairs and members.
Even worse, our lovely pundit MSM never focuses in on this...they just try to spin it as some sort of Populist thing....
Are there really that many stupid people in America buying into lobbyists manipulation and agenda? Or is it they are upset about what we are...and that outrage gets spun by the media into something else?
is beyond the pale low. RA/TA stipends are below the poverty line in many cases...
this would make a great blog post if one does a little statistical research, for there is very little light shined on Academia when they are in fact very active in wage repression and global labor arbitrage.
Fact is we have a weak ass piece of legislation passed in the house. Can the Senate show it has intestinal fortitude or courage to stand up to its masters on Wall Street. One step would be to ban guarantee bonuses by financial conglomerates or anyone that is regulated and put some real teeth in "Say on Pay".
Pay czar and the rest of czar can be investigated once we fix the rest of the messes.
AIG and Chrysler come to mind. But why don't outfits like CALPERS and others get together on this -- oh, I forgot, the really good management will quit. The ones with client lists and relationships, and club memberships. Why not organize owners, create really good management training programs/ institutes, and begin weeding out the crooks and "too good to fail" management. Or they could admit that a million bucks a year and a company car are pretty good pay for an executive -- and don't forget the stock options, but with no resets. Either the company does well or you don't.
My defintion of "working" is it increases my portfolio value.
Great for the few who are successful investors. Horrible for those of us who have been going into debt to finance the growth in your portfolio, which is the rest of the country. Many investors, also, are quite upside down on debt at this point, if you take into account their share of the governmental and trade deficits. Globalization will NEVER actually increase your portfolio value.
Do you really want feudalism? Or life under Uncle Joe and his KGB, or Kim Jong-Il?
At least then we could use the guillotine for change. How do you change a government run by the banks, for the banks? Kill all the bank managers you want, the corporation will still go on. Even a peasant under communism has the chance, even though only a very small chance, to use assassination as the last resort- and the ruling class knows this and will do whatever it takes to keep the people happy/controlled enough not to end at that last resort.
My original point is that the "institutions" have screwed investors so badly that you have to protect your assets -- that means you are in during a rally (even a fake one) and out during a decline. I don't view hedge-funds that are Fed-protected as "capitalism." It is state-sanctioned banditry -- they view you as a serf, and themselves as Masters of the Universe. In God we trust, all others cash.
But that fake rally- is being taken not from production, but rather, directly from exploitation of the lower classes, paid for with credit cards.
-------------------------------------
Maximum jobs, not maximum profits.
from invited speakers. That does not mean those speakers are endorsing any particular policy initiatives from NAF directly.
Also, when you say this securitization bubble matches exactly the Great Depression, some graphs and statistics would make an interesting read. I need graphs and stats to see the argument more.
Seriously folks, we are often first to press on these little awareness blurbs which is the point of EP ...to put the focus on all things econ...but if you do not read the posts...
Come on, the guy at DK may very well have read EP and decided to put up a post on it. Who knows, but the real credit....goes to Palley and I'm sorry it also goes to New America Foundation.
They are the ones enabling web 2.0, social networking, media technology for these economics lectures and they are the ones who really introduced us to Palley's work here.
I have pulled in Ralph Gomory, Pat Choate, all were invited to speak at New America Foundation and all of those lectures are embedded here.
This is pretty amazing considering how weak Say on Pay really is. It basically covers just a few financial institutions, which it is then deferred to regulators and the shareholder vote is non-binding.
I've heard alot of noise about all of these czars from the right and with this pay czar not doing much of anything...maybe it's time to take a look on what exactly is this czar structure really doing?
New America Foundation? Oh yeah, that's where you can find one Lisa Margonelli, the Exxon apologist who has written some really choice articles claiming that (contrary to leaked memos from that outfit) there were no oil refineries purposely shut down, etc., etc., ad nauseum.
is starting to overview facts on health care but I don't know about you, which bill are we looking at? Is there an actual bill to focus on?
Until people wake up and realize how much our economic system and political system has been hijacked by corporate interests we deserve what ever we get.
RebelCapitalist.com - Financial Information for the Rest of Us.
When Obama sat in office, he promised a lot and talked about the problems a lot. Everything seems to be accelerating, bankruptcies, foreclosures and now bankruptcies. Obama also promised that he will turn back the bankruptcy laws to pre-2005.
So Sad what is happening to America.
Millions Of Americans are unemployed because of Outsourcing to India and also Guest Workers on H1-B and L1 from India. Americans have lost their houses. Now they still want work from our government.
So greedy, and our Government will be sooo stupid to let it happen. Like Obama apologizing to Calderon right now.
is write up an overview blog post on this with quotes, some of the tables, data points pulled out of your references.
that's one of the things EP can do, is highlight, overview books, large Academic papers, massive amounts of data and information...
You can look at midtowng or my posts because I do this a lot, esp. with Congressional hearings which can have, each 100 pages of written testimony, documents and 4 hours of video of the hearing, Q&A. No one can watch all of these things so when something critical comes out in one, I try to highlight that so people do not have to sit through 4 hours of video, 3x a day.
Then, techniques to edit videos to pull out quotes from PDFs to format a post are in the user guide, admin forum and last but not least, people can email me for help.
Of course. I never meant to imply that I was a successful investor -- but I have to try and make back my losses. I wish we could all be prosperous, but all we can do is fight in the environment we have. I will turn bear as soon as I see this one start to crumble. Don't mistake trader talk for economics or politics.
Yes, the system perpetuates itself -- Michels told us that, and it's still true. Geithner is not placed where he is to accommodate us, nor is Uncle Ben.
Now I have seen communism up close, and it ain't pretty. Uncle Joe did not need the guillotine, he simply used mass starvation and labor camps. But it's amazing how fast those states can turn capitalist. Statues of Lenin near private businesses and global banks.
But here in the US, we have problems. It will get uglier before it gets better. But it will get better. Meanwhile,I ain't rich but I try not to get poorer -- as Sophie Tucker would say, "It's my duty."
Frank T.
Sorry, you are right, I shouldn't be lumping Palley with the NAF. I'm not saying the securitization bubble exactly matches the Great Depression, I am repreating the NY Times article - and what experts have written about, namely the part of no new jobs being added to the economy for the longest period of time since the Great Depression - that's the match.
As far as that securitization history:
Please check out Prof. Jackson's item here, as well as Dimitris N. Chorafas's book.
DTCC data and Milliken Institute have excellent data on the trillions of dollars of securitization being created and moved about.
but the system ensures incumbent management will stay in. Average holding period NYSE-listed stock is like 9 months so there is high turn over of stock particularly by institutional investors. So with such short holding periods there is really no incentive to care about the long-term viability of a company and no accountability of executives and boards because investors are not around long enough to care.
Second, CEO/Chairman control the entire nomination and proxy process. They have control over the governing process. I was expecting "say on pay" to have real teeth by giving shareholders a real say on at least compensation. I guess that was too much to expect.
RebelCapitalist.com - Financial Information for the Rest of Us.
I recall that I used to wonder how Europeans kept complaining about American inflation when I had to pay $5 for a cup of coffee in Rome (20 years ago). Of course I then flew about an hour to Budapest where I could get a complete breakfast with coffee for much less than that. We all know the story of how prices get set and envelopes get pushed. Social Security is the cow that no one dares to topple and it is indexed to the CPI. But the taxes that support it are a bitch to increase, even in nominal terms. Go to Canada and they complain about taxes, but we (and they) survive our trips there. Go to Germany and pay for gasoline by the litre. Then go to Switzerland and admire their roads and train system, all built with tax revenues. Somehow, people survive. But here in America, if you suggest that incomes above a certain number might get taxed more, it is the end of life as we know it. We all think we might be rich some day, and wouldn't it be a calamity if we had to pay taxes? But the Germans, the Canadians, and even the Swedes keep showing up for work. So what is so sacred about paying executives a hundred million a year and then making jokes about how a GS-14 couldn't possibly be smart enough to do that job? Wall Street has played one hell of a practical joke on us, but somehow we've stopped laughing.
Frank T.
It's pretty clear lobbyists are controlling government and they especially zero in on Congressional committee chairs and members.
Even worse, our lovely pundit MSM never focuses in on this...they just try to spin it as some sort of Populist thing....
Are there really that many stupid people in America buying into lobbyists manipulation and agenda? Or is it they are upset about what we are...and that outrage gets spun by the media into something else?
is beyond the pale low. RA/TA stipends are below the poverty line in many cases...
this would make a great blog post if one does a little statistical research, for there is very little light shined on Academia when they are in fact very active in wage repression and global labor arbitrage.
Fact is we have a weak ass piece of legislation passed in the house. Can the Senate show it has intestinal fortitude or courage to stand up to its masters on Wall Street. One step would be to ban guarantee bonuses by financial conglomerates or anyone that is regulated and put some real teeth in "Say on Pay".
Pay czar and the rest of czar can be investigated once we fix the rest of the messes.
RebelCapitalist.com - Financial Information for the Rest of Us.
AIG and Chrysler come to mind. But why don't outfits like CALPERS and others get together on this -- oh, I forgot, the really good management will quit. The ones with client lists and relationships, and club memberships. Why not organize owners, create really good management training programs/ institutes, and begin weeding out the crooks and "too good to fail" management. Or they could admit that a million bucks a year and a company car are pretty good pay for an executive -- and don't forget the stock options, but with no resets. Either the company does well or you don't.
Frank T.
I haven't looked at post-doc positions recently, but they tend to be low-paid -- but in the 20K range? That means no growth.
Frank T.
Great for the few who are successful investors. Horrible for those of us who have been going into debt to finance the growth in your portfolio, which is the rest of the country. Many investors, also, are quite upside down on debt at this point, if you take into account their share of the governmental and trade deficits. Globalization will NEVER actually increase your portfolio value.
At least then we could use the guillotine for change. How do you change a government run by the banks, for the banks? Kill all the bank managers you want, the corporation will still go on. Even a peasant under communism has the chance, even though only a very small chance, to use assassination as the last resort- and the ruling class knows this and will do whatever it takes to keep the people happy/controlled enough not to end at that last resort.
But that fake rally- is being taken not from production, but rather, directly from exploitation of the lower classes, paid for with credit cards.
-------------------------------------
Maximum jobs, not maximum profits.
VIX Signals S&P 500 Swoon as September Approaches .
I think more people should read EP. People here are writing posts and it's like two weeks later, we start seeing similar headlines in the MSM.
from invited speakers. That does not mean those speakers are endorsing any particular policy initiatives from NAF directly.
Also, when you say this securitization bubble matches exactly the Great Depression, some graphs and statistics would make an interesting read. I need graphs and stats to see the argument more.
EP FNV with Palley lecture (overviewing this paper). This is the video of his lecture overviewing this paper, link goes right to it.
Then, midtowng also quoted Palley and pointed to this paper.
Seriously folks, we are often first to press on these little awareness blurbs which is the point of EP ...to put the focus on all things econ...but if you do not read the posts...
Come on, the guy at DK may very well have read EP and decided to put up a post on it. Who knows, but the real credit....goes to Palley and I'm sorry it also goes to New America Foundation.
They are the ones enabling web 2.0, social networking, media technology for these economics lectures and they are the ones who really introduced us to Palley's work here.
I have pulled in Ralph Gomory, Pat Choate, all were invited to speak at New America Foundation and all of those lectures are embedded here.
This is pretty amazing considering how weak Say on Pay really is. It basically covers just a few financial institutions, which it is then deferred to regulators and the shareholder vote is non-binding.
I've heard alot of noise about all of these czars from the right and with this pay czar not doing much of anything...maybe it's time to take a look on what exactly is this czar structure really doing?
New America Foundation? Oh yeah, that's where you can find one Lisa Margonelli, the Exxon apologist who has written some really choice articles claiming that (contrary to leaked memos from that outfit) there were no oil refineries purposely shut down, etc., etc., ad nauseum.
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