Links: Weekend Pessimism Pr0n.
Banks Want to Continue Rope-a-Dope Accounting – (Wallstpitt.com) “If a financial position is hidden, disguised, or in some manner unreported, does that mean it does not exist or is not impactful? Will the American taxpayer continue to bear the burden of unsafe and undisciplined lending and investment practices on behalf of our banking system without being able to demand truth and transparency?” Don’t have much to add there, well said.
Top .01% earn 6% of all wages – (Commondreams.com) It’s not necessarily the gross imbalance itself, it’s the corrupt ways these profits are being reaped. I’m all for free markets, but this ain’t it. Robert Rubin and Angelo Mozilo are in that .01%. Their reward for wreaking havoc on the taxpayer dime.
Buffet’s Imaginary Economy – Thanks for killing Santa, Rolfe. Seriously though, this is important stuff. How can we take Buffet seriously when he says we need to be fiscally responsible and slash deficits drastically, yet he supports bank bailouts and the ridiculous intervention taking place?
IMF sees slow growth, tax hikes soon – (TheStar) Tax hikes?! To pay for our corruptionlicious pseudo-recovery, fueled by deficit spending and lacking the positive effects of free-market corrections? HAH. “The International Monetary Fund says most countries will need to raise taxes to pay off the trillions of dollars they spent fighting the global recession.”
CA 668 sq ft. house for $539k, while unemployment at 11.9% -(Dr Housing Bubble) Real homes of genius, love it.
RIP Guaranty Bank – Big Ups! Estimated loss to DIF $3b.
10-year Deficit prediction raised to $9 trilion – (Reuters) Good to see Mr. Obama’s team acknowledging reality at some level, but keep in mind that these government estimates are invariably optimistic.
The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday
