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Brilliant Op-Ed Crushing McCain On The Economy My Sunday morning online scan of the New York Times turned up an awesome Op-Ed by Frank Rich titled It's the Economic Stupidity, Stupid. It's a scathing (er - "fucking brutal") criticism of McCain and his total lack of understanding of "the economy", how it actually works, and what he would do about it were he to be president. While Rich takes a few cheap shots (hey - it wouldn't be a political Op-Ed without some gratuitous things) I think it's right on the money. At the end, Rich makes a good argument for Michael Bloomberg as the VP Candidate. He also dismantles Carly Fiorina as a potential VP and suggests Romney would be a slightly less bad idea. I can't imagine either Fiorina or Romney as VP's - my mind just boggles. Bloomberg - now that's someone I could get excited about - for EITHER party. I hope the dude is at least answering his phone when it rings. But the real message of the Op-Ed is how out to lunch McCain is on the econo Feld.com Sunday, July 20, 2008 Saturday Links for the Week: July 19, 2008 Photo from birdstar.org, one of the amazing shots from the Bond brothers of SW Ontario.Disparity, Poverty and Environmental Health: I'm reading Hervé Kempf's How the Rich are Destroying the Earth (review next week). His message, from France, is essentially the same as Ian Welsh's in his new article There Was a Class War. The Rich Won. The message, and the messages that naturally flow from it, are:For
the last 30 years, everywhere in the world, income and net wealth for
the poorest 95% of the population has been, in real terms declining,
even as income and net wealth for the richest 5% has doubled and
redoubled. Disparity of income and wealth has never been higher. The
top 1% in the US alone now receive almost 25% of its total national
income.This economic improvement for 1-5% has come at an
astronomical environmental cost, a massive increase in pollution and
waste, the desolation of much of the Earth, surpassing the climate
change tipping point, increasing global indebtedness How to Save the World Sunday, July 20, 2008 Week in review: Reversal of fortune, but don't cast caution to the wind This post is a guest contribution by Prieur du Plessis, Investment Postcards from Cape TownThe end is nigh was what many despondent investors were starting to believe as the past week kicked off with volatile trading amid concerns that US regional bank IndyMac's demise was a harbinger of many more bank failures.
Furthermore, Treasury Secretary Henry Paulson's plan to rescue the government Sponsored Enterprises (GSEs), Fannie Mae (FNM) and Freddie Mac (FRE), left investors unconvinced.
The US government plan caused some agitation since Paulson was essentially asking for a blank check to ensure the funding backstop would be successful in helping the GSEs fulfill their role of providing financing for the US mortgage market. Debt holders were happy with the implications of the plan, but equity holders faced the possible dilution from a government purchase of the equity and/or the possibility of the equity becoming worthless.
As the credit crisis approached its first anniversary - liter InfectiousGreed Sunday, July 20, 2008
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Top news - Business - Entertainment - Health - Industry - Internet - IT - Politics - Science - Sports - Technology - USA - Video games - World news
© 2008 Butterfly Effect SA