Archive for Wall Street

End-of-the-world Profiteering

the end of the world offers profit opportunities
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the end of the world offers profit opportunities

This reminds me of a couple of posts from last year, particularly my reviews of “doom-and-gloom” financiers Jeremy Grantham and Nouriel Roubini.

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Billionaires Smell Like Fear

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Bloomberg News, often the mouthpiece of the elite, is revealing the soreness of .01% at the nascent excoriation movement dishonoring their special place in society as “job creators”. How dare we not be grateful for their large(ne)ss?

Read this. It’s stunning how bizarrely out of touch these folks are even when making deliberate statements to the press.

One example:

[John] Paulson, the New York hedge-fund manager who became a billionaire by betting against the U.S. housing market, has also said the rich benefit society.

This is actually pretty good reporting, but not as explicit as it should be. Paulson made money off of mass suffering and loss. It’s not a judgment, it’s a statement of fact.

Then there’s this:

Attacking the banking system is a mistake because it contributes to “a healthier economy,” [Blackstone Group CEO Stephen Schwarzman] said in the interview.

I honestly don’t know if these guys believe this stuff. A banking system could contribute toward a healthier economy, but the banking system we have? Not so much.

“If I hear a politician use the term ‘paying your fair share’ one more time, I’m going to vomit,” said billionaire founder of Paychex, Tom Golisano.

Fairness makes them sick.

Then a thinly veiled threat:

“It’s simply a fact that pretty much all the private- sector jobs in America are created by the decisions of ‘the 1 percent’ to hire and invest,” [Delphi Financial Group founder Robert] Rosenkranz, 69, said in an e-mail. “Since their confidence in the future more than any other factor will drive those decisions, it makes little sense to undermine their confidence by vilifying them.”

Read: “If you attack us, you’ll get hurt worst and first.” You seriously couldn’t make this stuff up if you were making comic-book villains out of these elitists.

Really, the whole article is chock-full of this stuff. I’m not even picking favorites here.

Okay, just one more:

[Home Depot co-founder Bernard Marcus, who also co-founded the 1 Percenter public relations group Job Creators Alliance] said he isn’t worried that speaking out might make him a target of protesters. “Who gives a crap about some imbecile?” Marcus said. “Are you kidding me?”

Right. He doesn’t give a crap; he just started a PR firm to respond to it. Other than that one move, he shows no sign of being bothered by the nationwide protests.

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The Real People’s Budget

sign in front of capitol building says democracy community
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I haven’t had a lot of time to blog lately, but I do have a good deal of stuff in the till that I’ll try to share in coming days.

I don’t know anything about the process by which this document from Occupy DC came into existence, but it’s worth reading even if it was just written by one person. It amalgamates a bunch of very interesting progressive and radical ideas. It doesn’t go far enough for my tastes, but if something like this could be popularized, I’d be thrilled to work on bringing it about. It would be a huge step in mostly the right direction.

“The 99%’s Deficit Proposal: How to create jobs, reduce the wealth divide and control spending”

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Making Wall Street Pay

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My friend Lonnie Atkinson’s latest track. This song needs to be heard. Let’s make it viral!

How we gonna make Wall Street pay (with Anitek) by Lonnie Ray Atkinson

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‘Stay Angry at the Plutonomists’

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Writing for the New Economic Foundation blog, Josh Ryan-Collins encourages us to “stay angry” at the tiny group of powerful Americans CitiGroup says enjoy the special status of “plutonomy” — you know, the people who matter.

Citigroup believed that we had moved in to a new kind of macro-economy, where growth was primarily driven by the rich and enjoyed by the rich.  Everyone else was fairly irrelevant, as was the global imbalance in trade between the US and everyone else and the strength of the dollar.  The fact that inequality was massively widening was not seen as a big issue – the important thing was to keep the rich and their stocks, getting richer.

Ryan-Collins is referring to the content of two leaked reports that should have been more widely embarrassing for Citigroup. It probably helps that Citi’s brands/subsidiaries advertise widely in American news media, or we might have seen more from the troublingly candid document.

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