Politics 101, Economics Edition

(warning: lengthy, Socratic-ish discourse ahead): Over at POLITICO, we learn that Wall Street intends to turn the full wrath of it's newly-increased, post-Citizens United and SuperPAC strength, against President Obama this year. Expect a veritable blizzard of deceptive, negative advertising. The usual suspects will, no doubt, tout this as proof positive that claims of Obama being friendly to Wall...

Greece Today

Greek MPs pass austerity measures. Oddly, at the same time, Greek people weigh in on the idea of years of crushing recession to pay for politicians' profligacy & central bankers' unwillingness to make investors actually lose any money: Cause, meet effect. Dammit.

Obama Recess-Appoints Richard Cordray to Head CFPB, GOP (P)outraged

I've said it on Twitter already, I'll repeat it here: THANK YOU, PRESIDENT OBAMA, FOR RECESS-APPOINTING RICHARD CORDRAY TO HEAD THE CFPB: President Obama will appoint former Ohio Atty. Gen. Richard Cordray on Wednesday to be the first director of the new Consumer Financial Protection Agency, making a controversial decision to install Cordray while the Senate is in brief recess to avoid Republican...

Jared Bernstein and Two Presidents

The two Presidents in question being Obama (of course) and Theodore Roosevelt. Over at his blog, the fantastic economist (and Joe Biden's former top economic adviser) Jared Bernstein has a post up called O goes YOYO. A little bit of explanation. "YOYO" is the term coined by Bernstein himself to describe economic policies and doctrine of post-'80s Republicans; the trickle-down, supply-side,...

Connecting the Dots

The future of a civilization depends on our overcoming the meaninglessness and hopelessness which characterizes the thought of men today. ~ Albert Schweitzer This Saturday, the Occupy Wall Street protests will be two weeks old. Several days ago, I had written the start of a post I'd tentatively titled "Protesting: Ur Doin' It Wrong," centering on my frustration with the response of numerous...

Have Fun Storming The Castle! Obama Nominates Richard Cordray to Head CFPB

President Obama has apparently nominated Richard Cordray, the former Attorney General of Ohio. Here's a pic: It's an interesting choice, for at least two reasons: Cordray appears to be very honest as well as a very tough customer - not at all the sort of guy who will rubber-stamp the actions of the banksters. In this article from last October's Washington Independent (regarding the foreclosure...

What Is Best In Life?

Awesome! Zero hedge discovers an internet copy of a Conan-like letter written by a "foreclosure prevention" attorney to opposing counsel: You just don't get to see the concept of "lay waste to your minions" spelled out so plainly in a legal document. Refreshing. And in the service of a great cause, too: foreclosure fraud prevention. More like this guy, please!

Welcome Back To The Bubble Years

A.K.A, the "conspiracy of optimism." ZeroHedge lays it out for us:As regular readers know too well, one topic Zero Hedge enjoys ridiculing with the disdain it deserves is groupthink of any form. The phenomenon, which is nothing but transference of laziness by those who manage other people's money with complete disregard for the consequences of their actions, was among the main reasons for the...

Financial Rorschach

Well, "Helicopter" Ben Bernanke has been confirmed for a second term by the full US Senate. What a disaster. Much has been written in the past couple of months, since the Bernanke re-nomination has been slow-boiling in the Senate. Much of what's been written has focused on the indisputable fact that Bernanke was at the helm when the financial ship almost went down sixteen months ago during the...