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  • kberke wrote a new diary post: Strategic Defaults Will Save the Housing Market

    2011-12-29 23:55:18View | Delete

    Thumbnail Walking away from a lousy, money-losing deal is lauded in the business world as a smart thing. That is, if the walking is done by a corporation. In the case of the drowning homeowner groaning under a mortgage that costs far more than his house will ever be worth, walking away is branded as irresponsible [...]

  • Bank of America agreed to pay the largest award in history for violations of fair housing laws. Even so, the amount doesn’t come close to the injuries suffered. I can only hope that the agreement spurs Eric Holder and the Department of Justice onward as opposed to resting on their laurels. After an investigation of [...]

  • IDEAS ARE MORE POWERFUL THAN MONEY. THAT’S WHY THE OCCUPY WALL STREET, ETC. PEACEFUL DEMONSTRATORS ARE TREATED SO HARSHLY. THEY LAY BARE THE HYPOCRISY AND HOLLOW FOUNDATIONS OF OUR “DEMOCRACY”. The Federal Reserve, an unelected body with a banker board of directors, secretly lent $7.7 trillion to financial institutions during the economic collapse, according to Bloomberg News , [...]

  • The financiers of Wall Street believe fervently in Social Darwinism. They make so much money (watch out for those January 2012 bonuses) because they are better. Not that they’re lucky. Or that they have a sure thing in a rigged game. Take Goldman Sachs. It can’t resist dividing up the world into winners and suckers. [...]

  • Thumbnail Thousands of years and countless rivers of blood and treasure to decide European hegemony. Athens was the birthplace of democracy. Italy was the Renaissance capital of feuding royal states. Now there is no need for bloody wars to decide the fate of European sovereignty. The all-powerful Troika (the European Commission, the ECB and the IMF) has [...]

  • Thumbnail What’s the score? Let’s go to the videotape: In one corner, thousands of Occupy demonstrators evicted, pepper sprayed, violently yanked, penned like animals, and arrested. In the other corner, there’s the FIRE (financial, insurance & real estate) sector. Recent example: MF Global hedge fund racing to bankruptcy in the last week of October. Nothing to see [...]

  • kberke wrote a new diary post: The ECB Puts the Screws On the Italian People

    2011-11-15 13:14:20View | Delete

    From the beginning, the European Central Bank (ECB) made its choice: Euro banks get unlimited liquidity while sovereign nations must institute painful austerity programs in exchange for bailout crumbs. GDP growth is declining in general but in “good” countries like Ireland, which did everything the Troika asked for, unemployment increased exponentially and the misery index went [...]

  • Thumbnail In the midst of the Eurozone/Euro mess, as the troika (the European Commission , the European Central Bank and the International Monetary Fund ) work furiously to contain (didn’t Bernarke claim “containment” re: subprime disaster in 2007?) the contagion of investor panic and debt yields rising to unsustainable levels, Standard & Poor’s “accidentally”sent out an “erroneous” email [...]

  • kberke commented on the diary post Jimmy Hoffa is dead and buried. Long live James Jr.! by kberke.

    2011-09-11 09:53:16View | Delete

    The only leverage a worker has against management making 100x the average worker is to gather together collectively. Whales v. Petroleum products? What does that mean? What I’m trying to point out is that the Right and the Centrists are using union bogeyman to distract people from what really ripped our economy. Do you prefer [...]

  • Liz, thank you so much for this vital, informative diary. My email has been hacked so many times it’s beyond belief. If everything is digitalized, then money is basically worthless (if not already). I didn’t know USPS was self-supporting and that it had to fund 80% of its pension obligations. I trust certified mail as [...]

  • kberke wrote a new diary post: Jimmy Hoffa is dead and buried. Long live James Jr.!

    2011-09-11 04:26:57View | Delete

    Unions are the villains in the Right’s narrative about what’s wrong with America. They are painted as lazy, incompetent, violent thugs. This is to distract from criminal enterprises masquerading as the “efficient markets tend to equilibrium” theory and the dismantling of the New Deal ethos. Fox News played an edited video of James Hoffa Jr.’s Labor Day [...]

  • If credit ratings agencies are discredited because of their conflicts of interest, why is Standard & Poor’s still taken seriously? If they get paid by the bond issuer, how can they have any credibility?

  • kberke wrote a new diary post: Wall Street Vampires Mop Up Eurozone Bloodletting

    2011-06-17 13:35:22View | Delete

    So Goldman Sachs sells their built-to-fail CDOs as wonderful investments to its clients, which include state pension funds.  Now, as states are failing due to lack of tax revenue (unemployment, foreclosures) and the mandate to balance their budgets, Goldman swoops in like a vulture to pick off jewels (like toll bridges) for bargain-basement prices (Indiana).  [...]