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HomeMorning Joe : How Wall Street Won
Posted by Larry Doyle on September 13th, 2013 9:27 AM |
Lehman Brothers failed on September 15, 2008.
We are now two days away from the 5 year anniversary of that fateful day and the unfolding of a string of events that continue to ripple across our global economy and markets.
As with the anniversaries of most cataclysmic events, we can now expect an ongoing stream of dialogue as to what led to the crisis and how things have played out since then.
The folks at Morning Joe had a brief 7-minute discussion recently with Time magazine editor Radhika Jones on this topic and these questions. They definitely hit upon some of the key issues but they do not use the one key word to define what really happened both pre and post crisis. What is that word? Let’s take a listen first to what they have to say: (more…)
Get Ready for Larry Summers as Next Fed Chair
Posted by Larry Doyle on August 27th, 2013 11:53 AM |
Has there ever really been a doubt that Larry Summers would be the next chairman of the Federal Reserve?
Not in these parts.
Remember, President Obama — just like his predecessors — will announce who the chairman of the Federal Reserve will be, but that does not mean that he actually makes the selection.
Who do I believe really makes the selection or has veto power over the president’s choice?
(more…)
Wall Street Criminal Referrals: 96% Decline
Posted by Larry Doyle on August 23rd, 2013 7:00 AM |
How deep in the tank have our regulators gone over the years to protect Wall Street rather than upholding their mandate to provide real investor protection?
Really deep.
How might we measure the depth?
Check out the following incredible statistic highlighted by one of my favorite financial journalists, that being Bloomberg’s Jonathan Weil. (more…)
Why Larry Summers Will Be Next Fed Chair
Posted by Larry Doyle on July 29th, 2013 8:36 AM |
The race to occupy the most influential position in the nation — that is, the chairman of the Federal Reserve — is now widely acknowledged to be a two horse sprint between Janet Yellen and Larry Summers.
Those supporting the appointment of Ms. Yellen, including Nancy Pelosi, Christina Romer and others, are actively and publicly voicing their endorsement of the current Vice-Chairman of the Federal Reserve.
Meanwhile we hear little from those most closely aligned with the oft-described arrogant — and sleep-deprived? — Mr. Summers. I gather that Robert Rubin and others supporting Summers are more comfortable operating under the blanket that has come to define Washington as being in bed with Wall Street.
So who will President Obama appoint?
(more…)
Simon Johnson: Financial Power Corrupts System
Posted by Larry Doyle on May 23rd, 2013 9:05 AM |
Incestuous activity in every fashion is a destructive and corruptible force. Would anybody hoping to be regarded as a serious, credible individual dare say, “Hey, I think incestuous activity is actually pretty good.”
Certainly not, although those engaged in the behaviors may appreciate the benefits that accrue to them without wanting them brought to light.
On that note, the incestuous dynamic that defines the Wall Street-Washington-Regulatory menage-a-trois continues to thrive. You don’t have to take my word for it. Let’s listen to what Simon Johnson, former chief economist of the IMF, professor at MIT Sloan, and a senior fellow at the Peterson Institute for International Economics has to say on this topic. (more…)
Sachs Unloads Again on Wall St-Washington Incest
Posted by Larry Doyle on May 1st, 2013 7:35 AM |
A few days ago Columbia University’s Jeff Sachs delivered a diatribe on the crony corruption pervasive in the Wall Street – Washington dynamic to a cadre of elites in attendance at a Philadelphia Federal Reserve symposium.
Well, yesterday Sachs took his message to the masses in the midst of an exchange on MSNBC’s Morning Joe.
Selected other liberal contributors to this exchange seemed to me to be almost embarrassed by the beating Sachs put on the “bought and paid for” crowd atop Capitol Hill and others residing and working at 1600 Pennsylvania Avenue.
Grab a second cup of coffee and watch this clip from the 3:30 mark. It will only take you 8 minutes and it is well worth it. (more…)
