Why We Love Juan Cole

Anthony W. Orlando

Informed Comment guest blogger Anthony W. Orlando sayeth thus:

“…the economy has not been growing rapidly since inequality started climbing. From 1950 to 1980, “real gross domestic product (GDP)”—the output of the economy, adjusted for inflation—grew by 3.8 percent per year. From 1980 to 2010, it grew by 2.7 percent per year. (Since then, it’s been even worse.)…”

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The Iceland Cometh

Description: Newspaper clipping USA, Woodrow W...
Woodrow Wilson signs creation of the Federal Reserve. 24 December 1913 (Photo: Wikipedia)

Why is it I’m trusting this Russian news service more than those domestic? Sigh. From RT:

Iceland is a great example of a country which had the courage to prosecute bankers, and that’s largely because it’s not controlled by the Federal Reserve and the Bank of England, Max Keiser, financial analyst and host of the Keiser Report on RT, says. Four former bank bosses in Iceland have been jailed for financial fraud. They were accused of hiding the fact that a Qatari investor bought into the firm [Kaupthing Bank], with money lent illegally by the bank itself. It went bust in 2008, helping to cripple Iceland’s economy. Keiser says, what is considered a crime in Iceland is flourishing thanks to government support in the UK and the US. Continue reading

Which Equals One Year’s Pay For A Hedge Fund Manager

Royal Bank of Scotland
Reeks of Bullshit (Photo: Wikipedia)

The Telegraph reports:

The European Union competition authorities could announce the penalties as early as Wednesday, with up to 10 banks, including Royal Bank of Scotland, Deutsche Bank and Societe Generale, expected to settle cases, according to the Financial Times.

$2.3B? RBS clears that on a put. Good show, lapdogs. Continue reading

Because It Was Totally About You

Blankfein (Photo credit: seatonsnet)

CNN Money quotes Lloyd Blankfein:

“You learned a lot about me and my firm,” Blankfein told the audience of fellow Wall Streeters. “But I found out a lot of stuff about me, too. I learned that I have much thicker skin than I thought.” Blankfein also said that the financial crisis led to a “bit of a wake-up call” about income inequality. He said that was a good thing. “This country does a great job of creating wealth, but not a great of distributing it,” said Blankfein. “But I don’t want to do something that stops our ability to build wealth.”

Pitchforks. Torches. Now. No depth of indignity will suffice. Continue reading