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At Orcinus: The Centre Cannot Hold

by NBBooks Sun Jan 13th, 2008 at 07:48:01 PM EST

At Orcinus there is an excellent series written by "Sara" about the political upheavals that are upon us. Here are some extended excerpts from yesterday's post, which is the conclusion of a five part series.
http://dneiwert.blogspot.com/search?q=2008

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Who will tell Wall Street to shove it?

by NBBooks Mon Jan 7th, 2008 at 06:37:29 PM EST

Cross posted to DailyKos at http://www.dailykos.com/story/2008/1/7/181746/3223/827/432425

Downstairs I outline my assessment of how Clinton, Obama, and Edwards, are likely to act in the coming economic crises. I also discuss their economic advisers. So, this diary is strictly focused on ECONOMICS, and I would like the comments to not stray from that sole topic.

First, here is my working premise: The sub-prime mortgage crisis pushed the world's financial system passed the tipping point in August and the world's financial system is now collapsing. Unfortunately, these financial collapses do not happen in a nice, big explosive fireball like in Die Hard 12 or whatever, so 90 percent or so of the population has not really noticed yet that this IS the End Times, so far as the age of "neo-liberal economics" (please do NOT confuse this with political liberalism - take the time to read the link to Wikipedia).

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Why the Credit Crises are THE Story of 2007

by NBBooks Tue Jan 1st, 2008 at 08:29:44 PM EST

My great hope is that in the not too distant future, scholars and pundits will look back at the financial and economic turmoil of 2007 and 2008 as the turning point in which peoples around the world began the slow, arduous, painful, and sometimes bloody process of seizing back control of their own political and economic destinies. Jerome a Paris has given us a most excellent look at what to expect for the coming year, but frankly, I don't believe his vision is lofty enough.  

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Federal Reserve Emergency Powers Being Studied

by NBBooks Mon Dec 31st, 2007 at 10:03:48 AM EST

The London Telegraph reported on Sunday [December 23rd] that central bankers are quietly reviewing a 2004 U.S. Federal Reserve Bank study on how far the Fed's powers can be extended in an emergency. In the Introduction to the study, the authors state:

We examine the limits imposed by the Federal Reserve Act along two dimensions: those types of counterparties and financial instruments with which the Federal Reserve may conduct monetary policy. In doing so, we develop a theme not commonly pursued in the literature -- the ways and extent to which the Federal Reserve Act limits the Federal Reserve from taking credit risk onto its balance sheet.

Diary rescue by Migeru

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Policies for Bringing the Economic Royalists to Heel

by NBBooks Sun Dec 23rd, 2007 at 06:03:28 AM EST

In recent diaries, I have explained that the underlying cause of the present sub-prime mortgage crisis being the decline of wages and earnings for the working and middle class, and the historical fact that the income and wealth inequality of the 1920s is what caused the Great Depression.
Not Good – We’ve Been Here Before

I have also argued that it is incumbent on us to begin putting forward policy proposals to deal with what will next year be a very, very bad economic situation.
The Crash is Upon Us. Whose Ideas are Lying Around?
The Republican Recession Begins (and it's gonna hurt) (by GreyHawk)

The underlying problem is a financial system that has run wild, with no heed paid whatsoever of the effects of financial flows and gyrations on the underlying, real economy, in which 95 percent or so of us mere mortals have to live our everyday lives. There must be a way to force those financial flows back into subservience to the real economy. At the same time, we need to avoid crippling the financial markets to such an extent that they can no longer serve their proper function of allocating capital within an economy.

As I have searched for solutions, I have recently come across an economist I would like to introduce you to, Thomas I. Palley, formerly Assistant Director of Public Policy at the AFL-CIO. He is now working on his own project, Economics for Democratic & Open Societies, to stimulate public discussion about what kinds of economic arrangements and conditions are needed to promote democracy and open society. In 1998, his book, Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism, was published by Princeton University Press.

Diary rescue by Migeru

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U.S. 2008 elections to be a "perfect storm" of 3 crises

by NBBooks Mon Dec 10th, 2007 at 11:48:43 PM EST

Author Steve Fraser writes on Tom Dispatch that the political landscape in the U.S. is about to be ripped apart by the intersection of three crisis. Fraser's article is a MUST READ; it was picked up by Asia Times Online, where I found it earlier today.

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Lobbyist: Bush's Subprime Mortgage Plan Sandbags Congress

by NBBooks Mon Dec 10th, 2007 at 11:01:36 AM EST

A number of bloggers the past two or three days have posted diaries pointing out the many flaws of Bush's announced solution to the subprime mortgage crisis. Simply put, Bush's plan has no real muscle, leaving actions by the banks entirely voluntary; the plan helps very few of the people who are having problems with their mortgage payments; and what ever few problems do get fixed will reappear after the five-year limit of the plan is reached.

So, what is Bush trying to accomplish by proposing a plan that really does not work?

Elizabeth Warren at tpmcafe has found the answer. She quotes a CongressDaily article of a day or two ago which reports that

"the mortgage industry hopes a White House plan designed to aid subprime borrowers at risk of losing their houses will help scuttle congressional efforts to refashion mortgages through the bankruptcy code.

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Conservatism today is as soulless as Marxism

by NBBooks Fri Dec 7th, 2007 at 10:57:38 PM EST

Dissent editorial board member Jim Sleeper provokes some deep thinking is his essay at TPMCAfe, American Conservatism's Original Sin

Sleeper reviews a speech given by New York Times Book Review editor Sam Tanenhaus at the American Enterprise Institute, entitled "George W. Bush and the Future of Conservatism." Personally, I feel that the final, rattling death breaths of conservatism are about to be snuffed out in an avalanche of  "free market" financial disaster, so I didn't bother following the link to Tanenhaus's speech. Sleeper's comments on Tanenhaus are fun enough, thanks.

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FDR's Fed Chairman: Income Inequality Caused the Depression [UPDATE]

by NBBooks Tue Dec 4th, 2007 at 06:27:53 AM EST

Last week, Senator Chris Dodd’s campaign put up a web page highlighting Senator Dodd’s proposed policy responses to the subprime mortgage crisis, and the general sense of economic unease felt by most Americans. Unfortunately, Dodd’s proposed policies serve has a case study of what’s wrong with economic thinking in this country, including even the Democratic Party.

According to the Dodd campaign’s web page, "The current foreclosure crisis is rooted in shameful predatory lending practices on the part of unscrupulous lenders."

False.

more below the fold

Update [2007-12-4 2:30:51 by afew]: This is NBBooks' full diary copied from DKos with the author's permission. It updates the abridged version NBBooks posted here yesterday - afew

Promoted by afew

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