A Slow-Motion Train Wreck - 9/24/2012
Here's what we're following this morning:
(via Boing Boing)
The Congressional Budget Office thinks that you shouldn't buy an electric car - Bruce Krasting | So...the government provided billions of dollars to companies to jump-start the electric car industry, but the CBO has determined that the cost to consumers is much too great than compared to conventional vehicles? Well done, DC.
Fed pushing large-money investors into becoming landlords - Dr Housing Bubble | This is what happens in a chase for yield.
Washington versus America - New York Times | Why are we running deficits? Because too many interest groups have a stake in making sure the party never stops.
Bank of America says it will modify your mortgage...but you have to stop ragging on them in public - Naked Capitalism | It appears as though BofA has such serious customer service problems that it prefers to bribe angry borrowers rather than fix their messes.
QE3 is just another Fed give-away to the banks - Michael Hudson on Real News Network | Hudson talks about why the Fed's claim that QE3 will help unemployment needs to be taken with a grain of salt. Chris Whalen chimes in, too: "The core problem is fraud." This is not so much a monetary problem as much as a political issue.
Don't let them tweak Social Security - Center for Economic and Policy Research | What DC considers a "change," millions on fixed-income living would call "disaster."
A hidden banking license - Testosterone Pit | The Outright Monetary Transactions program is much, much more than what the party line states. It may work, but the unintended consequences may be more than the ECB is able to manage.
The rule of money - TomDispatch | I love that line: "The ritual performance of the legend of democracy...." And it only gets better from there.
Will Wall Street run out the clock on the LIBOR issue? - Sense on Cents | A perfectly-legal move? Sure. A morally-proper move? Meh.
The Fed has another $3.9 trillion to go...at least - Zero Hedge | The more the Fed actively relevers using conventional conduits that spur the threat of inflation, and the more that shadow conduits delever, the greater the risk that inflation will finally come home to roost.
"He wanted to be one with the tiger, and he nearly was." - Never Yet Melted | What is the definition of a person who becomes obsessed with some large political party and gets so carried away with admiration and affection that s/he comes to believe that one of the most dangerous entities in the wild is going to love him/her back?
The Miles Davis Story - Dangerous Minds | Interesting to wonder if he could have made it, today.