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« More Trouble to Come | Main | Smart vs. Dumb »

December 07, 2011

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Comments

Ha! Being thrifty was already back in vogue.

Soon it'll be stone or shoe-leather soup to accompany your cat food (if you're lucky enough to get it).

The financial powers that be are claiming that the US economy is accelerating, at least that is the term used over on Bloomberg. With unemployment claims falling more then expected this week.
I hear the talking heads speaking about how pessimism can do a lot of damage. But from what I see false optimism is just as dangerous, if not more. What brought us the collapse of 2007-2008 was not pessimism, but false optimism.

Hyman Minsky said; “that capitalists would dance themselves right off a cliff”. Perhaps he was right? And the financial geniuses are going to take the rest of us with them.

John Crudele: Bloomberg News confirms that stock market was rigged

So now do you believe me? The stock market was rigged.

It has been a little lonely telling this story over the past few years.

But now that another news organization has finally gotten off its lazy butt, I'll tell it again: Under former Treasury Secretary Hank Paulson, confidential government information was regularly leaked to select people on Wall Street.

As I've explained many times before, the Post got hold of Paulson's telephone records back in 2009. And the phone logs show that Paulson, the former head of Goldman Sachs, regularly spoke with influential people on Wall Street with whom he shouldn't have been communicating. These phone calls could have been -- let's use the word "enriching" -- for the recipients.

http://gata.org/node/10751

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