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ABC's Epic Steel-cage Smackdown
It was no Rumble in the Jungle, that's for sure. There were no blindside blows to the ribs, no bone-crushing roundhouse punches, and no blood-spattered warriors sprawled out on the canvas for the mandatory 10-count. But by the time ABC's 15-round bareknuckle extravaganza was over, just one man was left standing, David Stockman, TKO champ... Read More
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Housing Up, Home Ownership Down
The rebound in housing is now in full swing. Housing starts are up, existing home sales are gaining pace, inventory is down, and prices are on the rise. According to a recent report by Corelogic "House prices are up 6.3% year-over-year in October, the largest increase since 2006 and the eighth consecutive increase in home... Read More
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Vlad the Progressive
Is Vladimir Putin really the "KGB thug" the US media makes him out to be? Take a look at this except from a book review in the New York Times and see what you think. Read enough? Okay, so according to the Times, Putin is an ass-kissing, paper-pushing, self-adsorbed, autocratic thug who has dreams of... Read More
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Who Wins and Who Loses
Assets bubbles require massive amounts of leverage. But too much leverage can destabilize the system, so it needs to be regulated. But Wall Street doesn't like restrictions on leverage because it can make more money by borrowing like crazy, inflating a ginormous bubble, skimming off the profits, and cashing in before the crash. So, the... Read More
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An Interview with Economist Michael Hudson
Michael Hudson is a former Wall Street economist specializing in the balance of payments and real estate at the Chase Manhattan Bank (now JP Morgan Chase & Co.), Arthur Anderson, and later at the Hudson Institute (no relation). In 1990 he helped established the world’s first sovereign debt fund for Scudder Stevens & Clark. Dr.... Read More
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An Interview with Michael Hudson
MIKE WHITNEY: Before John Kennedy took office, anyone making an income of over $200,000 was taxed at a rate of 93 per cent. Corporations also paid a much higher percentage of the total tax burden than they do today. The higher tax rates on the wealthy never hurt Gross Domestic Product (GDP) which was consistently... Read More
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Alan Greenspan, Homewrecker
Give me 5 minutes and I'll convince you that you should sell your house immediately and invest your life-savings in gold or a Swiss bank-account. Okay? For some time now we've been hearing about the so-called housing bubble and what effect it could have on your net worth and future. Well, the numbers are finally... Read More