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A Thousand Words
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A Thousand Words
the panic of '08
Everyone Loses
The "serious" finance/econ press (ranging from liberal Krugman to conservative Rich Lowry) agrees that the House Republican plan—insurance??—is a joke. McCain lending his ostensible support to it (though he won't come out for it, his intervention pushed the rebelling Repubs to the forefront of the debate) is designed either to scuttle a compromise he had no part in (vanity) or to provide Republicans the opportunity to avoid supporting an unpopular but arguably necessary bill (sabotage). If Dems were smart, they'd recast their compromise bill as a liberal response to the Bush/Paulson plan. Hopefully it is that, too! I.e. play up the laregly symbolic golden parachute bullshit, etc. Most likely, some version of the Dodd/Frank bill will pass this weekend, with Republican support (and probably with some minor concessions John McCain can crow about). Right? Unless McCain makes good on his threat to travel back to DC after the debate and, you know, win this war on banks. More »
O'Reilly's Advance
Bill O'Reilly got a $5 million dollar advance for his new book, A Bold Fresh Naughty Piece of Humanity Learns to Say 'No' To Drugs. But who's looking out for you? (Hint: Nobody, loser.) [NYP]
bias
Financial Press Ignoring Sad McCain
Whenever the media say anything about John McCain that isn't "he is the coolest hero ever and sooo dreamy" his campaign accuses every journalist in the country of being "in the tank" for Barack Obama. And whenever the press goes a day or two without talking exclusively about John McCain, the McCain campaign accuses the media of ignoring him. Kind of a biased-if-you-do, biased-if-you-don't situation. But we'll give the McCain campaign credit: they're consistent. In their attacks on the media, anyway. The enemy seems to shift a bit. Like, this week, apparently the media is ignoring John McCain in favor of... the rapidly growing financial crisis and the government's unprecedented plan to end it. Seriously, the McCain campaign is totally upset that no one will write about his "commission of technicians" but they all find time to talk about Treasury Secretary Hank Paulson! More »
the panic of '08
Lehman Traders Still Rich Enough To Totally Damage Their Spoiled Sons
This week's New York contains a brief story on the "sudden-onset poverty" — poverty, huh? — of an anonymous Lehman Brothers trader. There are million dollar mortgages and million dollar options packages gone to shit and wives who "can't" work and a sobbing nanny and mostly, lots and lots of blistering infinite anger in search of a target other than the indefensible practices and corrupted culture of an industry he bought into willingly. It's like, "Oh I'm so happy these guys get to stay home and spend time thinking about what's really important while instilling their own unique values systems in their kids!" Except the opposite: More »
media
'Politico' Will Expand, Save Political Journalism As We Know It
When, back in April, we wondered what exactly political newspaper/website Politico was up to (and do they make money?) we said this: "once the presidential thing is done, Politico will have to go back to what we thought it'd be in the first place—a wonkish, Roll Call-like little trade paper for Congress-watchers and DC insiders." Because pure politics does not make money, and Politico has a lot of big salaries to pay. But Politico didn't listen! Once the election is over, The Times reports (from their new media desk!), Politico will expand! And then the Washington Post will copy them! More »
never forget
The Worst 'Wall Street Crisis' Report Ever (So Far)
"Trinity Church, which became an emotional refuge amid the fallout at ground zero, is offering services to its neighbors during a time of crisis: free spiritual and psychological counseling for workers who have been affected by the current Wall Street financial turmoil." Oh ha, it's the 9/11 of bankers getting fired! Will the free spiritual counseling encourages downtown assholes to renounce materialism or something? (Is that likely from the this particular church?) More: "And because they are typically measured by the size of their paychecks — bonuses, in particular — their self-worth is deeply threatened when the money evaporates." Words fail! Anyway. Free counseling! As usual, self-medication is by necessity self-financed. So far that's not stopping anyone! More »
money
Fun New Government Website Teaches Kids To Navigate Financial Hellscape They've Inherited
What timing! A flack reports: "the Ad Council just launched a ‘Financial Campaign’ for the Department of Treasury, to educate the youngin’s about debt management, credit history, credit cards, and the like." It is called ControlYourCredit.gov, and it seems to be inspired, appropriately, by Psycho and Barton Fink, two hellish tales of psychotic breaks with reality that take place in hotels, like this website, and our economy. Cute! You are supposed to somehow play this game in the lobby of this creepy hotel in order to make it to "Room 850," because ha ha, even though you now have perfect credit you still cannot afford a house, stupid millennial. Here is why this is sad: More »
the panic of '08
Sad Lunch Delivery Email: All Our Customers Out of Work
SeamlessWeb, the high-class Kozmo.com of the new millennium (this means they deliver you meals from local restaurants, while you are at work, if you are too lazy to call a restaurant) (oh hah one of the founders of Kozmo.com went back to Lehmann Brothers when that site shuttered), might be in a spot of trouble! You see, the financial sector is melting down and thousands of Wall Street people are going to get laid off. Those Wall Street people and their Wall Street firms make up a large part of SeamlessWeb's client base! (Not out fault you guys list like two restaurants in Brooklyn, losers.) But don't worry, SeamlessWeb employees! The CEO sent out an email this morning promising that even though all their corporate clients are facing upheaval and chaos, SeamlessWeb will continue to deliver sushi: "Regardless of whether people are at work or away from work, they need to eat. And, SeamlessWeb provides a highly efficient and cost-effective way for them to order food from local restaurants for both takeout and delivery." Poor dopes. (Of course, SeamlessWeb is owned by food service giant Aramark—so they may ride out this hiccup yet.) Click to read the sad email.
horse race
