Business Cycle & Economics Blog of Caleb Lawrence
More fun with creative accounting… Some excerpts below: A letter written by Barney Farnak head of the Financial Services Committee to the 4 largest banks contained the following two paragraphs. Many investors in first-lien mortgages have indicated that they are willing to accept the fact of significant losses on those investments in order to move [...]
Perverting capitalism in a manner that socializes losses whilst profits remain private is contrary to Adam Smith’s dream, smacks of socialism or worse and is downright un-American.
Our huge socialist experiment attempting to prevent true price discovery and by implication real affordability through taxpayer funded market manipulation in an attempt to save the banksters from their own folly continues…. Some excerpts below. House Financial Services Committee Chairman Barney Frank wrote, “To save homes on a large scale, we must move past temporary [...]
Hi and welcome to The Profit Motive, I’m your host Caleb Lawrence. Once upon a time in America the media acted as the watchdog of the corporations and the state. In the modern era it’s all about ratings and profits, opinion has been substituted for news and frequently is presented as fact. Much like my daily radio show on KPIG 107.5 FM in Santa Cruz California and KPYG FM 94.9 Cayucos/San Luis Obispo California. A thousand Blogs were able to spot the current problems and many began discussing it years before it reached crises proportions. While there were exceptions, and these exceptions are becoming more common, the mainstream media failed to get it and largely continue to do so.
