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WSJ Front Page: GE Pursues Pot Of Government Stimulus Gold
Reading Time: 2 minutesThe government has moved in next door, and it ain’t leaving. You could fight it if you want, but soceity wants change. And government is not going away. – Jeff Immelt, CEO, General Electric, in June at the International Economic…
Recession Making US Entitlement Crisis Worse
Reading Time: 4 minutesHow can one justify bestowing a triple A rating on an entity with an accumulated negative net worth of more than $11,000bn and additional off-balance sheet obligations of $45,000bn? An entity that is set to run a $1,800bn-plus deficit for…
Caroline Baum: John Galt Plan Might Save US Financial System
Reading Time: 5 minutesMr. Thompson, President of the United States: The country is in a terrible state. People are starving and giving up, the economy is falling to pieces, nobody is producing any longer. We don’t know what to do about it. You…
Mish: I Endorse Peter Schiff For Senate
Reading Time: 1 minuteMish endorses Peter Schiff for the senate. So do I. Schiffforsenate.com
Krugman: Goldman Sachs Profits Are Bad For America
Reading Time: 3 minutesKrugman is relentless in his calls for increasing government involvement in the economy and regulation: What’s clear is that Wall Street in general, Goldman very much included, benefited hugely from the government’s provision of a financial backstop — an assurance that…
Goldman Settles Sham Suit With SEC
Reading Time: 2 minutesThe SEC announced a few minutes ago that they settled their suit against Goldman Sachs (GS) for $550 million. Goldman did not admit or deny the SEC’s allegations though it acknowledged that its marketing materials for the ABACUS synthetic CDO were incomplete…