How the World Works

Posts in September 2008

September 2
Sarah Palin: No fan of John Maynard Keynes
Palinomics 101: What does the V.P. nominee's membership in the Alaskan Independence Party tell us about her economic philosophy?
Sarah Palin: The Hugo Chavez of Alaska
The governor may be pro-drilling, but she's no Big Oil puppet.
September 3
John Kerry: The road bike warrior
"John Kerry descended like he stole the friggin' bike from the GOP."
Bankrupt Americans and a busted hedge fund
Reported missing at the Republican National Convention: References to the state of the U.S. economy
How J.P. Morgan escaped the squeeze
Was CEO Jamie Dimon a brilliant risk manager, or just not as dumb and greedy as everyone else on Wall Street?
The GOP gives up an inch on climate change
The 2008 Party Platform concedes humans could be messing up the weather. But the cost of fixing the mess won't be cheap. Just ask the Dutch
September 4
Sarah Palin's stiletto
Put away the Quayle and Eagleton comparisons. Palin's for real, and on the key issue of energy policy, she has to be reckoned with
Organic farmers feel the pain
When the going gets tough, the tough... stop buying organic food
The economics of Alaskan secession
The state has oil, natural gas and lots of armed libertarians. Independence is a no-brainer!
Wall Street gets the jitters, again
A bond manager warns of a "tsunami"; a Fed official labels future economic health "subpar." What do Republicans have to say? Nothing, again
September 5
Unemployment: 6.1 percent and rising
John McCain promised wage insurance for out-of-luck Americans Thursday night. No time like the present!
A condom ringtone to die for
It was the best of all prophylactic public service campaigns. It was the worst of all prophylactic public service campaigns
LPGA to Korean golfers: Never mind!
Let a thousand languages flourish on the green -- The Ladies' Tour backs off its requirement for English proficiency
A Chinese conspiracy theory
Some Chinese think the U.S. purposely duped China into buying bad Treasury bonds. But that's giving the U.S. too much credit
September 8
The Korean golf money train
The LPGA's Korean golfers might not speak the best English, but broadcast rights to televise their exploits are a gold mine
The truth about Fannie and Freddie
With or without these misbegotten public/private entities, the government still would have had no choice but to bail out the housing market.
Sarah Palin explains Fannie and Freddie
Too "expensive to the taxpayers," says the governor. Does that mean she opposes the bailout?
September 9
Hurricane Ike and Ronald Reagan
A future of ever-stormier weather will make life tough for Gulf offshore oil drillers. Go ahead, blame the Gipper.
Brother, can you spare $50 billion?
The auto industry asks Washington for a little help. But don't call it a bailout!
Thou shalt not subprime
Fall on your knees! Faith-based investors claim they saw the mortgage meltdown coming, 15 years ago.
The bicycle theory of the Tao
On the ninth day of the ninth month, a little ancient philosophy for trade liberalization negotiators to ponder
Have curry spices, will travel
Aficionados of Indian cuisine in the United Kingdom can relax -- the government is heeding the belly growls of the people
September 10
A blackout for sun power
Drowning in renewables? Solar power stocks get hammered on oversupply concerns
The White House's Fannie and Freddie "one-finger-salute"
A former Republican lawmaker says the White House and Greenspan sabotaged legislation aimed at fixing Fannie Mae and Freddie Mac.
The latest word on those nefarious oil speculators
Since the middle of July, commodity index investors have been dumping their holdings. Guess what happened to the price of oil since then?
Sex, drugs, corruption and oil
It's a Bush administration bonanza -- "a culture of substance abuse and promiscuity" at the Department of Interior
A life well spent, reviewing Neal Stephenson
"Anathem" does not disappoint. Unless you have a problem with philosophy
September 11
My bank is failing and I don't care
Washington Mutual is in a world of hurt. So what?
Snorting speed off of toaster ovens
The Department of Interior ethics scandal is where offshore drilling meets the U.S. government. Talk about your wild parties!
How to help Yacouba Sawadogo
The Burkina Faso farmer is in danger of losing his land. A Salon reader figured out a way to lend a hand
September 12
Rest of world to Wall Street: Not this time
Sovereign wealth funds are no longer eager to help American financial institutions stay afloat
My bank is now junk. Yay for me
Washington Mutual's travails continue. But it's people like me, the lowly depositor, who keep the fires burning
The sexual politics of offshore drilling
Some Democrats argue that the sex-drugs-and-oil scandal is reason enough to prohibit offshore drilling. Not exactly
In the online eye of Hurricane Ike
New frontiers in journalism: As a deadly storm surge threatens Galveston, the Houston Chronicle's "SciGuy" tells it like it is, in a real-time online chat
Sex, drugs, oil, and an ethics award
Earlier this week, the Department of Interior received a commendation for promoting a "stronger ethical culture"
September 15
Wall Street's nightmare goes nuclear
Systemic meltdown? You're looking at it. Lehman declares bankruptcy, Bank of America buys Merrill Lynch, and everyone else wonders, what next?
Dow down 300 in early trading
A bad start to a Monday -- investors do not like the morning headlines.
John McCain: "The fundamentals of our economy are strong"
What country is the Republican presidential candidate referring to? Because it can't be the United States.
The Wall Street meltdown -- and you
Lehman, AIG, WaMu, Merrill Lynch -- the fur is flying in financial markets. What does it mean for you and me?
Wall Street's very bad day
The Dow drops 500 points -- and marks the beginning of a new stage in the presidential campaign. Palin who?
September 16
Who deserves a taxpayer bailout?
Why Bear Stearns and Fannie/Freddie, but not Lehman? And what about the monster in the closet, AIG?
Obama comes out swinging
"What we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed"
How is McCain connected to the almost bankrupt AIG?
Follow the trail between the ailing giant insurance company and McCain advisor Phil Gramm
September 17
The United States of Wall Street
Can the American taxpayer afford the socialist makeover of the U.S. economy?
"You've Got the Fed"
Feeling oppressed by relentlessly bleak financial news? YouTube parody to the rescue!
What to do about WaMu?
Stocks get hammered again, and the market wonders, is the big West Coast bank the next to go?
September 18
Glass-Steagal and the fall of the modern investment bank
Deregulation allowed commercial banks to invade Goldman Sachs' playground. Did that spell doom for the likes of Merrill Lynch and Lehman?
The end of history, or the beginning?
A reflection on current affairs
A book-keeping note
About comments, and Sawadogo
McCain to SEC chair Cox: "Off with your head!"
The Republican presidential candidate reinvents himself as a stern regulator. That's definitely a "change."
McCain: How not to explain a meltdown
In a speech on "financial reform," the candidate points the finger at the wrong target.
September 19
Fear and loathing on Wall Street and the campaign trail
Economic chaos, internecine warfare in the GOP, and the bailout to end all bailouts? Just another day.
Ten days that shook Wall Street
Two economics professors provide a useful explanatory lecture
What's happening to the real economy?
While Wall Street goes for a roller-coaster ride, unemployment claims jump and household net worth declines
McCain doubles down on Fannie and Freddie
The rest of the country is moving on to bigger problems -- but for McCain, "Frannie" is still the root of all evil
We are all radical regulators, now
George Bush, Henry Paulson and Barack Obama support a rescue plan for Wall Street. But John McCain gets the Big Government grand prize.
A history lesson from the Great Depression
The struggle between the Rockefeller and Morgan families over banking laws in the 1930s offers a useful moral: Sometimes conspiracy theory is true.
September 22
First reactions to the Paulson plan: Boo!
Nobody's happy with a no-strings-attached bailout. Taxpayers should not end up being the only ones to pay for Wall Street's mistakes.
Not so fast, Secretary Paulson!
The future of capitalism as we know it will be decided this week. Now is the time for a Democratic Congress to show its mettle.
Paulson plan euphoria fades: Dow down 373
Surging oil prices, bailout anxiety, the demise of the modern investment bank... It's a wonder the Dow didn't fall even further
September 23
The great bailout horse-trading game
Will help for homeowners get plugged into Paulson's Wall Street rescue plan? It's only fair.
How to give struggling homeowners a break
Mortgage lenders don't want bankruptcy judges to have the power to rework contracts. But what if the federal government is the lender?
A bailout and a tax cut in every corporate pot
The Tax Foundation says the U.S. must cut the corporate income tax rate to make American companies more globally competitive. Nice timing!
Senators go on the bailout warpath
At a historic Senate hearing, Democrats and Republicans rip into the Paulson plan. But Ben Bernanke remains firm: Don't punish the bad guys.
Jon Tester asks a good question
The senator from Montana wonders: Why didn't you warn us a little earlier about the possibility of complete financial Armageddon?
How much is toxic debt worth?
Bernanke says the Paulson plan won't require participants to sell at "fire-sale" prices. So what do taxpayers get in return, again?
The ghost of Phil Gramm
The subject of credit default swaps pops up at the Paulson plan Senate hearing. Guess what -- they are not regulated, at all, and on purpose
September 24
Wall Street on trial
Americans are angry, but all throughout a long day Bernanke and Paulson refused to make concessions to their rage. Here's why.
Warren Buffett to the rescue?
A $5 billion stake in Goldman Sachs cheers investors. But his comments about "an economic Pearl Harbor" tell us what he really thinks
Why the threat of systemic meltdown is real
Beware the ominous portents of the "TED spread." When credit markets freeze up, everyone suffers.
Who do you trust to pick the next Treasury Secretary?
Taking over the reins from Hank Paulson isn't going to be easy. But this is one job where a surprise would be bad news
George Bush's insurmountable challenge
The president has to explain to a country that distrusts him why they should support the greatest bailout of Wall Street fat cats, ever.
September 25
George Bush's scary story
"Our economy is in serious danger," the president told Americans. Be very, very afraid.
What's happening outside of Wall Street?
More bad news for McCain: The fundamentals of the economy get weaker
Inching toward a bailout deal
The latest word on the Paulson plan from Washington is optimistic, unless your name happens to be John McCain.
What we know (and don't know) about the bailout deal
Details are scarce, but one thing's for certain. Lenders won't allow Congress to change how bankruptcy law deals with mortgages. And that's an outrage.
The conservative bailout solution
The answer to Wall Street problems? Less taxes and regulation! Did McCain really suggest that?
My bank is gone. Long live the new bank
J.P. Morgan agrees to buy Washington Mutual. I have been consolidated
September 26
President Bailout
With financial markets running scared, the president tells the country that a rescue package will be passed. But is his own party listening?
A strange calm comes over Wall Street
Credit markets loosen up while the Dow demonstrates great fortitude. Time to put on the party hats?
A cry of rage from Wall Street
Betrayed by the GOP, a "rock-ribbed" Republican money manager turns his back on his party; Plus, can we blame Newt Gingrich?
While politicians dither, another bank teeters
A bailout deal this weekend? A vote next Wednesday? Meanwhile, Wachovia looks for a buyer
September 27
No matter the question, the answer is offshore drilling
McCain's gonna ride the offshore horse until it collapses under him.
McCain: Sure, I'll vote for the bailout
And I'll cut business taxes at the same time!
September 28
The New York Times smacks McCain again, hard
Another day, another broadside: The Senator from Arizona is "one of the founding fathers of Indian gaming"
A bailout deal for everyone?
Congress says it has a deal with a little bit of everything mixed in. New York markets breathe a sigh of relief. And Hong Kong, Shanghai, Tokyo ...
September 29
Why the bailout is not like the Iraq war
For starters, we know where the weapons of mass destruction are located
A bailout bill that pleases no one
Hours away from passing a landmark bill, Congressional representatives dither and the stock market tanks
An unhappy House, divided
"As unappealing to those of us who will vote for it as it is to those who will vote against it."
House rebellion: The bailout bill fails
Democrats and Republicans say no. The Dow plummets.
Burn, baby, burn! Dow down 777
The House gave capitalism as we know it the bum's rush. But is Congress ready for what comes next?
Is the the credit crunch just an accounting issue?
House Republicans are blaming the "mark-to-market" rule for our economic ills. Did they know the bailout bill allows the SEC to suspend the practice?
September 30
Black bailout Monday
How many days of market carnage will it take before Congress changes its mind?
Bailout or no bailout, taxpayers will pay
President Bush makes another pitch for the Paulson plan, but is anyone listening. Meanwhile, the credit crunch gets worse
World to U.S.: You suck
Monday's bad bailout reality TV from Washington has the rest of the world screaming en masse: Get your act together!
Bailout remorse
A case of Wall Street whiplash. The Dow rebounds, as Congress hints of a change of heart
A name China scholars will remember
John "Beginning Chinese" DeFrancis passes away. Who knew he once tangled with Senator Joe McCarthy?
Obama: "A clean break from a troubled past"
The president-elect makes his case to the nation for immediate action on the economy. Let's hope Senate Republicans were listening.
Even Wal-Mart gets the blues
Cutbacks in discretionary spending take their toll, even at the "low-price leader"
How humans cooled the earth -- 500 years ago
After pandemics caused a mass die-off in the New World, farmland turned to forest and temperatures dropped

About How the World Works

A conversation about globalization.

Recent Posts

Obama: "A clean break from a troubled past"
The president-elect makes his case to the nation for immediate action on the economy. Let's hope Senate Republicans were listening.
Even Wal-Mart gets the blues
Cutbacks in discretionary spending take their toll, even at the "low-price leader"
How humans cooled the earth -- 500 years ago
After pandemics caused a mass die-off in the New World, farmland turned to forest and temperatures dropped

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