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[Video] Max Keiser takes offense to Goldman Sachs oligarchy
Stacy Summary: Okay, perhaps the title of this entry is too understated? Perhaps you have your own suggestions for what I should title it?
Here is the blip file if you prefer to watch it in one go
And here it is on Archive dot org
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Brace yourself for some Max Keiser on Goldman Sachs
Stacy Summary: Max was just on France 24, here are some stills from his appearance. I am uploading videos, but I just wanted to give you warning to brace yourself! (The first still is from the moment when his opponent said that Goldman earned their income with smart investing.)
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Business as usual in global finance: profiteering, speculating & gambling
Stacy Summary: A week or two ago I posted a piece by Frank Rich regarding the absence of justice. I think the headlines today show the consequences of zero justice for the financial fraud and the bankers that committed the fraud. Back to business as usual, as the first article points out, so one can only expect the next crash down will be even bigger . . . and by the end I imagine the population at large will have meted out the justice that Government Sachs / Obama Admin refuses to.
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Posted in Headlines
Tagged bear stearns, gambling, goldman, mobius, profiteering, speculating
Toxic assets, rising VIX & banker on the run
Stacy Summary: Wow, it’s been awhile since we had a banker on the run story. I remember there were quite a few while we were making The Oracle. And, speaking of bankers . . . Tony Blair is in the news. Oh god, I thought we were rid of him? Finally, I love that the FTSE rises 3 percent and yet the VIX rose even more . . . is it time? I mean, Tony Blair is, after all, an important contrarian indicator.
- VIX advances 3.5 pc as fear grows (h/t Phil)
“That is remarkable,” Randy Frederick, head of trading and derivatives at Charles Schwab in Austin, Texas, said of the tandem move by the S&P 500 and VIX today. “The VIX is expecting something here, either a pull back this afternoon or tomorrow.”
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Posted in Headlines, Max Keiser Blog
Tagged banker on the run, credit suisse, tony blair, vix
[1047] The Truth About Markets – 15 July 2009
Stacy Summary: The Truth About Markets, New Zealand. 15 July 2009.
For more download and listening options visit Archive dot org
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Espionage, fraudulent securities and foreign exchange reserves
Stacy Summary: The lawsuits and tensions begin. Are we about to enter the next phase of the global depression?
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Not over and worse than you think
Stacy Summary: So, Bastille Day is mostly over. No guillotines or pitchforks were seen. And now the French are out dancing to bad music in the square! We have a great show coming up tomorrow On the Edge. I feel it in my blood!! The stories this week are so good and Karl Denninger seems to be firing on all cylinders these days. Seriously, in terms of headlines, here is so much to keep on top of and y’all have been just amazing at finding some great stuff! Here are the afternoon headlines . . . sorry @Mike2liverpool . . . still bad news!
- The Economy is Even Worse Than You Think (h/t @maxkeiser)
- This crisis is not over (by Tim Lee who appeared in Money Geyser)
For the US, the economy’s big problem is a lack of saving. There has been excitement about the personal savings rate rising to nearly 7 per cent. However, the rise in personal savings has been at the expense of government savings. The government has simply borrowed and given money to people. In the first quarter the national net savings rate remained sharply negative, at -1.4 per cent. It is unlikely to have improved much in the second quarter.
A negative national net savings rate means any growth of capital stock has to be financed from overseas. This does not provide a promising background for longer-term economic growth. The US current account deficit (which is equal to the requirement for external finance) has improved markedly, but this has occurred as investment has collapsed and not because of any rise in savings.
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More pay cuts, bonus suspensions and calls for a dollar dump
Stacy Summary: Will add more headlines after I return from place Concorde where I am walking around with my pitchfork and guillotine looking for some fellow peasants to march with me to La Defense. What headlines are you reading?? I know you have some good ones! Max won’t stop talking about the Sea Shepherd, so if you have anything to add to that discussion . . . do so here!
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Cheap goods, no labor and unemployed robots [UPDATED x 2]
Stacy Summary: I remember as a child watching some old 50′s programming where scientists envisioned a future in which robots would do all sorts of work for us and that this would give us idyllic leisure time. They neglected to envision the zero income feature of having no labor . . .
- Robots losing their jobs in Japan (via Mish)
Updates:
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AIG seeks to pay $235 million bonuses to 400 employees
Stacy Summary: Interesting to look at the debate of contractual obligations as related to FIRE workers at an insolvent company that is ‘too big to fail.’ I’m sure also it doesn’t hurt that AIG maintained a massive fleet of lobbyists that insured they would always be too big to jeopardize obligations to senior execs with bankruptcy court. Also note that the size of the bonus pool amounts $587,500 for each of the 400 employees, some of whom will probably have been integral to the collapse of the financial system . . .
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Goldman Rules: French workers threaten to blow up factory
Stacy Summary: (Big tip of the hat to @Palantiri for linking to this headline). This is why I love France . . .the workers here fight like bankers. Goldman and other bankers threatened to destroy the markets unless the population paid them out $700 billion. French workers play by their rules it seems. It helps that the French population will have sympathy for them, unlike what would happen in other nations (ahem):
Workers at collapsed French car parts maker New Fabris threatened on Sunday to blow up their factory if they did not receive payouts by July 31 from auto groups Renault and Peugeot to compensate for their lost jobs.
New Fabris was declared in liquidation in April, so the workers stand to get no redundancy money, although they are entitled to draw state unemployment benefit.
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Water wars, fiscal deficits and investing in extinction
Stacy Summary: First, some info on guest confirmed for next On the Edge – we have Karl Denninger. Next, here are the headlines I am reading this morning . . . when supply and demand gets ugly.
The Organisation for Economic Cooperation and Development has also made grim predictions about the state of Britain’s public finances. It is forecasting the fiscal deficit next year will climb to 14pc of GDP, higher than Ireland or Iceland, and the worst in the industrialised world.
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[1046] The Truth About . . . IOUs – 11 July 2009
Stacy Summary: The Truth About Markets. London. Resonance 104.4 FM.
For more listening and download options, visit Archive dot org
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