Whatever. Most of Wall Street was pretty damned stupid.

Like Bear Stearns kind of stupid, only not fully disclosed to the rest of the market. This is exactly why I mentioned how close we are to a depression — and the public has no more idea as to the real state of our economy than seasoned investors have about CDO’s.

If it weren’t for Calpers, we wouldn’t have a banking system that has this much transparency, even as opaque as it is now.

This sounds like what the Wobblies have been advocating for, oh, about a century now. Read about the IWW here, then join up.

Jared, I’ll look forward to reading your book. I wonder, do you explore the political dimension of falsifying the economic picture on the rosy side? It seems to me that if an individual can be convinced everyone else is doing pretty well, than if he/she experiences otherwise, the message is “quit whining, loser.” It is an obfuscation designed to destroy solidarity and collective action.

The chance for a depression is quite strong. A solid majority in the Senate and continued economic hardships may make more mid-term seats more likely to win.

Ditto for SCOTUS — we are stuck with Thomas, Roberts, Scalia, Alito for a very long time. We must replace any of the potential retirees with progressives during the next 4 years and beyond, but it won’t happen unless we sustain our efforts towards a progressive Senate.

Aren’t commodities being gamed right now, too?

They sure as hell are!

The easiest thing to do in the short run is limit the amount of leverage these a-holes can use when buying oil contracts.

I don’t know what an acceptable level of leverage is, but I know 30 to 1 is killing us.

Why is our government allowing this madness?

The local news had a story last night re: gas prices and it was heartbreaking.

People were buying $2 to $5 dollars of gas @$3.79/gal. knowing the would have to be right back later in the same day for more, but it was the best they could do.

Great guest.

Great comments.

And, McDrat! I got here late.

‘Economics’ is a ‘game’.

A strong and healthy society knows this and behaves accordingly.

A ‘belief’ in capitalism is just as much an act of faith as a ‘belief’ in a Supreme Being.

Both ‘beliefs’ may be justified only by an appeal to unreason.

I’m am convinced that both forms of ‘belief’ do much mischief …
and bring about little actual ‘good’.

rwcole — tall order, yes. Necessary? absof*ckinglutely.