Posts filed under “Bailout Nation”

Investment Book of the Year

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Every year, Stock Traders Almanac selects what they determine to be the best investment books of the previous year, plus their selection for the top pick.

I am both grateful and humbled by their for the 2010 edition selection of Bailout Nation as “Investment Book of the Year.”

More here . . .


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Category: Bailout Nation

Stock Traders Almanac Investment Book of the Year

I am both grateful and humbled by the selection of Bailout Nation as Stock Traders Almanac Investment Book of the Year. Below is the PDF page from the 2010 edition, written by Jeff Hirsch: > 2010 Best Book > And at Amazon.com

Category: Bailout Nation, Books

Correcting a Review of Bailout Nation

There was a nice review Monday in the Las Vegas Business Press that, unfortunately, had one significant error. (I don’t mean something I disagree with, I mean a factual mistake). I wrote the reviewer thanking him for “the kind words about Bailout Nation” — but gently noted this small correction in the review regarding “Who…Read More

Category: Bailout Nation

Asia Times Review of Bailout Nation

Terrific book review for Bailout Nation in Asia Times: “For the past three decades, finance replaced doctor or lawyer as the smart career choice. The cleverest people gravitated to business schools and then to Wall Street, some detouring to Silicon Valley during the dot-com boom. So how did these masters of the universe create the…Read More

Category: Bailout Nation, Books

Faux capitalists look for the free lunch

Bailout Nation gets reviewed in India! > The Hindu : Faux capitalists look for the free lunch The US President Barack Obama, despite being articulate, is allowing his team to sound like philosophers and researchers when they explain what is going on in the marketplace and what the business plan is to fix it, rues…Read More

Category: Bailout Nation, Books

6 Simple Ways to Reform Wall Street

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from Yahoo Tech Ticker:

• Reinstate Glass-Steagall Separating banks from brokerage firms guarantees that “when Wall Street hits the wall… it doesn’t cause the banks to do the same,” says Ritholtz, who claims the Act was a major reason why the economy didn’t come crashing down along with stocks in October 1987.

• Repeal the Commodity Futures Modernization Act This rule “allowed derivatives to be exempt from all the rules that affect every other traded financial instrument,” and was a root cause of AIG’s problems, he says.

• Overturning the so-called Bear Stearns rule allowing leverage beyond 12 to 1 The SEC’s 2004 rule change, which eliminated some leverage restrictions on investment banks in favor of capital requirements by type of asset was a mistake, says Ritholtz. “Without overturning that, give us 5-10 years, we’ll be right back where we started.”

• Continuing to allow high-risk trades to be compensated regardless of profitability This issue is one already being addressed by the so-called Pay Czar Kenneth Feinberg.

• Regulating the non bank sub-prime lenders and mandating (and enforcing) lending standards This one is pretty self-explanatory and one few argue as a key reason for the subprime debacle.

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Source:
Forget Obama’s Speech, Here Are 6 Simple Ways to Reform Wall Street
Peter Gorenstein
Yahoo Tech Ticker, Sep 15, 2009

http://finance.yahoo.com/tech-ticker/article/330524/Forget-Obama’s-Speech-Here-Are-6-Simple-Ways-to-Reform-Wall-Street

Category: Bailout Nation, Video

WASHINGTON JOURNAL

If this sort of thing interests you  . . . BARRY RITHOLTZ, AUTHOR, “BAILOUT NATION” Tuesday, September 1 2009 In “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy,” Barry Ritholtz identifies the financial lenders, regulators, and politicians he holds responsible for the current financial crisis. Washington, DC :…Read More

Category: Bailout Nation

How the Bailouts Should Have Gone

I did a short interview with Rick Newman of US News on the state of Bailouts. Here is a quick excerpt: “The ideal bailout is not a bailout of reckless financiers. It’s like the government equivalent of a hospice for dying companies, involving no taxpayer money and no moral hazard. And the people who behaved…Read More

Category: Bailout Nation, Bailouts, Media

First Amendment Award for Outstanding Journalism: Dylan Ratigan

Congrats to Dylan Ratigan for the recognition of his outstanding work as an aggressive, take-no-prisoners news anchor. First Amendment Awards Best News Anchor Dylan Ratigan Best Reporter Matt Taibbi Best Blog Zero Hedge Best Book Bailout Nation Damn, that’s pretty good company! >

Category: Bailout Nation

Goldman Sach’s ‘American Socialism Manifesto’

Goldman’s new ‘American Socialism Manifesto’

Paul B. Farrell
Marketwatch, August 9th, 2009 4:57 PM

reprinted with permission, Copyright Marketwatch, all right reserved

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Warning: Behavioral economics means one thing to Wall Street and Washington and something quite different to Main Street. It depends on whether you’re the nudger or nudgee, the manipulator or the manipulated, the guys making lots of money or the folks being scammed.

Average folks erroneously believe behavioral economics helps them. But behavioral nudgers just want to help themselves.

And both political parties are guilty. Behavioral economics is all the rage since the new president hired some academic behaviorists. That also helped the GOP, made average folks forget the former president had his nudgers, too, like former Treasury Secretary Henry Paulson. Moreover, his party recently hired 350 lobbyists, many former Senators and Congressmen, to kill the new guy’s health-care reform.

The truth is, folks, behavioral economics, nudging, manipulation and lobbying, whatever you call it, has been a part of American politics for a long time under many names, though neither party publicly admits their nudging strategies.

Puzzled? Ask yourself: Why is the GOP so aggressively demonizing Obama’s health-care reform as “socialism?” Why? Yes, something smells fishy, especially since the GOP created the biggest “socialized medicine” program ever with Medicare drugs.

Then suddenly the “why” hit me. Here’s why … All the fear-mongering about health-care “socialism” is actually a strategic smoke screen, a brilliant counterattack, a sneaky political cover-up of the GOP’s recent historic takeover of America using taxpayer-funded bailout money against us. Get it? The Right’s making Left turns into “socialism.”

You heard me. In “Bailout Nation,” money manager Barry Ritholtz summarizes this clandestine takeover of the great American democracy, led by Paulson and the Goldman Conspiracy juggernaut. In less than a year America has become “Socialism for the Rich! Capitalism for the Rest,” says Ritholtz.

It all began last October, just before the elections. Paulson, Goldman’s Trojan Horse inside a GOP-controlled White House, moved with the lightning speed of a special-ops team attacking behind enemy lines. Paulson took command of the meltdown, before our clueless Congress knew what happened.

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Category: Bailout Nation, Bailouts, Think Tank