Posts Tagged 'Black Monday (1987)'

How the FED’s QE Contributed to Inequality

People in America get really angry at the Federal Reserve and at the “money system” in general during economic crises. The Fed draws hostility because of its power, its insulation from democratic accountability, its lack of transparency, and because of its historical and structural connections to finance. It has a lot of power in the economy because it has a big impact on the supply and cost of credit, that is, interest rates. It also plays a key role in ...

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Andrea Germanos – Unlike US, Ireland Just Sent Three Bankers to Jail for Role in 2008 Crisis

A Dublin court has sent three former senior banking executives to jail for committing “sham transactions” in an effort to deceive customers and shareholders during the 2008 financial crisis.

“The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis,” as Reuters reports.

Former Anglo Irish Bank executive John Bowe got a two-year sentence, former Irish Life and Permanent chief executive Denis Casey was given a sentence ...

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George Monbiot – Britain’s Mafia State

Be reasonable in response to the unreasonable: this is what voters in the Labour election are told. Accommodate, moderate, triangulate, for the alternative is to isolate yourself from reality. You might be inclined to agree. If so, please take a look at the reality to which you must submit.

To an extent unknown since before the First World War, economic relations in this country are becoming set in stone. Is not just that the very rich no longer fall while the ...

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Michael Hudson – Behind the Market Crash: the Smoke and Mirrors of Corporate Buybacks

Sharmini Peries: The Dow Jones trading took a deep drive this week, dropping over 1,000 points in the first 20 minutes of trading. It is now slowly reversing itself, but it was the greatest loss in trading since the 2010 crash. Here to discuss all of this, we’re joined by Michael Hudson. Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City. His latest book, which we promise to unpack in detail very soon, is 

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BySean McElwee – What If We Reported On Poverty The Way We Report On The Stock Market?

“The media is biased,” is a complaint that media organizations receive a lot, so they tend to be fairly wary of overtly partisan reporting. However, while media organizations are loath to seem partisan, they are often deeply unaware of other deep biases they hold.

One psychological bias humans suffer from is the “availability heuristic”—a tendency to generalize based on our immediate surroundings. It crops up in numerous ways: If you live in New York City, you might overestimate how many people ...

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Summarizing The “Black Monday” Carnage So Far

It’s officially Black Monday, if only in China for now.

We warned on Friday, after last week’s China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. “The risk is that there isn’t one.” We were spot on, because not only was there no RRR cut, but Chinese stocks plunged, with the composite tumbling as much a ...

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