Igor Delovski Board

[Ike]

seekingalpha.com - Misunderstanding the Great Recession

"The leaders of our economy understand money. They are politicians,
bankers, bean counters, businessmen, and economic intellectuals. They
are only seeing the part of the crisis which they can see and understand:
the flow of money. They understand the concepts of business but not the
technology of business.

Few have ever soiled their hands producing a product. The only sweat in
their life happens at the gym.

Even fewer have had an original idea on a scientific or engineering sub-
ject, and developed that idea into a successful product. They have never
had their ass on the line to innovate their way out of any real problems.

You are not an expert on job creation because you can read a data table,
can plug numbers into formulas, or have written a paper that some think
is great. Because you can critique a movie does not make you a director
or producer.

It is obvious that the building block elements of business have been dec-
lining since 2000. Yet the measure of our economic engine - GDP - was
growing. Either the reporting system is insensitive to problems, the repor-
ting system in miss-targeted, the data is being manipulated, or all of the
above."

[delovski]

cynicuseconomicus - The Climax of the Fall is Now in View

"The reality is that many of the countries in the West, and I refer in particular
to the US and UK, are unfit for the competition. Putting it in both simple and
accurate terms - we do not produce enough value of goods and services to
support our current lifestyles."

[XNote]

Global recession - where did all the money go?

"Series: Road to ruin" at guardian.co.uk

[delovski]

Global Research - Next Wave of Banking Crisis to come from Eastern Europe

"According to my well-informed City of London sources, the new concerns o-
ver bank exposures to eastern Europe will define the next wave of the global
financial crisis, one they believe could be even more devastating than the US
sub-prime securitization collapse which triggered the entire crisis of confide-
nce."

[delovski]

Talking Shop With a ‘Vulture’ Investor

"In the financial industry, there used to be a niche specialty called 'distressed
investing.' Some called these folks vultures, because in the aftermath of a
collapse, they would go swooping in to buy up the wreckage on the cheap.
That's not much of a specialty anymore — the state of the market means
we're pretty much all vultures now"

[delovski]

Wired: Recipe for Disaster: The Formula That Killed Wall Street

"The reason that ratings agencies and investors felt so safe with the triple-A
tranches was that they believed there was no way hundreds of homeowners
would all default on their loans at the same time. One person might lose his
job, another might fall ill. But those are individual calamities that don't affect
the mortgage pool much as a whole: Everybody else is still making their
payments on time."

[Ike]

slate - Making Sense of the Credit Debacle

"If you watch the testimony, listen to the excuses and halfhearted apologies,
there's a sense from all involved that the financial and economic forces un-
leashed over these last eight years were so unpredictable, capricious, and
powerful that mere humans—even titans of Wall Street—were powerless to
resist... Of course, that's bollocks."

[delovski]

reddit - Last night's Daily Show was a potent and relentless
assault on the hypocrisy and greed of Wall Street. Well do-
ne Jon!

... and from there...

reuters.com - Buffett's "time bomb" goes off on Wall Street

[delovski]

boston.com - Scenes from the recession

"The state of our global economy: foreclosures, evictions, bankruptcies, lay-
offs, abandoned projects, and the people and industries caught in the mid-
dle. It can be difficult to capture financial pressures in photographs, but here
a few recent glimpses into some of the places and lives affected by what so-
me are calling the "Great Recession". (35 photos total)"

[XNote]

NYT 1999 - Congress Passes Wide Ranging Bill Easing Bank Laws

"«I think we will look back in 10 years' time and say we should not have done
this but we did because we forgot the lessons of the past, and that that which
is true in the 1930's is true in 2010,» said Senator Byron L. Dorgan, Democrat
of North Dakota."

[Ike]

Eurozone inflation plunges to record low

"Eurozone inflation has fallen to a record low, strengthening the case for
further European Central Bank action to boost the economy of the 16-
country bloc and head off any risk of deflation."

[delovski]

spiegel.de - 'Merkel Does Not Get Basic Economics'



"Leading US economist Adam Posen told SPIEGEL ONLINE that Merkel's
approach is a mistake."

[delovski]

Money & markets - Alarming News: Bank Losses Spreading!

"For the first time in history, U.S. banks have suffered large, ominous losses
in a giant sector that, until now, they thought was solid: bets on interest rates."

[Ike]

nytimes.com - Reagan Did It

"There’s plenty of blame to go around these days. But the prime villains be-
hind the mess we’re in were Reagan and his circle of advisers — men who
forgot the lessons of America’s last great financial crisis, and condemned the
rest of us to repeat it."

[delovski]

r - Joseph Stiglitz: Inequality is now killing middle America

"Labor income is lower than before. Capital owners get bailed out. Suicides,
drugs and alcoholism are rising. Life expectancy is going down for white
Americans. I was Chief Economist of the World Bank and it reminds me of
Russia in the 90s."

[Ike]

https://www.theguardian.com/commentisfree/2017/sep/04/britain-addicted-debt-crash-2007-sub-prime-mortgages-personal-credit

We're addicted to debt and headed for a crash. It could be worse than 2007

[Ike]

https://evonomics.com/nobel-prize-economist-says-american-inequality-didnt-just-happen-it-was-created/

Nobel Laureate Economist Says American Inequality Didn't Just Happen. It Was Created.

[Ike]

https://eand.co/how-america-overdosed-on-capitalism-f04a510552d8

[Ike]

https://www.cnbc.com/2018/09/04/jpmorgan-says-next-crisis-will-feature-flash-crashes-and-social-unrest.html