Today we turn our attention to the world’s most privileged outcasts. “Once envied, Wall Street bankers are now mocked,” says a headline at the International Herald Tribune. So many people are getting on the bankers’ case; we’re beginning to feel sorry for them. After all, what did they do wrong? Well…
February 5th, 2009 | Bill Bonner | 1 comment | ContinuedAll Posts Tagged With: "la bubble epoque"
A Country of Madoffs
This week began with a squabble. John Thain was sacked as head of Merrill Lynch after giving out $4 billion in bonuses – just before announcing $15 billion in losses for the 4th quarter of ‘08. (…)Then Citigroup announced that it had bought a new corporate jet for $50 million. Seemed a bit rich for a company that had just lost $8.3 billion. What sort of devilry is this? Where can you can lose billions…take billions in handouts from taxpayers… and still coddle executives with new planes and million-dollar ‘bonuses?’ Penalties would seem to be more appropriate…
January 30th, 2009 | Bill Bonner | 0 comments | Continued
From Bubble Watch to Bust Watch
Any global bailout plan is bound to be a bad one. Because what the world really needs is a correction. And no country wants one. Instead, each nation does its best to push the correction onto its neighbors…
January 23rd, 2009 | Bill Bonner | 4 comments | Continued
La Bubble Epoque
History will record that the Bubble Epoque began soon after the Plaza Accords in 1985. The immediate problem confronting the finance ministers and central bankers at the Plaza Hotel in New York was what to do about the dollar. After having gone down in the late ’70s, it went up so much in the early ’80s that there seemed no stopping it. The strong dollar had its advantages of course. Read on…
December 15th, 2008 | Bill Bonner | 4 comments | Continued