NewsTrust - Finance - Most Recent Stories: Opinion (Mainstream)

The Facebook Illusion

Sun, 27 May 2012 00:00:00 -0700

New York Times - By Ross Douthat - May. 27 (Opinion) - There were two grand illusions about the American economy in the first decade of the 21st century. One was the idea that housing prices were no longer tethered to normal economic trends, and instead would just keep going up and up. The second was the idea that in the age of Web 2.0, we were well on our way to figuring out how to make lots and lots of money on the Internet.

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Bain Capital and our screwed-up culture

Sat, 26 May 2012 00:00:00 -0700

Seattle Times - By Fromma Harrop - May. 26 (Opinion) - The problem is not the profession. It's what one does in the course of business. But even among those intent on making it big, people with a conscience will not cross certain lines. Bain blew across them.

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JPMorgan Chase’s $2 Billion Loss

Sun, 13 May 2012 00:00:00 -0700

New York Times - May. 13 (Editorial) - The lesson of JPMorgan’s stunning $2 billion trading loss is that the banks haven’t learned their lesson, and neither have the politicians. Jamie Dimon, the chief executive of JPMorgan Chase, can be clear as a bell when he denounces financial reform. But on an emergency conference call with analysts on Thursday to announce the bank’s stunning $2 billion trading loss, his message was frustratingly vague.

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Europe’s rush to austerity will have severe consequences.

Sun, 13 May 2012 00:00:00 -0700

Slate - By Joseph E. Stiglitz - May. 13 (Opinion) - This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy. Financial leaders, from finance ministers to leaders of private financial institutions, reiterated the current mantra: The crisis countries have to get their houses in order,...

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Capitalists and Other Psychopaths

Sat, 12 May 2012 00:00:00 -0700

New York Times - By William Deresiewicz - May. 12 (Opinion) - is an ongoing debate in this country about the rich: who they are, what their social role may be, whether they are good or bad. Well, consider the following. A recent study found that 10 percent of people who work on Wall Street are “clinical psychopaths,” exhibiting a lack of interest in and empathy for others and an “unparalleled capacity for lying, fabrication, and manipulation.” (The proportion at large is 1 percent.) Another study concluded that the rich are more likely to lie, cheat and break the law.

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The pace we've come to expect

Sun, 06 May 2012 00:00:00 -0700

Economist - By G.I. - May. 06 (Opinion) - For the second month in a row, America’s labour market has disappointed, once again raising questions about whether the economic recovery is truly entrenched. Nonfarm payrolls rose just 115,000 in April from March. While the unemployment rate dipped to 8.1%, the lowest since early 2009, from 8.2%, it did so for the wrong reason: the labour force (those working or looking for work) shrank by 342,000. Private payrolls rose 130,000, but government payrolls shrank, something of a setback because the state and local government austerity that had created such a drag in the past two years had shown signs of easing this year. However, manufacturing payrolls did rise again, suggesting that the industrial sector, and exports in particular, remain a bright spot. Retail employment also recovered, suggesting the recent rise in petrol prices to around $4 a gallon has yet to take a big bite out of the consumer.

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Diageo to end funding of Heartland Institute after climate change outburst

Sun, 06 May 2012 00:00:00 -0700

The Guardian - By Leo Hickman - May. 06 - Firm has 'no plans' to work with thinktank following campaign comparing people concerned about climate to mass murderers Diageo, one of the world's largest drinks companies, has announced it will no longer fund the Heartland Institute , a rightwing US thinktank which briefly ran a billboard campaign this week comparing people concerned about climate change to mass murderers and terrorists such as Osama bin Laden, Charles Manson and Ted Kaczynski. On Thursday, a billboard appeared over the Eisenhower Expressway in Illinois showing a picture of Kaczynski, the Unabomber, who in 1996 was convicted of a 17-year mail bombing campaign that killed three people and injured dozens. The caption read: "I still believe in global warming. Do you?" A day later it was withdrawn. The London-based drinks giant, which owns brands such as Guinness, Smirnoff, Johnnie Walker and Moët & Chandon, said this year that it was "reviewing any further association with Heartland" following the release online of ...

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Why Obama's JOBS Act Couldn't Suck Worse

Wed, 11 Apr 2012 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Apr. 11 (Opinion) - The "Jumpstart Our Business Startups Act" (in addition to everything else, the Act has an annoying, redundant title) will very nearly legalize fraud in the stock market. In fact, one could say this law is not just a sweeping piece of deregulation that will have an increase in securities fraud as an accidental, ancillary consequence. No, this law actually appears to have been specifically written to encourage fraud in the stock markets.

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Financiers and Sex Trafficking

Sat, 31 Mar 2012 00:00:00 -0700

New York Times - By Nicholas Kristoff - Mar. 31 (Opinion) - This emporium for girls and women — some under age or forced into prostitution — is in turn owned by an opaque private company called Village Voice Media. Until now it has been unclear who the ultimate owners are. That mystery is solved.

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Income inequality does matter

Tue, 27 Mar 2012 00:00:00 -0700

USA Today - By Philip Meyer - Mar. 27 (Opinion) - Despite its emergence as a concern in the 2012 presidential campaign, the issue of income inequality does not bother most of us. Maybe we haven't thought about it enough. A recent Gallup Poll found that only 46% believe it "extremely important" or "very important" for the federal government to enact policies that would reduce the gap between rich and poor.

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The Outsourced Party

Sun, 25 Mar 2012 00:00:00 -0700

New York Times - By Kevin Baker - Mar. 25 (Opinion) - Who speaks for the Republican party? The answer is that everyone does — and therefore, no one does. Much air time and many trees have been wasted trying to explain the division, rancor and lethargy that have beset the Republican nominating campaign, now into its second year and threatening to run all the way to the party’s national convention in late August. But it’s no great mystery. Republicans have fallen prey to one of the favorite tactics of just the sort of heedless, improvident, twenty-first century capitalism they revere. Their party has been outsourced.

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Obamacare’s contract problem

Sat, 24 Mar 2012 00:00:00 -0700

Washington Post - By George Will - Mar. 24 (Opinion) - On Monday the Supreme Court begins three days of oral arguments concerning possible — actually, probable and various — constitutional infirmities in Obamacare . The justices have received many amicus briefs, one of which merits special attention because of the elegant scholarship and logic with which it addresses an issue that has not been as central to the debate as it should be. ...

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Fair Game: W.T.O. and Barriers to Financial Change

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Gretchen Morgenson - Mar. 17 (Opinion) - The battle to remake the financial markets faces new obstacles in — of all places — the World Trade Organization. Even now, after all we’ve been through, something is still wrong with Wall Street. That’s the takeaway from the extraordinary — and extraordinarily public — resignation of Greg Smith from Goldman Sachs last week. His criticism of Goldman, made in an Op-Ed article in The New York Times, suggested that some of the business practices and inherent conflicts in the financial industry are as troubling today as they were before all of those taxpayer bailouts.

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The Good, Bad and Ugly of Capitalism

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Joe Nocera - Mar. 17 (Opinion) - Goldman Sachs displayed one side of capitalism this week that seemed to strike a chord with many. Starbucks is displaying a different side.

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Foreclosure settlement a failure of law, a triumph for bank attorneys

Mon, 27 Feb 2012 00:00:00 -0800

Washington Post - By Barry Ritholtz - Feb. 27 (Opinion) - After many months of wrangling, a foreclosure settlement has been reached between 49 state attorneys general and a consortium of banks. It is an epic failure of law and a triumph for bank attorneys.

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Op-Ed Columnist: What Ails Europe?

Sun, 26 Feb 2012 00:00:00 -0800

New York Times - By Paul Krugman - Feb. 26 (Opinion) - The two common explanations — call it the Republican narrative and the German narrative — are just wrong.

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The Austerity Debacle

Mon, 30 Jan 2012 00:00:00 -0800

New York Times - By Paul Krugman - Jan. 30 (Opinion) - Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British G.D.P. had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.

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David Cameron’s move to save the City, not the euro

Mon, 12 Dec 2011 00:00:00 -0800

Washington Post - By Anne Applebaum - Dec. 12 (Opinion) - .. no other European capital thinks quite like London, and no other European capital will think like London anytime soon.

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Central bank action: stunning move highlights sense of desperation

Thu, 01 Dec 2011 00:00:00 -0800

The Guardian - By Jill Treanor - Dec. 01 (Opinion) - European governments are desperately seeking a lender of last resort as sovereign debt exposure fears grow The stunning move by six central banks to announce emergency measures to push more dollars into the financial system shows just how desperate the authorities are to "ease strains in financial markets" that are making it difficult for some banks to operate as easily as normal. Jon Peace, head of European bank research at Nomura, said: "It is an evolution of the crisis from three years ago, when countries took on the risks of the banks. Back in 2008, there was a lender of last resort – countries bailed out banks. This time it is governments that need a lender of last resort – but there is no obvious lender of last resort." While the massive bank bailouts of October 2008 – in the month after Lehman collapsed – worked for a while in shoring up banks, confidence is again ebbing , even though the banks are much stronger then they were three years ago. This time the problems for banks is ...

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How Can Europe Possibly Save Itself?

Tue, 29 Nov 2011 00:00:00 -0800

Atlantic Monthly - By Megan McArdle - Nov. 29 (Opinion) - Well, things are getting a little gnarly in Europe. When you're down to the point of celebrating that Italy managed to place some debt at the low, low price of 7.6% . . . well, it's two for one drinks specials at the first class bar on the Titanic!

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#Occupy: The Tech at the Heart of the Movement

Wed, 16 Nov 2011 00:00:00 -0800

Atlantic Monthly - By Alexis Madrigal - Nov. 16 (Opinion) - With the police raids in the past few days of camps from Oakland to New York, the Occupy movement is at a key juncture. We want to step back and look at the role of technology in the protests' establishment, spread, and future. This essay inaugurates a series of stories on the ways that protesters have shaped technologies to fit their needs -- and how technologies opened up new space for their messages. Let's start with what seems self-evident, but what I'm sure is more complex than it appears: Occupy is different from the protests that preceded it. To be honest, I'm not sure anyone can explain why. The list of factors contributing to its outstanding run is long: economic circumstances, a distance from the enforced patriotism that followed 9/11, disappointment on the left with Obama's presidency, the failure to adequately regulate banks, the neverending foreclosure crisis, the Adbusters provenance, severe cuts to social programs at the state and local level, the language of occupation, and the prolonged nature of the engagement.

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End Bonuses for Bankers

Tue, 08 Nov 2011 00:00:00 -0800

New York Times - Nov. 08 (Opinion) -

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The euro crisis: Eurodoom

Wed, 02 Nov 2011 00:00:00 -0700

Economist - Nov. 02 (Editorial) - I suppose it's worth mentioning that Europe is back to crumbling before our very eyes. Late yesterday, the prime minister of Greece announced a plan to hold a referendum on the newly negotiated rescue deal. I'll let Roberto Perli, from the International Strategy and Investment Group, explain the political dynamics: Papandreou’s motives are understandable: So far the opposition has provided no support for the measures that he has been forced to push through, and he and his party have been left alone facing the public anger.

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Occupy Wall Street: Washington Still Doesn't Get It

Wed, 26 Oct 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Oct. 26 (Opinion) - I'll have more coming out about this in a few days, but there have been two disgusting developments in the realm of plutcratic intervention on behalf

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Fed-up customers taking action against big banks

Thu, 20 Oct 2011 00:00:00 -0700

Salt Lake Tribune - Oct. 20 - By paul beebe The Salt Lake Tribune Published Oct 19, 2011 07:41PM MDT Public anger that sparked the Occupy Wall Street protest is spilling over into direct action against Utah and U.S. banks, especially ones that took federal bailout money and charge high bank fees to make up for lost income while cutting back on lending and paying big bonuses. The fury is showing up in calls for customers to move their deposits to other banks or credit unions as a way to strike back at financial institutions that activists say have too much power in Washington. The latest moveme... ...

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