The Mess That Greenspan Made - Part 415

Alan Grayson on Occupy Wall Street

The Sunday political shows were jam-packed with talking heads talking about Occupy Wall Street and earlier, on Friday, former U.S. Representative from Florida Alan Grayson appeared on the Bill Maher show to succinctly explain what it is they’re complaining about.

Greyson says, “They’re upset about the fact that Wall Street has iron control over the economic policies of this country and that one party is a wholly owned subsidiary of Wall Street and the other party caters to them as well.” Well put.

Also see this clip of Fox News’ Heraldo Rivera attempting to broadcast from the protest site.

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Monday Morning Links

MUST READS
Embattled Dexia gets huge bailout – BBC
Stock futures gain on French-German pledge – Reuters
Sarkozy and Merkel set a date to save Europe – Telegraph
The Depression: If Only Things Were That Good – NY Times
OECD indicators paint dark picture of global economy – Reuters
Talking Points for the “Occupy Wall Street” -Hussman Funds
The Rising Backlash Against the Rich – Samuelson, Washington Post
The Wall Street Occupiers and the Democratic Party – Reich, HuffPost
FOX News Meets Intelligent Protestor And Doesn’t Air It – Gothamist
Occupy Wall Street Backs a Nationwide Boycott Against Banks – NetNet
Could this time have been different? – Klein, Washington Post
Panic of the Plutocrats – Krugman, NY Times

MARKETS/INVESTING
Oil above $84 on better than expected jobs data – AP
Gold rises 1.5 pct after EU pledge to aid banks – Reuters
Rebound in U.S. Corporate Profits Loses Steam – Bloomberg
Investing: Few places to hide as bear growls – LA Times
Gold to stay strong, top performing funds say – Reuters
Gold supported by strong Asian demand, Q4 price to $1875 – Commodity Online
Inflation, deflation, stagflation – all will benefit the gold price – Mineweb
Paulson loses more in September, fund now off 47 percent – Reuters
Gold, Silver And The US Dollar – Profitimes
The Golden Constant – aucontrarian

ECONOMY/WORLD/HOUSING/BANKING
Airlines see demand take a dip – USA Today
Feldstein: ‘About as Bad an Expansion as I’ve Ever Seen’ – WSJ
Recession Officially Over, U.S. Incomes Kept Falling – NY Times
Number of the Week: Falling Wages for Young College Grads – WSJ
Trichet Throws Away Script, Reminds Skeptics Euro Built to Last – Bloomberg
Precedents for the rise of the renminbi as an international currency – voxeu
As Its Economy Sprints Ahead, China’s People Are Left Behind – NY Times
China’s cash-strapped small firms ring alarm bells – xinhuanet
China’s debt pileup raises risk of hard landing – Reuters
What is quantitative easing and will it help housing? – Property Talk
Too Big to Fail Not Fixed, Despite Dodd-Frank – Bloomberg
How to Walk Away – HuffPost

 

Brad Meltzer and the Gold at Fort Knox

We’ve watched many of the Brad Meltzer Decoded shows on the History Channel and they’ve been fairly entertaining, if for no other reason than to watch Alex Jones canoeing down a river next to where the Bilderbergs were supposedly meeting (or something like that).

In fact, the one about the death of Meriwether Lewis of Lewis & Clark fame was excellent and contradicted much of what was in Stephen Ambrose’s Undaunted Courage. But, this show about the gold at Fort Knox just came off as being a little bit (some might say, very) hokey.

They ask some important questions and produce some interesting anecdotal accounts about whether there’s any gold there (such as a waitress who said her mother, while in the military and working at Fort Knox, told here there was none), but the collection of interview subjects kind of left me feeling like I should either put on my tin foil hat or change the channel.

Maybe if they had interviewed someone like Jim Grant of Grant’s Interest Rate Observer about the long term prospects of a fiat money system and the historical role of gold as money it would have come off as something other than just another conspiracy theory.

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The Best of the Bozeman Police Reports

Culled from the Police Reports page of the Bozeman Daily Chronicle come the best of the Bozeman police reports from the last week along with some items from the Sheriff’s Office.

Hungry bears and inadvertent 911 calls dominate the most recent batch of police reports as it seems all the downtown bars must have been shut down in recent weeks given the dearth of reports of drunk and disorderly patrons. Maybe the late-night crowd is taking a few weeks off until the bears get through their “hyperphagia” stage and enter hibernation. If so, that would be a wise decision as TV news reports of bears being where they’re not supposed to be at all hours of the day are a regular occurrence.

  • A small, dark bear went through someone’s trash on Westridge Drive around 2 a.m.
  • Someone from Willow Way wanted to know whether it’s legal to give an 11-year-old boy a Playboy magazine.
  • Officers responded to an assault with a golf club on South 10th Avenue. Officers found people in their front yard dressed up and filming.
  • A man opened his car door on Little Coyote Road to find a bear inside. The bear had “trashed” the interior of the vehicle.
  • South 15th Avenue man named Larry wanted to know how to block 911 from his phone “because he’s tired of” 911. When told that he was calling 911, not the other way around, he sighed and hung up.
  • A business on Main Street wanted officers to remove a person sleeping on a picnic table.

(more…)

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