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Friday, February 20, 2009

Great Recession Roundup — February 20, 2009

Items of Interest:

CNNMoney.com:
What is nationalization? -- The administration says it doesn't want to run banks, but investors still fear a replay of the Fannie-Freddie takeover. Investors are fretting over how Tim Geithner will handle the banking crisis...

related:
Forbes: Banks Panic Over Nationalization Fears
Bizjournals.com: Banks say nationalization isn’t necessary
Big Picture: A List of Those For and Against Bank Nationalization
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David Brooks / New York Times:
Money for Idiots — Our moral and economic system is based on individual responsibility. It's based on the idea that people have to live with the consequences of their decisions. This makes them more careful deciders. This means that society tends toward justice — people get what they deserve as much as possible ...
discussion:
Jennifer Rubin / Commentary: The Fallacy of Government Stabilization
James Joyner / Outside The Beltway: Money for Idiots (Chicks for Morons?)
Allison Kilkenny / The Huffington Post: David Brooks: Protecting Us From Poor People
Jill / Brilliant at Breakfast: David Brooks, Socialist
The Barrister / Maggie's Farm: David Brooks explains it for you
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Josh Gerstein / The Politico:
WH lashes out at CNBC's Santelli — The White House is lashing out publicly and personally at a CNBC reporter whose attack on President Obama's anti-foreclosure plan caught fire on the Internet Thursday. — White House Press Secretary Robert Gibbs jumped at the chance to go after the CNBC journalist …
related:
Mark Silva / The Swamp:
White House: Stock market not our fault
David Sirota / Open Left:
Market Populism vs. Grassroots Populism - Which Side Are You On? – In two separate television clips yesterday, we saw the two most powerful political forces in America in their most pure form...

CNBC, where the network's correspondent, Rick Santelli, is literally on the floor of the Chicago Mercantile Exchange surrounded by multimillionaire traders railing on the Obama administration for trying to help struggling homeowners, and berating people who are getting foreclosed on as "losers." Santelli is praised as a supposed "revolutionary" and the mob of financial elites around him is whooping and hollering, pretending to be a populist mob of regular Joes...
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International Herald Tribune:
Latvia's government collapses -- Latvia's center-right coalition government collapsed Friday, a victim of the country's growing economic and political turmoil and the second European government, after Iceland, to disintegrate because of the international financial crisis.

The government in Riga, faced with forecasts of a severe drop in the economy this year, was the first in Eastern Europe to succumb to turmoil caused by the crisis. Its collapse rounded out a week that saw worries about feeble investment, banks and output in Central and Eastern Europe coursing through international markets....
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Eamon Javers / The Politico:
The Obama Cabinet is a CEO black hole — In President Barack Obama's Cabinet, there is a Nobel Prize winner, a former mayor, and a veteran CIA agent. Surrounding him in the White House West Wing are a former four-star general, one of the nation's most eminent economists and a handful of this generation’s most talented political operatives. This constellation of talent, however, has something of a black hole. There is virtually no one on Obama’s team with outsized achievements or a high-profile reputation earned in the world of business.

There are no former CEOs in the Obama Cabinet. And among the people who make up his daily inner circle, there is only a dollop or two of top-level private sector experience. …
discussion:
Conor Clarke / The Atlantic Business Channel: Affirmative action for corporate CEOs
Steve Benen / Washington Monthly: AN OBAMA CEO SNUB?.... The Politico's Eamon Javers has a 1,200 …
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Phil Gramm / Wall Street Journal:
Deregulation and the Financial Panic – Loose money and politicized mortgages are the real villains.

The debate about the cause of the current crisis in our financial markets is important because the reforms implemented by Congress will be profoundly affected by what people believe caused the crisis...
discussion:
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Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia