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Saturday, April 4, 2009

The Great Divide — Winners & Losers

Items of Interest:

NY Times
No End in Sight to Job Losses; 663,000 More Cut in March -- With 663,000 more jobs disappearing from the American economy last month, swelling the total number of jobs surrendered to the recession beyond five million, the government’s response to the downturn is being put to a strenuous test...

Bloomberg: Unemployment Reaches 25-Year High as Services Contract
Tim Rutten / Los Angeles Times: Unemployment, and CEO Pay On the Rise
Leo Hindery & Donald Riegle / The Nation: The Job Creation Solution
Glenn Greenwald / Salon:
Larry Summers, Tim Geithner and Wall Street's ownership of government — White House officials yesterday released their personal financial disclosure forms, and included in the millions of dollars which top Obama economics adviser Larry Summers made from Wall Street in 2008...
The Huffington Post:
Summers Received Hundreds Of Thousands In Speaking Fees From TARP Recipients — Barack Obama's chief economic adviser, Larry Summers, received hundreds of thousands of dollars in speaking fees last year from firms that have direct financial interests before the government or are intimately involved …
PZ Myers / Pharyngula: Putting the foxes in charge
Taegan Goddard's Political Wire: Summers Received Big Fees from TARP Recipients
Barry Ritholtz / The Big Picture: Larry Summers: Wrong Man for the Job
Masaccio / Firedoglake: Summers Feeds at Hedge Fund Trough
Michael J. Boskin / Wall Street Journal:
Obama's $163,000 Tax Bomb — Families well below the president's ‘no-tax’ threshold will get a six-figure bill. — The House and Senate are preparing to pass President Barack Obama's radical budget blueprint, with only minor modifications, by using (abusing would be more accurate) the budget “reconciliation” process..
Ross Douthat: The Coming Tax Revolt?
You say pension, I say parachute -- The final chapter of Rick Wagoner’s tenure as Chairman and CEO of General Motors Corp. neatly sums up the growing schism between working-class America and executive-class America.

The former General Motors CEO and Chairman Rick Wagoner will eventually walk away from the company he ran into the ground with an estimated $20 million to $23 million pension. According to the Associated Press, Wagoner also will “receive about $367,000 in stock awards and about $535,000 in deferred compensation.” ...
James R. Hagerty / Wall Street Journal:
Fannie, Freddie Set to Pay $210 Million in Retention Bonuses
David Brooks / New York Times:
Greed and Stupidity — What happened to the global economy?
M Peretz / The New Republic: Our Epistemological Depression — David Brooks has an intriguing …
Alan Stewart Carl / Donklephant: Greed vs. Stupidity
Meg White / BuzzFlash.org: Phil Gramm Owes America $2 Trillion

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