robertogreco + credit   39

Chileans Have Launched a General Strike Against Austerity
"Chile is the original home of neoliberalism, first begun after the overthrow of President Salvador Allende in 1973. If you listen closely to mass protests on the streets today, you can hear Allende's last words: “The people must defend themselves.”"
chile  2019  history  neoliberalism  economics  chicagoboys  miltonfriedman  salvadorallende  felipelagos-rojas  franciscagómez-baeza  capitalism  inequality  privatization  precarity  sebastiánpiñera  imf  society  government  governance  dispossession  debt  credit  pinochet 
24 days ago by robertogreco
How This All Happened · Collaborative Fund
"This is a short story about what happened to the U.S. economy since the end of World War II."

"10. The Tea Party, Occupy Wall Street, Brexit, and the rise of Donald Trump each represents a group shouting, “Stop the ride, I want off.”

The details of their shouting are different, but they’re all shouting – at least in part – because stuff isn’t working for them within the context of the post-war expectation that stuff should work roughly the same for roughly everyone.

You can scoff at linking the rise of Trump to income inequality alone. And you should. These things are always layers of complexity deep. But it’s a key part of what drives people to think, “I don’t live in the world I expected. That pisses me off. So screw this. And screw you! I’m going to fight for something totally different, because this – whatever it is – isn’t working.”

Take that mentality and raise it to the power of Facebook, Instagram, and cable news – where people are more keenly aware of how other people live than ever before. It’s gasoline on a flame. Benedict Evans says, “The more the Internet exposes people to new points of view, the angrier people get that different views exist.” That’s a big shift from the post-war economy where the range of economic opinions were smaller, both because the actual range of outcomes was lower and because it wasn’t as easy to see and learn what other people thought and how they lived.

I’m not pessimistic. Economics is the story of cycles. Things come, things go.

The unemployment rate is now the lowest it’s been in decades. Wages are now actually growing faster for low-income workers than the rich. College costs by and large stopped growing once grants are factored in. If everyone studied advances in healthcare, communication, transportation, and civil rights since the Glorious 1950s, my guess is most wouldn’t want to go back.

But a central theme of this story is that expectations move slower than reality on the ground. That was true when people clung to 1950s expectations as the economy changed over the next 35 years. And even if a middle-class boom began today, expectations that the odds are stacked against everyone but those at the top may stick around.

So the era of “This isnt working” may stick around.

And the era of “We need something radically new, right now, whatever it is” may stick around.

Which, in a way, is part of what starts events that led to things like World War II, where this story began.

History is just one damn thing after another."
history  economics  us  ww2  wwii  2018  morganhousel  debt  labor  work  credit  teaparty  donaldtrump  employment  unemployment  inequality  capitalism  1940s  1950s  1960s  1970s  1980s  2000s  2010s  expectations  behavior  highered  highereducation  education  communication  healthcare  housing  internet  web  online  complexity 
january 2019 by robertogreco
The Making of a Democratic Economy | Ted Howard | RSA Replay - YouTube
"While not often reported on in the press, there is a growing movement – a Community Wealth Building movement – that is taking hold, from the ground up, in towns and cities in the United States and in the United Kingdom, in particular.

Ted Howard, co-founder and president of the Democracy Collaborative, voted one of ‘25 visionaries who are changing your world’, visits the RSA to share the story of the growth of this movement, and the principles underlying it. Join us to explore innovative models of a new economy being built in cities from Cleveland, Ohio to Preston, Lancashire, and to discuss how we might dramatically expand the vision and reality of a democratic economy."
economics  tedhoward  inequality  democracy  extraction  extractiveeconomy  us  uk  2018  capitalism  privatization  finance  wealth  power  elitism  trickledowneconomics  labor  work  universalbasicincome  ubi  austerity  democraticeconomy  precarity  poverty  change  sustainability  empowerment  socialism  socialchange  regulations  socialsafetynet  collectivism  banking  employment  commongood  unemployment  grassroots  organization  greatdepression  greatrecession  alaska  california  socialsecurity  government  governance  nhs  communities  communitywealthbuilding  community  mutualaid  laborovercapital  local  absenteeownership  localownership  consumerism  activism  participation  participatory  investment  cleveland  systemicchange  policy  credit  communityfinance  development  cooperatives  creditunions  employeeownership  richmond  virginia  nyc  rochester  broadband  publicutilities  nebraska  energy  utilities  hospitals  universities  theprestonmodel  preston  lancashire 
november 2018 by robertogreco
Marxism 101: How Capitalism is Killing Itself with Dr. Richard Wolff - YouTube
"Despite a concerted effort by the U.S. Empire to snuff out the ideology, a 2016 poll found young Americans have a much more favorable view of socialism than capitalism.

Though he died 133 years ago, the analysis put forward by one of the world’s most influential thinkers, Karl Marx, remains extremely relevant today. The Empire’s recent rigged presidential election has been disrupted by the support of an avowed socialist, Bernie Sanders, by millions of voters.

To find out why Marx’s popularity has stood the test of time, Abby Martin interviews renowned Marxist economist Richard Wolff, Professor Emeritus of Economics at UMass - Amherst, and visiting professor at the New School in New York.

Prof. Wolff gives an introduction suited for both beginners and seasoned Marxists, with comprehensive explanations of key tenets of Marxism including dialectical and historical materialism, surplus value, crises of overproduction, capitalism's internal contradictions, and more."
richardwolff  karlmarx  academia  academics  capitalism  accounting  us  inequality  communism  socialism  marxism  berniesanders  labor  idealism  materialism  radicalism  philosophy  dialecticalmaterialism  humans  systems  change  friedrichengels  slavery  automation  credit  finance  studentdebt  poverty  unions  organization  systemschange  china  russia  ussr  growth  2016  power  democracy  collectives  collectivism  meansofproduction  society  climatechange  environment  sustainability  rosaluxemburg  militaryindustrialcomplex  pollution  ethics  morality  immorality  ows  occupywallstreet  politics  corruption 
november 2018 by robertogreco
Stefano Harney on Study (Interview July 2011, Part 5) - YouTube
"we’re talking about getting together with others and determining what needs to be learned together and spending time with that material and spending time with each other without any objective, without any endpoint"

"[Study] almost always happens against the university. It almost always happens in the university, but under the university, in its undercommons, in those places that are not recognized, not legitimate…"

[See also Margaret Edson: ]
2011  stefanoharney  study  studies  highered  highereducation  resistance  unschooling  deschooling  labor  work  informal  community  interdependence  cv  credit  credentialism  accreditation  slavery  blackness  debt  capitalism  fredmoten  universities  undercommons  freedom  practice  praxis  learning  communities  objectives  messiness  howwelearn  productivity  production  product  circumstance  producing  nothing  nothingness  idleness  relationships  imperatives  competition  howestudy  self-development  sharing  subversion  education  baddebt  studentdebt  completion  unfinished  margaretedson 
december 2017 by robertogreco
Radical community research | The McGill Daily ["Reflections on alternative research through the lens of healthcare"]
"Through CURE, students can also undertake projects for academic credit. I completed my project as the focus of an independent study course through McGill’s department of Geography. Researching immigrant access to care alongside a community organization through an academic course, I encountered one question over and over: who holds the power to produce knowledge in our society? Historically, minority groups have been the ‘subjects’ on whom research is ‘done’ and from whom knowledge is extracted. When social inequality becomes the project of academics, these minority groups rarely see themselves reflected in academic literature as the makers of knowledge. Many academic fields are moving toward inclusion of lived experiences in their literature, but we have yet to reach a point where the authors of these accounts are primarily the people who live them. Meanwhile, ethics committees carefully detail guidelines for confidentiality and data storage. Consider that these standards are set out by the institution sponsoring the research. Whom are these guidelines meant to protect?"

"From the moment I began working on this project in earnest, my intention was to speak with, not for, immigrants with precarious status. In proceeding one by one through clinics in Parc-Extension to assemble information about health services, I learned about many barriers immigrants face in accessing these services. Unfortunately, however, I was never able to work closely with the immigrants affected by barriers to healthcare access or consult individuals about their lived experiences. My portrayal of the situation is a poorer one because of it, one that does not explore or amplify the the agency, self-determination, or resilience of immigrants confronting precarious status and successfully overcoming barriers to the healthcare system. CURE was crucial in guiding me to navigate these issues transparently and ensuring that ultimately, my project worked toward establishing an important resource in the Parc-Extension community. The most valuable part of radical social justice research for me was the ongoing conversation with my academic supervisor and my collaborators at CURE and SAB surrounding these considerations. Alternative research partnerships, where a commitment to the community group exists from the start, offer a model for researcher accountability to the groups they are serving, and demand shared production of knowledge. Moving forward, an important part of maintaining equitable grassroots research partnerships in this way will be to ensure that consideration of anti-oppressive principles, questions of voices consulted, and emphasis on participatory process don’t simply become items to check off to meet an arbitrary requirement of self-reflexiveness."

"Institutional research projects have historically separated the producers of knowledge from its subjects, and universities have rarely had constructive and positive relations with neighbouring communities. Radical research alternatives in Montreal are transferring power from institutions to people. In the process, they establish reciprocal, mutually beneficial community-institution relationships that bridge students with meaningful work. These projects are occupying the spaces between the university and the neighbourhood to turn the traditional research paradigm on its head."

[See also: ]
2015  selinjessa  research  academia  minorities  knowledge  knowledgecreation  culturecreation  credit  horizontality  alternative  cooption  ecole  partnerships  acknowledgement  inequality  socialinequality  power  relationships  oppression  ethics  health  healthcare  accessibility  inclusion  inlcusivity  inclusivity 
february 2015 by robertogreco
"Hello, I’m Golan Levin. Today I’d like to talk about getting better results from your informatics researchdivision. You know: -- all those people that you employ in your R&D; department? The ones working on the development of new algorithms for computer vision, computational design, cultural informatics. And new artistic applications of these technologies. To judge from your some of your recentadvertising campaigns, you must’ve hired a bunch of PhD’s, huh?


For those of you who saw Evan Roth’s talk at E.T.A. last year [2011] -- my talk today issimilar. And the reason for this, is that certain problems have not only persisted, but, inways, gotten worse.



dishonesty  inequity  adagencies  partnerships  evanroth  culturalinformatics  informatics  r&d;  credit  thievery  ads  2012  golanlevin  attribution  newmediaart  newmedia  opensource  advertising  from delicious
october 2012 by robertogreco
Equifax, Experian and TransUnion await their asbestos moment
"If you watch late-night television, you’re bound to see plenty of commercials for law firms soliciting clients for their big class-action suits involving asbestos and mesothelioma, or targeting those who’ve suffered side effects from a wide array of popular medicines.

I will take it as a sign that America is getting better when I start seeing ads like that going after Equifax, Experian and TransUnion."
equifax  experian  transunion  via:tom.hoffman  creditscores  credit  creditreports  personalfinance  power  control 
july 2012 by robertogreco
potlatch: riots and credit crunches: when economic objects attack
"What to do? The Actor Network Theorist might smirk and say that we should be putting the HDTVs and trainers in jail, rather than the poor human actors who sought to liberate them. Maybe the mortgage-backed CDOs should themselves be appearing before Congress, explaining what they were up to in the years leading up to 2007. The bankers were merely their servants. Or else we need to rediscover the virtues of a boring, inanimate economy, as the basis for an animated social and cultural world, as Marx intuited. The tedium of the old socialist block - laughable cars, unchanging fashions, steady incomes, pitiful growth - was always at the heart of its apparent legitimacy crisis. But it strikes me that it's precisely this tedium that we now need more of, to escape the tyranny of financial and consumer objects."
anthropology  sociology  markets  marxism  neoliberalism  riots  2011  actornetworktheory  karlmarx  socialism  finance  london  uk  society  capitalism  materialsm  consumerism  consumption  values  objects  possessions  economics  restraint  boringness  ownership  credit  debt  potlatch  from delicious
september 2011 by robertogreco
Standard & Poor's Downgrade: How Debt Has Defined Human History - Speakeasy - WSJ
"in the Middle Ages…merchants had to develop reputations for scrupulous integrity—not just always paying their debts, but forgiving others’ debts if they were in difficulties, & being generally pillars of their communities. Merchants could be trusted w/ money because they convinced others that they didn’t think money was the most important thing…“credit,” “honor,” & “decency” became the same thing…

For much of human history, the great social evil…was the debt crisis. The masses of the poor would become indebted to the rich…lose flocks & fields, begin selling family members into peonage & slavery…uprisings…Periods dominated by credit money, where everyone recognized that money was just a promise, a social arrangement, almost invariably involve some kind of mechanism to protect debtors…

…since 1971, we did exactly the opposite. Instead of setting up great overarching institutions designed to protect debtors…[we] protect creditors."
culture  politics  history  economics  money  debt  1971  2011  middleages  medieval  credit  integrity  usuary  honor  decency  slavery  peonage  creditors  debtors  bankruptcy  debtforgiveness  wealth  disparity  debtceiling  society  imf  relgion  s&p  from delicious
august 2011 by robertogreco
The myth of the individual, AKA completely missing the point of Palomar 5 « Mindflip
"The truth is hard to accept – that we are an expression of others, the thoughts and ideas of those around us. An interpretation of the ideas that permeate society, a translation, an articulation of possibility. Ego guides us to think of these as the expression of one being, and we respect this because we can then possess the same illusion.
palomar5  collective  individual  ideas  tcsnmy  credit  awareness  leadership  management  administration  ego 
july 2010 by robertogreco
Frank Chimero — Public Tools and Your Private Stash
"Posting Gavin’s work without proper credit and link is a problem for him because he missed out on having a giant influx of new eyes on his work from an honest mistake. As a creative person, I love it when other people share my work and copy it to their respective places on this web. It’s at testament to how they enjoy it and it’s a sign of connection. Someone wanted to save that thing that I made, and that is incredible. But, it does me no good if it is displayed publicly without credit. With this in mind, I have a few small proposals:

* Keep it public, but give credit. [explained] ... [OR] * Keep it private... [explained]
So, please give credit. It’s the only currency for the folks who publish their work online freely."
credit  sharing  online  morguefiles  frankchimero  etiquette  netiquette  tcsnmy  howto  tumblr  flickr 
july 2010 by robertogreco
YouTube - RSA Animate - Crises of Capitalism
"In this RSA Animate, radical sociologist David Harvey asks if it is time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane?"
davidharvey  capitalism  economics  politics  rsaanimate  homeownership  us  culture  germany  greece  policy  banks  finance  banking  canon  housing  worldbank  imf  neoliberalism  liberalism  alangreenspan  marxism  instability  systemicrisk  capitalaccumulation  crisis  labor  capital  1970s  1980s  unions  offshoring  power  wagerepression  wages  credit  creditcards  debt  personaldebt  2010  limits  greed  profits  industry  london  uk  latinamerica  wealth  india  china  inequality  incomeinequality  wealthinequality  hedgefunds 
june 2010 by robertogreco
"In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment. Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience. Square was born a few days later right next to the old San Francisco US Mint.

Today the Square team is focused on bringing immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily. We’re starting with a limited beta and rolling out to everyone in early 2010."
android  iphone  ipad  payment  processing  creditcards  credit  ecommerce  commerce  glvo  applications  business  mobile  money  design  services  retail  twitter  technology  tools  ios 
may 2010 by robertogreco
Long Time Coming § SEEDMAGAZINE.COM - "The story of one of history's most infamous math problems illustrates the difficulties facing congress in the wake of healthcare reform."
"To steal a phrase from Joe Biden, it was “a big fucking deal” in 2002 when a Russian mathematician named Grigori Perelman finally offered a valid proof of the Poincaré conjecture. But controversy in the math world erupted when a group of Chinese mathematicians began vying for credit. Perelman told the New Yorker in 2006 that he wasn’t sure exactly what the mathematicians were claiming to have done (it now seems to be the general consensus that Perelman deserved the credit), but he wanted none of academia’s politics. He declined the Fields Medal (often called the Nobel Prize of mathematics) and withdrew from academic life. Explaining his distaste for the profession, he said, “there are many mathematicians who are more or less honest. But almost all of them are conformists. They are more or less honest, but they tolerate those who are not honest.” In solving one of math’s greatest problems, Perelman had come to understand the destructive power of personal interest."
personalinterest  math  mathematics  academia  honesty  credit  grigoriperelman  poincaréconjecture  healthcarereform  2010 
march 2010 by robertogreco
Student Loans are the New Indentured Servitude - The Atlantic Business Channel
“College student-loan debt has revived the spirit of indenture for a sizable proportion of contemporary Americans...not a minor threshold that young people entering adult society & work, or those returning to college seeking enhanced credentials, might pass through easily...major constraint that looms over the lives of those so contracted, binding individuals for a significant part of their future work lives. Although it has more varied application, less direct effects, & less severe conditions than colonial indenture did...& it does not bind one to a particular job, student debt permeates everyday experience w/ concern over the monthly chit & encumbers job & life choices. It also takes a page from indenture in extensive brokerage system it has bred, from which more than 4000 banks take profit. At core, student debt is a labor issue, as colonial indenture was, subsisting off the desire of those less privileged to gain better opportunities & enforcing a control on their future labor.”
education  economics  slavery  studentloans  academia  capitalism  debt  credit  finance  colleges  universities 
october 2009 by robertogreco
Eurozine - Debt: The first five thousand years - David Graeber
"Throughout its 5000 year history, debt has always involved institutions – whether Mesopotamian sacred kingship, Mosaic jubilees, Sharia or Canon Law – that place controls on debt's potentially catastrophic social consequences. It is only in the current era, writes anthropologist David Graeber, that we have begun to see the creation of the first effective planetary administrative system largely in order to protect the interests of creditors."
debt  economics  credit  history  society  culture  politics  creditcrunch  anarchy  money  finance  crisis  capitalism  via:javierarbona  middleages  ancienthistory  anarchism 
september 2009 by robertogreco
My Personal Credit Crisis -
"If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us. But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds."

[See some follow-up here: ]
crisis  housingbubble  credit  creditcrunch  creditcards  2009  journalism  economics  foreclosures  mortgages 
may 2009 by robertogreco
YouTube - The Coming Collapse of the Middle Class
"Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class."
elizabethwarren  economics  middleclass  bankruptcy  collapse  statistics  health  money  finance  credit  debt  families  crisis  history  politics  culture  society  us  income  class 
may 2009 by robertogreco
iPhone Merchant Account Program - iPhone Credit Card Terminal
"Processing credit cards using your Apple iPhone or iTouch is a fast and easy way for your business to accept credit cards anywhere with our iPhone merchant account program. Credit Card Processing Services, in conjunction with Inner Fence, Merchant Focus, Authorize.Net®, and Global Payments has developed a seamless iPhone interface program so that you can instantly accept all of the major credit cards and check cards including MasterCard, Visa, American Express, and Discover Card for your mobile business. There is No Setup Cost and our merchant agreement is Month to Month so you are not locked into any long term contracts like many merchant account companies. We call our excellent iPhone program CCTerminal."
ccterminal  creditcards  iphone  application  business  glvo  money  applications  commerce  paypal  ecommerce  processing  banking  credit  mobile  ios 
april 2009 by robertogreco
Idle Words - Andrew Ross Sorkin Explains
"When a small company does what AIG did, it is called 'fraud' and people are sent to jail. However, since AIG had signed contracts with most of the biggest financial institutions in the world, it instead received a very large sum of money ($170 billion so far). This also makes sense. When a teenage kid breaks your storefront window, you chase him down and give him a pounding. But when the local mafia breaks your window, you sweep up the glass and make sure to increase the heft of your next monthly envelope."
politics  economics  aig  bailout  credit  insurance  money  us  2009  law  compensation  maciejceglowski  maciejcegłowski 
april 2009 by robertogreco
Rethinking the American Dream |
"what about outmoded proposition that each successive generation in US must live better than one that preceded it? longer applicable to an American middle class that lives more comfortably than any...before...I’m no champion of downward mobility, but time has come to consider the idea of simple continuity: perpetuation of a contented, sustainable middle-class way of life, where standard of living remains happily constant from one generation to next. American Dream should require hard work...not require 80-hour workweeks & parents who never see kids from across dinner table...should entail first-rate education for every child not an education that leaves no extra time for actual enjoyment of childhood...should accommodate goal of home ownership without imposing lifelong burden of unmeetable debt. Above all...should be embraced as unique sense of possibility that this country gives its citizens—the decent chance, as Moss Hart would say, to scale the walls & achieve what you wish."
us  americandream  capitalism  sustainability  debt  education  happiness  well-being  society  culture  economics  history  money  identity  ideology  sociology  crisis  markets  families  homeownership  generations  upwardmobility  freedom  success  aspiration  credit  creditcards 
march 2009 by robertogreco
Transactions iPhone
"Transactions makes credit card processing away from the home or office effortless. Using two of the most popular payment gateways in the world Transactions allows anyone to easily accept credit cards.
iphone  applications  commerce  paypal  ecommerce  processing  banking  credit  creditcards  business  mobile  glvo  via:jessebrand  ios 
march 2009 by robertogreco
"With any luck, the economy will never recover...This is the sound of the other shoe dropping; it’s what happens when the chickens come home to roost; it’s justice, equilibrium reasserting itself & ultimately a good thing...The thing that is dying—the corporatized model of commerce—has not, nor has ever been, supportive of the real economy. It wasn’t meant to be...We do not live in an economy, we live in a Ponzi scheme...Using future tax dollars to give banks more money to lend out at interest is robbing from the poor to pay the rich to rob from the poor...Deprived of centralized banks & corporations, we’ll be forced to do things again...we’ll find out that these institutions were not our benefactors at all...never meant to be. They were invented to mediate transactions between people & extract the value that would have passed between us. Far from making commerce or industry more efficient, they served to turn the real world into a set of speculative assets & real people into debtors."
douglasrushkoff  economics  banking  capitalism  globalization  recession  collapse  crisis  finance  alternative  money  politics  credit  commerce  gamechanging  corporatism  corporations 
march 2009 by robertogreco
Sweet Memories Of A Snack Food Financial Scheme : NPR
"And so, Bearman came up with a plan. A scheme. A lie. He told his classmates that every year, on the last day of class, his mother would bake a cake. A huge cake. The most delicious cake you've ever tasted.
humor  children  lunchroomeconomics  economics  ponzischemes  crisis  finance  credit  conmen 
march 2009 by robertogreco
Jim Kunstler : The Abyss Stares Back
"In the folder marked "unsustainable" you can file most of the artifacts, usufructs, habits, and expectations of recent American life: suburban living, credit-card spending, Happy Motoring, vacations in Las Vegas, college education for the masses, and cheap food among them. All these things are over."
jameshowardkunstler  collapse  local  colleges  universities  education  learning  schools  schooling  peakoil  crisis  2009  suburbs  suburbia  us  credit 
february 2009 by robertogreco
In the lap of luxury, Paris squirms - International Herald Tribune
"Some French intellectuals want to go much further, calling for the death of the entire luxury industry as a sort of national ritual of purification. "Since the ancient Greeks, luxury goods have always been stamped with the seal of immorality," said Gilles Lipovetsky, a sociologist who has written several books about consumerism. "They represent waste, the superficial, the inequality of wealth. They have no need to exist." ... President Nicolas Sarkozy, formerly known as "President Bling-Bling" ... and the former British Prime Minister Tony Blair hosted a conference of political leaders and Nobel Prize-winning economists to find ways to instill moral values into the global economy. The old financial order had been "perverted" by "amoral" and uncontrolled capitalism, Sarkozy said, deploring the fact that, "the signs of wealth count more than wealth itself." He praised the "return of the state" as a regulator of capitalist excess."
wealth  society  france  austerity  simplicity  slow  excess  capitalism  materialism  values  morality  politics  nicolassarkozy  crisis  consumption  luxury  credit  markets  modesty 
january 2009 by robertogreco
The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle - Executive Suite Blog -
"Today, we are bailing out the banks because of their greedy and deceptive lending practices in the mortgage industry. But this is just the tip of the iceberg. More is coming, I’m sorry to say. Layoffs are being announced nationwide in the tens of thousands. As people begin to lose their jobs, they will not be able to pay their credit card bills either. And the banks will be back for more handouts."
creditcrunch  credit  creditcards  bailout  banking  recession  crisis  2008  finance  economics  business  money  debt 
december 2008 by robertogreco
The Frontal Cortex : Credit
"one of the reasons credit cards are such a popular form of debt is that they take advantage of some innate flaws in the brain. When we buy something with cash, the purchase involves an actual loss - our wallet is literally lighter. Credit cards, however, make the transaction abstract, so that we don't really feel the downside of spending money...Perhaps the real goal of the Paulson plan is precisely that: encourage people to use credit cards as a way to jump start retail spending. Because we've got a shiny new Visa card, we'll be less sensitive to the fact that our 401(k) is down 40 percent, the value of our home is down 20 percent and the unemployment rate shows no sign of stabilizing anytime soon. Call me crazy, but ludicrously expensive debt (rates of 25 percent or more aren't uncommon on credit cards) hardly sounds like a sound long-term solution."
psychology  via:adamgreenfield  money  credit  debt  cognition  brain  bailout  economics  tylercowen  crisis  2008  policy 
november 2008 by robertogreco
The party's over for Iceland, the island that tried to buy the world | World news | The Observer
"Almost overnight, its population became the wealthiest on Earth. Tracy McVeigh in Reykjavik finds that the credit crunch is making the cash disappear"
iceland  economics  recession  crisis  credit  markets  2008  finance  banking  via:cityofsound 
october 2008 by robertogreco
naked capitalism: Why You Should Hate the Treasury Bailout Proposal
"But here is the truly offensive section of an overreaching piece of legislation: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
economics  politics  housing  finance  crisis  credit  2008 
september 2008 by robertogreco
Calculated Risk: Wachovia: Homeowners just Walking Away
"1 of greatest fears for lenders (+investors in mortgage backed securities) is...socially acceptable for upside down middle class Americans to walk away from homes...homeowners with "capacity to pay...just decided not to." Wachovia is seeing that happen n
bubbles  homes  realestate  housingbubble  via:migurski  business  finance  economics  credit 
january 2008 by robertogreco / Comment & analysis / Comment - The worst market crisis in 60 years
"The 60-year super-boom is a more complicated case."..."The danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse."
economics  georgesoros  finance  bubbles  recession  money  markets  investing  global  credit  crisis  trading  future  trade  banking  globalization 
january 2008 by robertogreco
Marginal Revolution: The best two sentences I read this morning
"Charge 80% per year on a loan in the U.S. and you're called a usurer. Charge 80% on a loan in Latin America or Africa and you can be a poverty-alleviation charity."
credit  finance  latinamerica  africa  us  norms 
november 2007 by robertogreco

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