New study finds the flu virus ‘paralyzes’ immune system Science News Examiner
Google book settlement has librarians worried Ars Technica (hat tip reader John O)
Chrysler won’t repay bailout money CNN (hat tip reader Matthew)
Let’s Get Some Bad News Dean Baker
Stress test haiku Corrente
SC court halts thousands of home foreclosure sales Associated Press (hat tip reader Russell, who asks, “Why South Carolina?”)
Is company cost-cutting company throat-slitting? Reuters, The corporate version of the paradox of thrift.
Washington sets out Tarp payback rules Financial Times
Fed Directors’ Ties to Banks Spur Calls for Changes Wall Street Journal
What’s left of central bank independence? Willem Buiter
New Allegations Of White House Threats Over Chrysler Clusterstock (hat tip reader Bruce). Wall Street has gotten so piggy that up to a point, I’m not bothered by a show of force back. Without having a bit more detail, it’s hard to know whether Team Obama stepped over the line. Remember, J, Edgar Hoover supposedly had dossiers on everyone who counted in America (recall the public had more privacy than it has now), and Nixon had an enemies’ list. DC is more thuggish than we like to believe.
Subprime lobbyists in $370m battle Financial Times
Antidote du jour (hat tip readers Barbara and Ernesto, who sent a clip without the music, which I could not upload. So you can decide whether to turn your speakers up or not);
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http://fistfulofeuros.net/afoe/economics-and-demography/communication-at-the-ecb-all-at-sea/
from the article
“I think these are some important questions since there is indeed a big risk that the edifice of central bank policy which has been built up during the financial crisis may turn out to be anything but temporary. And here I am not talking about the inflationist hobby horse that central bankers may be too slow to haul back the reigns when the economy picks up again, but more so about the fact that whatever trend we will observe in the aftermath won’t be anything near the one markets and policy makers expect. Of course, the good old principle of falsification will help on this one as we move forward.”
LOL! It just gets worse with every passing day. First, it was, “Don’t worry guys, we’re just giving loans to troubled companies, they’ll pay them back, it’s not like we’re favoring anyone here!”
And now they throw all that to the wind, making it a $7 billion gift to failing Chrysler to cover up its complete inability to meet its obligations, and draw in people who had nothing to do with the management of Chrysler.
Gee, when do *I* get my $7 billion loan that I don’t have to pay back. I’ll make sure to pay taxed on it! (Anyone think Chrysler’s going to do the same for their “lobbying income”?)
Before we wear out our tear-ducts crying about the abused hedge funds and their law firms who have been forced to accept a settlement clearly against their interests by an out-of-control administration bent on subjugating Wall Street to the common man, it may be relevant to consider that they were not forced to do anything and made no concessions whatsoever. They negotiated, no deal was reached, and now the case goes to court. The parties seem to be complaining about having been strong-armed into accepting a deal which they flatly rejected despite the real or feigned anger of the administration. Doesn’t really sound like the fascist power grab that Wall Street is screaming about.
@”New Allegations Of White House Threats Over Chrysler”
But the dissident bond holders did withstand the alleged onslaught from the White House, resulting in Chrysler being put into bankrupcy.
But here’s the kicker, it looks like the dissidents may have run up against an even less sympathetic ear from the bankrupcy judge than from the Obama administration:
Plan to Sell Chrysler to Fiat Clears Bar~
The judge’s decision was the second blow dealt to the holdout lenders during a marathon hearing on Tuesday that began mid-afternoon and ended at 11 p.m.
Judge Gonzalez earlier ordered the disclosure of identities of the Chrysler creditors, who had said making them public could lead to retaliation.~
http://www.nytimes.com/2009/05/06/business/06auto.html?hp
I love JesseThanks for the introduction Yves. I love the visuals, intellect, and feelings.
Its impossible on most days to view the political economic situation without questioning the psycho/spiritual condition of the American people.
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Doesn’t really sound like the fascist power grab that Wall Street is screaming about.Sounds like partisan politics’ Republican dirty tricks agenda talking points attempt to embed ‘threatening black thug socialist’ tag on the administration in time for 1010 elections. They know best about thuggery and lawlessness.
Stay on alert for repeat and variations on the theme in all media.