Love having my entire life littered with economic crisis after economic crisis. Also lots of war and a giant once in a lifetime plague which is becoming the status quo from now on. Also ecological collapse and mass extinction. I feel so fucking free. So glad we defeated communism guys.
people have been calling the coronation a chance to be involved in a historic event. I have had quite enough historic events thank you very much
So, tell me comrades, am I right in thinking that the lesson learned in 2008 was simply not publicize contagion, and simply quietly bail out these failures, and follow-up question, does that in fact mean that market crashes like this will never have the impact they once did?
I’ve been reading The Capital Order by Clara Mattei and so far its a pretty convincing argument that a lot of the “bugs” of capitalism actually serve to reinforce in peoples mind the idea that capitalism is, more or less, flowing from natural laws and can’t be fundamentally changed, only tweaked around the edges.
I'll have to read this. I like this idea, it's something I had a gut feeling about but never had words for. Most people seem to have an ingrained idea that Capitalism is just the Natural Way Things Are , and that any alternative way to organize economic activity is somehow going against nature. Why did the USSR collapse? They went against the natural order of things, and then fell from grace like Icarus. What's the deal with the way that the indigenous people of Turtle Island did public ownership and stewardship of natural resources? Oh, well, they were just primitive savages who had not yet discovered the platonic ideal which is Capitalism! What, you mean you want to unionize? That's foolish, you're going against the natural brilliance of the Owners of Capital!
If you weren't already aware, that's the premise behind Mark Fisher's Capitalist Realism.
Stonks keep going up regardless, markets being rational once again.
80 %+(the number keeps going up each year) of stocks are owned by the top 10% in the country.
They stay high until the rich finish selling. Then they allow the drop so they can rebuy.
At least two of these failures were purely the result of rich people freaking each other out on social media. SVB and First Republic were operating with the full backing of the FDIC, over and above the official limits, and likely could have endured 5% Fed Funds Rates (even profited off them in time) if tens of billions of dollars in panicked depositors hadn't run on them.
That's not to say there's anything structurally sound about any of this shit. But its indicative of how the death blow to these firms is entirely a consequence of the Keynesian Animal Spirits and has nothing to do with the firms' fundamentals (which were as shit a few years ago as they are now).
What's really nuts is how JP Morgan is just Pacman-ing these firms, one after another, when its already head and shoulders above everything. I really just have to wonder at the kind of strings a guy like Jamie Daimon can pull at this point. Dude is the closest thing our country's had to a King since Rockerfeller.
Personally, I pay for everything with bolts of linen proportionate to the amount of hours of labour that went into each good/service.
Likewise, the real estate industry has all but vanished, with mortgage lenders seeing no reason to stop people from reclaiming their foreclosed-upon homes.
"I don't even know what we were thinking in the first place," said former banker Nathan Collins of Brandon, MS, as he jimmyed open a door to allow a single mother and her five children to move back into their house. "A bunch of people sign a bunch of papers, and now this family has no place to live? That's just plain ludicrous."
:mao-shining:
Damn, I remember this article rustling my jimmies during the time in my life when I was an awful college libertarian.
On the bright side, the modern U.S. left exploded after the '08 crisis. Many eventually bought into Obama -- it was the End of History, he was running against the demonic record of Bush II, and you have this supposedly left-of-DNC candidate who's charismatic as hell -- but many then-new leftists learned from that, and Obama's not walking through that door this time.
So you have leftist sentiment as popular as it's been since, what, the Vietnam War? And there's yet another unraveling crisis, but this time there's no easy electoral release valve?
Obama brought the left onto his primary organization than scattered it to the wind when we won. This move stopped the left from gaining speed. But it also destroyed the Democratic party across the nation and allowed the gop to take over a huge swath of state legislature
Yeah, but there also isn't really any org to channel anything into, either.
Relative to 2008, though, there's a ton. DSA is at least OK and they're in all 50 states with something like 200+ chapters and 90K+ members. They're also at least decently established within the political mainstream (they're seen as "far left" but not a joke). I think other organizations have seen growth at a smaller scale, too.
There's also a lot more awareness of the value of organization vs., say, protesting.
Yeah, the big issue with Occupy in general was inability to channel that energy into a structured org.
With unions gaining power and groups like DSA becoming mainstream, there's more places that energy can be harnessed.
Famous last words?...
U.S. Treasury encouraged by First Republic resolution, says banking system remains sound | Reuters
"The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families."
JP Morgan is buying the First National assets so it does seem done. Still had a cost of 13B so if more banks fail it piles up
can't wait to initiate my children in the ritual ablution of capitalism's failures every decade.
