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#gfc

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✳️lighting Trump's crypto corruption.

Sen Dems who railed against Trump's suddenly develop amnesia when: IND waves $197M in campaign donations. GENIUS Act: basically a permission slip for pres conflicts of interest. Ds opposed: bill 11 days ago citing ethics concerns. 16 D Senators:🚨funny how $40M spent defeating Sen Brown helped change their thinking.

The last time Congress created a 'weak REG regime for innovative FIN products'➡️🚨*2008 .

thenation.com/article/politics

The Nation · Democrats Are Greenlighting Trump’s Crypto CorruptionSixteen senators backed a disastrous bill that enshrines the crypto industry's flagrant abuses into law.

1/ #MAGA bros are crowing about the 2nd highest single day Nasdaq stock market gains in history. It's worth remembering that:

1. the 1st, 4th, 7th, 8th, and 10th largest single day Nasdaq gains came during the dotcom crash.

2. the 3rd and 5th largest single day gains came in the middle of the 2008 financial crisis.

3. the 6th and 8th (tied) largest gains came during the covid panic in 2020

In other words all 10 of the highest gaining days in Nasdaq history, with the possible exception of today which is still TBD, came during major long term market crashes.

Massive market moves like this are in no way a sign that markets are healthy and performing their societal function. In fact quite the opposite - massive moves up are historically almost always a symptom of the disease of speculative mania refusing to accept reality (“buy the dip!!!!”).

Replied in thread
It's legal and customary in your system for your politicians and bureaucrats to routinely lie to you - from their election and appointment onward.

They face no legal repercussions for that - through Article 1.6 of your constitution and "qualified immunity" statutes.

Most recently, the #GFC and #Covid clearly showed that, among many other examples.

As usual, just a few years from now, a "piece of shit" that you support and elect shall be lying to you to your satisfaction.

Redeeming the Nobel in #Economics
"Johnson was scathing abt how Obama’s #neoliberal team handled e #GFC. “e #financial sector was saved by unprecedented #government #support. If #homeowners had received e same level of support in 2008-9 .. #American #economy wld hv recovered, house prices risen, & everyone involved wld hv looked like a genius. But.. e result was: mass #unemployment, greater #inequality, confused anger, & Pres #Trump".. insights surely worthy of a #Nobel"
prospect.org/blogs-and-newslet

The American Prospect · Redeeming the Nobel in EconomicsToday on TAP: This year’s prize went to three institutionalist critics of neoliberalism. The award is overdue.

@ceresbzns @treyhunner

The opposite is true: Managed money (BlackRock etc.) evidently raised under the free market ideology of mainstream economics, led to the GFC (money creation of commercial banks - not central banks!) and to today's degree of inequality endangering democracy.

If one likes to turn the page (and give back souvernity to the state and the people) a serious engagement with Postkeynesian theories is required. That means to leave the level of claims, opinions and believes and to practice in good scientific habits - being open to discourses based on arguments and evidences.

#MMT is a good starting point. If you are interested in the dynamics that led to the #GFC then R. Wrays "Why Minsky matters" is a good read (it's a kind of prequel to todays mmt).

The ones who blame the #mmt not to be a real theory fall for rumors and opinions about mmt. These are spread by mainstream which is in defense (why did it not see the GFC coming? what is its acual real world relevance?) > Critic immunization.

Replied in thread

#dejavu
Musk’s #Twitter #Takeover Is Now the Worst #Buyout for Banks Since the GFC
"The $13bil tt #Musk #borrowed has turned into e #worst #mergerfinance deal for #banks since the 2008-09 #GFC. The 7 banks in e deal, incl'g #MorganStanley & #BofA, lent e money in Oct 2022.. nearly 2 years aft, X’s biz is still struggling to climb out of the #deephole it fell into under his ownership—the co last yr said its value had fallen by more than half, to around $19bil"💸 #StopGreed
msn.com/en-us/money/companies/

www.msn.comMSN

2022: #JohnNaughton lays out the well-known propertarian and Hayekian side of crypto evangelism, then this intriguing observation;

"Lots of people will point out that the Satoshi memo, which released the idea for blockchain, more or less coincides with the fall of Lehman Brothers, and... [that] being a token for the corrupt, uncontrollable nature of financial capitalism and it's untrustworthiness."

shows.acast.com/talkingpolitic

#podcasts #Talking Points #BlockChains #Satoshi #GFC #LehmanBrothers

In finance, an inverted yield curve is when interest rates on short-term debt instruments rise above the interest rates of longer-term debt instruments of similar creditworthiness. In other words, this is an unusual situation in which, all else being equal, shorter-term investments return more money than longer-term investments.

Historically, inverted yield curves on US treasuries have been reliable indicators of impending recessions or economic downturns, and more prolonged inversions generally correlate with more severe crashes, as this video by the Game of Trades investment channel demonstrates: youtube.com/watch?v=ELF_EivMCM

(The last 30 seconds of this video are just ads for the channel's trading advice services.)

Our current situation in 2024 is that the yield curve has been inverted for 540 days, which is comparable to the durations of the inversions preceding the 1974 crash and the 2008 global financial meltdown (low 500s each) and second only to the 1929 market crash that kicked off the Great Depression (700).

The stock market is currently still going up, but keep in mind that the stock market went up for a long time after the 2008-era inversion as well: a record 657 days. If the market were to keep rallying for that length of time today, then the crash would begin this August.

2008 showed us that the average person will be angry and more ready to question capitalism itself when events like this happen. As Marxists, we must prepare to do widespread agitation, education, and organizing in its wake, spreading real knowledge about how to understand, resist, and fight back against capital.

#yieldcurve #ustreasury #federalreserve #invertedyieldcurve #recession #crash #financialcrash #financialmarket #economy #economics #news #politics #gfc #globalfinancialcrisis #2008 #greatdepression #depression #yieldinversion #capitalism #socialism #communism #socialist #communist #marxism #marxist #revolution #rev2030 #revolution2030 #tatertube #s4a #socialismforall

@RickiTarr @saharafang
The moneyPrinter enables the worst fascism. Are you not aware of the #GFC? Bankers should have gone to prison.

Tillony is #theftOnTheGrandestOfScales, it steals labour, and #soundMoney is what was intended to prevent #tillony. Central bank proponents conspired to create #TheFed, and the world has persistently moved to #fascism ever since. Yes #goldMining is bad, but now we have #bitcoin.

Bitcoin finally enables #LimitsToGrowth. Limits to corporate greed.

The United Kingdom faces a steep climb out of a deep hole.

Food shortages, moldy apartments, a lack of medical workers: The UK faces a perfect storm of struggle, and millions are sliding into poverty. There is little to suggest that improvement will come anytime soon.

Last week the IMF forecast that in no other industrialised nation would the economy develop as poorly as in Britain. Even Russia is expected to end up ahead.

spiegel.de/international/europ

The United Kingdom faces a steep climb out of a deep hole.

Food shortages, moldy apartments, a lack of medical workers: The UK is facing a perfect storm of struggle, and millions are sliding into poverty. There is little to suggest that improvement will come anytime soon.

Last week the IMF forecast that in no other industrialised nation would the economy develop as poorly as in Britain. Even Russia is expected to end up ahead.

spiegel.de/international/europ

DER SPIEGEL · Britain in Crisis: The UK Faces a Steep Climb Out of a Deep HoleBy Jörg Schindler