The Rachel Maddow Show - Elizabeth Warren on risk and regulation

[Galraedia]

[chervilant]

1. hmm...

Does anyone remember the classic story of Brooksley Born? Ms. Born is the 'uppity female' who challenged the primacy of Uncle Miltie and his minions. Worse, she knew whereof she spoke.

Sounds like Ms. Warren is up against the same myopic sexism, for much the same reasons.

Here's what should be of concern to everyone watching with bated breath as the global economy teeters on the brink of catastrophic reordering:

{Born} once again warned about the danger of Dark Markets, now grown to $680 trillion of notional value, according to the Bank for International Settlements -- "more than 10 times the amount of the gross national product of all the countries in the world."

Does anyone out there TRULY believe that our global economy has the combined resources to cover this ginormous financial Black Hole?!

(Oh, and, just FYI, there are many, many more of us who are savvy about matters economic than Dimon, Summers, Geithner and their ilk would care to acknowledge...)

[chervilant]

2. Also...

Our global economy is undergoing catastrophic change. Those individuals charged with monitoring, analyzing, and reporting economic 'trends' are well aware of the unpredictability of the human element (why do you think they stopped calling economic downturns 'Panics'?).

In short, monthly--even quarterly--reports (or 'assessments,' as it were) are seldom relevant to the 'bigger' economic landscape.

Also, we seldom acknowledge the regular 'revisions' of economic data released by the feds, to whit:

For this annual revision, the most notable revisions are generally limited to the period from 2008 to the first quarter of 2011. The revisions for earlier periods tend to be small.

* For 2007-2010, real GDP decreased at an average annual rate of 0.3 percent; in the previously published estimates, real GDP had increased at an average annual rate of less than 0.1%.
* From the fourth quarter of 2007 to the first quarter of 2011, real GDP decreased at an
average annual rate of 0.2 percent; in the previously published estimates, real GDP had
increased at an average annual rate of 0.2 percent.

(From US DOC, BEA Current GDP Data released July 29, 2011--a Friday, naturally)

Our 'erudite' economists can offer short-term projections until the cows come home. It will not change the fact that disaster capitalism is both damaging and unsustainable, and that we are witness to global convulsions that promise to change our species' economic behaviors.

[Dokkie]

3. Theres nothing

that pains me more than when she says "we had to bailout the banks". Geeze if they know this, its no wonder why they crashed the economy and ran with the money. Its high time our govt decouple us from the risky banks, so they can self regulate themselves all they want and leave us out of it

[DianaForRussFeingold]

4. Two Brilliant and Courageous Women! Thank You! K&R

"We need a cop on the beat so no one steals your purse on Main Street or your pension on Wall Street."

"Published on May 4, 2012 by ElizabethForMA
Massachusetts Senate candidate Elizabeth Warren"