Word: rejectionism
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Wall Street didn't sell out America; easy mortgages, no-money-down plasma TVs, trade and budget deficits all existed prior to collateralized debt obligations. The reality is that the entire U.S. economy has been one big fractional-reserve Ponzi scheme for the past 25 years, with bubble after bubble...
But seen in historical perspective, the McCain campaign's strategy against Obama is actually kind of shocking. For years, the recipe for injecting race into a political campaign has been clear. First, invoke the specter of black crime, as Lee Atwater did in 1988 when he vowed to turn murderer...
Megapuss is a new band, kind of. Its members are officially (and unofficially) Greg Rogove of New York based band Priestbird, Devendra Banhart of Devendra Banhart fame, Noah Georgeson, Human Giant humorist Aziz Ansari, and Strokes drummer Fabrizio Moretti. Moretti, Ansari, and Georgeson may not, however, actually be in the...
Congress's initial rejection of the Bush Administration's $700 billion bailout plan calls to mind an unhappy precedent. Back in 1930, the Senate passed the Smoot-Hawley Tariff Act, which raised duties on some 20,000 imported goods. Historians define this as one of the critical steps that led...
On Sept. 29 of this year, as investors and traders reacted to Congress's rejection of the bailout plan presented by Treasury Secretary Hank Paulson, the stock market sell-off was dramatic: the Dow fell nearly 7% that day, a one-day drop that has been matched only 17 times...