Business
Jeff Bezos and Amazon Could Be Paving The Way For a Dystopian Nightmare
Welcome to the United States of Amazon. Picture a not so far-off future where the online retailer has gobbled up all other businesses, automated all tasks and decisions previously carried out by human workers, and created a government full of AI bots uncorrupted by individual ...read more
Obama Dismantles The Myth of Running Government Like a Business
One of the major reasons Donald Trump has parlayed his success as a real estate mogul into politics is the pervasive myth in America that being a good business person makes one qualified to run a government. This myth is particularly prevalent in America -- a country that ...read more
CNBC's Rick Santelli Embarassed by Colleague Over Disastrous Economic Predictions
It could be said that the only people idiotic enough to believe in free market economics are: a) academics and b) TV business personalities. Everyone else either pretends to believe in it while siphoning gigantic tax breaks and bailouts off of the tax payer, or accurately ...read more
Yahoo Publishes Possibly the Most Pointless Article Ever
Mega internet company Yahoo is going through big changes (again). The failing google competitor has amped up operations to stay relevant, doing crafty things like changing the newsfeed on its home page, shelling out unseemly fortunes to app designing teenagers, and betting the ...read more
'Sugar Daddy' Dating Site Hits UK
An American website that pairs rich older men with attractive young ladies is now hitting the UK. From the Telegraph: The website, which boasts ten women for every so-called “sugar daddy”, already has a million members in the United States and claims to already have an MP among ...read more
Ben Cohen's Interview on Wealth Inequality in America
By Ben Cohen: I was interviewed on the RT Network last Thursday on wealth inequality in the US and the shifting perception about the American dream. You can check it out below: I think the change in the public's attitude towards social mobility could really spark tangible ...read more
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Director Leaves "Morally Bankrupt" Goldman Sachs
A Goldman Sachs director in London has resigned after publishing a devastating open letter accusing senior staff of being "morally bankrupt" and bent on extracting maximum fees from clients by offloading unsuitable investment products. Greg Smith, who has left his post as ...read more
The American Way: Outsourcing War to Drones
In the American mind, if Apple made weapons, they would undoubtedly be drones, those remotely piloted planes getting such great press here. They have generally been greetedas if they were the sleekest of iPhones armed with missiles. When the first American drone assassins ...read more
Obama Proposes Corporate Tax Cut
The Obama administration is planning to propose cutting the top tax rate for corporations to 28%, and pay for it by eliminating dozens of tax loopholes companies now use to lower their rates, a senior administration official said. Chances of a deeply divided ...read more
Uncompetitive Capitalism in America
When you hear the word 'bank' you automatically think 'capitalism'. After all, banks have capital and fund all sorts of ventures that make the economy work. Synonymous with capitalism is the theory of competition - markets are free and competitive leading to transparency and ...read more
How a 22 Year Old Took on Bank of America
Molly Katchpole, 22 years old, took on Bank of America over its ridiculous debit card fee and won. Just goes to show what happens when people decide to stand up to power. From the Guardian: I called on Bank of America to back off the new debit card fee, knowing that if Bank of ...read more
Matt Taibbi: Pull Your Money Out of Bank of America
Image via Wikipedia Matt Taibbi suggests 'Occupy Wall St' add another very specific policy to their agenda; get people to pull their money out of Bank of America: When it comes to commercial banking, Bank of America is as bad as it gets. The markets, of course, have lately come ...read more
The Brilliance of Conservative Economics
(Bank of England) Britain woke up to the following news today: Sir Mervyn King expressed fears that Britain is in the grip of the world's worst ever financial crisis after the Bank of England announced it was injecting £75bn into the ailing economy. The Bank's governor said the ...read more
Rick Perry's Ludicrous Claim
Robert Scheer dispells the myth that Gov. Rick Perry had anything to do with Texas's economic recovery: Thanks to breakthroughs in oil field technology that Perry had nothing to do with, there have been controversial new drilling techniques that have vastly expanded the ...read more
BP Building Island to Circumvent Off Shore Drilling Laws
After causing billions of dollars worth of damage to the gulf region and untold amounts of devastation to eco systems and wildlife, BP is continuing to live up to its reputation as one of the most despicable companies on the planet. From Business Insider: The offshore drilling ...read more
Predictably, Mudochs Deny Culpability
Two key quotes from Rupert Murdoch and his son James Murdoch during the parliamentary hearing in the UK today (transcript via the Guardian): Rupert Murdoch: I didn't know of it [paying police bribes]. I'm sorry... if I can just say something. And this is not as an excuse - ...read more
Moron of the Year
It's obviously sad when someone dies from a horrible accident, but not wearing a helmet on a motorcycle when protesting for the right not to wear one is really asking for it. From ABC News: A New York man died Sunday while participating in a ride with 550 other motorcyclists ...read more
40 Hour Work Week Now Considered 'Part Time'
According to a recent study by the Center for American Progress, Americans now believe that what most industrialized countries consider a full work week is in fact part time. Reports the Business Insider: Americans consider a 40-hour work week as "part time" in most professional ...read more
Quote of the Day: Viral Facebook Message
Image via Wikipedia A facebook status update being repasted amongst people in the UK: Remember when teachers, nurses, doctors and lollipop ladies crashed the stock market, wiped out banks, took billions in bonuses and paid no tax? No, me neither. Please copy and paste to your ...read more
New Economic Model to Save Fish
Sea Cucumbers - Image via Wikipedia Fast Company profiles a fascinating venture that seeks to solve fisheries problems by making links between economic benefits of fishermen and conservation: Blue Ventures works by offering a variety of services to fishing communities in ...read more
Giving up on Owning a Home
With rising house prices and declining wages, young adults in Britain have now largely given up on the idea of owning their own homes. From the Independent: A generation of young British adults is close to giving up hope of ever owning their own place to live. A startling new ...read more
Just Comcastic
Comcast has been given a license to be more awful than they already are. Comcast, the nation's largest cable television provider, can grow bigger if it wants to after a federal court decision Friday that tossed out a rule preventing cable companies from controlling more than 30 ...read more
Fake Faces Of Coal
Well, this is unusually incompetent astroturf from big business. A site supposedly about the "Faces" of people supporting the coal industry is composed entirely of stock photos. Not a single one is a true "face" of coal. ...read more
Rupert Murdoch's Interesting Move With Redbox
So last week Rupert Murdoch's News Corp made news by trying to pull 20th Century Fox movies out of those Redbox movie rental kiosks, claiming that they lost money from them. But now this week, Lionsgate Films signed a deal with Redbox, worth $158 million. Now just looking in ...read more
News Corp. Income Down 30%
Interestingly, Fox News is about the only outlet he's got that's doing okay business wise. I think its safe to say that while he may be a good carny-barker tabloid mogul, Rupert Murdoch is not a good businessman. His ventures rarely make money and he has used leverage time and ...read more
Is Amazon.com Going To Buy Netflix?
Link Netflix Inc. gained and bullish options trading jumped to the highest in 11 weeks on speculation that Amazon.com Inc. may acquire the largest U.S. mail-order movie service. ‘There’s heavy call buying and the stock is up on renewed takeover talk, with Amazon being mentioned ...read more
Banks That Just Did Banking Are Okay
Like the Canadian banks, banks that stuck to the business of basic banking and didn't chase after the latest exotica from Wall Street like a dog chasing a chew toy, are just fine. At a recent conference held here by the Indiana Bankers Association, attendees said it over and ...read more
Oh, Thanks Comrade Obama
NY Times interview with President Obama reveals his secret plan for communism. Are there tangible ways that Wall Street has made the average person’s life better in the way that Silicon Valley has? THE PRESIDENT: Well, I think that some of the democratization of finance is ...read more
Bristol-Myers Squibb: Profits Over Human Health
And you wonder why these guys and the right fight any sort of regulation. A former senior executive of Bristol-Myers Squibb Company (BMS), Andrew Bodnar, pleaded guilty for his role in BMS's dishonest dealings with the federal government relating to a patent deal involving the ...read more
Don't Hold Your Breath
The right and the MSM were quick to claim that the downturn in the market (which begun under President Bush) was Obama's fault because it was still going on when he was sworn in. But now the market is up over inauguration day - for the time being. Think they'll give him credit ...read more
The Business Theologists March On
Bruce McQuain at QandO: Business takes a hard look at the potential and when there doesn’t seem to be any, it pulls back. Government, on the other hand, decides it believes something has a future and spends money to try to make their belief a reality. [sarcasm] And that friends, ...read more
Obama Wants To Block AIG Bonuses
On the job. "This is a corporation that finds itself in financial distress due to recklessness and greed. Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage ...read more
"Urging" AIG?
On Meet The Press, White House Council Of Economic Advisers Chairperson Christina Romer said that Sec. Tim Geithner is "urging" AIG on the bonus issue. We - the American people - own 80% of the company. We're past the point of "urging". We need to TELL those bastards what to do. ...read more
Walmart Downgraded, Blamed On EFCA, Actually Astoturfing
I am shocked that gambling is going on there. ...read more
Obama Policies Attacked By IBM CEO. Wait, No They Weren't.
IBM CEO/Chairman Sam Palmisano seems to have missed the CNBC/Fox News talking points about how all businessmen cower under the iron foot of President Obama. From today's appearance by the President at the Business Roundtable" MR. PALMISANO: On behalf of everyone in the business ...read more
President Obama Committed to Employee Free Choice
From a video he sent to AFL-CIO And as we confront this crisis and work to provide health care to every American, rebuild our nation’s infrastructure, move toward a clean energy economy, and pass the Employee Free Choice Act, I want you to know that you will always have a seat at ...read more
Barack Obama, Main Street President
Last night I was watching CNBC and on-air anchor Michelle Caruso Cabrera was trying to make the point (while rudely talking over Ron Insana) that the fortunes of Main Street and Wall Street were one and the same. That just isn't true. Main Street is the backbone of America, ...read more
Uh Oh, Time For The Right To Attack Captain Sully
Against deregulation. The pilot who safely ditched a jetliner in New York's Hudson River said Tuesday that pay and benefit cuts are driving experienced pilots from careers in the cockpit. US Airways pilot Chesley 'Sully' Sullenberger told the House aviation subcommittee that ...read more
Allen Stanford: The Rick Santelli Base
Hey look, these are the guys CNBC's Rick Santelli wants to rule the world. While R. Allen Stanford's investors were swallowing claims of vast returns on safe investments, some of his employees weren't so sure. And though one of them tried as early as 2003 to pass on to ...read more
No, No, No
No money for these Detroit schmucks. They've already upped how much money they need and it isn't going to work. They don't know how to run their business, and don't even know how to ask for money properly - they go from private jets to the cross-country driving stung - gimme a ...read more
Citigroup Bailout
Yay! $20 billion more of our tax dollars to bailout MBAs and Captains Of Capitalism who don't know how to run a profitable business. WOOOT. ...read more
Cutting Off The Junkies
So, let's say you've gone through a rigorous hiring process and now you're the CEO of one of the Big 3 automotive companies. What, in a rational world, do you do? You look at the finances, you match that up with market research and listen to what I assume is a bunch of ...read more
Bailout Blues
This whole thing is to prop up MBAs who don't know how to run a business so that down the line they can fail and get bailed out again. Just let these companies fail and spend the billions on the people who are affected. ...read more
Paulson Setting Up Massive Corporate Welfare
At first glance that's how this sounds to me. Treasury Secretary Henry Paulson is working on a plan that would set up a government facility to take on bad debts from financial institutions, preventing a worsening of the global credit crisis, Wall Street sources have told CNBC. ...read more
Carly Fiorina And John McCain
When I first saw that John McCain was pushing failed CEO Carly Fiorina as his frontperson on business/economic issues I figured it was a little weird. There are a lot of successful business/CEO types who are happy little soldiers for the GOP, I can't for the life of me figure ...read more
Airlines: Don't Repeat 2001's Mistake - Let Them Fail
Remember this from 2001? In the wake of last week's terrorist attacks involving hijacked airplanes, Congress Friday passed a measure for a $15 billion financial aid package to help the crippled airline industry and set up a government compensation fund for victims to help deter ...read more
Airline Welfare Bailout Produces Crappy Airlines, Repeat
I was thinking about this but then someone actually did the work. One of the major issues I wrote about on this blog back after 9/11 was about the free money congress and the president handed to the airlines. Just let them die. Trust the market, and let them die. I fear that my ...read more
Big Business Uses Your Money As Their Private Bank: Republican Economics
Insane. Big Wall Street investment companies are taking advantage of the Federal Reserve's unprecedented offer to secure emergency loans, the central bank reported Thursday. The lending is part of a major effort by the Fed to help a financial system in danger of freezing. Those ...read more
As Warren G Said, We Must Regulate
Wall Street and the right want to eat their cake and have it too. They want vital financial institutions to be left alone, given free reign to do as they wish - but when they screw up and cause a ripple effect throughout the economy they come running to the government for a ...read more