Monday, January 4, 2010

Aren't you glad this guy is Obama's economic guru?

A special shout-out to the guy who writes the blog ECONOMISTS FOR FIRING LARRY SUMMERS.  He writes under the pen name Thorstein Veblen, so how could I not like him?  And he IS Thorstein Veblen bright, so he isn't being TOO immodest.

"New TV" claims to be a graduate student in a top 30 economics program, and boy, does he have the goods on the Ivy economics departments!  MUST reading.

Note here that he feels compelled to write under a pen name.  That's because economics as it is being taught today is just a series of rationalizations for why the money changers should control ALL the world's wealth.  And the intellectual bullshit you have to swallow to get into the modern fraternity of economists is truly amazing.  By the time you make it into the top levels of economics profession, your thoughts have been more carefully selected than those of Cardinals in Rome.  If you are actually interested in how the real economy works, you simply must hide your identity.
Is Larry Summers Taking Kickbacks From the Banks He's Bailing Out?
By Mark Ames, AlterNet. Posted May 29, 2009.
Why did Goldman Sachs, Citigroup and Morgan Stanley steer millions to a company Larry Summers directed while he administered "stress tests" on them?
Is Larry Summers taking kickbacks from the banks he’s bailing out?
Last month, a little-known company where Summers served on the board of directors received a $42 million investment from a group of investors, including three banks that Summers, Obama’s effective “economy czar,” has been doling out billions in bailout money to: Goldman Sachs, Citigroup, and Morgan Stanley. The banks invested into the small startup company, Revolution Money, right at the time when Summers was administering the “stress test” to these same banks.
A month after they invested in Summers’ former company, all three banks came out of the stress test much better than anyone expected -- thanks to the fact that the banks themselves were allowed to help decide how bad their problems were (Citigroup “negotiated” down its financial hole from $35 billion to $5.5 billion.)  more 

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