Money

Tuesday, February 7, 2012

Dicking around on Wall Street

Posted by Sam Worley on 02.07.12 at 10:33 AM

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  • David Paul Ohmer
On account of some neuroses*, I had put off reading Gabriel Sherman’s New York cover story, “The Emasculation of Wall Street”—also maybe on account of that headline, from which not much good can follow. (See the cover art, if the hed’s too subtle. Literally, it is a photo of a guy grabbing his crotch and grimacing.) But the article—I caved—is edifying if you read it alongside Chris Lehmann’s “Dick Joke,” in which the author dismantles what seems to be Sherman’s point: Wall Street bankers feel threatened (“castrated,” even) by the spectral presence of greater regulation and by, yup, Occupy Wall Street (“which does appear to have rattled a lot of nerves”). You don’t have to get too far into the New York piece to be struck by its tone deafness—one thing that Sherman establishes early on is that, on Wall Street, “there’s a growing sense that the money that was being made during the Bush boom won’t be back.” Can you imagine?

*Namely a subscription to the print edition, which seems so irrelevant by Thursday, when it arrives in the mail, if you’ve read the whole magazine on Monday.

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Wednesday, January 25, 2012

He's no Saul Alinsky

Posted by Sam Worley on 01.25.12 at 10:13 AM

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  • jamesomalley
Last night Barack Obama devoted some of the first few minutes of his State of the Union address to the financial crisis, which marked the beginning and—who knows?—may spell the end of his presidency. "In 2008, the house of cards collapsed," he said. "We learned that mortgages had been sold to people who couldn’t afford or understand them." By the time he took office, Obama said, the country had lost nearly four million jobs. Afterward, "before our policies were in full effect," it lost four million more. "We" may have "learned" in 2008 that subprime mortgages were untenable, but we—and by "we" I mean "Barack Obama"—might've made note of it a few years earlier.

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Wednesday, January 18, 2012

Keeping his Mitts on his money

Posted by Steve Bogira on 01.18.12 at 03:00 PM

"I'm not worried about rich people; they're doing just fine."
—Mitt Romney, Oct. 11, 2011

They sure are doing fine. Yesterday, Romney—whose estimated net worth is $250 million—allowed that he's been paying an effective tax rate of 15 percent over the last decade—a much lower rate than is paid by most Americans who make far less.

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Monday, January 16, 2012

Aon's outta here—we shouldn't be surprised

Posted by Deanna Isaacs on 01.16.12 at 11:32 AM

Didn't expect the departure of Aon's corporate headquarters? Then, my friend, I fear you haven't been paying attention.

Here's historian Jerry Harris, in the Reader, six weeks ago:

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Wednesday, January 11, 2012

Obama in town this evening for the usual reason

Posted by Steve Bogira on 01.11.12 at 03:00 PM

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  • Anne Fitten Glenn
President Obama will be in Chicago this evening. I wish I could say he was coming to tour the ghetto just a mile west of his Kenwood home and raise awareness about the concentrated poverty and racial segregation there.

But he's visiting for the usual reason. He'll attend a fund-raising concert at the University of Illinois at Chicago around 5 PM. Then he'll be driven to Lakeview for a fund-rasing party at the home of Fred Eychaner, CEO of the Newsweb publishing company ($35,000 a couple). Then it's off to a reception at the Hyde Park home of the manager of a private equity firm (tickets $7,000 to $20,000). And then it's back to Washington.

This is what presidents do nowadays when an election is approaching, for them or for Congress, which of course is much of the time.

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"What happened to the U.S. employment miracle?"

Posted by Deanna Isaacs on 01.11.12 at 08:00 AM

Last weekend, 11,000 economists descended on Chicago for the annual meeting of the American Economic Association and allied organizations. That sounded like a great opportunity to get a fix on what's ailing us. After perusing a 400-page program that listed everything from "Robustness and Approximation in Mechanism Design" to "Implications of Rational Inattention," I sat in on a panel considering “What Happened to the U.S. Employment Miracle?” Here’s what I heard:

Things are not really better.

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Tuesday, January 10, 2012

The euro crisis? You bet it's important!

Posted by Michael Miner on 01.10.12 at 08:00 AM

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Like other Americans who have read alarmist headlines about the possible collapse of the euro, I have been wondering, “But what does this have to do with me?” The other day I decided to find out. Above my desk at home is a mason jar that contains my international holdings. I turned it upside down and conducted an inventory.

Here is my portfolio in the obsolete currencies of the 17 Eurozone countries:

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Monday, January 9, 2012

Money: What do you want with it?

Posted by Ben Sachs on 01.09.12 at 08:00 AM

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The movies stand in an interesting position in regards to money. While they can be the costliest art-making enterprises on the planet, they're one of the cheapest forms of art as far as consumers are concerned. The last time I volunteered at a soup kitchen, I spent more time than I'd expected talking about them. It was mid-summer, and some of the homeless men liked to spend whole afternoons at the movies because the theaters were air-conditioned. They'd seen everything that was out—I remember the one we all agreed on liking was Richard Linklater's Bad News Bears remake.

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Starting today on the Bleader: Money Week

Posted by Tal Rosenberg on 01.09.12 at 07:00 AM

Today begins a new edition of our blog feature "Variations on a Theme," in which we devote digital ink to a topic that fascinates us. This week, it's money.

Every weekday morning and at various points throughout the week, Reader staffers will produce a post—a personal essay, a longer-form reported story, a photo gallery, or something more off-the-wall—on the week's theme.

There's no shortage of conversations surrounding money these days, but we went with that topic since it's also the theme we chose for our fifth annual photo issue.

And in case you missed it, here's all the "Variations on a Theme," we've done thus far:

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Friday, January 6, 2012

Mayor Emanuel: Money for CME, cuts for public libraries

Posted by Ben Joravsky on 01.06.12 at 05:00 PM

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Mayor Emanuel must have got lots of rest on his South American vacation, cause he marched back into town last week supercharged and ready to kick ass—specifically, librarian's ass.

Not really sure what it is about Mayor Emanuel and public libraries, but the dude never looks so happy as when he's cutting their hours or firing their staff.

In this case, he's vowing to close the branch libraries on Mondays. Or as he might put it—let those fuckers get their books on Amazon!

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