Big Money

Of Bonuses and Shelters

Stories about homelessness and the spread of tent cities abound. It has always been difficult to get an accurate number on how many people are without shelter, but homelessness groups have estimated that on a given night in one of the worst months of a typical recent year, that figure might near 800,000. Say it Read More

Meet Lloyd Blankfein

The Wall Street Journal has disclosed that Lloyd Blankfein was present at the meetings with Tim Geithner and Hank Paulson when the decision was made to bail out AIG, which had sold credit default swaps to Goldman Sachs on which AIG was unable to make good.  Goldman’s stock had plummeted to 35, wiping out vast Read More

Etymology as Journalism

Phraseology is fundamental to today’s political battles. Lobbyists, political strategists, corporate PR reps, and even academics expend an extraordinary amount of thought and money on framing issues with just the right label. Expressions like “bridge to nowhere” simply don’t arise from ordinary discourse. Consequently, journalists have to become etymologists to cover politics adequately.  Anytime they hear Read More

Railroading Good Government

The panic over government getting directly involved in running companies that can’t survive without federal support may be misguided. New York Times business reporter Louis Uchitelle makes this point, noting that As General Motors and Chrysler struggle to remain solvent, the railroad bailout of a generation ago could offer a template to the Obama administration Read More

By What Name Shall Ye Know Them?

Journalists tend to lean on simplified words and phrases to explain complex topics to a general audience.  Too often, though, they don’t consider whether their language is ideologically loaded or favors certain interests over others. Consider, for example, the ways used to describe the mortgage-backed securities at the root of the financial crisis.  The most Read More

Where Did the Money Go?

Fed Chairman Ben Bernanke has resisted calls from Congress that he release the names of the banks that were recipients of the bailout money the Fed gave to AIG to prevent it from collapsing. AIG insured its counterparties against losses from mortgage backed derivatives. The Fed poured $85 billion into AIG, which paid out $37.3 Read More

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