Miscellany ii

Miscellany –noun, a miscellaneous collection or group of various or somewhat unrelated items.

Attached below are various items that I found interesting today. The Frontline video provides an in-depth look at the financial crisis; the woman that warned us that it was imminent; and the financial wizards,still in power, that allowed it to happen.

Frontline: The Warning - How Greenspan, Summers, and Rubin Conspired to Silence Derivatives Whistleblower Brooksley Born



(via The Daily Bail)

Greenspan is like some tragic character realizing only at the end of his career that the entire world view that animated his adult life was wrong.

In the next article, Judge Richard Posner details the result of the financial crisis.

Posner on the Real Danger of Debt

"In 2000, the United States had a balanced federal budget. Today, America has a deficit problem that threatens the country's future. It is compounded by former President George W. Bush's fiscal recklessness, the economic crisis that began with September 2008's financial collapse, President Barack Obama's spending ambitions, and the mysterious ability of the weakened Republican Party to create political deadlock in Congress.

Under Bush, spending was increased, taxes were cut, and the result was huge deficits financed by borrowing. Then came the "Great Recession," as it is being called (I call it a depression because of its probable long-term economic and political consequences). The public debt (the important component of the national debt -- the part that is more than an accounting entity -- that is really owed), which the Bush administration's deficits had caused to double, soared further. It soared because of falling tax revenues, rising unemployment benefits, and rising government expenditures to fight the depression (such as Obama's $787 billion stimulus plan). The public debt reached $7.5 trillion by the end of fiscal year 2009 (Sept. 30, 2009) and is expected to increase another $1.6 trillion this fiscal year and another $1.3 trillion next year. That means it may exceed $10 trillion by Sept. 30, 2011. Almost half the debt is owned by foreigners, and the interest payments to them are a drain on American wealth. Interest rates on the debt will rise as the world economy recovers, increasing competition for capital."

And completely non-related, below the fold material which may only be of interest to me: Hip Hop Universal

Olympic snowboarder's 'street' style offends Japanese

Tokyo, Japan (CNN) -- Olympic snowboarder Kazuhiro Kokubo is the talk of Japan. Not for his athletic ability -- but for his appearance.

The 21-year-old member of Japan's national team unwittingly caused outrage from cabinet-level government lawmakers to the patrons at the corner pub when he arrived in Vancouver for the winter games.

Kokubo was wearing the team-issued uniform, which consisted of a suit, shirt and tie. But he wasn't wearing it quite right.

Kokubo's shirt was untucked, his pants hung low below his hips, and his tie was loosened revealing an unbuttoned shirt. Kokubo sported dark glasses indoors and double nose piercings. He also wore his hair down, revealing a mane of dreadlocks.

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