Please read Paul Jorian's blogpost regarding the implosion of the credit markets, the reasons, the influence of "The Chicago School" of economists whose assumptions continue to help us not understand how economies work, and "What it All Means".

Don't feel bad to reread each sentence, mouth-moving to form the words, just as I must do. Just read it. (plus it's fucking footnoted. My god, who footnotes a blog!!!????)

Here are some teasers:

The opener:

Activism by Shareholders Picks Up Steam Online

Some campaigns aim to unseat board members. The CtW Investment Group, which is affiliated with a coalition of labor unions, wants board members at six financial firms, including Citigroup and Merrill Lynch, to explain what they did to manage subprime-loan risks. Says CtW's Mike Garland: "Absent compelling explanations, we'll recommend that shareholders vote against reelection."

Department of about damn time. Notice that it is labor unions taking action, NOT institutional investors. Remember who your friends are, it is not the manager of your mutual fund.

Here is a discussion of what is going on here in America. One you most likely won’t see. The full program   Read more…