A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon’s paycheck, the chairman and chief executive ofJPMorgan Chase is getting a raise. Of course he is, because share prices have increased and this is the only thing that really matters. Did JP Morgan, under Jamie Dimon’s watch, preside over a global financial […]

Have you met Dick Black? He is a state Senator in Virginia, and he is running for Congress in Loudon County, and he calls emergency birth control “baby pesticide,” which, we are pretty mad we didn’t think of that first, because “baby pesticide” is awesome. He has a few other awesome thoughts floating around that […]

Did you spend the past couple days so suspicious of the NSA that you had forgotten to set aside just a little bit of your suspicion for the banks? Don’t worry, we can fix that pretty quickly! Turns out Bank of America may have been foreclosing on homeowners who qualified for in-house loan modifications and […]

Are you STILL capable of being surprised by structural inequality, including but not limited to women and minorities’ inability to take advantage of various financial opportunities? Eh, us neither, we are used to it by now, but just in case we accidentally become inoculated, let us learn about the current instantiation of redlining in Chicago.

In a move that your Wonkette finds SHOCKING, just SHOCKING, major banks have decided not to lower home loan interest rates for customers, even though the federal funds rate is hovering at around zero and banks are making a killing on mortgages. JPMorgan Chase and Wells Fargo, the nation’s largest mortgage lenders, said Friday they […]

Wonkers are all media elites and State Department retirees, so we don’t need to explain to you that a “beat sweetener” is a puff piece about a person, place, or thing meant to guarantee further access down the line. And that seems to be the purpose of this New York Times piece on Mitt Romney […]

In a speech at a rally for the National Association of Home Builders last Thursday, posing in front of an unbuilt home that no one will ever buy because no one can get a mortgage, alleged fiscal conservative Newt Gingrich argued on behalf of home ownership and government support of it, and in the process […]

OUR FLOURISHING ECONOMY  3:44 pm August 20, 2009

by Jim Newell

IT’S LIKE A RECOVERY, BUT WITH NO EQUITY, SAVINGS, CONSUMER SPENDING, JOBS, RETIREMENT ACCOUNTS, INNOVATION, STRONG CURRENCY, AFFORDABLE HEALTH CARE, BASIC SHELTER, OR LONG-TERM PROSPECTS FOR A COMPETITIVE MODERN ECONOMY: “The housing market continues to threaten signs of an economic recovery, with new data released on Thursday showing an all-time high of Americans falling behind […]


by Sara K. Smith

NATION OF UNDERWATER HOMEOWNERS: According to some estimates, about 20 percent of people with mortgages owe more on their homes than what they’re actually worth. Your mileage may vary depending on whether there are a lot of foreclosures in your area, because fire-sale pricing will naturally depress surrounding home values even more than just a […]

Remember back in the early days of the Iraq War when President Bush repeated dumbly, month after month, “We’re turning a corner,” and things just got worse? That’s basically the situation in our domestic housing market: a relentless onslaught of bad news, brief hope that things could not possibly get any worse, followed by unspeakably […]

White House press secretary Robert Gibbs has had the tendency, early on, to embarrass himself during press conferences by turning snippy as a defense. But this comment about Kathryn Jean Lopez’s pretend boyfriend and preferred vice presidential candidate, Rick Santelli — a rich ex-financial rich guy who now (rather brilliantly, we admit) manages to win […]

Here’s one of the more unlikable people we’ve heard of for the first time today, CNBC’s Rick Santelli, at some trading floor in Chicago, going *apeshit* over Barack Obama’s $75 billion mortgage plan to keep “the losers” in their homes. Maybe Obama’s plan isn’t so great, who knows, but one thing is clear, and that’s […]

Criminy! We have been hearing a lot about mortgages that go into default or foreclosure, and how the people holding these mortgages should talk with their lenders about renegotiating their loans. As a normal person with more than two (2) neurons flickering on and off in your brain, you probably assume that the goal here […]

Oh hey it’s that mob rule and class warfare we’ve been told so much about! A SEETHING MOB of, uh, peaceful protesters who were not arrested by police visited the homes of two “financial predators” over the weekend. Financial predators are like sexual predators, only without the sex perversions. Instead, they like to lure youngsters […]

After the economy and capitalism completely died in September because one freaking company called “Lehman Bros.” was denied billions of dollars from the Federal Government, the liberal New York Times has been running a weekly-ish series called “The Reckoning” about the various Wall Street jackals — i-bankers, hedge fund managers, risk-rating companies — who pooled […]