According to the New York Times, a group of Wall Street executives have released a report detailing what went wrong and steps they can do to prevent it from hapening again.
OK, quit laughing.
According to the article:
http://www.nytimes.com/…
"Wall Street failed to anticipate how wide-reaching problems with mortgage bonds would spread into seemingly distant corners of the financial markets, the report said. Awash in easy money, banks doled out credit without sufficiently charging for the risk…
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Added by Stephen Edds on August 7, 2008 at 2:41pm —
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In another move that suprised absolutely no one, the House of "Representatives" today voted down H.R. 6604, the House version of the energy speculation bill, by a vote of 276-151. Wait, you ask, how do you lose a vote with more people voting 'yea' than 'no'? Those sneaky foxes brought the bill to the floor under "suspension of the rules," which changes the requirements to now force a bill to have a 2/3 vote to pass.
Why use the suspension procedure for a bill that has 276 votes but not 290 (2/3…
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Added by Stephen Edds on July 31, 2008 at 2:22pm —
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Gary Weiss, reporter and author of "Wall Street vs. America" in which I hope "Crazyman's Economics" will be a companion piece, reported Tuesday on his blog about the SEC proudly announcing the fraud charges against Scottrade.
Until, he points out, you notice the details. Once you read the entire press release, Weiss points out that the SEC had used its' favorite weapon, as Weiss calls it, the "limp soba noodle:"
As Weiss notes:
"Any reader of Wall Street…
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Added by Stephen Edds on June 25, 2008 at 8:17pm —
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When my wife said we got tickets to see Ice-T with the ISO, I gave her the confused "tilted-head puppy dog look." Ice-T and the ISO were two things I wouldn't normally put together. And since I haven't seen a live symphony performance since the Owensboro Symphony Chrismas show in 5th grade (some 160 years ago), this was a new experience all around.
The show itself was phenominal. The jazz quartet were the true stars of the show, but Ice-T and the ISO added some depth to the project. But, if you…
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Added by Stephen Edds on June 19, 2008 at 1:00pm —
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I had to take a break from Smaller Indiana to evaluate its' worth in light of recent events. I have a new book out, "
Crazyman's Economics" and have spent the past month working on implementing the marketing plan for the book, which initially included SI. But after my announcement was axed, I had to re-examine the time spent on SI.
I still can't figure out…
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Added by Stephen Edds on June 18, 2008 at 2:07pm —
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Last night, as I was sitting there making faces with my 21-month old, eating spaghetti-o's and watching Justice League, I was pondering the cruelty of turning 40 today. No, I wasn't, and that's the point. I've been told so many times that I don't look 40, that I believe it. I've been told so many times that I don't act 40, that I believe it. So, today is really no different than yesterday.
So, people who reach these milestones usually set a goal to reach, and I've been thinking about that. You…
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Added by Stephen Edds on May 22, 2008 at 11:50am —
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My wife had some friends meet up with us at the Rathskeller Saturday evening to celebrate my upcoming 40th birthday. That, in and of itself, is a gift, to be able to spend quality time with friends, many you've known for over 20 years.
But my wife was being a little coy with her gift to me. I didn't ask for anything, so I couldn't imagine what she would give me. Plus, I'm lousy at guessing these things.
Didn't matter.
In the middle of the beer garden, as many people I didn't know were also ar…
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Added by Stephen Edds on May 20, 2008 at 9:45am —
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I don't usually miss the chance to go to the Rathskellar. We had our wedding reception there, I'm meeting friends there Saturday afternoon/evening to begin my 40th Celebration, and it's my favorite place to go when I wander out of the Ripple.
However, my son Levi had tubes put in his ears yesterday, due to chronic ear infections. Now, initially when I heard Levi needed the tubes, I thought, "Hell yea, we all need the musical stylings of lead singer Fee Waybill and The Tubes!" And while I was hu…
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Added by Stephen Edds on May 14, 2008 at 8:21pm —
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I'm not one of those crazy eaters with strange aversions or allergies or other quirks that drive people crazy. Believe me, I do enough to drive people crazy without it involving my culinary experience.
One of my basic rules involves Mexican food. Now, I love Mexican food in the way it has been Americanized for our enjoyment. I have had authentic Mexican food, and thanks to my wife's experience as event manager at Adobo Grill, have had high-end Mexican food. But as much as I like trying new food…
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Added by Stephen Edds on May 6, 2008 at 6:00pm —
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The key to any good blog is to keep it constantly updated.
Which is why it's been almost two weeks since I've updated mine.
Now, this has been for a good reason. I've been preparing the world-wide global release of
"Crazyman's Economics" by reviewing the manuscript from the publisher and making edits. (and boy, were there a bunch!) In addition, I've drove to Veedersburg two days to meet with the primary author, T.E. Scott and begin prepping him f…
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Added by Stephen Edds on May 4, 2008 at 9:00am —
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I'm turning 40 in a month, but it doesn't bother me. I think age is a state of mind, and people tell me I look 10 years younger, my wife believes I'm a overgrown adolescent, and I feel young. Whatever your age, as long as you think young, you'll be young. Sure, I can't do some of the things I did 10 years ago, but it doesn't bother me. There's only one aspect of growing older that bothers me...
Your friends die.
I got a call yesterday morning that a fraternity brother and friend had died late…
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Added by Stephen Edds on April 22, 2008 at 11:27pm —
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Today is Tax Day. Being a freelance writer, and a poor money manager, getting our taxes done at HR Block was about the same as another male-centric procedure I will have to endure at my 40 year-old check-up next month. Except that this was two hours long and there were no hugs after (doctors giving hugs ARE standard, right?)
But when you’re sitting there with the taxman, certain thoughts bounce around your head:
“If Election Day were April 16th, how different would our government be?”
“How ma…
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Added by Stephen Edds on April 15, 2008 at 12:30pm —
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Here I am, approaching my 40th birthday, and in the past 6 months, I've started doing something I've never done up until this point...sacking groceries. That's not to say that the freelance writing part has gone so poorly as to force me to take a job with a grocer. Don't get me wrong, grocery bagging is a noble and especially needed profession, and we all remember what happened on the "Simpsons" when Springfield's grocery baggers went on strike. (And if everyone reading this would encourage 10,0…
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Added by Stephen Edds on April 13, 2008 at 8:00pm —
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My wife’s grandfather turned 90 last weekend. His surviving brothers and sister, along with various other family members gathered at my in-laws house in Zionsville to celebrate. I was reminded of the first time I spent any extended time with Paw_Paw Jones. Five years ago, while my wife was having her wedding shower, my dad, future father-in-law and his dad had lunch at a nearby restaurant. Paw-Paw Jones is and always been a man of few words, who does the right thing because it’s the right thing…
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Added by Stephen Edds on April 8, 2008 at 8:52pm —
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I was at the grocery store today. Yes, I'm married and I do the shopping, (I'll hold while the married women reading this pause to start an argument with their husbands because "this guy does the shopping and he doesn't carry a purse, you %#@*, so why can't you?")
(pause...)
(pause...)
OK, so I'm at the store shopping, and I'm in the frozen foods, and I run across something that caught my eye...a small box with a picture of a cheeseburger with the package reading: "Cheeseburger Sandwich." Are…
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Added by Stephen Edds on April 5, 2008 at 9:30pm —
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I'm a writer, social commentator, humorous agitator, pop-culture disposal, gossip whore, and all-around poster-child of "know a little about a lot of stuff." Now, obviously, there are drawbacks to this. If someone asks me what I'm passionate about, outside my family, the answer of "um, I don't really know" doesn't really seem to inspire the masses. I mean, since this is April 4, I'll invoke the spirit of MLK (since it's the cool thing to do) and say that if I were to say "I have a dream..." and…
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Added by Stephen Edds on April 4, 2008 at 7:55pm —
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