[VIDEO] REWIND: ‘The Big Short’ and the 2008 Financial Crisis 

The arrival of The Big Short in 2015 – available on streaming services now – and its subsequent nominations at the 88th Academy Awards, has reignited interest in the causes of the 2008 financial crisis.

[Armond White Reviews The Big Short]

The film would have you think that private greed on Wall Street and a lack of regulation caused the economic crash. While stories like this might make for a fun movie, The Big Short fails to align with the facts.

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[The Big Short Spins Historical Lead into Oscar Gold]

Learn more about the 2008 financial crisis in Peter’s book “Hidden in Plain Site: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again


THE PANTSUIT REPORT: Wall Street has Made Hillary Clinton a Millionaire

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She even made more money speaking to UBS and Goldman Sachs than her husband Bill did. 

As Clinton tries to talk tough about how she will stand up to America’s biggest banks, her Democratic rivals are likely to remind voters just how cozy she’s been with Wall Street.

“Her closeness with big banks on Wall Street is sincere, it’s heart-felt, long-established and well known.”

— former Maryland Governor Martin O’Malley

Clinton made $3.15 million in 2013 alone from speaking to firms like Morgan Stanley, Goldman Sachs, Deutsche Bank and UBS, according to the list her campaign released of her speaking fees.PANTSUIT-REPORT

“Her closeness with big banks on Wall Street is sincere, it’s heart-felt, long-established and well known,” former Maryland Governor Martin O’Malley has said on the campaign trail.

While Clinton has given paid speeches to many groups, Wall Street banks and investment houses made up a third of her speech income.

She even made more money speaking to UBS and Goldman Sachs than her husband Bill did. Goldman Sachs in New York paid Bill $200,000 for a speech in June 2013 and Hillary $225,000 for a speech in October of that year.

“If the other candidates want to make this an issue, they’ve got plenty of material.”

— Larry Sabato, director of the University of Virginia Center for Politics.

Sabato predicts O’Malley or Jim Webb are more likely to go negative on Clinton in the CNN debate Tuesday, but even Bernie Sanders may be able to take a sideswipe when it comes to Wall Street.

Sanders has been outspoken that the big banks are still “too big to fail” and should be broken up.

Clinton’s anti-Wall Street policies stop far short of that, with proposals to tax short-term trading and impose a “risk fee” on big banks with assets over $50 billion. Read the rest of this entry »


North Korea’s World-Class State-of-the-Art Internet Services Reporting Issues, Outages, Users Experiencing Sub-Optimal Performance

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North Korea is having major Internet problems, just days after President Barack Obama promised a proportional response to the devastating hacks against Sony.

“We aren’t going to discuss publicly operational details about the possible response options or comment on those kind of reports in anyway except to say that as we implement our responses, some will be seen, some may not be seen.”

— State Department Deputy Spokesperson Marie Harf

The country, which the FBI accused last week of the cyberattack, is suffering from periodic Internet outages, and experts at DYN Research found that recent problems were out of the ordinary, as first reported by North Korea Tech.

According to the research firm, North Korea’s internet grew steadily worse beginning Sunday night, and then went completely offline Monday morning.

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“I haven’t seen such a steady beat of routing instability and outages in KP before,” Doug Madory, director of Internet analysis at DYN Research, told North Korea Tech. “Usually there are isolated blips, not continuous connectivity problems. I wouldn’t be surprised if they are absorbing some sort of attack presently.”

In an interview with Re/code, Madory said that even typically strong connections are experiencing disruptions. (CNBC’s parent NBC Universal is an investor in Re/code’s parent Revere Digital.)

“They’re pretty stable networks normally,” he told Re/code. “In the last 24 hours or so, the networks in North Korea are under some kind of duress, but I can’t tell you exactly what’s causing it.”

He added that there is no way to know if the outages are the result of an attack, or are just from maintenance or a power outage. Still, “given the timing,” a cyberattack is worth considering, he told Re/code.

Read the rest of this entry »


8 Suicides in High-Finance Sector Mystify Experts

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New York Post‘s Michael Gray writes: The financial world has been rattled by a rash of apparent suicides, with some of the best and brightest among the finance workers who have taken their lives since the start of the year.

“Jumping is much less common as a method for suicide in general, so I am struck by the number that have occurred in recent months in this industry…”

A majority of the eight suicides of 2014 have been very public demonstrations, which has suicide-prevention experts puzzled.

“The suicide-research literature doesn’t help very much with the question of why the method of these suicides is so out in the open.”

— Dr. Christine Moutier, chief medical officer of the American Foundation for Suicide Prevention.

Read the rest of this entry »