Best Of The Web
“In the years leading up to the financial crisis, Wall Street figured out how to spin relatively obscure activities into gold.
What resulted was a jumble of products designed to profit off of the relatively mundane business of mortgage lending. From the mortgages themselves to products created to bet on risk and credit worthiness, soon enough, Wall Street had created an extensive and complex array of securities with funky acronyms, in some cases magnifying the risks two- and three-fold.
Banks, insurance companies, hedge funds and others were hungry to partake, but what seemed like easy profit at first stopped working when borrowers stopped paying on their loans. Losses cascaded across the financial market, requiring massive intervention to prevent the banking system from failing.
On Sept. 19, 2008, days after the failure of Lehman Brothers and the government action to shore up American International Group, the Treasury announced its remedy in the form of its own acronym: the $700 billion TARP. The Troubled Asset Relief Program would buy the toxic securities from banks and infuse them with capital to get over the crisis. TARP ultimately bought $426 billion of these assets and recovered $441 billion for a profit of $15 billion.”
JJ Best Of The Web
"Now I’m starting to wonder how I can go at all. And I’m also wondering why more Muslims don’t question the powers that control our most sacred site—and how the Saudis have already twisted it to their own political and financial ends."
"It's going to be a letdown. Not only is it likely that the final report will not reveal that the president has been a KGB agent since the late '80s, as at least one mainstream liberal columnist fantasized."
"The JFNA GA may say they want to talk, but there are some parts of Israel which have the feeling that this American Jewish organization is not really interested in hearing what they have to say."
“What responsibility do you think young, famous women have today to be activists?” I asked Bateman. “Are you tempted to leverage your fame for political reasons?”
"For nearly 40 years, the GOP has relied on cutting taxes as an easy way to win votes, even when their plans—like the most recent package—benefit only the rich. "
"On its face, voting by phone makes sense. Nearly ninety-five per cent of American adults own mobile phones, and rely on them for all sorts of secure transactions."
"Allegations of sexual harassment brought down Bill Gothard, a leading figure of the Christian right. But his fall also revealed the diminished influence of fundamentalism in the Trump era."
"Literature — the top-shelf, award-winning stuff — is positively ectoplasmic these days, crawling with hauntings, haints and wraiths of every stripe and disposition."
"Kids have a habit of imitating their parents’ criminal behavior. It’s no wonder, then, that by one measure, 10 percent of families account for two-thirds of criminals."
"SFAH doesn’t make an argument for local or slow food per se, but that’s what we see. The dishes are simple, with few ingredients, made traditionally and with pleasure."
We think of archeological finds as being clues to the ancient past. In a new book from Ulrike Sommer, archeology's effects on present-day national narratives are excavated.
"That the highest God speaks for six days and then has to rest from fatigue at the seventh is a patent absurdity: ‘It is not fitting for the first God to be tired or to work with his hands or to give orders,’ he writes."