Must Read Posts for March 20, 2010

On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.

Sometimes though, one cannot say it better but miss those who did.

Must Read Post #1

The Altanta Fed blog looks at Gross Domestic Income (GDI) and notes it's correlation to GDP and this recession's divergence.

history suggests that when these two measures of national output disagree, GDP tends to get revised in the direction of GDI and not the other way around. So, if this relationship holds, it would be prudent not to dismiss the latest divergence in the two measures because it suggests that the decline in national output has been more protracted, and the recovery (through the third quarter 2009) more modest, than what is being reflected in GDP.

Must Read Post #2

More coming out on Lehman Brothers with a whistleblower Matthew Lee letter:

Sarbanes Oxley requires the CEO and CFO to certify the published financial statements (which must adhere to SEC standards) and the adequacy of financial controls. So the issues that Lee raises point to multiple Sarbox violations.

Must Read Post #3

Zero Hedge has up Edolphus Towns's letter to the Federal Reserve on why Goldman And Ex-Fed Board Member Stephen Friedman Illegally Bought Shares Of Goldman In December 2008. Get that?

Must Read Post #4

Paul Krugman has a post, Who Woulda Punk'd it where he illustrates the absolute disdain lobbyists have for the people and for government.

Menzie Chinn wonders what constitutes a punk staffer, after John Boehner told bankers, “Don’t let those little punk staffers take advantage of you and stand up for yourselves”.

What Menzie doesn’t understand is that this is how bankers think of anyone who stands in the way of their God-given right to have whatever they want.

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Comments

health care - "lose lose" and why I'm not writing about it

Consider the Must reads series open threads.

So, with that, one might notice I haven't written up anything on this barrage, this media black out on all things health care vote.

The reason is from what I can tell, if they do not pass it, we lose, if they do pass it, we lose.

All of this tells me is media is seriously controlled by a few, every day the headlines, everything is the "impending health care vote" and now for over a week.

And guess what, we're going to get yet another corporate driven bill, immmigration reform, which I fear will also tear this site apart and warning now, be very careful on what you site in this, I've seen a host of papers recently, including from Academia that have pure spin at the equation level (which makes me ill, one should not be trying to manipulate equations, it's on the level of manipulating a credit default swap!) ...

so anywho, guess what of course will be short changed? Financial reform.

The most critical need is financial reform and I'll bet dollars to donuts we see another Financial Armageddon actually fairly soon without it and that one, we will not be able to recover....

yet here we go, we're going to get into some sort of major war on immigration instead of getting the focus on Financial reform and then of course....can we get some damn jobs here?

Man.

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John Boehner's military "record" - or - "Punks are us"

Whenever John Boehner refers to anyone as "punks" it is important to recall that he never made it through Navy basic training back in 1968 (during Vietname and the draft), although later feloniously claimed that he had served in the US military during Vietnam.

To have lawfully claimed he served in the US military, he would have had to have served at least six months of active duty.

Yes, John Boehner (a k a, John "the bedwetter" Boehner - the reason his fellow basic trainees gave for his failure)should know an awesome amount about punkdom.

Disclaimer: the comments above are in no way intended to offend any citizen suffering from incontinence, it is only intended to offend rodger-dodger Boehner.

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