Must Read Posts for August 9, 2010

On The Economic Populist you might have noticed the right 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

Goldman Sachs made 35% of their 2009 profits from derivatives:

In a memo sent to the FCIC -- a government panel charged with investigating the roots of the financial crisis -- Wall Street's most profitable bank revealed that its derivatives operations generated $11.3-$15.9 billion of its $45.17 billion net revenue in 2009. This amounts to 25-35 percent of the bank's revenue.

Must Read Post #2

William Greider writes about the AIG Bail Out Scandal:

The government’s $182 billion bailout of insurance giant AIG should be seen as the Rosetta Stone for understanding the financial crisis and its costly aftermath. The story of American International Group explains the larger catastrophe not because this was the biggest corporate bailout in history but because AIG’s collapse and subsequent rescue involved nearly all the critical elements, including delusion and deception. These financial dealings are monstrously complicated, but this account focuses on something mere mortals can understand—moral confusion in high places, and the failure of governing institutions to fulfill their obligations to the public.

Must Read Post #3

Dean Baker states the obvious in illegal (he calls them undocumented) workers and low cost labor.

Must Read Post #4

Continuing on with the U.S. belief disconnect that one doesn't have to pay for work, Yves Smith shows how the relationship between workers and employers has broken down in Why is the Journal mystified.

Must Read Post #5

Yet another example of cronyism and corruption being promoted, this time by the Federal Reserve.

Must Read Post #6

Paul Krugman witnesses the destruction of the United States in America Goes Dark.