(2010/06/03) Analysis and warnings, we see it coming (Economics) (MP3)
Best of the Left - Leftist Perspectives on Progressive Politics, News, Culture, Economics and Democracy
Jay Tomlinson
4.5 • 3.4K Ratings
🗓️ 3 June 2010
⏱️ 68 minutes
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| 0:00.0 | This program is made possible by the support of the members of the show for |
| 0:04.4 | details or to sign up visit the membership tab at BestOfTheLeft.com. Now |
| 0:09.0 | welcome to the award-winning BestOfTheLeft podcast with clips today from |
| 0:12.6 | the Daily Show, the Progressive, the Colbert Report, the Young Turks and the |
| 0:16.8 | Rachel Maddo Show with a bonus video clip for our iPhone app users from the |
| 0:21.3 | Colbert Report. Please listen closely at the end of the show as I have a couple of |
| 0:25.6 | big announcements. |
| 0:30.0 | You remember a little more than a year ago we gave a Bank of America city group |
| 0:33.9 | JP Morgan Chase and Goldman Sachs somewhere between 10 and 25 billion dollars |
| 0:40.2 | a piece to stave off a catastrophic implosion of their bonus system. I mean the |
| 0:47.7 | economy which apparently depends on them. Well good news although the |
| 0:51.9 | economy remains volatile as evidenced by last week's 20-minute thousand point |
| 0:56.1 | still hauntingly unexplained stock market drop. One sector of the economy appears |
| 1:01.6 | to have stabilized. Bank of America Goldman Sachs city group and JP Morgan have |
| 1:06.5 | just pitched a Wall Street equivalent of a perfect game. The big banks made |
| 1:10.3 | money every single day last quarter, zero days of losses, no days in the red |
| 1:15.4 | every day in the black. Yeah perfect game. Pitched by four separate teams on 61 |
| 1:22.2 | consecutive days. It's just though the rules are set up to make it illegal for |
| 1:26.8 | the opposing team to use bats. February 16th earnings and manufacturing data |
| 1:32.6 | comes in better than expected. The stock market went up 170 points. It's no |
| 1:35.7 | surprise the banks would make money on that day but on February 4th unemployment |
| 1:39.1 | news sends the market down to it at 68 points. The banks still made money. March |
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