Goolsbee is now a partner at 32 Advisors, a financial strategy and government relations firm that works with Wall Street. He touts, on his company’s website, a 2014 CNBC profile where he was dubbed “hedge funds’ secret weapon.”
In that piece, post-government Goolsbee was praised by firm portfolio manager Dan Arbess for his “strong informal ties” to the Obama administration. “Maintaining a regular dialogue with Austan helps us better understand the administration’s economic policies, and economic policy decisions debated in other parts of the government, and maybe even exchange views in a helpful way in the other direction, too,” said Arbess.
Skybridge Capital founder, Anthony Scaramucci, who was a member of Mitt Romney’s presidential finance committee, said that Goolsbee provided “thoughtful” advice on policy topics being debated in Washington.
Just trust us, don’t listen to the critic! Because well…..
Sorry, but I am none too happy to see various economic news tidbits today. And I am not the only one, you can be shit sure about that.
2:49 am ET Jan 7, 2016
Stocks Tumble as 2016 Goes from Bad to Worse –Recap
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U.S. stocks took a beating Thursday, the most recent market to feel the heat as intensifying concerns about China cast a pall on risky assets across the globe.
The latest selloff in what’s already been a brutal year for equities was sparked by a fresh plunge in China’s stock market, a drop that caused the trading session there to be halted after just 30 minutes. As the day progressed, stock market declines spread from Asia to Europe to the U.S., putting the Dow Jones Industrial Average on pace for its worst-ever first week to start a new year.
Many credit markets and commodities are also took a beating, with oil prices falling to 12-year lows.
We tracked the news, monitored the markets and provided the analysis as events unfolded. Here’s how it all went down.
Just hold on to those investments now for the long run, you know the drill. “Have faith in the markets” is the mantra’ “Invest for the long haul.” Thangs are all better compared to 2008… for the ‘billionare class,’ at least.
Yes, well I sincerely I hope the markets recover, in part the health of my state teacher fixed benefit retirement fund depends on that. It’s a pittance, but it’s my pittance. And millions don’t even have this.
Today MB had a post about incomes with a little good news but still...
Incomes are still behind the peak of 2008 but still no big news for major improvement for the working class.
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Of course I was even more unhappy to get the email about the Italian retiree who hung himself, and how this might affect retirees in US
http://www.publicbankinginstitute.org/a_crisis_worse_than_isis_bail_ins_begin
A Crisis Worse than ISIS? Bail-Ins Begin
posted by Ellen Brown | 77gb January 05, 2016
While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.
At the end of November, an Italian pensioner hanged himself after his entire €100,000 savings were confiscated in a bank “rescue” scheme. He left a suicide note blaming the bank, where he had been a customer for 50 years and had invested in bank-issued bonds. But he might better have blamed the EU and the G20’s Financial Stability Board, which have imposed an “Orderly Resolution” regime that keeps insolvent banks afloat by confiscating the savings of investors and depositors. Some 130,000 shareholders and junior bond holders suffered losses in the “rescue.”
SNIP
That is what is predicted for 2016: massive sacrifice of savings and jobs to prop up a “systemically risky” global banking scheme.
Bail-in Under Dodd-Frank
That is all happening in the EU. Is there reason for concern in the US?
According to former hedge fund manager Shah Gilani, writing for Money Morning, there is. In a November 30th article titled “Why I’m Closing My Bank Accounts While I Still Can,” he writes:
[It is] entirely possible in the next banking crisis that depositors in giant too-big-to-fail failing banks could have their money confiscated and turned into equity shares. . . .
If your too-big-to-fail (TBTF) bank is failing because they can’t pay off derivative bets they made, and the government refuses to bail them out, under a mandate titled “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” approved on Nov. 16, 2014, by the G20’s Financial Stability Board, they can take your deposited money and turn it into shares of equity capital to try and keep your TBTF bank from failing.
As Bernie Sanders says, system is rigged , corrupt. It must be reformed.
This is an international problem, but we must not throw up our hands and walk away, we must start to turn it around. Where to start?
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Many who have never participated in politics before are now joining up for a Future to Believe In, someone running for President is working to inspire a revolution in thinking and action, working to instill confidence that the Democratic Party will take on out of control Wall Street, inequality, etc., go back to being the champion for working families? Maybe even win back the Senate and House!