Dean Baker:
There has been an enormous rise in wage inequality over the last three decades. Most economists attribute this increase in inequality to the increased premium that highly valued skills can command in a globalized economy.
Fannie Mae (along with the rest of the financial sector) is working hard to prove these economists wrong. Daniel Mudd, the CEO of Fannie Mae, has earned tens of millions of dollars in this position over the last three years. In exchange for this extraordinary compensation, more than 1000 times what a minimum wage earner pulls down, Mr. Mudd pushed Fannie in bankruptcy. How many minimum wage earners could do that?...
Any normal worker would be fired in a second for such incredible incompetence, however Mr. Mudd is still in his job drawing a seven figure salary. Furthermore, no one seems to view this as strange, which suggests that it is common to have people with no skill whatsoever in the very highest paid positions in our economy.
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. Ex-Fannie Mae chief wishes he said “no” more often: report - Former Fannie Mae Chief Executive Daniel Mudd wished he said “no” to more of the things the company was asked to do, he told the Wall Street … “I should have gone to the government and gotten a …
Read the original here: MortgageNewsClips: Daniel Mudd, PNC Tax Ruling, Shakedown Coming, Best and Worst, Chirs Wahlen, ICE, Weak Shut Out, Treasury and FDIC, Wells is Richer, 7 more News Clips ... more
IBD has a terrific editorial pinning the economic meltdown squarely on Fannie and Freddie and their enabling legislation, the Community Reinvestment Act. It is worth a full read .
The Community Reinvestment Act is to blame for the financial crisis, but it so powerfully serves Democrats’ interests that they’ll do anything to protect it — including revising history.
The CRA coerces banks into making loans based on political correctness, and little else, to people who c... more
The end of the year is upon us with the holiday’s right around the corner. It has been a very interesting, volatile and bumpy ride with the economy, stock market, Presidential election and real estate crisis. We witnessed some of our largest financial institutions go under, Fannie Mae and Freddie Mac both become taken over [...]... more
True value is in the eye of the beholder - Property valuation advice Advice for mortgage providers, brokers and consumers on the various possible pitfalls of property valuation.
The Remortgaging Process In A Nutshell One good option for mortgagors is remortgaging. What is remortgaging? What are the benefits of remortgaging? How is the remortgaging process done? Is this a good option for mortgagors? These and more on this article.
The Other Shoe Has Dropp... more
alternet.org After all, the average autoworker only makes $56,650 a year, who do they think they are?
http://ga3.org/ct/Ep20pgF1MEEM/
http://freepage.twoday.net/search?q=bailout
http://freepage.twoday.net/search?q=Dean+Baker ... more
Dean Baker, Truthout: "A surge in defense spending added 0.86 percentage points to gross domestic product (GDP) growth. Consumption spending fell at a 3.1 percent annual rate in the third quarter, which was the main factor leading to a 0.3 percent decline in GDP. Inventory build-ups prevented an even larger decline; final demand fell at a 0.8 percent annual rate."
http://www.truthout.org/103008T
http://freepage.twoday.net/search?q=GDP
http://freepage.twoday.net/search?q=Dean+Bake... more
I came across a fascinating e-book on the subject by Dean Baker titled The Conservative Nanny State . While you may not agree with all of his liberal leanings, his book is chock full of food for thought and different ways of looking at ... ... more
The people running everything in the U.S. government obviously don’t know the most basic information about life on earth. Do they get to their positions in spite of not knowing anything, or because they don’t know anything? Here are some...... more
Once Again From: tinyrevolution.com Post Date: 2006-10-20 13:00:27
Matt Taibbi makes a pretty convincing case that our current Congress is the worst ever....... more
Review Re-Reviewed From: tinyrevolution.com Post Date: 2006-10-19 11:44:36
Yesterday Mike gave his unhappy reaction to Virginia Heffernan’s New York Times review of Josh Karp’s new biography of Doug Kenney. Today Dennis Perrin—even unhappier—weighs in: Heffernan’s ignorance[,] coupled with her tone-deaf approach to comedy, is remarkable to witness. It’s...... more
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