Photo: Tama/Getty
Friday afternoon in the city: I basically needed two days after the election to get caught up rest-wise; when I finally woke up, I found out that Chuck Schumer was already starting to talk about bringing the Fairness Doctrine back. Somehow you knew after Obama won that some of the dumber Democrats would be unable to help themselves and would show up on TV the next day in full marking-their-territory mode, pissing on every Washington tree. In any case, let's hope that blows over — in the meantime, a public appeal:
I'm going to be following Andrew Cuomo's investigation into the Lehman Brothers/Credit Default Swap mess. Since there are undoubtedly some readers out there who work on Wall Street or in the finance world, I wanted to ask anyone who either worked for Lehman or in a relevant field to get in touch with me, strictly for background. What I'd really like is to meet up with someone who can walk me through the day-to-day routine surrounding the trades of those kinds of derivatives, or really with anyone whose job touches the finance world in a way that's relevant to the crash.
This can be a strictly off the record/background type of deal, just for my own edification. Anyway, if you can help, please contact me at this address: editors@rollingstone.com.
More coming next week, gotta run.
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gordspeople | February 10, 2009 4:41 PM
I don't claim to be a Wall Street expert or anything. But if you want a simple explanation of where money comes from watch "Money as Debt" on Google Video. I used to think money was made in mints by the government. Now I know better!
PEOPLE For Mathematically Perfected Economy | January 17, 2009 3:52 PM
Get it together, Matt. Buying into "Wall Street" isn't even investing. Only in the case of an IPO. Nor is what you continue to call "finance," a means of financing. What we have instead is an imposed, privatized currency, which is an intended vehicle of exploitation. Under the intended obfuscations of this imposed system, a central bank merely pretends to be a creditor, denying the real creditor (who accepts a promise to pay for property) interest by only intervening on our affairs to publish the promise of the debtor at no cost to the pretended creditor whatever. So debt multiplies in proportion to the circulation as we replenish the circulation by re-borrowing principal and interest as ever greater sums of debt... until you have what's everywhere around you right now, Matt. The result of a prescription for failure.
Joe Broke Blow | December 19, 2008 8:06 PM
The citizens of Wall Street have the financial markets corraled.
As a group they exchange information about when to buy and sell and screw the rest of the country'folks who belived that it was a fair thing to invest with the ethical behaving "INVESTMENTS COMPANIES". Greed and the insasiable chase for more and more Dollars has the country in the present state.The gas price is not due to supply and demand, just greed manipulating the markets.
waunan | December 19, 2008 11:08 AM
All trading is inherently "insider" and appeals to fear and greed are cornerstones of this broken system. Asking bigger questions and proposing imaginative solutions that might look very different from a system that has no sustainability would be a breath of fresh air. The "fun to read" lazy insults that flow from Taibbi's keyboard should never be confused with real investigative journalism. Read Michael Ruppert if you would like to experience a journalist with a spine.
Joe | November 25, 2008 1:11 PM
Matt, you do a nice job insulting politicians. Stick to what you are good at. Please don't try to comment on the financial mess because there is no way you will understand the issues. The world doesnt need another know-nothing telling us what went wrong.
Braystud | November 24, 2008 10:33 AM
Dude,the right-wing media have a col-
lective 66 IQ.(In short,about six points higher than Ted Nugent's.)
two wolves and a sheep | November 17, 2008 6:20 PM
media democracy sounds terrifying. Perhaps it should be called the mob rule doctrine.
MediaMonitor | November 15, 2008 8:40 AM
If there is going to be a fairness doctrine, then it should extend to broadcast news and documentaries. If a documentary or news story or general news coverage is alleged to be biased or non-objective, then the station or network that aired it should be held liable in front of a citizen’s media review board empowered by federal legislation to hear such cases.
For example, if a station always covers shootings but never or rarely covers stabbings and beatings, they should be compelled to devote proportional time and proportional emphasis to the stabbings and beatings, or less time and emphasis on the shootings, so as to be balanced. Otherwise they get fined or lose their license. So if half the murders in a city are by firearm and half by other means, the media could spend no more than half their coverage of murders by shooting and would have to spend the rest covering those by other means.
The citizen review board would have the power to compel the broadcast media to cover it as such, or issued fines, or revoke licenses. The citizens’ media review board would be drawn from a pool of citizen volunteers like voluntary jury duty.
It's called media democracy.
pdmikk | November 13, 2008 5:55 PM
Ooops. Today's Fresh Air.
John | November 13, 2008 11:42 AM
There is no bigger threat to democracy in North America than the massive right-wing bias in the media. Even if bringing back the Fairness Doctrine only accomplishes drawing attention to the fact that the media is dominated by parasitic right-wing professional liars, it would still be worth it. Conservatism is an ideology based on hatred, stupidity, ignorance, greed and hypocrisy. Since the media goes out of its way to pander to those same character flaws, they will always be the far right's most powerful ally and the progressive movement’s most dangerous enemy.
go get em matt | November 10, 2008 3:57 PM
Cannot wait to see the shit you uncover next.
I'm so glad its possible to have a job like yours where instead of just reading news and hoping its correct to become informed you actually have the time and resources to verify first hand just what is going on.
I wish we all had time to be investigative journalists.
Roderick | November 10, 2008 3:52 PM
I'm a college student and I'm currently taking a macroeconomics class_ but indeed it is true that Reaganomics is the biggest fuck-up besides the Great Depression- but somebody tell me- will there be another dpression? or will we just face a dangerously deep recession?
Mondo Gentleman | November 10, 2008 9:55 AM
Hey, Doc
The ultimate rebuttable is repudiation. And fuck AM radio. Rush is doing everyone a service maintaining the fealty of that 27% of the population who will shock the stranger in the other room to death.
Lucy | November 9, 2008 9:26 PM
I don't understand why we are confused about the Fairness Doctrine? Are Americans that out of touch? It is a form of censorship, pure and simple. And, it will be the first step to a very left liberal America. Wake up people! Wake up!
eyesspy | November 9, 2008 3:00 PM
from what i have gathered, mortgages of say $200,000 today worth probably £600,000 years from now when paid back sitting on the banks assets registers were sold and gambled on. not the $2100,000 but the $600,000 figure. This particular 'instrument' was traded around the world. the banks and financial houses do not know where the debt now lies, hence they do not want to relinquish any cash they have by lending to each other. The GALL is that so called experts have bandied around the banking elite claptrap that the poor mortgagee has defaulted and caused all this mess. No the quadrillion derivative hole cannot be redeemed so any bailout is definitely the banking oligarchs way of destroying the old world order under barack obama and then riding in on the white horse to usher in the new world order in its finality. WERE SUCKERS
Alec | November 8, 2008 7:27 PM
So why is bringing back the Fairness Doctrine dumb? It was created in 1949 and killed by Reagan. Given that Reagan also gave us "Government is the Problem" and trickle-down economics, I'd venture to say that the Fairness Doctrine must have been a good thing. Why do you consider it dumb?
DocAmazing | November 8, 2008 12:58 PM
Actually, restoring the Fairness Doctrine strikes me as an absolute necessity--all those years of Rush and Savage were very effective (for a time) exactly because they were unrebutted. I'm very interested in reading why you think reviving the Fairness Doctrine is a bad idea. It strikes me as elementary--an undoing of one of the major fuck-ups of Reaganism.
Bill | November 7, 2008 10:16 PM
Matt, I can't wait to read what you unearth. I've worked for 20 years for investment banks, and now the industry is gone, along with my career. I'm eager to learn why.