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An oldtimer or longtimer Glickenhaus who started on the Street in 1929 describes the crisis he sees in credit markets and wall street in October 2008. He says "the economy is so weak and the financial system so damaged that a recession or even possible depression will last for at least five years." He says we have gotten soft in the USA politically, economically and in every way, e have had so much prosperity that we can't compete anymore. "In things like autos those days are gone "( he was once a big Chrysler investor). He says he is more pessimistic about the future of business, more than he is pessimistic even than in the future of the stock market.

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The position of the Wall Street Journal oped page on the fuel efficiency standards legislation passed recently.

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Some straight talk from Bethany McLean on why Congress which repealed Glass-Steagall and refused to regulate derivatives. She says the Fed and the SEC which did nothing while all the excesses and risky behaviour were playing out on Wall Street should also join Goldman on the hot seat. The Office of Thrift Supervision and the Comptroller of the Currency, she points out actually used their power not to protect but to prevent predatory lending laws. And the ratings agencies signed off with AA ratings for a lot of junk. McLean tells readers Goldman's idea that what is good for Goldman is good for America is downright scary. She is a former Goldman employee who reminds readers that Goldman's 14 principles had integrity right up on the list, something Tourre and other higherups at Goldman simply lost sight of.

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Rupert Murdoch brought positive changes as shown here to introduce electronic printing technologies to the newspaper business in 1981 the year Reagan became president. Yet there are questions why others across the news operations did not take this up as it would make sense to adopt new technologies. Why was there no competition? This led to The Times being acquired for $28 million in 1981 compared to the $5 billion paid for The Wall Street Journal in 2007- enormous difference as monopolistic/oligopolistic behaviour has become entrenched in shaping public perceptions and policy. Why for instance is not taking climate change action in the face of fires/floods or not taking action to invest hugely in infrastructure for a dilapidated USA become seen as acceptable in for 2024-2030-even as the European Union aims to be fossil free by 2030?

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Patrick Barta's exceptional reporing on Manek Chowk, a busy industrial and commercial centre of Ahmedabad. Manek Chowk, the public market in Ahmedabad, India, where street vendors find jobs in the informal economy. The informal economy provides most of the jobs in countries like India and Brazil. They could be street vendors, rickshaw drivers, workers doing textile stitching work and being paid by the piece, and so on. Ahmedabad has 55,000 richshaw drivers, 70,000 street vendors, 70,000 construction workers, and 45,000 rovish trash collectors and recyclers. Most of the city's once prominent textile mills have vanished or are rotting. If Ahmedabad makes it through this difficult period with job losses in India, its because of a thriving local informal economy. It may not provide what a regular job provides, but it helps people feed their families and they are happy to make it through the tough times. And even in the better times the jobs just do not exist in the proportion necessary in countries like India and Brazil. Consider this. Between 2000 and 2005, the number of formal jobs in India stayed flat at about 35 million, while informal jobs grew 17% to 423 million, according to the Indian government. These are the most recent years for which information is available. Economists say the creation of formal jobs may have picked up after 2005, but not by much. The situation is like this all over much of Africa, Asia and Latin America. And as companies layoff formal workers in favor of cheaper employees part-time and without benefits, the importance of the informal economy grows. In Ahmedabad the rights of these people are protected in the case of women by the Self Employed Women's Association of India, which numbers 1 million people across India....

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This article in the Wall Street Journal by Greg Ip shows what a case against Google and Facebook on antitrust charges would look like. He says Standard Oil and American Telephone and Telegraph had over 80% of their market. Ip points out that Google and Facebook's share is 89% and 95%. Here Ip shows that there are secondary effects beyond innovation by such Tech companies and Amazon which restrain competition and could be grounds for antitrust action. These companies favor their own products and skew their algorithms to promote them, making it difficult for newcomers. Also providing less access to venture capital that prefers not to invest in the newcomers that compete with the dominant tech companies.

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In addition to the efforts by protests to preserve Hong Kong's special autonomous status, there is a protest by students "Occupy Central," similiar to the "Occupy Wall Street" protests. That aspect of the protest is aimed less at Beijing than at the financial establishment in Hong Kong. Because of its role as financial capital in Asia a lot is at stake for the U.S., Britain, and for China itself, in preserving the special role that Hong Kong has enjoyed for two decades since 1997 transfer from Britain. That independent role and separate status is needed for a world financial centre and access to the best human resources.

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This editorial in the New York Times is strongly critical of former president Barack Obama for accepting $400,000 in speaking fees from Wall Street for a single speech. It says the news is causing people to question the ideas and words presented by Obama in his books about the dangers of losing sight of the interests of ordinary people. It gives the impression says the NYT, that Obama is cashing in like everybody else, and that his talk was empty. The editorial says the millions raised by Hillary Clinton led to her defeat in the election. Obama is reported to plan a foundation with the work of training a new generation of political leaders. This NYT editorial says it would be better to stay true to vision and purpose, to walk the talk for president Obama, especially now that a recent poll shows two thirds of voters, including about half of Democrats say that the Democratic Party is out of touch with the interests of the American People. By associating this closely with wealthy donors leading Democrats contributed to this. During a period when some of the remarkable achievements of the last fifty years such as the European Union are being called into question, when ordinary working people, young people and older people are struggling, this is all the more a tone deaf approach by politicians. The idea of helping train a new generation of political leaders through a foundation sounds bizarre in this context, and seems to suggest politicians believe there is always a solution through marketing their audacity and money.   ...

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US president Biden authorizes $350 million in immediate military assistance to Ukraine. Western leaders now believe that NATO countries are at risk if they do not help stop the invasion, as it now appears that Russia seeks to restore a sphere of influence across Eastern Europe that existed under the Soviet Union. In 1956 Soviet tanks entered Budapest, Hungary. A situation reminiscent of that in Hungary is now taking place in Ukraine in 2022. Earlier the Russian view of Ukraine neutrality was accepted by western leaders- the situation has changed during the last week, as it is now perceived that Russia seeks to change the situation in Eastern Europe. This completely alters western Europe's and America's view of the situation in Ukraine. All this has happened in a matter of days, and in a few weeks. On the Russian side the invasion is not popular with street protests in Moscow and people on the street skeptical about the invasion and its objectives. The view is beginning to emerge that this invasion only breaks the fraternal ties between the Belarus, Ukrainian and Russian peoples that have existed for centuries. In this sense the politics and governments of the present are not relevant as much as the shared history. Ironically it is this shared history that Mr. Putin seemed to want to assert. Yet it ignored the fact that Ukraine also has a shared history with Poland and the Baltic countries and the desire for a different system of government is common to all the people's of the world. Sri Lanka, Bangladesh, Indonesia and India; UK and Scotland or Ireland; Sweden, Norway and Denmark, Canada, Britain and the US; Hungary, Austria and Germany; all have a shared history yet the people in each country at different periods of history have made their own choices and decided what they would do as independent countries.  ...

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 After a landslide win in the recent election with 56% of the vote, Gabriel Boric, 36 years, will work for a fair deal for ordinary Chileans. His win comes after years of street protests calling for a fair deal including pensions, transport services, and better income distribution. The protests called for writing a new constitution to replace the one written by dictator Pinochet. Chile has grown increasingly polarized with younger generation favoring change and fairness and many of the older generation favoring the system left by dictator Pinochet.

Chile is described as an economic success story but it is a highly unequal society with 1% of the people owning 25% of the wealth, and about half of the people seen as economically vulnerable, says this report in The Guardian.

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Two leading funds Jana Partners and the Cal State Teachers Retirement System raise questions about the iPhone addiction among young people turning into a health crisis. The Wall Street Journal asks readers to comment on the issue how to respond, what teachers and parents need to do, what Apple needs to do. Many teachers say the drift is towards shorter and shorter attention spans for children, and children lacking the essential ability to delve deeper into learning topics. One teacher says the iPhone does not belong in high schools. One response is that it is the responsibility of parents, yet another response says parents are getting exhausted in the process. This parent calls it like playing a game of whack--a-mole from hell. Take away the iPhone and the same thing goes on in the computer, then on smart TV, finally the parent has to return the laptop because lessons are done online.

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BBC News shows how Pam Bondi, former Attorney General of Florida, handled questions from Senators at her confirmation hearings for Attorney General. With a calm demeanor Pam Bondi comes as a relief after the withdrawal of Matt Gaetz.  She said- people want safe streets, people want "America to be safe again. Of course they want the good economy and cost of living. And that will make America Great Again, and I don't see how that has become a bad word."

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The Fed announced that it will review compensation policies of 28 of the large complex banking organizations in the USA. The review will be an horizontal one that compares them to each other. The other significant move is that the Fed wants to see employees who take greater risks and use large amounts of borrowed money, to receive negative points in evaluating how well they have done, and consequently to be compensated less than other employees who earn money for banking firms while controlling the risks associated with transactions. This ties in with the discussions at the G-20 meeting in Pittsburgh, where the Europeans pushed for tighter regulation on bonuses and pay, to control the excessive risktaking of banking firms. This is because the prevailing culture in global financial institutions is a high risk high return culture, which ignores the social consequences of bad decisions. There is no cost to individuals taking the risks on other people's money, and regulations discouraging risk are not in place. The question remains, is this an adequate response to prevent future crises, or too little too late? If the banking community does not see it this way, and financial regulation is watered down in Congress- see the links to this- then it will much like Don Quixote swinging at windmills. In this sense the title of this piece is a misnomer, as the Fed has not hit banks with sweeping pay limits. It only said it would review pay practices. It is jawboning of the mild kind to show the public something is done. See Paul Volcker's point that pay practices would adjust and desirable goal of less risktaking and reasonable salaries would be achieved by separating deposit taking banks from banks engaged in trading activities. Similiarly, the governor of the Bank of England, Mervyn King, made the point recently that the biggest banks should be broken up. That is supported by the intuitive sense of experts that banks engaged with depositors should be engaged in the social functions of society, lending and supporting economic activity, and the trading desks of investment banks should operate entirely separately from this. One should be insulated from the other. In this sense there is a bit of evasion in these actions. A Wall Street capture of regulatory activity continues, of regulators and senior economic advisors in the administration, as the coziness between the two lingers on from a previous era of deregulation. This has the potential to cost the country and the global economy dearly in another crisis, and the jobless and young jobless people especially. In this economy both in Europe and the USA, the jobless young have been left with the least hope. ...

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The Daiichi Fukushima nuclear reactors are of a older 1970's design. A Wall Street Journal analysis of the safety record at the plant shows a safety record that is worse than other nuclear plants in Japan. Experts say the maintenance practices at the plant contributed to the nuclear meltdown. In the US spent fuel is retained in the nuclear reactor vessel during maintenance. At TEPCO's Fukushima plant the spent fuel is removed from the plant during maintenance and depends mainly on cooling water to keep the heat from building up. The additional protection of the reactor vessel is not present if something were to go wrong, as happened with the earthquake and tsunami.

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This Wall Street Journal article in 1993 documents the struggles and failures experienced by Steve Jobs after he left Apple in 1985 and started the company Next.

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In this editorial the Wall Street Journal says it supports the "sequester" or trigger of automatic cuts in 2013 if the Supercommittee in the U.S. Congress fails to reach agreement on budget cuts. Across the board budget cuts are not the best option, but says the Journal given that politicians have failed to come to agreement this is the best option available. This will generate $68 billion in savings in 2013. The Congressional Budget Office estimates cuts will be 7.8% for domestic programs, and defense will take a 10% cut. Medicare spending will fall by 2%, mostly payments to providers. To put this in perspective the Journal points out that total domestic discretionary spending doubled to $614 billion in 2010 from $298 billion in 2000, providing a higher starting point for cuts. It says some of the cuts in defense could be restored through a supplemental bill as planned by Sen. McCain.

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It is hard these days to walk on streets in Germany, Austria and other European countries without the fear of being hit by a speeding bicycle. Some cyclists are known for aggressive cycling on city streets and make it difficult to go out for a walk without constantly being on the alert for bicycles. This is completely different from when bicycles were rare ocurrence.

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The investigation into the airstrike by the U.S. on a Pakistani border position inside Afghanistan largely upholds the Pakistani account of events according to the Wall Street Journal.

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Remarks by president Biden in Accokeep, Maryland, at the International Union of Operating Engineers Local 77, April 19, 2023 outlining his vision for American workers and for its economy. "I am pro-union because union workers are the best workers in the world. Not a joke. That's the God's truth. That is the God's truth. You are the best in the world. It's better  for them to hire you, because you get the job done, you get it done on time, and ultimately it costs them less when they hire you." "So I've said many times Wall Street didn't build America. The middle class built America. And unions built the middle class. That's a fact. Unions. One of the reasons I ran for president was to rebuild the backbone, the backbone of this country, the middle class, to grow the economy from the middle out and the bottom up, not from the top down. Because when the middle class does well the poor have a ladder up and the wealthy do very well still. And we middle class can get a shot. We do well as well." "And that's in clear contrast to my friends on the other side of the aisle these days. DIdn't used to be. Did'nt used to be, but it is now. For decades they've said the best way to grow the economy is from the top down- trickle-down economics. Well, growing up, I didn't see a whole hell of a lot trickle down on our three-bedroom house with four kids at our dad's kitchen table. You know what, Trickle-Down did'nt work for us, and it did'nt work for a long time." "And by the way it's not just what's been with MAGA Republicans. For the last three, four decades we have been losing ground. And you know- it's hollowed out the middle class, you know rewarding wealth, not work; rewarding companies moving overseas because they get cheaper labor. Look at all- a lot of you know- and maybe you come from neighborhoods and small towns, like Scranton, Pennsylvania, where I come from, or Claymont, Delaware- where there used to be a lot of pride, because we had businesses, we had factories that were working, operating. In Scranton, and Claymont, there were 4500 steelworkers. There are none today. And not only do you lose jobs, you lose a sense of pride, lose a sense of who are you. You begin to wonder. Does anybody see me? I mean it sincerely." ...

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The Wall Street Journal interviews Amr Moussa, leading candidate for the presidential elections in Egypt. He sees a change in policy towards Israel, and a parliament that has many Islamic legislators.

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President Biden becomes the first US president to be present at the picket line. Biden says through a bullhorn at the UAW strike picket line in Detroit- "Unions built the middle class. It's a fact." He is pushing for auto companies to reach an agreement with the UAW union, and avoid any effects in the economy. He told union workers outside a Belleville Michigan GM plant near Detroit- "You've heard me say this many times. Wall Street did'nt build this country. The unions built this country. And the unions built the middle class. That's a fact. Let's keep  going. You deserve what you earned. And you earned a hell of a lot more than you get paid now." When he handed the bull horn to Shawn Fain the UAW leader, Fain said about billionaires and the executive class- "They think they own the world. But we make it run."

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House members frustrated and angryover high unemploymet and the rescue of Wall Street that is doing little for americans who are losing jobs and shrinking small business, traded insults with Secretary Geithner and some called for hime to quit. A measure calling for for Congression Government Accountability Office to conduct audits of the Fed that includes interest rates and lending to individual banks that was proposed by Ron Paul was passed 43-26 by the House Financial Services Committee. At one point a Hopuse Republican told Geithner "the public has lost all confidence in your ability to do the job." And Geithner shot back with "what I can't take responsibility for is the legacy of crises you've bequeathed this country." Rep. Fazio (Dem. Oregon) was one of the voices calling for Geithner's resignation and said in an interview that Mr. Geithner is too close to Wall Street: "Quite frankly, all the gamblig on Wall Street is doing nothing to put people back to work in America and rebuild our economy." Geithner is coming in for criticism for the rescue of AIG that indirectly rescued Goldman Sachs. Congressman Ron Paul is the author of a best selling book "End the Fed." Mr Paul says his amendment would not hinder the Fed pusuing an independent monetary policy. What he is concerned about is that "ther's plenty of political influence goig on now- presidential politics, influence by Goldman Sachs and the banking industry, and its all done in secret." See the links to Geithner and contacts with the banking industry. It was in 1978 that a law was passed shielding the Fed from Congressional auditors reviewing the Fed's monetary policy operations, loans to foreign governmets and direct lending to banks. The Fed isn't disclosig interest rate deliberations and only agreed to do this with a5 year lag in the 1990's and Ron Paul/s proposal would reduce this time lag to 6 months for the GAO access to this information....

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A businessman from Atlanta lands at his sister's small walk-up apartment in New York City in Jan. 2000. From there he makes cold calls to people on Wall Street to get support for his struggling business. Mr Sprecher does the unexpected over the following years as he gains backing and turns the InterContinental Exchange into a powerhouse in global computer trading. Sprecher's brings an unassuming and self-deprecating manner to the job of running the New York Stock Exchange from Atlanta.

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The streets leading into Tahrir Square in Baghdad, Iraq, are coming alive like never before with large art murals on walls, in a new show of art and creativity of Bagdad's people. This is happening as protests for better services and better governance tackling inequality, jobs, continues.