The Italian government reacted angrily Tuesday to the decision by the credit rating agency Standard & Poor’s to downgrade its debt, describing the move as out of touch with reality…Prime Minister Silvio Berlusconi’s office issued a statement early Tuesday noting that his government had a solid majority in Parliament. It said the government was preparing steps to lift growth and recently passed measures to control public finances through tax increases and spending cuts. “The evaluations of Standard & Poor’s seem dictated more by behind the scenes reports in newspapers than reality and seems influenced by political considerations,” the statement said. [NYT]
they know nothing!
Eliot Ness recently had a chat with Interview magazine (he also had his picture taken, at left. Don’t worry, the other one is after the jump for those of you who need a fix). On the topic of shame, the noted hooker fucker said he’s seen it “from every side.” When asked what his biggest mistake has been, he coyly answered “I think the answer to that question is pretty obvious now” (it’s not! Was it the socks during sex? Not even asking if you could wear a Scream mask when doing her from behind? ANSWER THE QUESTION). And as for the Wall Street Journal? While their chest hair and cankle coverage is commendable, they could stand to improve in some other areas.
“I don’t think The Wall Street Journal has the foggiest idea of what capitalism is all about. They don’t understand what markets are and how they work. I believe that for markets to work, you need a government that brings enforcement actions and sets parameters the way we were trying to when I was AG. It was part of a much more nuanced argument that I was trying to make when I was governor about what government should do. But populism, which is driven by anger, isn’t going to get us to the point where we actually create jobs or wealth for people. It’s a visceral response. What we need is a more sophisticated understanding of how the economy really works-and the caricature that’s put forth on The Wall Street Journal‘s editorial page is just as wrong as the one put forth by the angry populists.”
Eliot Spitzer: ‘I Don’t Think The Wall Street Journal Has the Foggiest Idea of What Capitalism Is All About’ [Daily Intel]
Eliot Spitzer [Interview Magazine]
Nassim Taleb Swears He’s Done With This Place, Signs Off In A Huff– Who Should He Take With Him?
By Bess Levin
Nassim Taleb cannot believe– be-lieve– Ben Bernanke is going to be reappointed chairman of the Federal Reserve. He cannot believe he lives in a world where this could be allowed to happen! It’s outrageous, egregious, preposterous. Taleb is so disgusted (not at Bernanke, who has but the mind of a child, and doesn’t understand what he’s done) that he’s decided to take his black swans and leave. He knows you’ll miss him but sorry, this is too much to bear. He’s finished. Unless of course he’s forced by his publishers to do a little self-promotion, but barring that once in a lifetime event, he’s gone. Good day.
What I am seeing and hearing on the news — the reappointment of Bernanke — is too hard for me to bear. I cannot believe that we, in the 21st century, can accept living in such a society. I am not blaming Bernanke (he doesn’t even know he doesn’t understand how things work or that the tools he uses are not empirical); it is the Senators appointing him who are totally irresponsible — as if we promoted every doctor who caused malpractice. The world has never, never been as fragile. Economics make homeopath and alternative healers look empirical and scientific.
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