I mean, people who say that the Tea Party isn't a grassroots movement, I think, are incorrect. I think in some respects, it is a grassroots movement.
Matt TaibbiGreenspan's eventual explanation for the growing gap between stock prices and actual productivity was that, fortuitously, the laws of nature had changed -- humanity had reached a happy stage of history where bullshit could be used as rocket fuel.
Matt TaibbiTo Wall Street, a firm like BP isn't just a profitable energy company with lots of assets like oil rigs and pipelines and gas stations - it's also a corporation that routinely borrows hundreds of millions of dollars to keep its business up and running.
Matt TaibbiInterest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.
Matt Taibbi