{"id":192339,"date":"2009-04-10T16:11:00","date_gmt":"2009-04-10T21:11:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/10\/adventures-in-economic-journamalism\/"},"modified":"2009-04-10T16:11:00","modified_gmt":"2009-04-10T21:11:00","slug":"adventures-in-economic-journamalism","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/10\/adventures-in-economic-journamalism\/","title":{"rendered":"Adventures in Economic Journamalism"},"content":{"rendered":"<p>In this case, it&#8217;s  Douglas McIntyre of Time Magazine, who looks at a positive quarterly report from Wells Fargo, so he looks at the big sh$&#038;pile, and <a href=\"http:\/\/www.time.com\/time\/business\/article\/0,8599,1890560,00.html\">thinks that there is a pony in there<\/a>,thus declaring that the banking crisis to be over.   <\/p>\n<p>Not unsurprisingly, this ignores the the backdoor bailout through AIG, the fact Wells is deriving profits from a special tax loophole that allows it to write off WaMu&#8217;s old losses, that Wells is rather healthy by the standards of the big banks, and the fact that their worthless assets effect <b>solvency<\/b>, not quarterly profit statements.<\/p>\n<p>Making a quarterly profit is easy for a bank that is <b>not writing down bad loans as it is supposed to<\/b>.<\/p>\n<p>Posted via mobile phone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this case, it&#8217;s Douglas McIntyre of Time Magazine, who looks at a positive quarterly report from Wells Fargo, so he looks at the big sh$&#038;pile, and thinks that there is a pony in there,thus declaring that the banking crisis to be over. Not unsurprisingly, this ignores the the backdoor bailout through AIG, the fact &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,974,982],"tags":[],"class_list":["post-192339","post","type-post","status-publish","format-standard","hentry","category-finance","category-hack-journalism","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192339"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192339"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192339\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}