Streams

Holiday Economics

Tuesday, November 29, 2011

Greg David, director of the Business & Economics Reporting Program at CUNY Journalism School, contributor to Crain's New York Business, and author of the forthcoming Modern New York: The Life and Economics of a Cityrounds up local and global economic news, from "Cyber Monday" to Europe.

Guests:

Greg David

Comments [33]

ugh!!

Dec. 07 2011 10:06 PM

Please Brian, no more of this guy!

Dec. 02 2011 06:53 AM
jawbone

http://news.firedoglake.com/2011/11/29/paulson-delivered-inside-information-on-gses-to-cronies/

A look at the Bloomberg article about Hank Paulson letting 12 hedge funders in on his plans to put Fannie and Freddie into conservatorship. Back in 2008, when he was Treasury Scty.

Gee, it looks more and more like if you're not an insider with good contacts you're the patsy to be ripped off by those insiders

We outsiders don't "play the market," it plays us.

Ah, those "savvy businessmen" Obama so admires....

Nov. 29 2011 05:18 PM
Eugenia Renskoff from Brooklyn, NY

Hi, Brian, If these sophisticated investors knew what they were buying, who is out there to protect unsophisticated people, those of us who just wanted a home? Who is out there to look out for those of us who got scammed? Even if the investors were sophisticated, nobody likes to lose money. Transparency should be enforced. Eugenia Renskoff

Nov. 29 2011 01:44 PM
Scott from Brooklyn

Craig David is not stupid and he knows journalism. He always backs up what he says with some piece of information. This makes him sound convincing. Unfortunately, he cherry picks. It's a disservice to your audience to have him on, playing the role of an intelligent, independent economic observer without having someone on (not Brian - who plays the role of charming, neutral host) to verify his claims and challenge his claims when they don't account for readily available, relevant information that undermines his position. It's not that I don't think he shouldn't ever be on the air. But he should be framed as a generally pro-business opinion journalist and his claims should not go unverified or unchallenged at the time they are made by an expert. This might require more planning on your part, and some potentially awkward moments (though hopefully we can keep these talks from getting personal - obviously there is a personal tiff between David and Spitzer, and it did become personal at the debate). So, I'm asking The Brian Lehrer Show to come up with some more sophisticated discussion of the economy. Relying on your audience to call in and ask questions really just gives David a pass on being seriously challenged by an expert. Crowd sourcing questions is cheap for you, allows your listeners to get involved (maybe feel more likely to donate) but we didn't get any reliable information. That said, the licensed investor/money manager made a good point about fidelity to the client, but wasn't in a position to really challenge David.

Nov. 29 2011 11:00 AM
jawbone

I didn't know Greg David's name when I heard him on your show quite a few months ago, but the discussion was about unemployment and the great difficulty new grads were having in finding real jobs. Indeed, any jobs!

David Greg said the job market was clearly picking up, that his newly graduated daughter had several offers and was, iirc, taking a very good position.

I was aghast that he used his own daughter as an example of how easy it was to find a job. I believe I commented at the time that it was probably exceedingly easy for her to get work. I would have been shocked if the child of a well-known professor who appeared often on WNYC, who was also a writer and editor for Crain's, did NOT get job offers. Lots of them!

But, for graduates who were not the children of the One Percenters or their near income echelon supporters, finding decent jobs was and is not easy. Many are facing huge loan payments with no means of repaying them. And while a bankster can declare bankruptcy and start over, a student loan follows into old age (SocSec is not secure against such claims) and probably unto death.

So interesting that a student loan from private lenders, taken out in one's youth and with less experience in the world, cannot be forgiven, but a loan used to, oh, set up some kind of crazy, totally untransparent derivative --or something else dodgy-- CAN be wiped out with bankruptcy. Or written way, way, way down.

Just what are the priorities of this nation? Seemingly, a society run by Kleptocratic Oligarchs, and their bought and paid for political, media, and intellectual minions, have little thought for the future well-being of the great mass of people. Even for the continued economic well-being of the nation, since they view themselves as globally powerful.

And Greg David is a fine spokesperson for such people, such a system.

Nov. 29 2011 10:49 AM
Jack Jackson from Central New Jersey

Would have like to have heard Mr. David's opinion on how much sales tax revenue is lost on 'Cyber Monday'.

When should we consider the Internet mature enough that it no longer needs to leg up of tax-free sales. [Yes, I know that sales OUGHT to be declared at tax time but how many of us actually do that.]

Nov. 29 2011 10:48 AM
fuva from Harlemworld

Again, much of this financial mess is about "sophisticated" money-changers, with their specialized knowledge, preying on the financially illiterate -- which is the majority of us in this country where the majority of schools provide no financial education.
Financial "experts", with their high pay and social capital and sociopolitical/ economic power, should be held to a higher standard and be subject to criminal charges and debilitating fines when they abuse that power and/or act reckless.

Nov. 29 2011 10:47 AM
Alicia from Long Island City

The money managers were not investing their personal resources but those of the unsophisticated public, including orphans and widows. Mr. David is rationalizing this duplicity.
BTW – I was employed at one of the firms which settled with Attorney General Spitzer and I can assure you that it curtailed their rapacious manipulation of investments.

Nov. 29 2011 10:36 AM
Zach from UWS

Good on the caller for pointing out the fundamental dishonesty that has become standard operating procedure for people like Greg David and the banksters he defends. Lying should not be an acceptable investment strategy.

Nov. 29 2011 10:30 AM

Really... Greg David, again??

You can't find someone intelligent??

Pitiful.

Nov. 29 2011 10:30 AM
Station44025 from Park slope

Mr David keeps changing his answers: sophisticated investors wanted to buy toxic assets, but we had no way of knowing they we're toxic. Because the people are sophisticated there is no place for transparency? This guy doesn't have the intellectual rigor to handle the calls coming in.

Nov. 29 2011 10:29 AM
Nick from UWS

Another mealy mouthed shill for the financial services industry trying to sugar coat the criminal activities of Goldman Sachs and all the rest of the reamers of the American people.

Nov. 29 2011 10:29 AM
jawbone

I didn't hear all of Krugman's interview yesterday, but did he actually state that he feels the Euro Zone should be dismantled?

Greg David said that Krugman's writings and statements have convinced him that the Euro Zone should be dismantled. That is, I think, different from saying, as you did, Brian, that Krugman said the EuroZone should be dismantled...or as David said later, destroyed.

Notice also how cleverly David defended Citibank's chicanery, or as another commeter called, "grifting." (It was so slippery a statement I've already forgotten the very clever wording he used....)

Nov. 29 2011 10:29 AM

It's so funny that David keeps saying "Look, I don't want to defend Goldman Sachs (et al) but..." and then he goes on to defend them.

Nov. 29 2011 10:28 AM
Jack Jackson from Central New Jersey

Holding your client's interest ABOVE your own is the definition of fiduciary.

I'll take federal spending at 25% of GDP and 5% unemployment over 20% of GDP and 10% unemployment.

Nov. 29 2011 10:28 AM
adsf

i think i'll listen to the podcast of the takeway for a while

Nov. 29 2011 10:26 AM
MichaelB from Morningside Heights

The question for Greg David is what will it take to change behavior?

When the incentives for the INDIVIDUALS who actually MAKE the decisions to do fraud for the short term gain to THEIR pockets, then fining the CORPORATION does not hurt THOSE INDIVIDUALS!

Only jail time for those INDIVIDUALS and taking the money back with HEAVY PENALTIES -- so that it's not a "nothing to lose" decision -- only those types of consequences have any chance to change people's behavior in the future!

Nov. 29 2011 10:26 AM
Celeste

Please stop vilifying the men who won the powerball lottery. Just because they live in Greenwich, CT and are in the banking industry doesn't mean they are part of the 1%, which they are ABSOLUTELY NOT. The media needs to check its' facts before they can malign people. Their industry too has been hit hard with layoffs, company closings and no jobs to be found. They were lucky, why not, someone had to be! Congratulations to them.

Nov. 29 2011 10:24 AM
adsf

there are *so* many politicians and business people who predicted this (eu splitting at the seams) happening back in the 90s and before -- why not get one of them on the show?

david's aptitude with reading krugman on the kindle notwithstanding this show is useful when it is showcasing thought leadership or at least original thoughts.

Nov. 29 2011 10:23 AM
Patricia Bronstein from Northern NJ

You just asked this guy a question about Paul Krugman's comment about Sweden yesterday and David just didn't answer it. Press him on what he thinks about Sweden and the amount of money they spend on their citizens while still having a low loan rate.
Thanks.

Nov. 29 2011 10:23 AM
dan k from chelsea

Can you please explain why the Euro would be valued higher than the dollar, with all that's going on in Europe, and the currency's possible demise?
thanks

Nov. 29 2011 10:22 AM
fuva from Harlemworld

Looks like this judge in the Citigroup case did good. But, as we know, we can't leave justice up to judges or 'experts' alone. The citzenry needs to be made aware of these cases and made to UNDERSTAND them, so we can apply the necessary informed, consistent pressure. The cleansing transparency that justice requires is still lacking.

Nov. 29 2011 10:22 AM
Station44025 from Park Slope

I was going to express my dismay that Craig David is considered a worthwhile guest for wnyc, when he seems like he would be more at home on fox, or maybe in another job all together, but I see that I am not the only one that feels that way. His performance on the OWS panel was very revealing, and his defense of Citibank just now was astonishing. If sophisticated investors got grifted there's no culpability on the part of the grifters? The government coddles these criminal enterprises? That's why people are in the streets, Mr. David.

Nov. 29 2011 10:21 AM
jgarbuz from Queens

I was just about to comment, that the European Union is reminscent of the Articles of Confederation, which proved inadequate for the new United States, and we had to become a Federal Republic rather than just a loose confederacy. You can be half pregnant. You have to either go for the birth, or for an abortion. Europe will either have to become a true united single country, or eventually break back up again into fully sovereign states, each with its own currency again.

Nov. 29 2011 10:20 AM
Scott

Mr. David makes a definite mistake. Only one of the crisis countries in Europe is profligate, Greece. For example, Spain had the second largest surplus in the eurozone prior to the crisis. Yet, Mr. David characterizes it as whether or not to bail out the profligate countries. Could you please correct that?

Nov. 29 2011 10:17 AM
John from South Brooklyn

I'm refinancing my mortgage. What's likely to happen to lending availability and rates?

Nov. 29 2011 10:16 AM
beegosh

can you find another commentator to be your voice of ny economics? yuck. trot this character out for the march holiday.

Nov. 29 2011 10:10 AM
sophia

Thanks for making David part of your OWS panel.

I had my suspicions about him before, but now I know for certain that I never need to waste my time on him again.

Nov. 29 2011 10:09 AM
Mark

I'm skeptical about those hedge fund guys winning the lottery. In Massachusetts there are investment firms that actually have openly stated they figured out ways to win vulnerable games in Mass. so if I was a Connecticut state bureaucrat I'd take another look at this lottery system for weaknesses.

Nov. 29 2011 10:09 AM

Why do we get stuck with Greg David all the time? There are conservatives who are intelligent, informed, critical. So why David, who never has anything to say of substantive insight or criticism?

Nov. 29 2011 10:08 AM

profits are up and people are still shopping, why do we need jobs anyway

Nov. 29 2011 10:08 AM
Zach from UWS

Greg David is an apologist for the 1%.

Nov. 29 2011 10:07 AM

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