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...is a weblog about the liberal arts 2.0 edited by Jason Kottke since March 1998 (archives). You can read about me and kottke.org here. If you've got questions, concerns, or interesting links, send them along.

2 kottke.org posts about philgreenspun

 

Those big bank earnings explained

Phil Greenspun's finance buddy explains how JPMorgan Chase and Goldman Sachs made $6.8 billion in profit last quarter. Basically they borrowed money from the US Govt at 0% and then bought bonds from the US Govt that paid 2-3%.

What kind of bonds are they buying? Are they investing the money in American business? "No, they are mostly buying Treasuries." So the money is just being shuffled from one Federal bank account to another, with each Wall Street bank skimming off $1 billion per month for itself? "Pretty much."

(via @linklog)

By Jason Kottke  •  Oct 19, 2009  •  2008 recession   finance   philgreenspun

Phil Greenspun on retiring young. "Retirement forces

Phil Greenspun on retiring young. "Retirement forces you to stop thinking that it is your job that holds you back. For most people the depressing truth is that they aren't that organized, disciplined, or motivated."

By Jason Kottke  •  Feb 1, 2006  •  money   philgreenspun

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