naked capitalism

Anonymous says:

first ever Fund of Fund of Funds!

http://thereformedbroker.com/2009/01/05/interview-with-johnny-upside-fund-of-fund-of-funds/

TRB: Sounds like a lot of layers of fees. What do you bring to the table?

JU: I bring a bangin’ office in Greenwich to the table, dog! There seems to be a ton of office space available there lately, which seems pretty weird. Anyway, the whole thing’s gonna be behind a wall, but we’re gonna make it so the parking lot is visible from the road, so everyone can see our Maseratis parked out front. Its gonna look like a friggin’ Maserati convention out there.

Anonymous says:

Question to the gallery, why did the fed take the note off the M3 index in 2006.

skippy

Anonymous says:

Obligatory lolrus link.

lineup32 says:

Hats off to Michael Lerner for presenting more then the official Israel PR machine take on the Gaza situation.

ccm says:

Just in case no one else noticed, the Mankiw data is pretty funny. This is an amusing economist’s exercise in which the taxes paid by corporations are imputed to the shareholder households. Thus, hardly to anyone’s surprise a full 14% of income of that .01% of the ultrawealthy is paid as taxes by the corporations they “own”. (See page 10 of the CBO doc Mankiw links to.)

See the problem here is that a huge segment of the economics profession still hasn’t come to terms with the fact that when a state permits the creation of a new legal entity with limited liability, that entity should be taxable just like the rest of us. Because economists deny the existence of these independent legal entities, they have this habit of confuting them with their owners — which, of course, would only make sense if their owners didn’t have limited liability. (Remember when lawyers want to refer to human being, they can’t just say “person”, they have to say “natural person”. Corporations are persons under the law.)

Anyhow that’s the story for how these ridiculous numbers have been generated.

dearieme says:

“..an amusing economist’s exercise in which the taxes paid by corporations are imputed to the shareholder households”: to be fair, that’s also the reason that the political left tends to advocate such taxes -they too assume that they fall on the “rich” i.e. the shareholders. They don’t, of course; or, at least, they don’t fall solely on the shareholders.