Monthly Archives: August 2010

Links 8/31/10

ACLU Sues U.S. Over Targeted Killing of Citizens Bloomberg NC farm produces emerald shaped into massive gem Associated Press (hat tip reader John M) British Airways No Longer Forcing Women to Sit Next to Children Flying Solo Helaine Olen. Hah, I had this done to me once. Climate Skeptic Bjørn Lomborg Reverses Himself on Climate […]

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William Black: Theoclassical Law and Economics Makes the Law an Ass

By William K. Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City and author of The Best Way to Rob a Bank is to Own One One of the great advantages of blogs is spurring informative debate. The debates also tend to morph as commentators develop their arguments. I want to […]

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What to Make of Banks’ Hesitance to Lend to Environmentally Dubious Projects

The New York Times reports on a welcome development: some banks are getting cold feet about lending to projects that are legal but still produce environmental damage: After years of legal entanglements arising from environmental messes and increased scrutiny of banks that finance the dirtiest industries, several large commercial lenders are taking a stand on […]

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NYT Story on Wall Street’s Fallout with Obama Misses the Dead Bodies

Andrew Ross Sorkin has a rather curious piece up today at the New York Times in that it purports to explain why the banking industry is up in arms about Obama, yet buries and/or omits some key issues. It’s pretty well known that big financial firms have been throwing their weight around, no doubt encouraged […]

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Why Are NACA’s Innovative Mortgage Modification Marathons Below the Radar?

I’m a bit mystified, given the abject failure of various government-devised “save the mortgage borrower programs,” that the Neighborhood Assistance Corporation of America’s mortgage mod marathon’s aren’t getting more coverage, and that limited media attention may be contributing to falling turnouts at its events. It’s telling that a Google News search confirms that the best […]

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Links 8/30/10

Spinal Fusion Devices: What’s the FDA Hiding? Howard Brody (hat tip reader Francois T) Japan resort draws men with virtual girlfriends PhysOrg US colonel blasts PowerPoint bureaucracy in Afghan HQ The Register (hat tip reader John M) How panhandlers use free credit cards The Star (hat tip reader John D) Obama’s Old Deal Michael Hirsh, […]

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Guest Post: Modern Monetary Theory — A Primer on the Operational Realities of the Monetary System

By Scott Fullwiler, Associate Professor of Economics at Wartburg College At its core, there are two parts to Modern Monetary Theory (MMT). The first is a description of how the monetary system actually works, mostly focusing upon interactions between the central bank, the treasury, and the financial system, though this part also requires a very […]

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ProPublica Asserts “First” on CDO Manager Shenanigans When Bloomberg, Mason/Rosner, and This Blog Have Prior Reports

It’s often the travail of a blogger, and small media generally, to have its story picked up by bigger fry without acknowledgment. But it’s one thing when a writer suspects having made a contribution to another’s story (there is, after all, the possibility of parallel inquiries bearing fruit on different timetables); quite another to have […]

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Why Germany’s Rebound Is Not Such Good News

Wolfgang Munchau has an intriguing piece at the Financial Times debunking the idea the Germany’s recent peppy growth numbers are as salutary as Mr. Market seems to believe. Part of his message isn’t necessarily all that surprising, and comes towards the end of the article: ….it is important to keep some perspective and not draw […]

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Links 8/29/10

The Moneyless Man: How Did Mark Boyle Spend A Year Without Spending A Dollar? Huffington Post (hat tip reader Francois T) Congress may sneak through Internet ‘kill switch’ in defense bill Raw Story Test Failure Economic Policy Institute Bankers Told Recovery May Be Slow New York Times The Fed Is Still Clueless About Bubbles and […]

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Japan’s Experience Suggests Quantitative Easing Helps Financial Institutions, Not Real Economy

A few days ago, we noted: When an economy is very slack, cheaper money is not going to induce much in the way of real economy activity. Unless you are a financial firm, the level of interest rates is a secondary or tertiary consideration in your decision to borrow. You will be interested in borrowing […]

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Why Basel III is No Magic Bullet

There’s been an interesting dialogue between Streetwise Professor and Deus ex Macchiato on the matter of the practical impact of the pending Basel III rules, which will rejigger, in a pretty significant way, bank capital requirements (see here and here for details). The reason Basel III matters is that the Treasury has been touting it […]

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Links 8/28/10

Apologies for thin links, need to be on a very early flight. Scientist: World’s helium being squandered UPI (hat time reader John M) Double strike ‘killed dinosaurs‘ BBC Good Bernanke commentary. Mr. Market wants to believe: El-Erian: How to read Bernanke’s speech FT Alphaville Bernanke is neutral, with dovish tinges Gavyn Davies Really What Bernanke […]

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What is the Proper Libertarian Response to Concentrated Corporate Power?

A question for readers: in many lines of commerce, large firms often enjoy significant cost and/or revenue advantages relative to smaller players. Over time, these industries tend to evolve to a format where many of the most successful enterprises are very large organizations. These firms typically wield considerable power relative to players smaller than they […]

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Summer Rerun: Rating Agencies Created Incentives to Issue Paper More Profitable for Them to Rate

This post first appeared on November 16, 2007 A colleague was so kind as to send me the text of a speech given at the Graham & Dodd breakfast a few weeks ago by David Einhorn, CEO of hedge fund Greenlight Capital. The speech has gotten play only in some personal-investment-oriented blogs like Seeking Alpha […]

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