Monthly Archives: May 2012

Bill Black: Embedded Examiners always married the Natives, but now their Bosses Do Hook Ups

Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives.

Jessica Silver-Greenberg and Ben Protess have written an extraordinarily important column for the New York Times about embedded examiners at JPMorgan.

Embedded examiners’ are federal regulators whose normal work station is a desk at the bank.  We only embed examiners for systemically dangerous institutions (SDIs) – banks so large that they pose a systemic risk to global economy.

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Satyajit Das: The Great Pretender – India’s Economic Past & Future, Part 2: “A Sea of Troubles”

By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk (2011). Jointly posted with Roubini Global Economics

In the aftermath of the global financial crisis, optimists hoped that the BRIC (Brazil Russia India China) would drive the global economic engine. But China’s economic growth has slowed to its lowest rate in three years. Brazil’s economic growth has fallen from around 7.5% to under 3%. Russia’s economy is heavily dependent on oil and energy prices. India also has stalled. This 3-part paper looks at the development and future trajectory of the “I” in the “BRIC”. The second part looks at the India’s current problems.

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Satyajit Das: The Great Pretender – India’s Economic Past & Future, Part 1: “India Shining”

By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk (2011). Jointly posted with Roubini Global Economics

In the aftermath of the global financial crisis, optimists hoped that the BRIC (Brazil Russia India China) would drive the global economic engine. But China’s economic growth has slowed to its lowest rate in three years. Brazil’s economic growth has fallen from around 7.5% to under 3%. Russia’s economy is heavily dependent on oil and energy prices. India also has stalled. This 3-part paper looks at the development and future trajectory of the “I” in the “BRIC”. The first part looks at the background to India’s recent rise.

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Is Schneiderman Already Starting the Blame Game Over the Mortgage Fraud Task Force Failure?

In an article in the Wall Street Journal titled “Investigators Seek More Firepower”, New York Attorney General Eric Schneiderman is quoted pleading for more resources from the administration.

New York Attorney General Eric Schneiderman, one of the five officials in charge of the group, said it is making impressive progress but could accelerate those efforts with more investigators.

“Do I want more resources, want things to go faster? Yes,” he said in an interview. “Am I asking for more? Yes. Do I believe we’ll get that? Yes.” A spokesman for the attorney general declined to specify how many extra people are needed.

That’s a public quote, so Schneiderman is necessarily being passive aggressive about it.  This anonymous quote from a Politico story a few days ago is more brazen.

A government source working on housing issues said the unit is struggling in part because of a lack of commitment from the White House since its roll out in the State of the Union, citing a leadership vacuum since DOJ Associate Attorney General Thomas Perrelli left the Obama administration in February.

“It’s not happening at the level that it should be happening,” the source said. “There’s no person with juice at the federal level that is banging heads and making sure things are happening the way they should.”

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Let’s Say Germany Enforces More Austerity on Greece: Then What?

Everyone’s holding their breath until mid-June, when the Greek elections take place.  In the meantime, the Eurozone is heading into a deep recession and Germany is bickering with, well, everyone.  Ambrose Evans-Pritchard gives us the dynamic. Another month of EU stasis is unlikely to prove a winning formula. The eurozone’s manufacturing and service surveys for […]

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Steve Dubb: Why Building Community Wealth is a Key Challenge to Corporate Power

Steve Dubb is research director of the Democracy Collaborative at the University of Maryland.

As our political system sputters, a wave of innovative thinking and bold experimentation is quietly sweeping away outmoded economic models. In ‘New Economic Visions’, a special five-part AlterNet series edited by Economics Editor Lynn Parramore in partnership with political economist Gar Alperovitz of the Democracy Collaborative, creative thinkers come together to explore the exciting ideas and projects that are shaping the philosophical and political vision of the movement that could take our economy back.

As resistance has grown to America’s widening gulf between the “1 percent” and the rest of the population, something new has exploded in America’s communities; “community wealth building” is an explicit strategy to democratize the ownership of wealth from the ground up. With traditional regulatory and tax-and-spend approaches faltering at every level, the notion that we should create new democratic economic institutions

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