By George Washington of Washington’s Blog. Keynesians argue that we must increase fiscal stimulus to prevent a full-scale depression. They argue that “deficit hawks” are wrong when they say that we can’t afford any more stimulus, and that worrying about debt in a crisis of this size is penny wise and pound foolish, given the […]
Read more...Tuna ban ‘justified’ by science BBC The sex life of seahorses Guardian Richmond Fed on the GSE’s – “They Encourage Defaults” Bruce Krasting. This study breaks a cardinal rule: correlation is not causation. Dollar Homes Lack Buyers NBC Chicago (hat tip reader John D) Cushions are thicker but don’t get comfy Rolfe Winkler Note to […]
Read more...By DoctoRx, who writes at EconBlog Review:Introduction A few days ago, Naked Capitalism kicked off a series of posts on government deficits with a first-of-two posts by me. My Debate on Deficits, was followed by posts by Marshall Auerback, Rob Parenteau and Dr. Edward Harrison. My initial post was itself a response to Dr. Harrison’s […]
Read more...Nouriel Roubini has officially left the “hedging your bets on the economy” camp. He has declared the markets to be frothy because super low dollar borrowing rates have turned the greenback into the funding currency for the carry trade. Far more important than the peppy rally in the stock market is the resumption of early […]
Read more...By George Washington of Washington’s Blog. As I have repeatedly written, the largest U.S. banks have repeatedly gone bankrupt due to wild speculation which was blessed by the Fed, and then the government covered up their bankruptcy. Indeed, the New York Times writes today about one of the too big to fails: Over the past […]
Read more...One week ago, I put up a post on the plight of a family that was at the end of its rope financially due to a lack of savings prior to the firing of the main income provider at the start of 2009. They had started using credit cards to pay for necessities, had paid […]
Read more...Polar bear plus grizzly equals? BBC A farmer’s field of dreams buries climate change war The Age Schwarzenegger’s secret message to the state Assembly: ‘F*ck you.’ Think Progress (hat tip reader Scott) An Old Master, Back in Fashion Devin Leonard, New York Times Band of Dems Blasts Geithner Plan Washington Independent (hat tip reader John […]
Read more...McClatchy, the only major US news organization to question the Iraq war until is was obvious to all that it was a misguided exercise in neocon hubris, has started a series on Goldman’s famed “short subprime” exercise. While the timing and overall outline are not new (as to when and allegedly why the investment bank […]
Read more...By George Washington of Washington’s Blog. Preface: My apologies if this is offensive. As always, Yves Smith is not responsible for this content, does not necessarily agree, sponsor or endorse it. Many people have called politicians prostitutes. True, Obama has received more donations from Goldman Sachs and the rest of the financial industry than almost […]
Read more...By George Washington of Washington’s Blog. Ron Paul tells Bloomberg that Congressman Watt has just more or less killed the bill to audit the fed: Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward […]
Read more...California among 15 states suing Amgen over anemia drug Los Angeles Times Bad C’s Michael Panzner Hampton Georgia (Pop. 5,300) Attacked by FDIC, FHA, Fannie and Freddie Bruce Krasting EU competition commission foists draconian remedies on RBS Telegraph (hat tip Swedish Lex) Shock and Awe The Epicurean Dealmaker Antidote du jour: You get an antidote […]
Read more...By George Washington of Washington’s Blog. Preface: Please read to the end to see the humorous quote. I have previously debunked numerous false arguments used to defend the too big to fails. See this and this. But the apologists for the TBTFs are now arguing that breaking up the beached whales … er, giant banks […]
Read more...The Value of the “Too Big to Fail” Big Bank Subsidy Dean Baker and Travis McArthur Congress and TBTF – Bring in the Bomb Squad Josh Rosner (hat tip reader John Bougearel) Antidote du jour:
Read more...Harper’s Magazine has written up the lengths to which the authorities will go in censoring views that dissent with what is the unstated official policy: that no demand of the banking industry is too unreasonable not to be catered to. The object lesson is the gutting of the falsely-branded derivatives reform bill. It arrived with […]
Read more...By George Washington of Washington’s Blog. When a liberal labor leader and a conservative financial policy analyst unite against something, you know that something is really bad (actually, I don’t believe in the whole false left-right dichotomy; I think its Americans versus those trying to steal our wallets and our rights, but that’s another story). […]
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