Links 3/29/11

Countdown to March 29: Prepare for a National Call-In Day to our 50-state Attorneys General CrimeShouldn’tPay. Be SURE to call your state attorney general today! They seldom get calls from voters, so this effort will have an impact

U.S. Queen Bees Work Overtime to Save Hives BusinessWeek

Massive Setback for Merkel: Greens Score Big in Key German State Der Spiegel (hat tip reader bmeisen)

Germany: The lights go out Financial Times

Greece: This Decade’s Argentina? Kash, Angry Bear

Amber Waves to Ivory Bolls New York Times. This is not good.

Melting gold market is a hot issue John Dizard, Financial Times

Convenient Arguments James Kwak

BP Managers Said to Face U.S. Review for Manslaughter Charges Bloomberg (hat tip reader furzy mouse)

Regulators to Set Rules on Mortgage Securities Floyd Norris, New York Times

From the Horse’s Mouth: AIG’s Mistake Explained Economics of Contempt (hat tip Richard Smith). I’ll have to check with Tom Adams when he is back from a family vacation, but I am pretty sure the testimony is disingenuous, that AIG was actively marketing the difference between its insurance and the monoline version.

Cassino Refusal to Disclose Swap With JPMorgan Results in Suit Bloomberg. Go Bloomberg!

Quick PCE Notes Tim Duy

More Bogus Lobbying Numbers from the Banks: Debit Interchange Rates Adam Levitin

A Crazy Admission and a Judge’s Change of Heart StayInMyHome (hat tip Lisa Epstein)

U.S. Treasury to Grade Mortgage Servicers on Loan Modifications Bloomberg. Transparency is great, as long as it applies to other people. Not sure what this accomplishes, since this isn’t about name and shame (banks are shameless) or market discipline (borrowers can’t switch servicers). The only logic I can figure is this is a cheap way of dealing with the Congressional Oversight Panel’s compliant about lack of metrics at no cost to the Administration’s processes.

The MMT solvency constraint Steve Waldman. He also provides a huge linkfest if you want more.

There is no US federal debt crisis Francis Bator, Financial Times

Antidote du jour. I have an embarrassment of riches of recent reader submission; I’ll be putting them up over the next week or so.

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  1. financial matters

    This predatory derivative trading is similar to predatory lending and predatory servicing. Part of the ‘rip your face off’ mentality of investment banks that has yet to be fully appreciated by the public…

    Similar to liar loans and servicer induced foreclosures these trades need to broken down and spelled out as to what they really involved and who they benefitted..

    Cassino Refusal to Disclose Swap With JPMorgan Results in Suit Bloomberg.

  2. Mich

    And where can I locate a high resolution image of the above, looks interesting as a wallpaper :)

  3. Jim

    Wondering what you make of this George Soros event Yves?

    Unreported Soros Event Aims to Remake Entire Global Economy

    “On April 8, a group he’s funded with $50 million is holding a major economic conference and Soros’s goal for such an event is to “establish new international rules” and “reform the currency system.” It’s all according to a plan laid out in a Nov. 4, 2009, Soros op-ed calling for “a grand bargain that rearranges the entire financial order.”

    The event is bringing together “more than 200 academic, business and government policy thought leaders’ to repeat the famed 1944 Bretton Woods gathering that helped create the World Bank and International Monetary Fund. Soros wants a new ‘multilateral system,” or an economic system where America isn’t so dominant.”

    1. MyLessThanPrimeBeef

      It’s a mistake he didn’t also invite firefighters, policepersons, busdrivers, teachers, DMV workers, taxidrivers, hairstylists, retirees, cooks, carpenters and shepherds.

    2. Yves Smith Post author

      You really believe anything the WSJ says about Soros?

      First, this isn’t a “Soros group”. He a major donor but far from the only one.

      Second, you can go look the website: They’ve misrepresented the agenda. This is about getting past the lock that neoclassical economics (the school of economics that brought us the global financial crisis, as I detail at length in ECONNED) by promoting new economic thinking.

  4. Uluzzian Neanderthal

    Mortality Event on Wall Street…young bankers dying off due to a tsunami of unearned cash crashing in


    Good Juan

  5. Cedric Regula

    Amber Waves to Ivory Bolls New York Times.

    Ugh. I’m getting cottonmouth already.

    “Eat my shorts” is no longer just an insult, but becoming a way of life.

    I’m getting depressed again.

  6. Name (required)

    Why do you bother linking to stories behind paywalls, as per the Financial Times? People who have paid the subscription will presumably visit the site anyway while folk such as I who haven’t and won’t just skip them or waste bandwidth bumping into the wall.

  7. Doc Holiday

    Interesting Wisco Law FYI:



    Wis. Stat. §§ 19.81 – 19.98 (2005-06)

    19.83 Meetings of governmental bodies. (1) Every
    meeting of a governmental body shall be preceded by public
    notice as provided in s. 19.84, and shall be held in open session.
    At any meeting of a governmental body, all discussion shall be held and all action of any kind, formal or informal, shall be initiated, deliberated upon and acted upon only in open session except as provided in s. 19.85.

    See: 19.85 Exemptions.

    (3) Nothing in this subchapter shall be construed to authorize a governmental body to consider at a meeting in closed session the final ratification or approval of a collective bargaining agreement under subch. I, IV or V of ch. 111 which has been negotiated by such body or on its behalf.

    ==> Curious this is. Yah want more?

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