Author Archives: Yves Smith

Banks Again Hoist on Their Cost-Cutting Petard: Burgeoning Credit Card Fraud

Credit card companies are paying for their stinginess via being exposed to rapidly rising levels of fraud.

As Flood Risks Rise Across the US, It’s Time to Recognize the Limits of Levees

How levees become counterproductive as flood severity increases.

Links 7/17/19

CalPERS’ Long-Term Care Policy Train Wreck – Is Bankruptcy the End Game?

CalPERS’ long-term care policy mess is even worse than industry norms, which is saying quite a lot.

The Numbers Are In, and Trump’s Tax Cuts Are a Bust

Why Trump’s tax “reforms” didn’t deliver on growth, just on rentierism.

The ‘New Right’ Is Not a Reaction to Neoliberalism, but Its Offspring

Why the success of the far right shows that neoliberalism is very much alive and well.

Links 7/16/19

Taxes for Revenue Are Obsolete

In a 1946 classic, New York Fed chairman Beardsley Ruml explains why taxes aren’t necessary for Federal spending and argues against corporate income taxes.

CalPERS Sleaze Watch: Showcases Criminal Ex-General “Betray-Us” as Keynote Speaker at Offsite

CalPERS demonstrates its lack of interest in ethics and propriety.

CalPERS’ Hedge Fund With 34% Stake in National Enquirer Parent Alleged To Be “Parking” Rather Than Selling

Some funny-looking business with CalPERS desire to be rid of National Enquirer’s parent, American Media.

737 Max May Stay Grounded into 2020; Why Does Boeing CEO Muilenburg Still Have a Job?

Boeing remains mired in its 737 Max mess.

Links 7/13/19