Author Archives: Yves Smith

Asset Prices and Wealth Inequality

How asset prices have driven the evolution of US wealth inequality over the last 70 years.

Trump Is Giving Protectionism a Bad Name

A short overview of some protectionism successes.

Once Its Greatest Foes, Doctors Are Embracing Single-Payer

A critically important constituency is increasingly backing single payer.

Links 8/8/18

Richard Murphy: Writers of Labour’s “Fiscal Rule” Lash Themselves to the Austerity Mast

Labour’s economists show their Third Way colors and advocate austerity-generating policy rules that might as well have been penned by former Treasury Secretary, later Citigroup vice chairman Bob Rubin.

Michael Hudson: Life and Thought – An Autobiography

Michael Hudson discusses his life as a young Communist intellectual, how he became interested in economics and finance, his life in academia, and his recent work on rentier capitalism and debt jubilees.

Neoliberalism Drives Climate Breakdown, Not Human Nature

Attempts by the New York Times to blame humanity as a whole for climate change let the real culprits off the hook.

Links 8/7/18

Oxford Professor Phalippou: Since 2006, Private Equity Has Produced Only S&P 500 Returns While Reaping $400+ Billion in Fees

Oxford professor Ludovic Phalippou gives a decisive debunking of the claim that private equity outperforms.

Bill Black: Pre-Crisis “4506-T Studies” Showed Massive Fraud in Liar’s Loans; Fed Ignored Warning, DoJ Refused to Target Implicated Banksters

Yet another proof that the authorities were given evidence of widespread mortgage fraud before the crisis and chose to do nothing about it.

Trump’s Illegal Economic Sanctions Against Iran Start Up

With its newest sanctions, the Administration ratchets up its “regime change in Iran” strategy. Not a good look.

How Hedge Fund Activists Coopted “Shareholder Democracy”

How hedge fund activists, who largely operate as a type of corporate raider, have subverted the notion of “shareholder democracy” and what can be done to rein them in.

Wall Street Journal Parrots SEC’s Excuses for Big Delays in Whistleblower Payouts

The SEC succeeded in spinning the Wall Street Journal’s story on the large delays in paying out whistleblowers whose tips led to successful enforcement actions.

CalPERS Loses Over $500 Million on Botched Timber Investment; May Have Sold at Bottom of Market

CalPERS wrongfoots another big alternative assets investment, this one in timber.

Links 8/4/18