Author Archives: Yves Smith

Links 10/12/16

Appeals Court Ruling That CFPB’s Structure Is Unconstitutional: A Stealth Win?

A scary-sounding ruling leaves the CFPB largely unscathed, and in some key ways, ahead.

America’s Military and Diplomatic Power in Visible Decline

China and Russia are trying to ensure that Washington no longer exercises unrestrained power, and with a good bit of success.

How Housing Bubbles Destroy Productivity

More evidence that housing bubbles distort economic activity and act as a damper on growth.

Could Falling Chinese Oil Production Kill The OPEC Deal?

Why China will influence any OPEC deal in November, and some broader implications.

Switzerland Seen Backing Down on Supporting Tax Haven USA

The US gets some badly-needed pushback on the tax haven front.

Links 10/11/16

Wolf Richter: Millennials Blamed for Lousy Economy

Millennials aren’t spending like they are supposed to…with good reason.

Even CalPERS Admits Private Equity Returns Are Fizzling

Like second marriages, private equity has become a triumph of hope over experience.

RBS Looted Small Business Customers, Deliberately Driving Thousands in Bankruptcy, While Under Government Ownership

How RBS destroyed thousands of small UK businesses for fun and profit.

Not So Wondrous Drugs? – New Warnings about Severe Adverse Effects of New, Heavily Marketed Drugs for Hepatitis C

Dangerous diseases like hepatitis C make it a bit too easy for drugmakers to peddle wonder cures….

Links 10/10/16

Ham-Handed Theresa May “Hard Brexit” Stance Roils UK Pols, Not Just EU

Theresa May may have thrown a spanner in the Brexit works by pushing for a xenophobic “hard Brexit”. Accident or design?

Private Equity Double Standard: California’s John Chiang, Other State Officials Happily Ding Headline-Grabbing Wells But Look Other Way With PE

State officials like California Treasurer John Chiang eagerly sanction an easy target like Wells Fargo. But private equity? Fuddedaboudit.

The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For

Oil inventories are at record highs since the price collapse in 2014 and are a major factor keeping prices low. Are they overstated?