Author Archives: Yves Smith
Repeated Foreclosures on an On-Time Borrower Demonstrate Failure to Fix Servicing and Fallacy of “Save Banks at All Costs” Policy
Repeated foreclosure attempts against an on-time borrower reveal why servicing remains hopelessly broken. That also means government guaranteed mortgages are here to stay.
Read more...Wolf Richter: Housing Hit the Wall of Wall Street in May
Now that homes are coming on the market in large numbers, buyers, faced with sky-high prices and higher mortgage rates, went on strike.
Read more...Russia Cuts Off Gas Supplies to the Ukraine
the Russian move to stop supplying gas to the Ukraine unless it pays upfront is an important, if expected, development, But how is this standoff likely to play out?
Read more...The Pragmatic Case for Fossil Fuel Divestment to Address Climate Change
College students and faculty members have started organizing to press college endowments, cities and states, and religious institutions to divest their holdings in fossil fuel companies.
Read more...North Carolina Treasurer, Accused of Malfeasance , Defends Secrecy of Private Equity Investments
The Treasurer of North Carolina has reacted to pending legislation designed to shed more light on the murky world of private equity investments by having allies sponsor their own “transparency” bill that is a big step backwards.
Read more...Peter Van Buren: Taking Down the First Amendment in Post-Constitutional America
Van Buren continues his examination of what he calls the “post-Constitutional era”. He focuses on the steady erosion of freedom of speech, particularly in the media, including limits on the ability of journalists to protect sources to more self-censorship and increased antipathy towards reporting that involves the use of confidential material.
Read more...Links 6/15/14
The Metaphysics of Money
Yves here. As a finance person, I can’t readily relate to the distinction the author makes between money once being seen as something tangible and it now being widely regarded as a mechanism for facilitating commerce. Nevertheless, I believe this post will resonate with many readers and thus I believe it will make for useful grist for discussion.
Read more...Anat Admati Discusses the Still-Too-Big-to-Fail Banks on Bill Moyers
Anat Admati, deemed by Time as one of the 100 most influential people in the US, debunks the idea that the too-big-to-fail problem has been fixed. And she takes some swipes at Timothy Geithner.
Read more...Buying Health Insurance: A Pig in a Poke
You’d never buy a house if you couldn’t look at the interior first, or if the price might double after you signed the contract. But health insurance….
Read more...A Loss in San Francisco
Readers may recall that we were exercised last week about a motion that CalPERS’ attorney had sent to us in advance of his plan to file it.
Read more...SEC Commissioner Kara Stein Declares War on SEC Chair Mary Jo White
In demanding tougher regulations, SEC commissioner Kara Stein is taking the unheard-of step of crossing swords with Mary Jo White, a chairman from the same party.
Read more...ND Ethics Law Potentially Broken on Petraeus Fracking Trip for Private Equity Kingpin KKR
Steve Horn of DeSmogBlog has done important original reporting and uncovered what could be impermissible dealings between North Dakota officials and David Petraeus, in his role as emissary for one of private equity’s best-known players, KKR.
Read more...Bill Black: How Hayek Helped the Worst Get to the Top in Economics and as CEOs
Libertarians are profoundly anti-democratic. The folks at Cato that I debate make no bones about their disdain for and fear of democracy. Friedrich von Hayek is so popular among libertarians because of his denial of the legitimacy of democratic government and his claims that it is inherently monstrous and murderous to its own citizens.
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