Bill Black: Yglesias Mimics “Mankiw Morality” and Bashes Bastiat
Yves here. Remind me never to get on Bill Black’s bad side.
Read more...Category Archives: Politics
Tom Ferguson Saw the Disheartening Future of American Politics 25 Years Ago
Nathan Tankus found this archival video (you are going to get a gas out of the production values…and be patient with the set up, it takes a few minutes for the video to get going).
Read more...IRS Anticipates Cheapest ObamaCare Family Plan Will be $20,000 in 2016
Aiee! CNS News found this tidbit (hat tip furzy mouse), contained in IRS final regulations published on January 31. Now admittedly these are examples for the purposes of illustrating how to make various calculations under the new regulations, but the assumptions are pretty clear.
Read more...Quelle Surprise! IMF Always Prescribes the Same Austerity Hairshirt
A new paper by Mark Weisbrot and Helene Jorgensen of CEPR have managed to unearth a dirty little secret: the IMF doesn’t just prescribe broadly similar policies in its Article IV consultations, it looks like its hands out the same medicine. We’ve used the metaphor of breaking countries on the rack, but cutting them to fit a Procrustean bed might be more apt.
Read more...Marcy Wheeler: Lanny Breuer Now Blames 94 US Attorneys for Immunizing Banksters
By Marcy Wheeler. Cross posted from emptywheel
Remarkably, on the same day two Senators (one of them named in the article) reminded Eric Holder that Lanny Breuer said this….
Read more...I think I and prosecutors around the country, being responsible, should speak to regulators, should speak to experts, because if I bring a case against institution, and as a result of bringing that case, there’s some huge economic effect — if it creates a ripple effect so that suddenly, counterparties and other financial institutions or other companies that had nothing to do with this are affected badly — it’s a factor we need to know and understand.
Bank of America Foreclosure Reviews: How the Cover-Up Happened (Part IV)
In this post in our Bank of America foreclosure review series, whistleblowers describe how the bank and its independent consultant Promontory Financial Group designed and managed the tests so as to minimize findings of harm to borrowers.
Read more...Geithner Finally Leaves Treasury, Blurts a Whole Series of Lies on His Way Out
By Nathan Tankus, a student and research assistant at the University of Ottawa. You can follow him on Twitter at @NathanTankus
I can’t emphasize enough how satisfying it is to see Timothy Geithner finally leave government. True, it would have been more enjoyable to see him leave in handcuffs, but I take my satisfaction where I can get it.
Read more...Wolf Richter: Could 87% of the French Really Want A Strongman To Reestablish Order?
Americans are cynical about politicians. Congressional approval ratings were mired just above single-digit levels in 2012, hitting 10% twice. An expression of utter disdain. But the French—with their economy spiraling deeper into crisis—expressed disdain for their political class, as they call it, in another way: with a desire for authoritarian leadership, a “real leader” who would “reestablish order.”
Read more...The Garrulous Insolence of Simon Thompson and Anthony Browne
A pair of idiots testing the patience of the Parliamentary Commission on Banking Standards
Read more...For Once, Maybe Lying Does Not Pay: DoJ’s Lanny Breuer Resignation Leaked After Frontline Appearance
I am delighted to be proven to be wrong on the premise of the last post, which is that lying pays and it has become so routine that an op-ed writer for a liberal newspaper can point that out without being concerned about the broader ramifications. But this is almost certain to fall into “the exception that proves the rule” category.
Lanny Breuer, former Covington & Burling partner and more recently head of the criminal division at the Department of Justice, resigned abruptly today.
Read more...Mirabile Dictu! Obama Likely to Nominate Mary Jo White to Head SEC
Obama’s likely nomination of Mary Jo White to head the SEC is such a departure from his normal picks that it is enough to make me believe in the claims that he plays 11 dimensional chess. There must be more here than meets the eye.
Read more...All Good Democrats Applaud Republicans Rearranging Battle Lines in Austerity Phony War
As we anticipated, the Republicans have climbed down on making the debt ceiling the key battle line in their plan to impose spending cuts. Good Democrats applauded that move as a sign that Obama had displayed toughness and prevailed.
It’s not quite that simple.
Read more...Joe Firestone: The Great Austerity Swindle!
By Joe Firestone, Ph.D., Managing Director, CEO of the Knowledge Management Consortium International (KMCI), and Director of KMCI’s CKIM Certificate program. He has taught political science as the graduate and undergraduate level and blogs regularly at Corrente, Firedoglake and Daily Kos as letsgetitdone. Cross posted from New Economic Perspectives
Our Congresspeople, corporate CEOs, tea partiers, most economists, Pete Peterson’s minions, and even our President, tell us that we’re running out of money; and that we can’t keep running huge deficits, and increasing our national debt forever, because eventually, our creditors will just cease lending us our dollars back….
Read more...Republicans Backing Away from Debt Ceiling Brinksmanship, to Hold Line on Sequestration and Budget
A important shift in the Republicans’ negotiating stance over the austerity fight (do we go Dem lite or Republican high test?) was duly noted in the Financial Times a day ago, but a search in Google News (“debt ceiling”) suggests a lot of other commentators have not yet digested its significance, so it seemed worthy of a short recap here.
Read more...Schadenfreude Alert: Has Departing SEC Enforcement Chief Robert Khuzami Become Damaged Goods?
Reader Mrs. G. took note of how Khuzami’s effort to defend his record in the National Law Journal backfired.
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