Introducing New Video Series, The Bottom Line
This is the introductory video in a series sponsored by Econ4. From their website:
Read more...Category Archives: Politics
Rajiv Sethi: Of Bulls and Bair
By Rajiv Sethi, Professor of Economics, Barnard College, Columbia University & External Professor, Santa Fe Institute. Cross posted from his blog
Sheila Bair’s new book, Bull by the Horns, is both a crisis narrative and a thoughtful reflection on economic institutions and policy. The crisis narrative, with its revealing first-hand accounts of high-level meetings, high-stakes negotiations, behind-the-scenes jockeying, and clashing personalities will attract the most immediate attention. But it’s the economic analysis that will constitute the more enduring contribution.
Read more...Bill Black: The Vampire Squid Morphs into Jilted Valley Girl
By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives.
Matt Taibbi famously dubbed Goldman “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” Taibbi knew his metaphor worked a deep injustice on Vampyroteuthis infernalis, a small animal that feeds on carrion and excrement (I will let the reader explore the metaphorical possibilities). Goldman Sachs’ leaders were always secretly flattered by Taibbi’s metaphor. They like being thought of as hyper-aggressive and intimidating. Saying that an investment banker’s goal is to make money is to state the obvious and causes no embarrassment.
The news flash is that Goldman Sachs has revealed her new, softer side.
Read more...Why is a Price-Fixing/Collusion Lawsuit Against the Biggest Names in Private Equity Getting Only Cursory Notice?
It’s troubling that some stinging charges against the very biggest names in private equity are getting only passing attention in the financial media.
Read more...So Where is Schneiderman? Computerized Robosigning Has Made Its Debut
In case you had any doubts about the wisdom of state-level actions to strengthen homeowner rights, the discovery of a new type of abuse, computerized robosigning, should put them to rest.
Read more...John Kenneth Galbraith on the Moral Justifications for Wealth and Inequality
Mark Ames (via Joe Costello) recommended a 1977 documentary series written and hosted by John Kenneth Galbraith. This segment, “The Manners and Morals of High Capitalism,” discusses how the rising bourgeoisie and the new rich justified their lofty status. Kings could rely on God and the Great Chain of Being for their authority, but what about mere capitalists? Galbraith reviews the views of some of the leading defenders of this new order, and shows how their ideas have influenced our views.
Galbraith makes quite a few deadpan observations.
Read more...Spain’s Unfinished Transition from Dictatorship to Democracy
Yves here. I thought this piece might serve to stimulate a broader discussion about institutional structures not just in Spain but advanced economies generally. I’m interested in getting informed reader comments on the author’s reading of the role that the “politicians” play, that they have invaded institutions that were designed to sit largely outside politics.
Read more...Walmart, the Most Powerful Company in the World, Admits that Protests and Strikes Lead to Wage Increases
Matt Stoller is a fellow at the Roosevelt Institute. You can follow him at http://www.twitter.com/matthewstoller
For the first time ever, a strike is taking place in America aimed at the most powerful company in the economy: Walmart.
The possible strike could be very significant, because the target of the strike is the most important driver of the race to the bottom economy
Read more...Former FDIC Chief Sheila Bair Calls Romney “Misinformed” on Dodd Frank
This American Banker interview with Sheila Bair has the Republican former regulator describing how Romney isn’t up to speed on Dodd Frank. Not to worry, she also gets a dig in at Geithner too.
Read more...Nobel Peace Prize Committee Sets New Standard as Political Contraindicator, Awards the European Union its 2012 Prize
When I was young, one of the cartoons I enjoyed was Rocky and Bullwinkle. An occasional character was Wrong Way Peachfuzz, who made enough of an impression on other children to merit an entry in Wikipedia:
Read more...IMF Suddenly Decides It Might be OK to Loosen Austerity Tourniquets Now that Gangrene is Setting In
While deathbed conversions might earn you a spot in heaven in some religions, they don’t carry you very far here on Planet Earth.
Christine Lagrade has taken too small a step in the right direction far too late to do much good.
Read more...Can We Get Australian PM Julia Gillard to Give Debate Lessons in America?
Reader YY forwarded a fiery speech by Julia Gilliard, the Australian Prime Minister, attacking opposition leader Tony Abbot for his hypocrisy in attacking a member of her party over sexist text messages.
I’m featuring what might seem to be a topic of narrow interest as an object lesson in political discourse and skill levels overseas versus in the US.
Read more...Election 2012: One Out of Every Ten Political Ad Spending Dollars Goes to Attacking Wall Street
More than one out of every ten dollars spent this election cycle from mid-April to mid-September has gone to attacking the financial sector.
Read more...Lynn Parramore: Islam Has Been Part of American History Since Its Founding
By Lynn Parramore, a contributing editor at Alternet. Cross posted from Alternet
Recently, just as turmoil in the Middle East erupted, New York straphangers were treated to hateful anti-Muslim billboards, courtesy of Pamela Geller, leader of “Stop Islamization of America.” It would undoubtedly shock Geller and her Islamophobic buddies to know that Muslims have been in America for so long they could almost have formed a welcoming committee to the Daughters of the Revolution
Read more...Mirabile Dictu! The Media Notices the Sucking Sound of Growth (What Little There Was) Leaving the Economy and Underplays IMF Malpractice
Starting late last week, there’s been a marked shift in the mix of headlines in the major media outlets. While it may simply be post fall equinox moodiness or a confluence of downer reports leading to a rare moment of sobriety, suddenly the big venues are concerned about the economic outlook.
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