Category Archives: Social values

What Ex-Goldmanite Greg Smith Didn’t Say, and Some Guesses as to Why

Greg Smith’s book on his time at Goldman has generated a hailstorm of criticism, aptly summed up by Jesse:

But the absolute trashing and personal attacks on Greg Smith in the past week that were orchestrated by Goldman and supported, heavily, by the US financial networks got my attention. Generally ad hominem attacks are used by those who consider the facts of the case to be dangerous ground, and wish to do anything that they can to avoid discussing them.

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Why It is Essential That Criminal Bankers are Prosecuted

By Rowan Bosworth-Davies, a former head of investigations at regulator FIMBRA (Financial Intermediaries, Managers and Brokers Regulatory Association) and a former Scotland Yard Fraud Squad detective. Cross posted from Ian Fraser’s blog

“Go where you will, in business parts, or meet who you like of businessmen, it is – and has been for the last three years – the same story and the same lament. Dishonesty, untruth, and what may, in plain English, be termed mercantile swindling within the limits of the law, exists on all sides and on every quarter…”

No, this is not a comment from a contemporary website. It comes from an editorial published in Temple Bar – A London Magazine for Town and Country Readers in 1866. It was written at a time when England was experiencing a plethora of fraudulent offerings in railway shares, but the tenor of its complaint is as relevant today as it was then.

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Bill Moyers: Plutocracy Rising

Bill Moyer’s latest show, with Matt Taibbi and and Chrystia Freeland, focuses on how the super rich have established a yawning chasm between themselves and ordinary Americans, both in financial and physical terms. One major focus is view the rich are where they are by virtue of their talents and efforts, not (say) by regulatory and tax arbitrage, and how they’ve convinced themselves and a large swathe of society of this myth.

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Satyajit Das: Best in Show

By Satyajit Das, a former banker and author of Extreme Money and Traders Guns & Money

Autumn is the time for awards. The EU has received the Nobel Peace Prize! The approximately US$1.2 million should help alleviate the parlous finanial position of the Euro-Zone. But it is also the season for banking awards. Financial magazines and newspapers assign bouquets to the best Finance Ministers, banks and bankers to coincide with the annual World Bank shindig and the approaching year end. Here is an insight into the process.

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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.

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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.

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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

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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

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Charter Schools Fail the Math Test in Battleground Chicago

Last year, the New York Times’ Nicholas Kristof highlighted a fundamental inconsistency in the increasingly heated discussion about public education in America. In other walks of life, no one would challenge the notion that you get what you pay for. Kristof pointed out that it only made sense that if you wanted better educational outcomes in the US, you need to pay teachers more. But the public wants a pony: higher quality education while demonizing teachers and cutting their pay.

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Philip Pilkington: Debt and the Decay of the Myth of Liberal Individualism

Philip Pilkington is an Irish writer and journalist living in London. You can follow him on Twitter @pilkingtonphil

Whose owl-eyes in the scraggly wood
Scared mothers to miscarry,
Drove the dogs to cringe and whine
And turned the farmboy’s temper wolfish,
The housewife’s, desultory.

– Sylvia Plath, ‘The Death of Myth-Making’

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Michael Hoexter: Deficit Hawks (Obama, Romney, Bowles, Boehner) Plan to Shrink YOUR Economy – Part 2

Michael Hoexter is a policy analyst and marketing consultant on green issues, climate change, clean and renewable energy, and energy efficiency. Originally published at New Economic Perspectives.

Shrinking “Their” Economy Shrinks Yours

The word “economy” comes from the Greek “oikos” meaning “hearth” or “household”. Everybody has a household economy that looks slightly different from that of their neighbors. However, because of the nature of a monetary economy, household economies are linked quite tightly together and trends that effect one household start to have effects in other households soon or over the longer term. While within the same economy some households can prosper while others do not, generally there is a movement in tandem for some obvious reasons related to how society and the monetary system work.

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A Review of Occupy the SEC on the One Year Anniversary of OWS – One Working Group’s Effort to Serve the Interests of the 99%

By Occupy the SEC. Cross posted from their website

Contrary to critics, who seem to think that the only way for Occupy Wall Street to have an impact is by taking to the streets, the movement continues to focus on developing novel ways to reduce the power of a deeply entrenched, abusive financial services industry. One way is by serving as a people’s lobbyist to shine light on the way critical aspects of financial services regulation are negotiated, usually out of sight of the public.

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On Manichean Worldviews and Effecting Change

Aside from the rise of concerted trolling (which Barry Ritholtz discusses in a post today), it has been hard not to notice what amounts to an increase in collective pissiness among the NC commentariat. One might ascribe it to a multitude of influences: elevated stress produced by a lousy economy, the utter distastefulness of the Presidential campaign, the offhanded corruption among our ruling classes and their minions, the nagging worry that another big shoe might be about to drop (Iran? Europe?).

I’m not about to tell you all to take Soma. But there are a couple of forms of argument that are destructive to the community here, as well as being just plain fallacious.

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