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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Bill Black: Mankiw Hearts "Governmental Competition" That Made Romney Rich | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="Wesy1kIgZl"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/bill-black-mankiw-hearts-governmental-competition-that-made-romney-rich.html"&gt;Bill Black: Mankiw Hearts &#x201C;Governmental Competition&#x201D; That Made Romney Rich&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/bill-black-mankiw-hearts-governmental-competition-that-made-romney-rich.html/embed#?secret=Wesy1kIgZl" width="600" height="338" title="&#x201C;Bill Black: Mankiw Hearts &#x201C;Governmental Competition&#x201D; That Made Romney Rich&#x201D; &#x2014; naked capitalism" data-secret="Wesy1kIgZl" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Bill Black, the author of&#xA0;The Best Way to Rob a Bank is to Own One&#xA0;and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from&#xA0;New Economic Perspectives.   This is the second part of my discussion of N. Gregory Mankiw&#x2019;s column asserting that governmental competition is desirable for the same reason that private competition is. Mankiw was Chairman of President Bush&#x2019;s Council of Economic Advisors from 2003-2005. He was one of the principal architects of the perverse incentive structures that proved so criminogenic and drove the ongoing financial crisis. He gave no useful warnings of the necessity for containing the developing crisis &#x2013; even after the FBI&#x2019;s September 2004 warning that mortgage fraud was become &#x201C;epidemic&#x201D; and would cause a financial &#x201C;crisis&#x201D; if it were not contained. He is now Mitt Romney&#x2019;s principal economic advisor. His column favors the &#x201C;competition&#x201D; argument that led him to support crippling financial regulation even as private sector competition led to endemic fraud.   Mankiw is a moral failure as well as a failed economist.</description></oembed>

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