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Monetary System
It’s about personal responsibility. No one made people buy these cars
If you’re wondering where these ridiculous, hare-brained comments are coming from, then watch this video and listen to Rick Santelli speak about predatory lending. The only one who acquits herself in this segment is Janet…
Make Markets Be Markets: The Doom Loop
This is the first in a series of posts about ideas for financial reform generated by the “Make Markets Be Markets” conference I attended yesterday in New York City on 3 Mar 2010. We heard presentations from speakers like Simon Johnson,…
Going Off on Rogoff – There is No Hard Debt Constraint for Fiat Currency
The following is a post by Marshall Auerback, who also writes at New Deal 2.0. We’ve persistently taken the view that there is no economic doctrine, no magic number, which would imply a firm external constraint as far as public…
Conference on financial reform: Make Markets Be Markets
Tomorrow morning I will be at a conference on financial reform hosted by the Roosevelt Institute in New York City. As far as bloggers go, I know that Yves Smith of Naked Capitalism and Mike Konczal of Rorty Bomb will also be there. So…
January’s FDIC cease and desist and other administrative orders
Below is a partial list of January 2010 FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system…
RBS paying large bonuses while Commerzbank bankers get zero
Over the past few days, a number of major European banks have announced earnings results. Two of the most dismal results were registered at the British company Royal Bank of Scotland (RBS) and at Germany’s Commerzbank. However, the…
Goldman vs. Grassley on Build America Bonds
The latest dust-up involving Goldman Sachs involves Build America Bonds. The New York Times reports:
Senator Charles E. Grassley of Iowa has asked Goldman Sachs to clarify how much it has collected in underwriting fees as states and…
Growth vs Levels – Eurozone Edition
This post originally appeared at Alpha.Sources. It is a well known dictum in the context of economic analysis that you have to distinguish between stocks and flows and how focus on one in stead of the other lead to misguided analysis. It…
Inside the mind of an investment banker: Greece, Goldman and derivatives
By now, you know about the much-discussed swaps that Greece used to conceal it’s debt load. While the amount of debt concealed is low relative to the total, the mere fact that Greece attempted to conceal its true fiscal position is…
Greek death spiral hits bank credit ratings. What should the EU do?
I said: "Here’s my question: when does this affect the Greek sovereign credit rating? That has to be next because the scenario I just scoped out would indeed suggest lower tax revenue and more budgetary pressure. Sure sounds like a death…