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Political Economy
The divergence of US worker and corporate interests
In reading about profit increases of some U.S. multinationals due to robust overseas business and the weak dollar, while the U.S. economy faces a protracted downturn, it has occurred to me that the divergence between U.S. worker and…
Ron Paul on the Housing Bill
Ron Paul sounds off on the housing bill that was just passed. This bill has more problems associated with it than any bill we have seen enacted to counteract the economic downturn. The moral hazard, the lack of congressional oversight, and…
Security concerns create EU-US diplomatic row
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
Security concerns boomerang on the US
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
George W. Bush: “There is no question about it. Wall Street got drunk”
Talking about the financial markets and the housing mess, George W. Bush offered up these pearls of wisdom:"There is no question about it. Wall Street got drunk.... That’s one reason I asked you to turn off your TV cameras.... got drunk and…
The EU looks to become regulator-in-chief
As an unofficial Eurosceptic, I always view EU power grabs through a lens of distrust. Now, the EU is looking to increase its power by further regulating financial markets. But, the heavy-handiness of the regulation surely will be…
Why No Outrage?
UPDATE: 23 Mar 2009: I am re-publishing this and a February post (Where is the outrage?) because of the situation at AIG. In my view, the outrage that has finally boiled over in the AIG bonus scandal has long been simmering.
In reading…
Quote of the day: 18 Jul 2008 – Caroline Baum
In her column at Bloomberg News, Baum had this to say about the financial bailout solutions proposed by the U.S. government.How do we know the market failed if we don't allow it to work? Capitalism without failure is like religion without…
Bloomberg’s Caroline Baum picks up on Bunning
Senator Jim Bunning's classic line, "when I picked up my newspaper yesterday, I thought I woke up in France," was delivered before the Senate Banking Committee as Ben Bernanke, the Fed Chair, gave testimony. He was rightfully upset that…
The short-selling rule and unintended consequences
When you start monkeying around with markets, strange things happen. This is what the SEC is about to learn as market makers from the seven options exchanges are preparing to ask for exemptions from the new anti-free market SEC…