naked capitalism Thu 2010-09-16 17:05 EDT

Elizabeth Warren on Way to Being Sidelined as Head of Consumer Protection Agency, Relegated to ``Advisor'' Role

The body language of the Administration has been clear from the outset on the question of whether Elizabeth Warren would get its nomination to head of the new financial services consumer protection agency. Despite the occasional public remark regarding her undeniable competence, which really amounted to damning her with faint praise, Team Obama has never been on board with the idea...The reality is that the Administration was never going to appoint her; the only question is whether she can be kept in their orbit and not be a net negative as far as their dubious priorities are concerned...the Warren marginalization isn't about personalities, although the powers that be love to pigeonhole thorns in their side that way. The clashes reflect fundamental differences in philosophy. Geithner, the Administration that stands behind him, and Dodd all are staunch defenders of our rapacious financial services industry, even though they make occasional moves to disguise that fact. Warren, by contrast, is clearly a skeptic, and a dangerous one to boot, because she understands the abuses well and is able to communicate effectively with the public. Expect Warren to be pushed further to the sidelines, just as Paul Volcker has been (oh, and pulled out of mothballs when the Administration desperately needed to create the appearance it really might be tough on banks)...

advisors; consumers protection Agency; Elizabeth Warren; Head; naked capitalism; relegation; role; sidelined; way.

PressThink Thu 2010-06-24 10:18 EDT

Clowns to the Left of Me, Jokers to the Right: On the Actual Ideology of the American Press

Jay Rosen

That it's easy to describe the ideology of the press is a point on which the left, the right and the profession of journalism converge. I disagree. I think it's tricky. So tricky, I've had to invent my own language for discussing it...political journalists...are skeptical about changing society in any fundamental way...professional journalist...generate authority and respect...flee opprobrium...[by demonstrating] that they are not on anyone's ``team,'' or cheerleading for a known position. This puts a premium on stories that embarrass, disrupt, annoy or counter the preferred narrative...``True believer,'' a term of contempt...narcissistic reactions of both sides prove how mature and professional and detached he is...people with political sense in press treatment will usually be the moderates, mavericks and ``pragmatists,'' a word that in political journalism has almost no content beyond, ``opposite of true believer... ideologically flexible... not a purist.''...journalists try to win the argument not by having better arguments but by standing closer to a reality they get to define as more real than your reality...The Church of the Savvy...The Quest for Innocence...Regression to a Phony Mean...The View from Nowhere...He said, she said journalism...The sphere of deviance...

actual ideological; American press; clowns; jokers; left; PressThink; Right.

Mon 2010-05-24 10:11 EDT

Hussman Funds - Weekly Market Comment: Don't Mess with Aunt Minnie - May 24, 2010

John P. Hussman

...Last week, we observed an Aunt Minnie featuring a collapse in market internals that has historically been associated with sharply negative market implications....Treasury Secretary Eddie Haskell/Timothy Geithner has scheduled a trip to Europe this week to urge European leaders "to pay better attention to potential market reactions to policy moves, and to accelerate the European rescue program." This promises to be a fiasco. What could European leaders possibly find more arrogant than to be lectured on bailout policy - not simply by the U.S., but specifically by a one-trick pony bureaucrat whose chief trick is the ability to smoothly talk the language of prudence while simultaneously pillaging the fiscal stability of an entire nation for the benefit of bondholders who made bad loans?...Providing Greece (and possibly some of its neighbors) a graceful exit from the Euro requires greater courage but lower ultimate cost - particularly to the citizens of Greece itself - than a policy of forcing heavy austerity, dislocations, and internal deflation within Greece. The effect of austerity policies will be to damage the revenue side of the Grecian economy enough to leave the deficits little changed in any event. One would like to go back a decade in time and choose different policies that would have allowed Greece to maintain the Maastricht deficit limitations, but it is far too late to push a full-grown genie back into an itty-bitty bottle...

2010; 24; Aunt Minnie; Hussman Funds; Mess; weekly market comments.

Sun 2010-05-09 09:18 EDT

Why Do Senators Corker And Dodd Really Think We Need Big Banks? >> The Baseline Scenario

Simon Johnson

On Friday, Senator Bob Corker (R, TN) took to the Senate floor to rebut critics of big banks. His language was not entirely senatorial: ``I hope we'll all come to our senses'', while listing the reasons we need big banks. And Senator Chris Dodd (D, CT) rose to agree that (in Corker's words) reducing the size of our largest banks would be ``cutting our nose off to spite our face'' and that by taking on Wall Street, ``we may be taking on the heartland.'' Unfortunately, all of their arguments in favor of our largest banks remaining at or near (or above) their current scale are completely at odds with the facts (e.g., as documented in our book, 13 Bankers). ...As for why exactly Senators Corker and Dodd really support big banks, it seems increasingly likely that this is all about campaign contributions.

Baseline Scenario; Dodd Really Think; Needs Big Banks; Senator Corker.

ClubOrlov Mon 2009-10-12 09:53 EDT

Marketing in a Small Town - Interview No. 3

kollapsnik

Dmitry Davydov runs a popular Russian-language blog. Periodically we correspond, and publish the correspondence...I do not know whether the coming age will be Dark Age, but I am sure that it will be rather dim. After all, the art of lying has displaced a lot of useful knowledge.

3; ClubOrlov; interview; Market; small towns.

Language Log Wed 2009-09-16 18:57 EDT

Language Log >> Google Books: A Metadata Train Wreck

.This is almost certainly the Last Library, after all. There's no Moore's Law for capture, and nobody is ever going to scan most of these books again. So whoever is in charge of the collection a hundred years from now -- Google? UNESCO? Wal-Mart? -- these are the files that scholars are going to be using then. All of which lends a particular urgency to the concerns about whether Google is doing this right...you need good metadata. And Google's are a train wreck: a mish-mash wrapped in a muddle wrapped in a mess.

Google Books; Language Log; Metadata Train Wreck.

ClubOrlov Wed 2009-08-26 15:33 EDT

Welcome to Fuffland!

kollapsnik

In the unfolding global financial collapse, it is not just our accounts and balance sheets that come up short, but our language as well. What do you call a bunch of liar loans packaged into toxic assets and placed on the balance sheet of the Federal Reserve as collateral for rescue loans? J,K. Galbraith has proposed the term ``Bezzle,'' taking it to mean the eternal ebb and flow of questionable transactions within an economic cycle. Rational actors cut corners during easy times when they know no-one is looking, and then play nice again when the times change and someone starts paying attention again. But I believe that the phenomenon we are observing is something different: we need a word that describes the artifacts generated in response to irrational actors... A fuffle is an artful fake, an artifact specifically made to fool, beguile, seduce, or intimidate people into paying for it. Examples include suburbans houses and associated mortgage financing, SUVs, debt-financed college education, privately funded 401k retirement plans, US Treasury securities.

ClubOrlov; Fuffland; welcome.

Wed 2009-04-01 00:00 EDT

Michael Hudson: The Language of Looting

Michael Hudson: The Language of Looting. What "Nationalize the Banks" and the "Free Market" Really Mean in Today's Looking-Glass World

language; Looting; Michael Hudson.

Sun 2008-10-26 00:00 EDT

Joe Bageant: The Bailout in Plain English

``We will pay because the only language we have to describe our world is that of our oppressors because we have been taught to think in Wall Speak.''

Bailout; Joe Bageant; Plain English.

Mon 2004-03-15 00:00 EST

FpML.org

-- Financial products Markup Language; XML Standard for Swaps, Derivatives, and Structured Financial Products

FpML; org.