dimelab dimelab: shrinking the gap between talk and action.

s Topic in The Credit Debacle Catalog

1930's (2); 1970's style 20-30 (1); 1980's (1); 1990's (2); 20th century's legacy (1); 401k s (1); 90 S (2); 90's commodity market (1); Abba Lerner's (2); Abba Lerner's key laws (1); Abba Lerner's theory (1); Adam Fergusson's (1); Administration s Economics strategy (1); Administration's (7); administration's charade triage (1); Administration's efforts (2); administration's finance friendly policies (1); adminsitration s (1); Agency s (3); agency's enforcement division (1); agency's inspector general (1); AIG Wannabe's Go (1); AIG's (10); AIG's ability (1); AIG's counterparties (2); AIG's credit default swaps (1); AIG's hamheaded (1); AIG's numerous counterparties (1); allowing Lehman's book (1); Ambrose Evans-Pritchard's latest piece (1); America s Bank (2); America s decline (1); America s future (17); America s Soul (2); America's (65); America's Asian real-estate fund (1); America's banking bailout (1); America's banking system (1); America's debt service (1); America's decades-long political (1); America's Distorted Expansion (3); America's economic decline (1); America's economy (1); America's Exhausted Paradigm (1); America's financial (2); America's financial destiny (1); America's financial services industry (1); America's Head Servant (2); America's long-term deficits (1); America's love affair (1); America's massive military spending (1); America's Military Leaders (1); America's permanent ruling party (1); America's possession (1); America's squid-heart (2); America's sub-prime mortgage crisis (1); America's swashbuckling neocons (2); America's Teetering Banking System (2); America's troubled borrowers (1); America's University (1); America's warrior nation (2); America's working mooks (1); Andrew Ross Sorkin's account makes clear (1); Andrew Ross Sorkin's accounts (2); Appointed Geithner's Lapdog (1); April Fool's Offering (1); Argentina's poorest families (1); Asia's (2); Asia's foreign trade balances (1); Asia's Quest (1); Assessing Treasury's Strategy (1); Australian Prime Minister Savages Geithner's Performance (1); B's director (1); B-water's success (1); Bagehot's Rule (1); Bahrain's Gulf (1); Banana Republic's (1); bank s (13); Bank s failure (1); bank's balance sheet (1); bank's capital (1); bank's currency chief (1); bank's largest clients (2); bank's noncurrent loans increase (1); bank's outstanding commercial loans collectively exceed (1); bankruptcy administrator's effort (1); Banks Abandon Paulson's Super-SIV Plan (1); Barack Obama s (5); Barack Obama's Reverend Wright controversy (2); Barack Obama's Smart Speech (2); Barclay's Steven Englander demonstrates (1); Barrick's original defense (1); Barron s online (4); battle's (1); Bear Stearns hedge fund manager Matthew Tannin's private jottings show concerns (1); Bear's (5); Bear's failure (1); BEAR'S LAIR (1); because AIG's collapse (1); Beijing's (3); Beijing's derivative default stance rattles banks (1); Beijing's mind boggling increase (1); Ben Bernanke's (1); Ben's Helicopters (1); Benny s (2); Bernanke s chairmanship (1); Bernanke s nominal (2); Bernanke's (22); Bernanke's Boiled Frog Plan (2); Bernanke's Brain (2); Bernanke's Bullet Misses (1); Bernanke's Deflation Preventing Scorecard (1); Bernanke's Grand Experiment Continues (1); Bernanke's Hide (1); Bernanke's Permanently Expanded Balance Sheet (1); Bernanke's stated commitment (1); Bernanke's Strategy (2); Bernanke's surprise (2); Bill Ackman s letters (1); Bill Clinton's point man (1); Bill Greider s (1); BlackRock's Hyperinflation Fears Flounder (1); Blocking Obama's Health Plan (1); Bloomberg's Jonathan Weil Probes Lehman-R3 Hedge Fund Relationship (1); Bob Rubin's main job (1); borrower's (3); borrower's mortgage (1); borrower's prospects (1); boss's included (1); Boston Fed's New Excuse (1); BRIC's understand (1); Bridgewater's Tao (1); Britain's (2); Britain's David Cameron (1); Britain's notorious giveaway (1); Brown s bottom (1); bubble's inevitable pop spill (1); bulls S eyeing (1); Bush administration's national security decision-making process (1); Bush s (4); Bush s visit (1); Bush Shafts Enron's Victims (2); Bush's real (2); Business journalist Michael Schuman's (1); buyer's risk premium (1); C.E.O.'s (1); Canada's (3); Canada's host (1); capitalism's inherent contradictions (2); Capmark's loan-servicing (2); Captured America's Wealth (1); CBO's (2); CBO's Misplaced Fear (1); CBO's unrealistic budget (1); central bank's mission creep (1); Chalmers Johnson's Nemisis (1); Cheney's Nemesis (2); Chicago's trading pits (1); children's math (1); Chile's poor (1); China s Economy (1); China s looming financial crisis (1); China's (56); China's ability (1); China's asset markets (1); China's bad loans (1); China's banks (1); China's biggest export trading partner (1); China's bubble bursting (1); China's capacity (1); China's capex boom (1); China's case (1); China's central bank (1); China's currency (2); China's Currency Peg (1); China's currency remains joined (1); China's decision (1); China's dollar denominated reserve assets (1); China's economic well (1); China's Empty Apartments (1); China's exporters (2); China's Exporters Hanging (1); China's Exports Fall 17 (1); China's Foreign Reserve Increases Accelerate (1); China's FX Reserves (1); China's Global Shopping Spree (1); China's inflation-free route (1); China's long-term strategy (1); China's makers (1); China's massive overcapacity real estate bubble (1); China's property (3); China's Property Bubble (2); China's real estate bubble finally bursts (1); China's recent pact (1); China's reserve growth (4); China's Reserves (5); China's Sinopec (1); China's Smoot Hawley (1); China's state-owned companies (1); china's stock market crash tracking historic patterns (1); China's Wen Worries (1); Chinese central bank head Zhou's call (1); Chinese premier Zhao Ziyang's secret journal (1); Chris Martenson's article (1); CIFG Guaranty's Bond Insurer Ratings (1); Citadel's valuation (2); Citi's Days Numbered (1); Citi's Lehman-esque Leak (1); Citigroup's (7); Citigroup's favorite Congressman (1); Citigroup's financial condition continues (1); Citigroup's move (1); Citigroup's Numbers (1); City s (6); City s manager (1); city's future (1); City's hard EU choices (1); City's political clout (1); Clinton s (2); Co's wild monetary adventures (1); coastal urban elite's grip (1); CofFEE's latest work (1); combines s (1); Commission s (4); Commission s reported (2); Commission's Mandate (1); Committee s (2); committee's deputy staff director (1); committee's general counsel (1); Communist Party's Standing Committee Cheng Siwei (1); Company's (5); company's ability (1); company's behalf (1); company's combined loss reserves (1); compares China's development path (1); comparing America's fiscal condition (1); completely overturned China's traditional concepts (1); Complicating Fed's Job (1); Congressional panel's critique helps explain (1); Congressman's top contributors (1); Connecticut Lender's Crash Foreshadowed (1); controls China's (1); Corker's words (1); corporate America's (1); Corzine's (1); country's (8); country's creditworthiness (1); country's debt (1); country's economic recovery (1); country's exposure (1); country's financial system (1); country's potatoes (1); country's state (1); Countrywide's name (1); CRE market's implosion (1); criticised James K. Galbraith's view (1); currency s valued (1); currency values versus China's (1); Dallas Fed's Richard Fisher Worries (1); Dani Rodrik's weblog (1); David Rosenberg's 2010 Outlook (1); De Long's Objections (1); dealer's interests end (1); Debtor s Prison (4); debunking Michael Master's testimony (1); Deep Insider's Walkthru (1); Defective Moody's Program Issues Billions (1); Defending Peter Schiff's Simply Wretched Investment Performance (1); deficits rebutting Jamie Galraith's (1); delinquent borrower's home (1); Deng Xiaoping's 1979 (1); destabilize Allende's (1); Destroy Perella Weinberg's Reputation (1); Deutsche Bank's (2); Deutsche Bank's Invoice (1); Dodd's proposed financial reform legislation (1); dollar's (6); dollar's poor outlook (1); dollar's reserve currency status (1); dollar's role (1); dollar's weakness ironically (1); dollars s value (2); DownSouth reads Richard Kline's (1); DownSouth references Kevin Phillip's American Theocracy (1); DPJ's leadership (1); Dr. Risk's Bookshelf (1); early 1990's (1); Economic Elite's (2); Economic Elite's power structure (1); economic right's cultural politics (1); Economist's View (3); elite's (3); Emulate Japan's Lost Decade (1); endowment's risky mix (1); Enron s (3); entire S (1); establishment's form (1); EU s Stress Tests (1); Europe s PIIGS (1); Europe's (6); Europe's Fiscal Dystopia (1); Europe's leading economists (1); Europe's poster child (1); Europe's unemployed (1); Eurozone's willingness (1); ex-Fed chief Paul Volcker's warnings (1); examinations s reported (6); Exchange Commission's enforcement division (1); exploited Greece's problems (1); extended Mr. Paese's recusal (1); Fannie Mae's (3); Fannie Mae's 8k (1); Fannie Mae's Credit Loss Ratio (1); Fannie Mae's Home Prices Ex-Foreclosures (1); Fannie's (3); Fannie's Horrible Year (1); Fannie's Trading Derivatives Hard (1); FDIC's (4); FDIC's coffers (1); FDIC's Depleted Deposit Insurance Fund (1); FDIC's Insurance Commitments 34 (1); FDIC's role (1); Fed Cook Bear's Books (1); Fed Governors Openly Question Bernanke's Competence (1); Fed S (77); Fed's 50 bp Cut (1); Fed's ability (1); Fed's actions (2); Fed's Auction Scam (1); Fed's Balance Sheet (5); Fed's Balance Sheet Strategy (2); Fed's broken lever (1); Fed's Bull Dudley Explains Bank Runs (1); Fed's buying (1); Fed's Complicity (1); Fed's containment (1); Fed's decision (3); FED's Deflation Smokescreen (2); FED's Deflation Smokescreen Craig Harris 321gold (1); Fed's discount window (1); Fed's examination (1); Fed's Fisher Says Bank Rescue Plan (1); Fed's fixation (1); Fed's Game Plan (2); Fed's Gary Stern Makes Lame Arguments (1); Fed's goal (1); Fed's Hoenig (2); Fed's interventions (4); Fed's Jackson Hole Conference (1); Fed's liquidity pump (1); Fed's Magic Tricks (1); Fed's monetary policy arsenal (1); Fed's moral hazard maximising strategy (2); Fed's new (3); Fed's New Auction System (1); Fed's New Credit Card Rules (1); Fed's ongoing desire (1); Fed's opaque deals (1); Fed's operations affect (1); Fed's policy (2); Fed's policy responses (1); Fed's Policy Rule (1); Fed's position (1); FED'S PRIMARY (1); Fed's printing money (1); Fed's purchase (1); Fed's rate-cutting (1); Fed's responsibilities (3); Fed's Salvage Operations (1); Fed's Secrecy (1); Fed's Shift (1); Fed's Swap-O-Rama (1); Fed's thrall (1); Fed's Treasury QE (1); Fed's Tri Party Repo Machine (1); Fed's various lending facilities (1); Fed's Warsh (1); Federal Reserve Chairman Alan Blinder's statement (1); Federal Reserve's (16); Federal Reserve's actions (1); Federal Reserve's balance sheet (3); Federal Reserve's Creation (1); Federal Reserve's credit facility (2); Federal Reserve's discount window (1); Federal Reserve's mirage (1); Federal Reserve's policy (1); Federal Reserve's preferred outcome (1); Federal Reserve's Primary Dealer Credit Facility (1); Federal Reserve's pursuit (1); Federal Reserve's Relevance Test (1); Federal Reserve's War (1); FHA's aggressive lending programs (1); FHFA S (5); FHFA's Acting Director Edward DeMarco provided written testimony (2); FHFA's DeMarco Speaks (2); FHFA's New Director Edward DeMarco (1); finance s (1); Financial regulation's long slog (1); financial sector's profits (1); firm's (3); firm's financial position (1); firm's skillful manipulation (1); Fisher s Debt Deflation (4); Fisher s Debt Deflation Theory (3); FNM's (3); FNM's book (1); FNM's loss (1); Fool S (2); fool's game (1); Founder's Ponzi (1); FRANCE'S (3); France's 1920s (2); France's president urges (1); Franklin Roosevelt's (1); Freddie Mac's risk management culturethe Foster (1); Freddie's (1); French firm Societe Generale's Worst Case Debt Scenario Report (1); Friedrich Hayek's seminal Prices (1); front-month contract's viability (1); Fuel China's Housing Bubble (1); Fuld's moves (1); further inflate China's property bubble (1); G. F. Knapp's theory (1); Galbraith's (4); Galbraith's statement (1); Gandhi s (1); GATA's Adrian Douglas (1); GaveKal's Bully (2); GE s (1); Geithner s action (2); Geithner s called (1); Geithner s public private Partnership (1); Geithner's (26); Geithner's charges (1); Geithner's Disgrace (1); Geithner's dubious AIG cover (1); Geithner's Faustian bargain (2); Geithner's Galling (1); Geithner's Game (1); Geithner's Gift (1); Geithner's Hedge-Fund Bailout Illegal (2); Geithner's Heist America Plan (1); Geithner's plan (2); Geithner's PPIP plan (1); Geithner's Record (2); Geithner's team ended (1); General Augusto Pinochet's military government (1); George Orwell's criticism (1); Germany s (2); Germany's policy shift because (1); Germany's short-selling ban (1); give labor's financial claims (2); given Obama's unwillingness (1); global shadow banking system's holdings (1); Godley's (3); Godley's analytical framework (1); Goldman Sachs Shareholders Rebuff Firm's Board (1); Goldman's (27); Goldman's Backdoor Bailout (2); Goldman's CDOs (1); Goldman's domination (5); Goldman's Earnings (1); Goldman's global order router (1); Goldman's Hatzius (1); Goldman's Jan Hatzius (1); Goldman's Lies (1); Goldman's Michael Pease (1); Goldman's missing month (1); Goldman's Program Trading Monopoly (1); Goldman's sales (1); Goldman's SLP function (1); Goldman's superpower status comes (1); Goldman's Supplementary Liquidity Provider Team (1); Goldman's traders (1); Goldman's VaR (2); Goldman's VaR Exemption (1); Goldman's VaR Fed exemption (1); Goldman's various DMA (1); Goldman's victory (1); GoldMoney's James Turk (1); Google's (1); GOP s (2); GOP's December Surprise (1); GOP's unholy alliance (1); Gore Vidal's United States (1); government s (20); government s role (1); Government Says Let's Make (1); Government's April 2010 State Revenue Report (1); government's current operating budget (1); government's deficit equals (1); government's entire strategy (1); government's monetary (1); government's net fiscal deficit means (1); Government's Pension Benefit Guaranty Corp (1); government's plan (1); government's protection (1); government's revised bailout (1); government's rosy jobs data (1); government's social contract (1); government's spending (1); government's stimulus package winds (1); government's taxing power (1); grandfather's list (1); Greece s problem (2); Greece's (6); Greece's bailout (1); Greece's George Papandreou (1); Greece's hidden debt (1); Greece's misery (1); Greg Grandin's Empire's Workshop (1); Greider s (2); Greider's book documents (1); GSE's (2); Guaranty S (2); Guaranty's woes (1); Haiti's history (1); halt America's slide (1); Hank Paulson's (3); Hank Paulson's plan (1); Hank Paulson's recent book mentions repeatedly (1); Harper's Magazine (4); Harvard's endowment (1); hedge fund's unofficial handbook (1); heeded Truman's prescription (1); helped stabilize AIG's financial condition (1); Hillary's Flimsy Case (2); Hitler's Germany (1); Hoenig's proposal (1); house's (3); House's Financial Services Committee (1); Hyatt's subsidiaries (1); Hyman P. Minsky's (1); IBM's DB2 blamed (1); Iceland's (11); Iceland's bankrupt Kaupthing (1); Iceland's de facto bankruptcy (1); Iceland's economic crisis (1); Iceland's financial system went (1); Iceland's gross public debt (1); Iceland's increased indebtedness (1); Iceland's parliament (1); Iceland's problems (1); Iceland's tarnished reputation (1); Iceland's Truth Commission obtained details (1); IMF's Special Drawing Rights (1); impoverish America's elderly just (1); India's love affair (2); individual's actual input (1); Industry's loss (1); Insider's (2); insider's view (1); INTEL'S (1); Internal Revenue Service's tax-exempt bond division (1); investigate AIG's fishy (2); Investors Intelligence's latest survey (1); Iraq's Oil Wealth (2); Ireland's (5); Ireland's bank bailout exercise (1); Ireland's difficulties arose (2); Ireland's perceived (1); Iris Mack's narrative (1); Irving Fisher's Debt Deflation Theory (1); island's financial system (1); Israel's 60th birthday celebration preceding Saudi visit guaranteed cool reception (1); J. P. Morgan's Market Manipulation (1); J.P. Morgan's (2); Jack Welch s Barge (2); James Montier's turn (1); Jamie Galbraith s (2); Janet Tavakoli s book (1); Janet Tavakoli's (2); Janet Yellen's (2); Janet Yellen's asset price bubble remarks (1); Janet Yellen's Outlook (1); Japan s (21); Japan's bubble (2); Japan's bubble blow (1); Japan's Competitiveness (1); Japan's Debt Unwind (1); Japan's deflation (1); Japan's domestic market (1); Japan's experience suggests (1); Japan's experiences (2); Japan's Great Recession (1); Japan's hyperinflation rips economy (1); Japan's Lost Decade (3); Japan's Lost Decade Become (1); Japan's Playbook (1); Japan's post (2); Japan's post-1989 rebalancing (1); Japan's post-bubble policies (1); Japan's rebalancing (2); Japan's rebalancing process (1); Japan's vaunted rise (1); Japanese's (1); Jesse's (399); Jesse's Café Américain (396); Jesse's Lifetime Trading Plan (2); jesse's reform proposals (1); John Hussman's August 23 (1); John McCain's Closest Economic Advisor Helped Engineer (2); Johnson s (2); journal entry foreclosing Landmark's mortgage (1); Journal s (3); Journal's Russia Scandal (1); Journalism's Parasites (1); JP Morgan's (3); JP Morgan's clearing business (1); JP Morgan's results (1); JPMorgan Chase's Acquisition (1); JPMorgan's (3); JPMorgan's position (1); JPMorgan's silver short position (1); junta's economic policy (1); Justice Department's indictment (1); Justice's Office (1); Kalecki's (2); Kalecki's argument given (1); Kalecki's principle objection (1); Kaupthing's solvency (1); Keiser's patent shows (1); Ken Lewis's (1); Ken Rogoff's famous attack (1); Kenneth Rogoff's Sovereign Debt Warnings (1); Kesler's obligation (1); Keyne s (3); Keynes's collective work amounted (1); Keynes's General Theory (1); Keynes's landmark writings (1); Koo's (3); Koo's fresh perspectives (1); Koo's theory (1); Krugman s (5); Krugman's analysis seems (1); Krugman's economics (1); Krugman's post (2); Krugman's post mischaracterizes (1); Kudlow's Supply-Side Stupidity (2); Labor's (3); labor's cost (1); landmark s Mortgage (2); Landmark's (3); Landmark's foreclosure action (1); Larry Langford bet Birmingham's future (1); LaSalle Bank's name (1); latest FT defense reflects Summers's fundamental lack (1); Latvia's (3); Latvia's debt (1); Latvia's experience shows (1); Latvia's Harmony Center party (1); lauds Jimmy Carter's achievements (1); Layman's Terms (1); Lehman Examiner's report (2); Lehman Examiner's report gives (1); Lehman's (16); Lehman's abuse (1); Lehman's accountants (1); Lehman's Bad (2); Lehman's Bad Assets (1); Lehman's Bad Real Estate Investments (1); Lehman's balance sheet (3); Lehman's Debt Shuffle (2); Lehman's failure (1); Lehman's global derivatives book included contracts (1); Lehman's increasingly obvious manipulation (1); Lehman's underlying problem (1); Lehman's valuations (1); lender's refusal (1); Lenders S (4); let s keep (1); Let's (14); Let's call (1); Let's dial (1); Let's face (1); Let's Just Whack (1); Let's Kill (1); Let's Rethink (1); Let's Shoot (1); Let's start (1); Let's take (2); Levy's rock-solid case presented (1); liar's loans (1); Lone Ranger's Silver Bullet Rate Cuts Saves Markets (1); Louise Story's article (1); Low Quality's (1); major U.S. trading partner's currency (1); man's (3); man's behavior looks attractive (1); Man's Critique (1); Management's Great Addiction (1); March s emanating (1); market rally's gains (1); Market's (6); market's interpretation (1); Market's Median Valuation (1); market's recent response (1); Marx's Analysis (1); Master Sun's stratagems (1); Matt Taibbi's (2); Matt Taibbi's reaction (1); Matt Taibbi's slapdown (1); McDonald's jobs (1); mention Wall Street's use (1); Merrill's (2); Merrill's Reckless Mortgage Bond Binge (1); Merrill's Trading Desk Blow (1); Meyer's successor (1); Michael Hudson's Incisive Characterization (2); Mike Morgan's Real Estate (2); Minsky's (4); Minsky's financial instability hypothesis (1); Minsky's theoretical framework combines (1); Mish's (366); Mish's Fed uncertainty principle (1); Mish's Global Economic Trend Analysis (365); Monday's Reverse Repo Test (1); money's original owner (1); month's improvements (1); Montier s (2); Montier's essay (1); Moody's (18); Moody's CMBS Delinquency Tracker Hits Decade High (1); Moody's Delinquency Tracker (1); Moody's Investors Service (1); Moody's promoted executives (2); Moody's punished executives (2); Moody's Puts MBIA (1); Moody's Sacks Structured Finance Head (1); Moody's Says (1); Moody's Sold (3); Moody's Stock Craters (2); Moon's lurid sex scandals (1); Moore's Law (1); Morgan s (7); Morgan Stanley's (1); morning's report David Rosenberg cited (1); moving Bernanke's nomination (1); Mr. Bernanke's new form (1); Mr. Grice's conclusion (1); Mr. Krugman's contradicting (1); Munchau invokes Hyman Minsky's model (1); nation's (15); nation's biggest (2); nation's biggest bank (1); nation's biggest predatory lenders (1); nation's core deposit base (1); nation's debt contracts (1); nation's financial (2); nation's financial safety net (1); nation's financial system (1); NATION'S INDUSTRIAL POWERS (1); nation's inflation rate (1); nation's premier investment bank (1); nation's real property recording system (1); nation's residential mortgages (1); nation's vocal complaints (1); nation's worst lenders (1); National Australia Bank's small portfolio (1); national s Currency (1); nature's wealth (1); ndk's notepad (3); Neal Stephenson's (1); Negotiated China's Entry (2); neighbor's house (1); Neil Barofski's AIG Counterparty Payment Report Released (1); Neil Barofsky's (2); New Jersey's (1); New York Fed President Timothy Geithner's (1); New York Fed's (2); New York Fed's conduct (1); New York Fed's Staff Report (1); New York Times heirs feeling paper's pain (1); New York's Lincoln Tunnel (1); New Zealand's minister (1); newly-released examiner's report (1); Newsweek's Fearful Krugman Profile (1); non-government sector's decision (1); non-government's surplus (1); noticed Janet Tavakoli's recent article (1); NY Fed's MBS Purchases Occurring (1); NYFED's bailout (1); NYSE s (3); NYSE's Program Trading platform (2); NYSE's SLP program (1); NYT's Eric Dash (1); Obama administration's (2); Obama Administration's cap (1); Obama administration's effort (1); Obama presidential campaign's economic advisor (1); Obama s administration (2); Obama s demands (1); Obama s economic policy (1); Obama s economic team (1); Obama s failure (3); Obama s Honeymoon (1); Obama s Policy (1); Obama s tenure (1); Obama s top economics adviser (1); Obama s Treasury (2); Obama s Treasury Secretary (1); Obama Team's Economic Performance (2); Obama's (43); Obama's Advertising (2); Obama's auto plan (1); Obama's Awful Financial Recovery Plan (1); Obama's Big Sellout (2); Obama's chinese tire tariff (1); Obama's economic (4); Obama's economic inner circle (1); Obama's Financial Reform Proposals (1); Obama's Loan Relief Plan (1); Obama's New Bank Giveaway (1); Obama's Public Works Plan (1); Obama's ratings plunging (1); Obama's speech (1); Obama's stimulus runs (1); Obama's Thatcherite Gift (1); Obama's Treasury Pick (1); odds Obama's economic thinking (1); OFHEO's James Lockhart Takes Cuomo (1); Oil War's Afghan extension (1); old boy's network (1); Oppenheimer's (2); Oppenheimer's Meredith Whitney (1); Oppenheimer's Whitney (1); organisation's latest World Energy Outlook (1); Ousting H.P.'s Chief (1); outline China's current vulnerability (1); outsource America's future (1); Pandora's Box (1); paper's (2); paper's addenda include insights (1); Party s (3); Paul Midler's Poorly Made (1); Paul s (2); Paulson's (10); Paulson's People Colluded (1); Paulson's Plan (3); Paulson's Process (1); Paulson's success (1); pay Landmark's mortgage (1); PBoC's net indebtedness (1); PBS's Nightly Business Report (1); PEF's (1); Pelosi's Duplicity (2); people s republic (2); people's (6); people's money (4); period's prosperity (1); person's (2); person's arguments (1); person's working life (1); Pete Peterson's well-funded public relations campaign (1); Peter Warburton's undeservedly obscure (1); Phil's (3); Phil's Favorites (2); Phil's Stock World (1); PhysOrg summarizes Princeton's findings (1); Piggington's Econo-Almanac (1); Pimco's (4); Pimco's Bill Gross (1); Pimco's gold-coast socialism (1); Pimco's Gross Calls (1); Pimco's Paul McCulley (1); plaintiff's (2); plaintiff's indebtedness (1); plaintiff's ownership (1); Poor's (2); Poor's data showed (1); post s (2); Post's journalistic integrity (1); post's purpose (1); PRC's Dilemma (2); President Barack Obama's (1); President George W. Bush s (1); President Obama s National commission (1); President Obama's (2); President Obama's fat cat remarks (1); president's chief (1); Prince's (1); private sector's net fiscal surplus (1); product's role (1); Professor Jamie Galbraith's testimony (1); purchasing Uncle Sam's sovereign debt (1); read Willem Buiter's latest Global Economic View (1); Reagan Administration eviscerated America's century-long tradition (1); Reagan's deficit (1); rebuild America's crumbling infrastructure (1); recall Clinton's famed move (1); refute Modern Monetary Theory's view (1); rendered Steve's model stock-flow consistent (1); report describes FNM's exposure (1); Rescue Bear's Portfolio (2); restore investor's confidence (1); Reveals White House's Secret Plan (2); reviews Pat Buchanan's (1); Right Wing's Latest Argument (1); right's (2); Right's America-Hating Preacher (1); RISK'S BOOKSHELF (2); risks s (3); Robert Reich s blog (1); Robert Rubin's Proposal (1); Rogoff s (2); Rome's 33 AD real estate crisis (1); Roubini s (3); Roubini's thesis (2); Rubin's (4); RUBIN'S RUBES (1); Rubin's Strategy (1); Russ Winter s Action (2); s ability (6); s account (3); s action (7); s ahead (1); s analysis (2); s argument (2); s article (2); s assets (2); s bad (3); s Bailout (3); s balance sheet (15); s bank (4); s banks bailout (2); s Big (3); s biggest (5); s biggest banks (2); s Blog (32); S bonds (3); s books (5); s brownie point question (1); s Bubble (3); s business intelligence unit (1); S Calls (3); s capabilities (1); s cases (2); s CDOs (3); s central bank (4); s chief (2); s close (1); s Collapsing (3); s coming (1); s conducted (2); s crash (3); s Credit (5); s critique (2); s crony capitalist oligopolies (4); s curious (1); s currency (8); s currently (2); s debt (11); s decision (5); S deficit (2); s deflation (4); s demand (2); s discounted Windows (2); s dominant economic thinking violates (1); s Dominic (7); s earn (2); s economics (15); s economics policies (2); s economy (2); s enforcement division (2); s experience (4); S exposure (2); s failure (7); s favorite (4); s Financial (21); s Financial conditions (2); s financial marketplace (1); s financial Service (2); s financial system (4); s Financial time (1); s financing (2); s fiscal (2); s Fishy (3); s foreign (2); s future (20); s gains (2); s game (4); s General (2); s Global (368); s Go (2); s gold (2); s Great (3); s great concern (1); s Gross (2); s happening (1); S hold (4); s home (2); s House (3); s hyperinflation (2); s increasing (2); s Inflation (2); s interesting (3); s James (2); s job (3); s largest (4); s largest firm (1); s latest (7); s liabilities (1); S Loans (4); s long (3); s long term (2); s Looking-Glass World (1); s losses (2); s lost (5); s love affair (3); s Magazine (5); S major (3); s Market (3); s massive (2); s Maverecon (11); s military (2); s mind simultaneously (1); s minded (4); s model (4); S monetary (2); s mortgage (3); s move (2); s name (2); s NATIONAL (2); S Net (3); s nets fiscally (2); s New (6); S Note (1); s objections (2); s Oil (3); s oil price (1); s originally (2); s party (1); s Permanent (2); s piece (1); s plans (6); s policies (5); s political (2); s poor (3); s position (2); s posted (5); s power (2); s preconceived myth (1); s President (2); s primary (2); s problems (3); s program trade (3); s programming (4); s proposals (7); s Proposition (1); s publicity (2); s purchase (2); S ratings (3); s real (6); s real estate (3); s really wrong (1); s recent (6); s record (3); s report (9); s reputation (2); s Researchers (1); s Reserve (14); s Reserve currency (9); s risk (2); s role (5); s ruling (2); s Russia (2); s savings desire (1); s Secret (3); S Silver (2); s SLP (2); s solution (2); s sovereign debt (2); S speech (2); s state (3); s Statements (2); s Stimulus (2); s stock (5); s stock world (2); s strategy (5); s successful (2); s SuperInflation compare (1); s supplies (3); s Supreme Court decision (1); s taken place (1); s Tax (2); S Testimony (2); s Theory (3); s throat (1); s Top (4); s Trading (3); s tradition (2); s traditionally supportive network (1); s Treasury (4); S trouble (2); s unclear (1); s Valuations (3); s value (4); s various (2); s Vegas (1); s viewed (8); s wage (1); s Wall Street Journal (1); s war (2); s wealth (3); s willingness (2); s word (2); s work (3); S worst (2); S.E.C.'s case (1); Said's work built (1); Salvage U.S Society Runs (1); Sarah Palin's Wasilla (1); Sarkozy's speech (1); Satyajit Das's Blog (15); Saudi's (1); school's (2); school's president (1); Scott's words (1); scrutinising Deutsche Bank's role (1); Sculptor's View (1); SEC's (4); SEC's Bows (1); SEC's January Concept Release (1); SEC's preliminary report (1); SEC's Rick Bookstaber (1); sector S (3); see America's formula (1); See Calculated Risk's post showing (1); see Martin riding Godley's horse (1); September Fannie's total book (1); service s (2); servicer's record loans (1); SF Fed's Yellen Troubled (1); shared Dr. Bernanke's anti-regulatory ideology (1); Shelley Berkley's proposed legislation (1); Shiller's Keynesian Claptrap (1); SIGTARP's Barofsky (1); Simon Johnson's Doomsday cycle post (1); slave armies defeating Napoleon's troops (1); SocGen's Albert Edwards (1); Society s (3); society's ability (1); society's expense (2); sorcerer's apprentice Greenspan turned shadow banking system (1); spin machine let's (1); Stalin's Russia (1); state's power crisis (1); Steve Keen's Debtwatch (6); Steve s (5); Steve's endogenous money circuits (1); Steve's models (3); Steve's site (1); Stock Market's (2); stock market's gains occurred (1); stock market's reputation (1); Stumpf's comment (1); subprime lender's collapse (2); summer's (3); Summer's major lapses exposed (1); Summers's regime (1); support J.P. Morgan's purchase (1); Supreme Court's Citizens United decision allows businesses (1); surpassing Japan's holding (1); Sweden's demands (1); swell Uncle Sam's supply (1); TARP watchdog Neil Barofsky's scathing report (1); taxpayer's balance sheet (2); Taylor's rule (1); Terror's objective (1); threaten coal's domination (1); Tim Geithner's (1); Tim's (2); Tim's Treasury (1); Timmy's job (1); Tobin's Q Ratio Says Equity Bottom (1); Tokyo's Nikkei QUICK News reports (1); Tom Ferguson's investment theory (1); Tonight's equity offering failed (1); Trade's CDOs wipe (2); Treasury's (8); Treasury's ability (1); Treasury's bond sales (1); Treasury's recent decision (1); Treasury's semiannual report (1); Treasury's willingness (1); Trichet's (2); Trichet's Rate Hikes 1930 (1); Trichet's solution (1); Truman s (2); Truman's proposal differed (1); Turbo Tim's lifting (1); U.S (3); U.S. government's (2); U.S. government's destruction (1); U.S. government's failure (1); U.S. Intel Chief's Shocking Warning (1); UK's (2); UK's financial industry model (1); UK's gold (1); Uncle Sam's (4); Uncle Sam's lost inner compass (2); vindicate Prof Godley's macroeconomic analysis (1); Volcker s (4); Volcker's latest remarks considered (1); Volcker's Vision (2); Wall Street Journal's Web site (1); Wall Street s boom (2); Wall street s man (2); Wall Street's (22); Wall Street's Bailout Hustle (1); Wall Street's Big Win (1); Wall Street's damaging recklessness (1); Wall Street's dirty (2); Wall Street's Disaster (1); Wall Street's Favorite Politicians (1); Wall Street's major institutions (2); Wall Street's Naked Swindle (3); Wall Street's REIT Bait (1); Wall Street's solution (1); Wall Street's toxic asset waste pile (1); Wall Street's War (1); WaMu's (3); WaMu's riskiest loans raked (1); WaMu's subprime home loans failed (1); WaMu's top executives (1); war's (2); war's financing (1); Warren Buffett's longstanding partner Charlie Munger (1); Watchdog's estimates (1); Wealthy's strategy (1); week's (5); week's CFTC hearing webcast (1); Week's Credit Seize (1); week's Guru Outlook brings (1); Week's Housing Numbers (1); week's political theater involving AIG (1); weekend's G-20 meetings (1); Well Fargo s balance sheet (1); Wells Fargo's (3); Wells Fargo's commercial portfolio (1); West's view (1); Wiliam Black Savages Treasury's Conduct (1); Willem Buiter's (12); Willem Buiter's Blog (1); Willem Buiter's Maverecon (10); world's (28); world's biggest (2); world's biggest banks (1); world's biggest economy (1); world's central banks (3); world's Central Banks became steady net sellers (1); world's currency (2); world's currency system (1); world's fastest-expanding major economy (1); world's financial (2); World's financial masters (1); world's financial sector (1); world's future resource map tilting east (1); world's grandest toilet (1); world's largest (1); world's reserve currency (8); world's secondlargest economy (1); world's wealth (1); world's wealthiest man (1); Wray's proposal (2); Wright Controversy Revealed America's Gutless (1); Xinhua News Agency's Economic Information Daily newspaper (1); year's (5); year's end (1); year's financial crisis (1); year's hot money (1); year's market meltdown (1); years s Crashes (1); Yellow Man's Burden (1); yuan value ignores China's greater need (1); yuan's value (1); Zero Hedge's recent allegations vis (1).

  1. Older
  2. Oldest

Wed 2010-10-13 09:01 EDT

Foreclosure, Subprime Mortgage Lending, and the Mortgage Electronic Registration System

Christopher Peterson

...Mortgage Electronic Registration Systems, Inc., commonly referred to as ``MERS,'' is the recorded owner of over half of the nation's residential mortgages. MERS operates a computer database designed to track servicing and ownership rights of mortgage loans anywhere in the United States. But, it also acts as a proxy for the real parties in interest in county land title records. Most importantly, MERS is also filing foreclosure lawsuits on behalf of financiers against hundreds of thousands of American families. This Article explores the legal and public policy foundations of this odd, but extremely powerful, company that is so attached to America's financial destiny...The article culminates in a discussion of MERS' culpability in fostering the mortgage foreclosure crisis and what the long term effects of privatized land title records will have on our public information infrastructure. The Article concludes by considers whether the mortgage banking industry, in creating and embracing MERS, has subverted the democratic governance of the nation's real property recording system.

foreclosures; mortgage Electronic Registration System; subprime mortgage lending.

Tue 2010-10-12 16:13 EDT

Iceland Rejects Icesave Depositors Bill in Referendum - BusinessWeek [2010-03-07]

Icelanders rejected by a massive majority a bill that would saddle each citizen with $16,400 of debt in protest at U.K. and Dutch demands that they cover losses triggered by the failure of a private bank...Voters rejected the bill because ``ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,'' said President Olafur R. Grimsson, whose rejection of the bill resulted in the plebiscite...Icelanders used the referendum to express their outrage at being asked to take on the obligations of bankers who allowed the island's financial system to create a debt burden more than 10 times the size of the economy...

2010 03 07; BusinessWeek; Iceland Rejects Icesave Depositors Bill; referendum.

Tue 2010-10-12 16:01 EDT

billy blog >> Blog Archive >> Iceland ... another neo-liberal casuality

...For a real world example of the benefits of adopting a floating, sovereign, currency we can look to Argentina....At the time of the 2001 crisis, the government realised it had to adopt a domestically-oriented growth strategy. One of the first policy initiatives taken by newly elected President Kirchner was a massive job creation program that guaranteed employment for poor heads of households. Within four months, the Plan Jefes y Jefas de Hogar (Head of Households Plan) had created jobs for 2 million participants which was around 13 per cent of the labour force. This not only helped to quell social unrest by providing income to Argentina's poorest families, but it also put the economy on the road to recovery. Conservative estimates of the multiplier effect of the increased spending by Jefes workers are that it added a boost of more than 2.5 per cent of GDP. In addition, the program provided needed services and new public infrastructure that encouraged additional private sector spending. Without the flexibility provided by a sovereign, floating, currency, the government would not have been able to promise such a job guarantee. Argentina demonstrated something that the World's financial masters didn't want anyone to know about. That a country with huge foreign debt obligations can default successfully and enjoy renewed fortune based on domestic employment growth strategies and more inclusive welfare policies without an IMF austerity program being needed. And then as growth resumes, renewed FDI floods in...sovereign governments are not necessarily at the hostage of global financial markets. They can steer a strong recovery path based on domestically-orientated policies -- such as the introduction of a Job Guarantee -- which directly benefit the population by insulating the most disadvantaged workers from the devastation that recession brings...

Billy Blog; blogs Archive; Iceland; neo-liberal casuality.

naked capitalism Sun 2010-10-10 12:54 EDT

FUBAR Mortgage Behavior: Florida Banks Destroyed Notes; Others Never Transferred Them

...But to give readers the latest report of modern FUBAR, mortgage edition, let us continue with the sorry saga of ``Where's My Note?'' For the benefit of newbies, what everyone calls a mortgage actually has two components: the note, which is the borrower IOU, and the mortgage (in some states, it's called a deed of trust) which is the lien on the property. In 45 states, the mortgage is a mere accessory to the note; you must be the real party of interest in the note in order to foreclose. The pooling and servicing agreement, which governs who does what when in a mortgage securitization, requires the note to be endorsed (just like a check, signed by one party over to the next), showing the full chain of title...The endorsements also have to be wet ink; no electronic signatures permitted. I've had a lot of anecdotal evidence to support the idea that these procedures, which were created in the early days of mortgage securitizations, were simply not observed on a widespread, if not a universal basis...

Florida Banks Destroyed Notes; FUBAR Mortgage Behavior; naked capitalism; transfer.

Sun 2010-10-10 11:56 EDT

The Federal Reserve's Relevance Test - Project Syndicate

Joseph E. Stiglitz

...as investors look outside the US for higher yield, the flood of money out of the dollar has bid up exchange rates in emerging markets around the world. Emerging markets know this, and are upset -- Brazil has vehemently expressed its concerns -- not only about the increased value of their currency, but that the influx of money risks fueling asset bubbles or triggering inflation. The normal response of emerging-market central banks to bubbles or inflation would be to raise interest rates -- thereby increasing their currencies' value still more. US policy is thus delivering a double whammy on competitive devaluation -- weakening the dollar and forcing competitors to strengthen their currencies...

Federal Reserve's Relevance Test; Project Syndicate.

Blog entry Sun 2010-10-10 09:51 EDT

Crony Capitalism: Wall Street's Favorite Politicians

Zach Carter

A full 90 members of Congress who voted to bailout Wall Street in 2008 failed to support financial reform reining in the banks who drove our economy off a cliff. But when you examine campaign contribution data, it's really no surprise that these particular lawmakers voted to mortgage our economic future to Big Finance: This election cycle, they've raked in over $48.8 million from the financial establishment. Over the course of their Congressional careers, the figure swells to a massive $176.9 million. The full list of these Crony Capitalists is below, along with the money they pulled in from Big Finance, according to data compiled by the Center for Responsive Politics (opensecrets.org)...

blog entry; Crony Capitalism; Wall Street's Favorite Politicians.

Sat 2010-10-09 10:56 EDT

And Then There Were None | afoe | A Fistful of Euros | European Opinion

Edward Hugh

...rather than being over, what the debt crisis now may be entering is a new stage, where one sovereign bond after another is being chisled out and sent off to join their Greek counterpart in the isolation ward...the Irish economy has never really left recession...Irish GDP has now contracted on a quarterly basis for 9 out of the past 10 quarters, and there is no evident end in sight....the riskiest lenders to nationalized Anglo Irish Bank may not get all their money back...In the Portuguese case it is the budget deficit issue which is unsettling the markets, with the spread widening sharply following the revelation that far from the deficit being reduced is was actually increasing...Neither the European sovereign debt crisis nor the banking sector crisis has been resolved and both continue to mutually reinforce each other...the EU's stress tests for banks had manifestly failed to restore the necessary confidence.

afo; euro; European opinion; fisted.

Fri 2010-10-08 21:53 EDT

MERS 101

MERS - Mortgage Electronic Registration Inc. - holds approximately 60 million American mortgages and is a Delaware corporation whose sole shareholder is Mers Corp. MersCorp and its specified members have agreed to include the MERS corporate name on any mortgage that was executed in conjunction with any mortgage loan made by any member of MersCorp...Thus in place of the original lender being named as the mortgagee on the mortgage that is supposed to secure their loan, MERS is named as the ``nominee'' for the lender who actually loaned the money to the borrower. In other words MERS is really nothing more than a name that is used on the mortgage instrument in place of the actual lender. MERS' primary function, therefore, is to act as a document custodian. MERS was created solely to simplify the process of transferring mortgages by avoiding the need to re-record liens -- and pay county recorder filing fees -- each time a loan is assigned. Instead, servicer's record loans only once and MERS' electronic system monitors transfers and facilitates the trading of notes...MersCorp was created in the early 1990's by the former C.E.O.'s of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association... MERS, as has clearly been proven in many civil cases, does not hold any promissory notes of any kind. A party must have possession of a promissory note in order to have standing to enforce and/or otherwise collect a debt that is owed to another party. Given this clear-cut legal definition, MERS does not have legal standing to enforce or collect on the over 60 million mortgages it controls and no member of MERS has any standing in an American civil court. MERS has been taken to civil courts across the country and charged with a lack of standing in reposession issues. When the mortgage debacle initially, and inevitably, began, MERS always routinely brought actions against defaulting mortgage holders purporting to represent the owners of the defaulted mortgages but once the courts discovered that MERS was only a front organization that did not hold any deed nor was aware of who or what agencies might hold a deed, they have routinely been denied in their attempts to force foreclosure. In the past, persons alleging they were officials of MERS in foreclosure motions, purported to be the holders of the mortgage, when, in fact, they not only were not the holder of the mortgage but, under a court order, could not produce the identity of the actual holder. These so-called MERS officers have usually been just employees of entities who are servicing the loan for the actual lender. MERS, it is now widely acknowledged by the courts, has no legal right to foreclose or otherwise collect debt which are evidenced by promissory notes held by someone else...

MERS 101.

Fri 2010-10-08 21:45 EDT

NO. THERE'S NO LIFE AT MERS

Damian ``DinSFLA'' Figueroa

...MERS was founded by the mortgage industry. MERS tracks ``changes'' in the ownership of the beneficial and servicing interests of mortgage loans as they are bought and sold among MERS members or others. Simultaneously, MERS acts as the ``mortgagee'' of record in a ``nominee'' capacity (a form of agency) for the beneficial owners of these loans...More than 60 percent of all newly-originated mortgages are registered in MERS. Its mission is to register every mortgage loan in the United States on the MERS System. Since 1997, more than 65 million home mortgages have been assigned a Mortgage Identification Number (MIN) and have been registered on the MERS System...Since MERS is a privately owned data system and not public, all mortgages and assignments must be recorded in order to perfect a lien. Since they failed to record assignments when these loans often traded ownership several times before any assignment was created, the legal issue is apparent. MERS may have destroyed the public land records by breaking the chain of title to millions of homes...

Life; MER; s.

Fri 2010-10-08 21:27 EDT

Bank of America Suspends Foreclosures in All States >> naked capitalism

Yves Smith

...The robo signing of affidavits was clearly done across all sorts of court actions. As we indicated, the bogus affidavits are used in all foreclosures in judicial states; they aver various things about the plaintiff's indebtedness, including the plaintiff's ownership of the debt that are integral to the process. Providing an improper affidavit is considered to be a fraud on the court...affidavit abuses are mere symptoms of much deeper problems with the mortgage securitizations. Why, pray tell, are law firms and servicers engaging in false representations and widespread document forgeries? It is because, as we have stressed, they made a botch of getting the notes (the borrower IOU) into the trusts, and simple fixes don't work, hence the need to create a phony document trail. The Bank of America suspension of foreclosures in all states appears to be a tacit admission that the problems are as pervasive as we have suggested...

America suspends foreclosures; bank; naked capitalism; state.

Fri 2010-10-08 21:02 EDT

Kudlow Gets Into Foreclosuregate in [Market-Ticker]

...The REMICs - the foundational conduits for all this paper - are to a large degree defective. I bet some of Fannie and Freddie's are too. Many notes were not conveyed, and in the states where recordation is necessary, most of them weren't recorded either. Many of these original notes are known to be sitting with the originator, never endorsed over and in some cases shipped overseas or deliberately destroyed. For all intents and purposes they're gone, because once the MBS closes they can't be put in later on...

Foreclosuregate; Kudlow; Market Ticker.

Fri 2010-10-08 20:58 EDT

Foreclosuregate and Obama's "Pocket Veto"

Ellen Brown

Amid a snowballing foreclosure fraud crisis, President Obama today blocked legislation that critics say could have made it more difficult for homeowners to challenge foreclosure proceedings against them. The bill passed the Senate with unanimous consent and with no scrutiny by the DC media. In a maneuver known as a "pocket veto," President Obama indirectly vetoed the legislation by declining to sign the bill passed by Congress while legislators are on recess...By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors...However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents. These errors involve perjury and forgery - fabricating documents that never existed and swearing to the accuracy of facts not known...

Foreclosuregate; Obama's; Pocket Veto.

Social Democracy for the 21st Century: A Post Keynesian Perspective Thu 2010-09-30 08:12 EDT

Would Keynes have endorsed Modern Monetary Theory/Neochartalism?

Lord Keynes

...what would Keynes have thought of neochartalism/modern monetary theory (MMT)? MMT developed from Abba Lerner's theory of functional finance, as well as G. F. Knapp's theory of chartalism, as propounded in his book The State Theory of Money...MMT tells us that the government is the monopoly issuer of its own currency. Hence the government is not revenue-constrained. Taxes and bond issues do not finance government spending. No entity with the power to create and destroy money at will requires anyone to ``fund'' its spending. Having said this, one must immediately say that, even though deficits are not ``financially'' constrained in the normal sense, they do face real constraints in the inflation rate, exchange rate, available resources, capacity utilization, labour available (= unemployment level), and external balance...My discussion is based on the fundamental article by David Colander on this subject...``Lerner approached Keynes and asked: `Mr. Keynes, why don't we forget all this business of fiscal policy, public debt and all those things, and have some printing presses.' Keynes, after looking around the room to see that no newspaper reporters could hear, replied: `It's the art of statesmanship to tell lies but they must be plausible lies.' ''...

21st century; endorsed Modern Monetary Theory/Neochartalism; Keynes; Post Keynesian Perspective; social democracy.

Jesse's Café Américain Wed 2010-09-29 09:13 EDT

Slouching Towards Bethlehem: Double Dip or Banana Split?

Jesse

NBER: "If the 2010 contraction we are now monitoring in consumer demand for discretionary durable goods scales to the full economy as faithfully as the "Great Recession" did, the second dip will, at minimum, be 33% more painful than the first dip and will extend at least half again as long." This is the case for trouble dead ahead, a worse decline in consumer activity and therefore GDP than the first, and the likelihood of further quantitative easing from the US Federal Reserve to patch over the inability of the political process to reform the financial system and balance the real economy because of their myriad conflicts of interest. These policy errors favoring a small minority will most likely result in a stagflation of the most pernicious and corrosive kind, high unemployment and a rising price of essentials, that may ultimately test the fabric of society...

Banana Splits; Bethlehem; double dip; Jesse's Café Américain; Slouching.

Minyanville Wed 2010-09-29 09:08 EDT

Excerpt From "Traders, Guns & Money" (Part 3)

Satyajit Das

Minyanville Professor Satyajit Das' book "Traders Guns & Money" is a wickedly comic exposé of the culture games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money. Das is an international expert on financial derivatives and has more than 30 years of experience in the financial markets. Having worked on both the sell side and buy side for such banks as the Commonwealth Bank of Australia Citicorp Investment Bank Merrill Lynch and the TNT Group he now acts as a consultant advising banks and corporations and presenting

excerpts; gun; Minyanville; money; Part 3; Traders.

Sat 2010-09-25 11:02 EDT

Where is the World Economy Headed?

Michael Hudson

...financial maneuvering and debt leverage play the role that military conquest did in times past. Its aim is still to control land, basic infrastructure and the economic surplus -- and also to gain control of national savings, commercial banking and central bank policy...Indebted ``host economies'' are in a similar position to that of defeated countries. Their economic surplus is transferred abroad financially, while locally, debtors lose sovereignty over their own financial, economic and tax policy. Public infrastructure is sold off to foreign buyers, on credit and therefore paying interest and fees that are expensed as tax-deductible and paid to foreigners. The Washington Consensus applauds this pro-rentier policy. Its neoliberal ideology holds that the most efficient path to wealth is to shift economic planning out of the hands of government into those of bankers and money managers in charge of privatizing and financializing the economy. Almost without anyone noticing, this view is replacing the classical law of nations based on the idea of sovereignty over debt and financial policy, tariff and tax policy...Bankers in the North look upon any economic surplus -- real estate rent, corporate cash flow or even the government's taxing power or ability to sell off public enterprises -- as a source of revenue to pay interest on debts...The original liberals -- from Adam Smith and the Physiocrats through John Stuart Mill and even Winston Churchill -- urged that the tax system be based on the economic rent of land so as to keep down the price of housing (and hence labor's cost of living). The Progressive Era followed this principle by aiming to keep natural monopolies such as transportation, communication and even banks (or at least, free credit creation) in the public domain. But the post-1980 world has encouraged private owners to buy them on credit and extract economic rent, thereby shifting the tax burden onto labor, industry and agriculture -- while concentrating wealth, first on credit and then via the enormous recent public bailouts of this failed financial debt pyramiding and deregulation...At issue is the concept of free markets. Are they to be free from monopoly and special privilege, or free for the occupying financial invaders and speculators?...

World Economy Headed.

  1. Older
  2. Oldest
Copyright © 2010 dimelab. All rights reserved.