Wed 2010-07-21 10:36 EDT
Economist's View: Is Galbraith Right that Deficits are Never a Problem?
Paul Krugman has a "wonkish" post on deficits rebutting Jamie Galraith's [alleged] contention that deficits are never a problem...
Thomas Topic in The Credit Debacle Catalog
Economist thomas (2); Economist Thomas Palley says (1); justice Thomas (1); Kansas City Fed President Thomas Hoenig (2); LANDON THOMAS JR (1); lobbyists Thomas Matzzie (1); Mark Thoma (1); say house Economist Thomas Lawler (1); Thomas Adams (1); Thomas C. Rubin (1); Thomas Frank (1); Thomas Friedman accidentally tells truth (1); Thomas H. Naylor (1); Thomas Hoenig (3); Thomas I. Palley (1); Thomas Palley (12); Thomas Palley Questions Housing Subsidies (1).
naked capitalism Fri 2010-03-19 16:42 EDT
Indefensible Men
From the December 2009 issue of The Baffler (no online version of this article available). For those not familiar with The Baffler, this is the revival of a magazine of business and culture edited by Thomas Frank that had previously been published from 1988 to 2007. This issue was called ``Margin Call'' and included articles by Matt Taibbi, Naomi Klein, Michael Lind. I believe readers will find this piece to be relevant. Enjoy! Since inequalities of privilege are greater than could possibly be defended rationally, the intelligence of privileged groups is usually applied to the task of inventing specious proofs for the theory that universal values spring from, and that general interests are served by, the special privileges which they hold. Reinhold Niebuhr, Moral Man and Immoral Society
naked capitalism Mon 2009-12-28 22:05 EST
``Body Count From Goldman Actions Crosses Into Criminal Territory''
Readers may have noticed Janet Tavakoli's recent article at Huffington Post on Goldman Sachs and AIG. While much of it covers territory that Yves and I already wrote about previously, Ms. Tavakoli stops short of telling the whole story...The Federal Reserve and the Treasury aided and abetted Goldman Sachs in committing financial and ethical crimes at an astounding level.
Body Count; Criminal Territory; Goldman Actions Crosses; naked capitalism.
naked capitalism Fri 2009-10-23 09:50 EDT
Guest Post: The Ongoing Cover Up of the Truth Behind the Financial Crisis May Lead to Another Crash
William K. Black -- professor of economics and law, and the senior regulator during the S & L crisis -- says that that the government's entire strategy now -- as during the S&L crisis -- is to cover up how bad things are (''the entire strategy is to keep people from getting the facts'')...PhD economist Dean Baker made a similar point, lambasting the Federal Reserve for blowing the bubble, and pointing out that those who caused the disaster are trying to shift the focus as fast as they can...Economist Thomas Palley says that Wall Street also has a vested interest in covering up how bad things are...The media has largely parroted what the White House and Wall Street were saying...One of the foremost experts on structured finance and derivatives -- Janet Tavakoli -- says that rampant fraud and Ponzi schemes caused the financial crisis. University of Texas economics professor James K. Galbraith agrees...Congress woman Marcy Kaptur says that there was rampant fraud leading up to the crash...Black and economist Simon Johnson also state that the banks committed fraud by making loans to people that they knew would default, to make huge profits during the boom, knowing that the taxpayers would bail them out when things went bust.
Crash; Financial Crisis; Guest Post; lead; naked capitalism; Ongoing Cover; truth.
The Economic Populist - Speak Your Mind 2 Cents at a Time Sat 2009-10-10 13:19 EDT
Friday Movie Night - Michael Lind Presents
New America Foundation, Policy Director of the Economic Growth Program, Michael Lind is on a roll. He's pulling in a host of economists and policy formulators who really are speaking truth, interviewing them an' putting 'em on the Internets. You're going to love these interviews with Thomas Palley, Ralph Gomory, Pat Choate and Peter Morici.
economic populist; Friday Movie Night; Michael Lind Presents; Mind 2 Cents; speaking; Time.
Calculated Risk Mon 2009-09-21 15:03 EDT
Housing: "Facing a triple whammy" at end of Year
"We could be facing a triple whammy at the end of the year: the expiration of the tax credit, the end of the Fed mortgage-buying program and rising foreclosures.'' says housing economist Thomas Lawler
Calculated Risk; ending; Faces; Housing; triple whammy; years.
Sun 2009-09-20 14:12 EDT
America's Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis and Great Recession | The New America Foundation
This report traces the roots of the current financial crisis to a faulty U.S. macroeconomic paradigm. One flaw in this paradigm was the neo-liberal growth model adopted after 1980 that relied on debt and asset price inflation to drive demand. A second flaw was the model of U.S. engagement with the global economy that created a triple economic hemorrhage of spending on imports, manufacturing job losses, and off-shoring of investment. Deregulation and financial excess are important parts of the story, but they are not the ultimate cause of the crisis. Instead, they facilitated the housing bubble and are actually part of the neo-liberal model, their function being to fuel demand growth based on debt and asset price inflation. The old post-World War II growth model based on rising middle-class incomes has been dismantled, while the new neo-liberal growth model has imploded. The United States needs a new economic paradigm and a new growth model, but as yet this challenge has received little attention from policymakers or economists.
America's Exhausted Paradigm; Financial Crisis; Great Recession; Macroeconomic Causes; New America Foundation.
naked capitalism Sun 2009-09-13 12:26 EDT
Guest Post: Top Economists Say We Must Break Up the Insolvent Banks (Government Says Let's Make Them Bigger)
The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion: Joseph Stiglitz, Ed Prescott, R. Glenn Hubbard, Simon Johnson, Thomas Hoenig, Neal S. Wolin, Sheila Bair, Anna Schwartz, William K. Black, et al...And yet, the top economic policy makers (Summer, Geithner and Bernanke)...don't want to break up the insolvent giants or even keep them from growing, don't want to reinstate Glass-Steagall, and want to let the banks keep using their same inaccurate models, overseen by the same spineless regulators.
bigger; break; Government Says Let's Make; Guest Post; insolvent banks; naked capitalism; Top economist says.
The Big Picture Wed 2009-08-26 16:02 EDT
Hoenig: Let Big U.S. Banks Fail
Kansas City Fed President Thomas Hoenig, the host for the annual Jackson Hole Fed confab, is utterly against bailouts, and thinks ``Too Big To Fail'' is a losing strategy. As I noted previously, ``Real capitalists nationalize; faux capitalists look for the free lunch.'' Bernanke has urged Congress to back part of Hoenig's proposal for dealing with faltering [...]
Thu 2009-07-30 00:00 EDT
Second Vermont Republic
a nonviolent citizens' network and think tank opposed to the tyranny of Corporate America and the U.S. government, and committed to the peaceful return of Vermont to its status as an independent republic and more broadly the dissolution of the Union. Thomas H. Naylor
Tue 2009-04-21 00:00 EDT
Cold Call
by Landon Thomas Jr.; former Treasury secretary Robert E. Rubin embarrassed over Enron call; 2002-02-11
Wed 2009-04-01 00:00 EDT
Calculated Risk: Fed's Hoenig: 'Too Big has Failed'
Kansas City Fed President Thomas Hoenig: ``we have not defined a consistent plan and not addressed the basic shortcomings and, in some cases, the insolvent position of these institutions''
Sun 2008-11-23 00:00 EST
Thomas C. Rubin: UK Association of Online Publishers
Microsoft Chief Counsel for Intellectual Property Strategy ``The Change We Need''; gatekeeper Google reaping economic rewards
Mon 2008-06-30 00:00 EDT
Angry Bear: Broken Clock Day
Thomas Friedman accidentally tells truth: "Since President Bush came to office, our national savings have gone from 6 percent of gross domestic product to 1 percent, and consumer debt has climbed from $8 trillion to $14 trillion."
Tue 2008-05-13 00:00 EDT
naked capitalism: Thomas Palley Questions Housing Subsidies
naked capitalism; Thomas Palley Questions Housing Subsidies.
Mon 2008-02-11 00:00 EST
The Chicken Doves: Elected to end the war, Democrats have surrendered to Bush on Iraq | The Smirking Chimp
The Chicken Doves: Elected to end the war, Democrats have surrendered to Bush on Iraq, by Matt Taibbi; K Street astroturf "antiwar coalition" Americans Against the Escalation in Iraq, led by lobbyists Thomas Matzzie and Brad Woodhouse, DSCC consultants Hildebrand Tewes | The Smirking Chimp
Bush; Chicken Doves; Democratic; election; ending; Iraq; Smirking Chimp; surrender; war.
Mon 2007-10-15 00:00 EDT
The Legacy of Justice Thomas | Campaign for America's Future
by digby; "his inappropriate behavior woke up the nation to the issue of sexual harassment"
Tue 2007-10-02 00:00 EDT
Thomas Palley >> Blog Archive >> Jack Welch's Barge: The New Economics of Trade
Thomas Palley >> Blog Archive >> Jack Welch's Barge: The New Economics of Trade; "Globalization...has made capital mobility rather than country comparative advantage the engine of trade."
blogs Archive; Jack Welch s Barge; new economically; Thomas Palley; trading.
Thu 2007-09-13 00:00 EDT
Thomas Palley >> Blog Archive >> The Fed and America's Distorted Expansion
Thomas Palley >> Blog Archive >> The Fed and America's Distorted Expansion; shallow, fragile expansion due to record trade deficits, manufacturing weakness
America's Distorted Expansion; blogs Archive; Fed; Thomas Palley.
Thu 2007-09-13 00:00 EDT
naked capitalism: Thomas Palley on "America's Distorted Expansion"
America's Distorted Expansion; naked capitalism; Thomas Palley.
Sun 2007-02-18 00:00 EST