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Karen Garcia
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No Mortgage Lenders in Jail, but a Borrower Lands There
The government did send someone to prison for actions related to the subprime mess. But not who you’d expect.Still no effective prosecution
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IWANTAGREENCHECK!!
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Comparative Destructiveness
Jonathan Chait gets angry at the way Republicans, who claim to care about the deficit, propose saving money by cutting back on expenditures that are needed to control health costs. Indeed. But there’s a larger dynamic at work here than mere stupid...
http://krugman.blogs.nytimes.com/2012/03/08/a-brief-note-on-macroeconomics-and-ethics/A Brief Note on Macroeconomics and Ethics
I only have a few minutes here, but I want to acknowledge Karl Smith’s very gracious and brave response to my piece on economics in the crisis. And I’d also like to add a small further thought.
My argument in Lisbon was that what economists say in times of crisis, when the usual rules don’t apply, matters a lot. And so the fog created by all too many macroeconomists did a lot of real-world damage.
That said, disagreement will happen. Economics is a hard subject, people will come to different provisional conclusions, and some of them will, in retrospect, turn out to have given very bad advice. That’s a shame but not a sin.
To take an example: Ken Rogoff and I differ seriously on the relative risks of public debt and failure to spend on job creation. One of us is wrong , which means that the other is giving bad advice. (And yes, I’m personally sure that I’m right — but that’s a different argument). But this is an argument in good faith.
What bothers me, and should bother you, about much of this debate is that it pretty clearly is not in good faith. Too many economists and commentators on economics are clearly playing for a political team; too many others are clearly playing professional reputation games. Their off-the-cuff reactions to policy issues were wrong and foolish, and I think they know in their hearts that they messed up; but instead of trying to remedy the fault, they’re trying to defend the property values of their intellectual capital.
And that really is a sin. This is not an academic game, where tempers run high because the stakes are so small. This really matters to millions of people, and refusing to think clearly because you don’t want any negative thoughts about the papers you and your friends have been writing the past few decades is unforgivable."
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A Movement for Change
http://www.nytimes.com/2012/03/04/world/europe/in-russia-vote-fear-of-hardship-fuels-putin-support.html
Putin is Czar of most of the Russias.
The revolution must be refought.
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Rio Relocates for 2016
http://www.nytimes.com/2012/03/05/world/americas/brazil-faces-obstacles-in-preparations-for-rio-olympics.html?_r=1
Any excuse to do slum clearance.
Land tenure in Brazil is a range war.
Title is as good as one's personal marshal. -
Sharon
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Falling Demand for Brains?
And now for something completely different.
The Zombies are hungry and getting desperate.
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Comparative Destructiveness
Jonathan Chait gets angry at the way Republicans, who claim to care about the deficit, propose saving money by cutting back on expenditures that are needed to control health costs. Indeed. But there’s a larger dynamic at work here than mere stupid...Yes, bad faith.
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http://hat4uk.wordpress.com/2012/03/08/important-nothing-to-do-with-junk-bond-swapping/
http://hat4uk.wordpress.com/2012/03/08/isda-and-cacs-isda-gearing-up-for-pro-trigger-default-judgement/
http://www.zerohedge.com/news/reuters-reports-hedge-funds-have-found-greek-default-trigger-loophole
Reuters Reports That Hedge Funds Have Found Greek Default Trigger Loophole
Submitted by Tyler Durden on 03/08/2012 - 18:12 Bond Creditors default Fail Fresh Start Greece Reuters Sovereign Debt While the general market mood is one of pre-default euphoria reminiscent of that in the pre-Lehman weekend, clouds may be brewing. As Reuters reports, "Some hedge funds have found a legal loophole they believe will force Greece to repay some of its debt in full, three sources close to the matter said on Thursday, in a move that would intensify the standoff between the country and its debtors." The loophole? A tiny €412.5 million bond issued by Hellenic Railways with a clause that "allows bondholders to argue that Greece is in default if it is trying to restructure or change the terms of its debt, the sources said. The creditors could already argue that Athens has defaulted, and if they buy up a quarter of that bond -- or enough of it not to be forced into the debt swap -- they can also then demand immediate repayment, a process known as acceleration." More: "The funds are now trying to buy up enough of the bond -- issued by state-owned Hellenic Railways and guaranteed by the government -- to force Greece to repay them in full, to the tune of some 400 million euros. If Greece refuses to do so, this may trigger similar provisions on other Greek railway bonds, potentially landing Athens with a bill of about 3 billion euros, with investors demanding immediate repayment, the sources said." Things could move very fast since the PSI results are due in 7 hours: "Sources close to Greece's negotiation fear the funds could already start the acceleration process by Friday, or next week, if they find they have a big enough majority."http://www.nakedcapitalism.com/2012/03/links-3812.html
Thursday, March 8, 2012
Links 3/8/12
Second Biggest Flare Of the Solar Cycle NASA (hat tip Lambert). Really cool, and it should be hitting just as I am composing this post.
Nanotrees harvest the sun’s energy to turn water into hydrogen fuel PhsyOrg (hat tip reader Robert M)
Monsanto’s Roundup Shown to be Ravaging Butterfly Population Nation of Change (hat tip reader furzy mouse)
‘She was the mom next door’: Banker who ‘worked with Manhattan madam’ defends woman accusing of making $10MILLION from selling call girls to the rich and famous Daily Mail (hat tip reader May S). Ooh, this trial could be fun. I’ve always wondered what the economics of a high end brothel were.
How to completely, utterly destroy an employee’s work life Washington Post (hat tip Lambert). Huh? This is the amateur version. Public humiliation is a much faster way to this end.
U.S. Warns Apple, Publishers Wall StreetJournal
. Huh? This case strikes me as backwards. Amazon is selling below cost. That’s generally called predatory pricing, since the only way it makes sense is if you kill enough of your competitors that you attain monopoly power. But instead it is going after the parties that tried to find a response. And before you tell me you want your cheaper e-books, authors need to be paid, and the pay for writing books sucked even before this race to the bottom.
Facebook reveals ‘fake’ user accounts Financial Times. Lambert thinks 5% to 6% is low….
Lei Feng in the age of the microblog Danwei (hat tip Lambert)
China offers other Brics renminbi loans Financial Times. Who with an operating brain cell would borrow money in a currency expected to appreciate (although it is possible the RMB will rise less than other BRICs currencies)
Intractable Afghan Graft Hampering U.S. Strategy New YorkTimes (hat tip Lambert and Mark H. who called it “Pravda Irony Alert”)
And by dint of synchronicity: Afghan Air Force Probed in Drug Running Wall Street Journal
US will ensure Israel’s “military superiority”: Panetta Al Akbar (hat tip reader May S)
Minimum wage to be frozen for 20-year-olds Independent
Finally, Spain Paul Krugman
Euro Crisis Fuels South Tyrolean Separatist Dreams Der Spiegel (hat tip Lambert)
The Disruptive Rise of Niche Unions in Germany Der Spiegel (hat tip Lambert)
U.S. sees Vatican as potential money laundering hub Raw Story
Violence Stoked Fear to Fuel Putin’s Strong-Arm Rise to Power: Book Review Bloomberg (hat tip Lambert). Quelle surprise!
So, Eric Holder, we should just trust that the president won’t assassinate us? Guardian (hat tip reader May S)
The cost of America’s police state Salon (hat tip reader May S)
Congress Votes to End Protesters’ Rights Alternet (hat tip reader furzy mouse)
As Usage Rises, Libraries Struggle to Stay Open Atlantic (hat tip reader May S)
Houston’s County Joins Texas Suit Seeking $10 Billion From MERS, Banks Bloomberg (hat tip reader Paul T)
Tax treatment of private equity: Questions over a quirk Financial Times
‘Officers, Why Do You Have Your Guns Out?’ New York Times (hat tip Damian)
Not So Encouraging Michael Panzner
35 Shocking Statistics That Prove That Things Have Gotten Worse In America The American Dream (hat tip reader May S)
Police: Kidnapped MoveOn.org Staffer’s “Please Help” Emails Went Completely Ignored Onion (hat tip Lambert)
Antidote du jour (hat tip reader Valissa):
Nanotrees harvest the sun’s energy to turn water into hydrogen fuel PhsyOrg (hat tip reader Robert M)
Monsanto’s Roundup Shown to be Ravaging Butterfly Population Nation of Change (hat tip reader furzy mouse)
‘She was the mom next door’: Banker who ‘worked with Manhattan madam’ defends woman accusing of making $10MILLION from selling call girls to the rich and famous Daily Mail (hat tip reader May S). Ooh, this trial could be fun. I’ve always wondered what the economics of a high end brothel were.
How to completely, utterly destroy an employee’s work life Washington Post (hat tip Lambert). Huh? This is the amateur version. Public humiliation is a much faster way to this end.
U.S. Warns Apple, Publishers Wall Street
Facebook reveals ‘fake’ user accounts Financial Times. Lambert thinks 5% to 6% is low….
Lei Feng in the age of the microblog Danwei (hat tip Lambert)
China offers other Brics renminbi loans Financial Times. Who with an operating brain cell would borrow money in a currency expected to appreciate (although it is possible the RMB will rise less than other BRICs currencies)
Intractable Afghan Graft Hampering U.S. Strategy New York
And by dint of synchronicity: Afghan Air Force Probed in Drug Running Wall Street Journal
US will ensure Israel’s “military superiority”: Panetta Al Akbar (hat tip reader May S)
Minimum wage to be frozen for 20-year-olds Independent
Finally, Spain Paul Krugman
Euro Crisis Fuels South Tyrolean Separatist Dreams Der Spiegel (hat tip Lambert)
The Disruptive Rise of Niche Unions in Germany Der Spiegel (hat tip Lambert)
U.S. sees Vatican as potential money laundering hub Raw Story
Violence Stoked Fear to Fuel Putin’s Strong-Arm Rise to Power: Book Review Bloomberg (hat tip Lambert). Quelle surprise!
So, Eric Holder, we should just trust that the president won’t assassinate us? Guardian (hat tip reader May S)
The cost of America’s police state Salon (hat tip reader May S)
Congress Votes to End Protesters’ Rights Alternet (hat tip reader furzy mouse)
As Usage Rises, Libraries Struggle to Stay Open Atlantic (hat tip reader May S)
Houston’s County Joins Texas Suit Seeking $10 Billion From MERS, Banks Bloomberg (hat tip reader Paul T)
Tax treatment of private equity: Questions over a quirk Financial Times
‘Officers, Why Do You Have Your Guns Out?’ New York Times (hat tip Damian)
Not So Encouraging Michael Panzner
35 Shocking Statistics That Prove That Things Have Gotten Worse In America The American Dream (hat tip reader May S)
Police: Kidnapped MoveOn.org Staffer’s “Please Help” Emails Went Completely Ignored Onion (hat tip Lambert)
Antidote du jour (hat tip reader Valissa):
We will watch developments. Lying seems to be just another tactic.
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