By L. Randall Wray
“It was obdurate government callousness to misery that first stoked the flames of rage and frustration. With unemployment a scourge in Negro ghettoes, the government still tinkers with half-hearted measures, refuses still to become an employer of last resort. It asks the business community to solve the problems as though its past failures qualified it for success.” –Rev. Dr. Martin Luther King, Jr., in his last letter requesting support for the “March on Washington for Jobs and Freedom”
In recent days, the Job Guarantee has been thrust into public discussion, thanks in large part to Jesse Myerson’s Rolling Stone article—see here.
By William K. Black
(Cross posted and Benzinga.com)
The death of a successful banker and regulator
James M. Cirona died January 4, 2014. I doubt that many readers know of Jim’s work even if they follow finance. That is a shame for Jim was one of the most important reasons the savings and loan debacle did not cause a financial crisis and a Great Recession. The reason Jim was so effective was that he understood that the factor driving the debacle was a surging epidemic of accounting control fraud and he had the leadership abilities and the courage to expand and focus the resources of the Federal Home Loan Bank of San Francisco (FHLBSF) to stop that epidemic.