This week on Moyers & Company, David Simon, journalist and creator of the TV series The Wire and Treme, talks with Bill about the crisis of capitalism in America. After President Barack Obama’s annual State of the Union address, it’s a reality check from someone who artfully uses television drama to report on the state of America from an entirely different perspective — the bottom up. You can watch online here.
“The horror show is we are going to be slaves to profit. Some of us are going to be higher on the pyramid and we’ll count ourselves lucky and many many more will be marginalized and destroyed,” Simon tells Moyers. He blames a “purchased” Congress for failing America’s citizens, leading many of them to give up on politics altogether.
NEP’s Bill Black appears on the Real News Network and questions the authenticity of the coverage in the NYT and WSJ about the impact of austerity measures in Greece.
If you would like to view to video with a transcript, it can be seen here.
Posted in Uncategorized
Tagged nyt, WSJ
By Stephanie Kelton
I’m in Washington, D.C. this morning, kicking off the new year in a new job. There are some rules about blogging (and so forth) and, while it is permitted, I think it’s best for me to hand over the reins to my friend and colleague, William K. Black so that I can give my full attention to the tasks ahead. I appreciate Bill’s willingness to take over as Editor-in-Chief of NEP.
Some of you have wondered whether I’ve left UMKC. I haven’t. I’ve simply taken a leave of absence in order to accept a position as Chief Economist on the Senate Budget Committee (minority side). I’ll be working closely with Senate budget staff, under the direction of ranking member Sen. Sanders (I-VT). And, of course, I’ll be reading NEP.
By William K. Black
San Francisco California: November 24, 2014
Peter Henning, in his self-bowdlerized Dealbook feature he branded as “White Collar Watch” (note his deletion of the word “crime”) has come up with an article that illustrates that the New York Times is clueless about bank regulation. The good news is that once the fundamental error in their understanding of banking regulation is corrected the supposed dilemma that the Henning claims has placed the NY Fed in a terrible “bind” disappears. The title of Henning’s November 24, 2011 article has morphed during the course of the day into “Fed’s New ‘Cop on the Beat’ Role Put it in a Bind.” The title exemplifies three fundamental errors. First, the role of federal financial regulators as “regulatory cop on the beat” is not “new.” It has always been our paramount role as financial regulators. Second, Henning’s columns was prompted by William Dudley, the NY Fed’s President’s testimony before a Senate banking committee subcommittee in which he expressly refused to function as the “cop on the beat” our Nation vitally needs. Third, were Dudley to embrace the role of “cop on the beat” and perform it properly he and our Nation would escape the desperate “bind” we are in – not create a “bind.” Henning’s article tries to support the three errors encapsulated in his title in the reverse order, which I will track.
INETeconomics’ Marshall Auerback interviews NEP’s Bill Black. Topic of discussion is the “f” word – fraud.
By William K. Black
The NYT wrote an extraordinarily arrogant, insulting, dishonest, and hypocritical editorial attacking a series of Latin American democracies. The editorial manages to insult their democratically elected representatives and their electorates. The title of the editorial is “South America’s New Caudillos.” The editorial does not bother to define the word. Merriam-Webster’s online dictionary defines caudillo as “a Latin American military dictator.”
The editorial claims that it was prompted by the democratic reelection of Evo Morales as President of Bolivia. The editorial concedes that he was reelected in a well-deserved, democratic “landslide.”
By William K. Black
I explained in a 2012 column as soon as Thomas Curry was publicly identified as the likely new head of the Office of the Comptroller of the Currency (OCC) why he was such a poor choice to be a regulatory leader. Curry is such a good example of Obama’s crew of failed agency heads because he is neither evil nor stupid. As I explain below, he views morality as a misnomer in banking. He is the rarity among Obama appointees, a true professional regulator. He is well within the top 50% of Obama’s (dismal) appointees in finance and regulation.
Curry is also an abject failure who should be cashiered immediately. No one had to order him to fail or intimidate him into failure. He represents anti-regulation as usual, which has been the pattern in finance since 1993. One can read his speeches and see that he has learned none of the essential lessons from the crisis and lacks even a dying ember in his belly, much less the raging fire required for regulatory success. We know from his record of failure as an FDIC director from January 2004 throughout the crisis that had he been the top federal regulator in the savings and loan debacle rather than Ed Gray cost of the debacle would have grown to trillions of dollars. At that level it would have hyper-inflated real estate bubbles and likely caused a severe recession.
UMKC is providing live video streaming of some of the key sessions of the 12th International Post Keynesian Conference.
Here is a list of the events they are streaming (all times Central):
- Wednesday, 6:00-8:00pm: Bruce Greenwald lecture in Royall 111
- Thursday, 5:45-7:30pm: “What Should We Have Learned from the GFC?”
- Friday, 5:45-7:15pm: Jamie Galbraith Keynote
- Saturday, 11:45-1:00pm: Lord Robert Skidelsky Keynote
- Saturday, 7:00pm: Lord Robert Skidelsky “Economics After The Crash”
To view any of the events, click here to go to the UMKC Streaming Video page and then click on the link at the bottom of the page for the platform you are using to view the stream.
Streams start approximately 15 minutes before the event.
UMKC’s Streaming page is located at: http://www.umkc.edu/ia/streaming/live-streams.cfm
By William K. Black
In another proof of our family rule that it is impossible to compete with unintentional self-parody, Roger Cohen has penned “The Great Unraveling.” What makes the article perfect is that it brings together Cohen’s worst traits – and ends with praise for Rudyard Kipling, who set the bar for those traits. Cohen is distressed about many things, but the first one that I focus on is his claim that the Scots’ response to the City of London’s elite financial criminals is “insidious.” In the passage that he makes this claim Cohen denounces the Scots as childish Celts.
“The northernmost citizens were bored. They were disgruntled. They were irked, in some insidious way, by the south and its moneyed capital, an emblem to them of globalization and inequality.”
A Modern Money Network contributor – Jason Kessler put together this beautiful graphic based on Randy Wray’s Meme for Money series that appeared here on NEP.