Will no one rid me of the accursed examiners?
The Wall Street Journal has long led the struggle against freer more efficient markets. Whatever its rhetoric, its policies favor crony capitalism. The latest example is the July 23, 2012 article: by Francesco Guerrera entitled “Too Many Cops on the Bank Beat.”
Let’s end the debate about who was first to predict the Euro disaster: Nostradamus.
When I was in high school we discovered Nostradamus while goofing around in the library. Man, that guy was prescient! The book included commentary that showed he had foreseen Hueys dropping Napalm on villages in South Vietnam (an issue of the day). After leaving the library I found the book in my bag—and it became a running prank that Nostradamus would show up in lockers and cars, or on desks and occasionally even in mailboxes. I’m not sure where the book ended up—not with me, as I’d be checking it for his predictions on the Euro crisis. But I’m sure it is there in gory detail.
Re-reading Mr Draghi’s market-moving remarks last Thursday, one gains a sense that the European Central Bank chief recognizes that the ECB has a banking run on their hand. Most market participants have understandably focused on Mr Draghi’s pledge that the ECB was “ready to do whatever it takes” to preserve the single currency. “Believe me, it will be enough,” he told a conference in London.
This column was prompted in part by reading RJ Eskow’s column, which alerted me to Anne Applebaum’s September 13, 2010 column celebrating Britain’s embrace of austerity and the Conservative Party.
I was already planning a piece responding to Applebaum’s Washington Post column about the consequences of European austerity published on July 25, 2012 (her birthday) and the contrast to a Wall Street Journal news story that same day announcing that austerity had, as we predicted, thrown Britain back into recession when I read Eskow’s column.
Posted in William K. Black
By Dan Kervick
Matt Yglesias beats a dead monetarist horse – the same defunct nag whose flogged and forlorn carcass should have been cremated years ago – by again seeming to pin the chief responsibility for attacking unemployment on the Fed, and on its supposed control over inflation and inflation expectations. And yet as is often the case with Yglesias, the elected political leaders of the most economically powerful nation in the world rate no mention in his post, despite their scandalous and incompetent failure to address a national employment debacle.
Neil Barofsky, the former Special Inspector General for the Troubled Asset Relief Program (TARP) (SIGTARP), was one of the officials that made one proud of America. Naturally, Treasury Secretary Timothy Geithner detested him. Barofsky discusses Geithner’s antipathy for him in a newly published book: “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” The juicy parts that have been discussed in the media involve Geithner’s epic “f” word rant against Barofsky in fall 2009 in response to Barofsky’s recommendations for greater transparency about TARP. Continue reading
By Marshall Auerback
Michael Kinsley once defined a gaffe as “when a politician tells the truth – some obvious truth he isn’t supposed to say.” On that basis, the recent headline that just popped up might well represent a major gaffe of the Kinsley variety by Treasury Secretary Tim Geithner:
*GEITHNER SAYS EUROPE CAN’T BE LEFT HANGING ON THE EDGE OF ABYSS
Posted in Uncategorized
“My name is Steven Krystofiak, President of the Mortgage Brokers Association for Responsible Lending.” That is how Krystofiak began his written statement to the Federal Reserve concerning mortgage fraud. It is a follow-up to his oral testimony at a Federal Reserve hearing on June 16, 2006 at the FRB San Francisco entitled: “Responsible Lending and Informed Consumer Choice, Public Hearing on the Home Equity Lending Market.” Continue reading
Posted in William K. Black
Tagged Federal Reserve, fraud, liars loans, Steven Krystofiak, Subprime mortgage crisis
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