By William K. Black
Quito: April 8, 2015
At this juncture, I have written three columns about the effort to enact laws allowing discrimination by merchants. I have received two thoughtful critiques by readers that I would like to respond to. I thank them for their responses. The first comment was in response to my first article.
Posted in William K. Black
By Joe Firestone
There are two words that describe the Republicans’ Senate Budget Committee’s proposed budget: “dishonesty” and “austerity” for most Americans. Let’s deal with the dishonesty part first. In due course, the austerity will be apparent.
The Senate Budget Committee’s statement, entitled “A Balanced Budget That Supports Economic Growth and Expands Opportunity for Hardworking Americans,” claims to support stronger economic growth, and provide greater opportunity. We might well ask “how much growth” “growth for whom” and “opportunity for whom?”
Certainly not for me and thee, since the Senate budget projects substantially decreased Federal outlays over the decade 2016 – 2025, compared to the CBO baseline budget. This decreased Federal spending comes from:
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Posted in Joe Firestone
Tagged budget plans, budget projections, CBO baseline, Congressional Progressive Caucus, debt and deficits, MMT, Modern Monetary Theory, OMB budget projections, Republican House budget. House Budget Committee, Sector Financial Balances, Senate Budget Committee
By William K. Black
Quito: April 7, 2015
My April 4, 2015 column discussed the Wall Street Journal’s express endorsement of a right of merchants to discriminate against groups they detest. I explained that the WSJ was adopting the position of Richard Epstein and quoted Epstein about the policy question he found to be a “very hard question.” That question was “voluntary” hereditary slavery – he’s in favor of it as a “right” essential to “liberty.” But he admits that he finds it “very hard” to justify the impact of the “voluntary” contract of slavery on the “externalities” – and yes, he is talking about children as commodities. I quoted the passage from Epstein’s famous defense of discrimination in his book Forbidden Grounds to show how zany the policy views are that emerge like mold spores as soon as one endorses discrimination by merchants against groups they despise as a means of increasing “liberty.”
Posted in William K. Black
Tagged bigotry, discrimination, Jim Crow laws, libertarian, Richard Epstein, WSJ
By Rob Parenteau
The recently adopted QE approach by the ECB, in concert with the negative deposit policy rate (NDPR) introduced last summer, has set off a number of nested disequilibrium dynamics that may unwittingly introduce a material increase in systemic risk for the eurozone, and perhaps beyond. Lord Keynes anticipated what he termed ”euthanasia of the rentiers”, as he expected active monetary policy would be successful in reducing long-term interest rates, and the share of the population living off of bond coupons would eventually just wither away. By way of contrast, if the following assessment is correct, Draghi may have signed a mutually assisted suicide pact with finanzkapital in the eurozone.
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Posted in rob parenteau
Tagged ECB, mario draghi, QE
By J.D. Alt
I recently outlined a sovereign spending structure for making “free” pre-school care and instruction available to every American child (Opportunities of a Millennium, Part 1). After further consideration, I realize the proposal glosses over a fundamental issue posed by sovereign spending itself: Should it “push” or should it “pull” at resources to achieve a given goal?
Here is what I mean: In the case of pre-school care and instruction, it would be possible to direct the sovereign spending in basically three ways. The first way is the classic “government program” model where the federal government establishes and staffs a public bureaucracy to provide the pre-school care. This model was ruled out in deference to the Boomer-GenX generation’s legitimate objections to “big government”—and especially big government programs which waste money and fail to accomplish their goals. This leaves two options for directing the sovereign spending.
Comments Off on A Push-Pull Model for Cooperative Markets Financed by Sovereign Spending
Posted in J. D. Alt
Tagged cooperative markets, markets, millennials, sovereign spending
In addition to the House Budget Committee and OMB budget plans and 2016 – 2025 projections fiscal policy followers have also recently been graced with the effort of the Congressional Progressive Caucus (CPC) proposing their budget plan and 2016 – 2025 projections. The CPC budget proposal is interesting because it is definitely not intended to be an austerity budget. Instead, its authors consciously try both to achieve the goals of “fiscally responsible” low deficit budgets while turning away from austerity and towards achieving full employment, renewed economic growth, economic stability, a strengthened social safety net, greater economic equality, an improved infrastructure, and transportation system, improving the health insurance system beyond the Affordable Care Act, a greener economy, improved education and other progressive goals.
Comments Off on When Will the Congressional Progressive Caucus Ever Learn About Sector Financial Balances?
Posted in Joe Firestone
Tagged budget plans, budget projections, Congressional Progressive Caucus, debt and deficits, Economic Policy Institute, EPI, MMT, Modern Monetary Theory, OMB budget projections, Republican House budget. House Budget Committee
By William K. Black
Quito: April 4, 2015
I’m dealing with the temporary expiration of our subscription to the Wall Street Journal and my resultant inability to read columns behind its paywall. This caused me to search whether others had made the full text of the WSJ editorial “Liberal Intolerance, Round II” available on line. I put the first sentence of the editorial in my search engine.
“The political delirium over Indiana’s law protecting minority religious beliefs doesn’t seem to be abating, and the irony is that it may be illustrating why such statutes are necessary.”
It spit out the exact same sentence – but in what appears to be (the world’s worst) web site of U.S. News and World Report in a (maybe) news article attributed to “us,” but starting with an AP credit. The only change is that the first sentence in the WSJ has become the second sentence in the USNWR. As the third sentence in the quotation below shows, it is in some ways a personal take on a straight news story sourced to AP, but the USNWR’s web site refers to as being authored by “us.” I trust you are as confused as I am. The two pieces differ, but seem clearly to have been written by the same person about the same subject.
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Posted in William K. Black
Tagged bigotry, discrimination, Indiana
Crossposted from www.richardmbowen.com
William K. Black, author of The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry, is a lawyer, academic, and a former bank regulator. He was formerly the litigation director of the Federal Home Loan Bank Board, deputy director of the Federal Savings and Loan Insurance Corporation (FSLIC), senior vice president and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel of the Office of Thrift Supervision. Black was also deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement.
Black was a central figure in exposing Congressional corruption during the Savings and Loan Crisis. He took the notes during the Keating Five meeting that were later published in the press, and brought the event to national attention and a congressional investigation. Looks as if he had a hit put out on him for his pains!
According to Bill Moyers, “The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker Jim Wright and five US Senators, including John Glenn and John McCain, of doing favors for the S&L’s in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating — after whom the senate’s so-called “Keating Five” were named — he sent a memo that read, in part, ‘get Black — kill him dead.’ Metaphorically, of course. Of course.” Continue reading
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Posted in Cross Posting
Tagged accounting control fraud, banksters, Citi, Richard Bowen
The latest episode of the Bill Black report on The Real News Network. Bill talks with Sharmini about the religious freedom bills in Indiana and Arkansas. “Its a bill where they dare not speak its purpose or state its goal.” Transcript if available at therealnews.com.
Comments Off on Archaic Laws Revived with Homophobic Intent in Indiana and Arkansas
Posted in William K. Black
By William K. Black
Quito: April Fools’ Day 2015
April Fools’ Day continues to bring it delights, including a trifecta of homophobia I found on the website of the Wall Street Journal and other papers today. The WSJ news staff first reported on Indiana’s “Religious Freedom Restoration” Act in a March 27, 2015 story in which CFOs reported their fear that the Act was “Hampering Hiring Ability.” The WSJ news sections recently cited the strong majority of Americans supporting marriage equality and the fact that support is growing quickly among conservatives.
The WSJ’s infamous editorial team was cranking up to send the opposite message. They support the oxymoronic “Defense of Marriage Act” (defending marriage from marriage) and oppose any constitutional rights protecting gay Americans from discrimination. The business community overwhelmingly opposes the new state hate acts adopted by the Indiana and Arkansas legislatures. The CEOs of America’s leading business thought leaders oppose the new state hate acts. The WSJ, on issues of hate, does not serve the interests of the business community. The title of the opinion piece is “The New Intolerance: Indiana isn’t targeting gays. Liberals are targeting religion.” The opinion piece doesn’t even try to support the claim that “liberals are targeting religion.” But the use of the word “liberals” shows how out of step the editorial zanies have become with American businesspeople on the issue of discrimination against gays. A majority of conservatives oppose discrimination against gays. Young conservatives are even more strongly opposed to discrimination against gays.
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Posted in William K. Black
Tagged homophobia, WSJ
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