EconoMonitor

Great Leap Forward

  • State AGs Cave to Banksters

    Yves Smith at Naked Capitalism has long been skeptical of the negotiations by the State Attorneys General and the banksters over the foreclosure frauds (see here http://www.nakedcapitalism.com/2012/02/settlement-breakdown-by-state-plus-other-official-propaganda.html). And while I had held out some hope that California and New York would either refuse to join, or would insist on good terms, today’s announcement of the […]

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  • WEEKEND ROUNDUP: MORE NEWS FROM THE FRONT

    Romney’s “Let Them Eat Cake Moment”: Candidate “Mitt” (? I still cannot get over the name) Romney admitted that he has no interest in anyone who earns less than $20 million a year—he is only concerned with what he called the upper 99%, those like him. He argued that the bottom 1%–the poor—have got more […]

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  • $30 TRILLION TO PROMOTE CRONY CAPITALISM: The Fed’s Bail-Out of Wall Street

    I’m directing a research project on the Fed’s bail-out of Wall Street and am periodically posting updates on the findings. Previously I’ve blogged the preliminary findings of two of my grad students, James Felkerson and Nicola Matthews and the first paper was finished a few weeks ago  (my summary here http://www.levyinstitute.org/pubs/op_23.pdf; full paper here http://www.levyinstitute.org/pubs/wp_698.pdf) […]

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  • OBAMA DISCOVERS FRAUD (and other news from the Front)

    Weekend Wrap-up Republican Presidential Debates: At the final debate before the Floridian primary, Newt Gingrich spun his head round and round and upchucked thick pea soup over the moderator and audience. (Has anyone noticed how much Gingrich looks like Chucky the doll? Concidence? I doubt it.) Mitt Romney defended his 14% tax rate, arguing that […]

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  • The Fetish for Liquidity (and Reform of the Financial System)

    In his General Theory, J.M. Keynes argued that substandard growth, financial instability, and unemployment are caused by the fetish for liquidity. The desire for a liquid position is anti-social because there is no such thing as liquidity in the aggregate. The stock market makes ownership liquid for the individual “investor” but since all the equities […]

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  • MORTGAGE FRAUD REVISITED: Why Did the Fed Pump and Dump US Real Estate Markets?

    My colleague, Bill Black, has been entertaining himself by reading through the transcripts of the Fed’s meetings to find discussions of mortgage fraud. As you probably know, Congressman Henry Gonzalez forced the Fed to release these transcripts after he caught Chairman Greenspan in a white lie. Well, maybe it was not so white—just an outright […]

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  • THE $29 TRILLION BAILOUT OF WALL STREET: Why Should Anyone Care About High Crimes and Misdemeanors?

    I previously summarized research that two of my graduate students, James Felkerson and Nicola Matthews, are conducting on the Fed’s bail-out. Using data that the Fed was forced to release, they demonstrated that the cumulative total lent and spent on assets by the Fed was over $29 trillion. (See the first paper here: http://www.levyinstitute.org/publications/?docid=1462) Their […]

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  • THE JOB GUARANTEE: Finally Moving Beyond Theory to Implementation

    Since the early 1990s a bunch of us have been advocating for a Job Guarantee or Employer of Last Resort program. My previous two blogs have provided some of the theoretical details. In addition, in recent days there have been simultaneous discussions going on around the blogosphere. What is amazing to me is that the […]

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  • The Job Guarantee as an Alternative to Enforced Idleness. But What Will They Do? Examples from the WPA

    As I concluded in my previous blog: Olly Olly Oxen Free: it is safe to come out of the dark. A sovereign government faces no financial constraints. We can have payroll tax holiday extensions and unemployment benefit extension. Heck why don’t we go whole-hog and actually create jobs for the unemployed? We need 25 million […]

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  • PAYROLL TAX HOLIDAYS AND MMT: It’s a Funny World, News Recap on the Eve of Xmas

    As Mae Moore says, “It’s a Funny World” (2002). Let’s try to make sense of two news reports. Help me if you can. 1. Republicans reject the payroll tax holiday because it does not go far enough. To complicate matters, the Senate has already gone on its Xmas holiday and is refusing to come back. […]

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