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The Next Chair of the Federal Reserve Must Be A Regulator

July 30th, 2013
in Op Ed

by Robert E. Prasch

This article was posted in New Economic Perspective 25 July 2013.

If we go by the rumors circulating in the financial press, the Obama Administration is on the verge of selecting a proven failure – Lawrence Summers – to be the next Chair of the Federal Reserve System. This is the man, let us recall, whose greatest success in office was to work for the repeal of Glass-Steagall in 1999 and the nudge along the passage of the Commodity Futures Modernization Act of 2000 (which forbade any agency from regulating Credit Default Swaps). These profoundly mistaken decisions provided the nation’s largest and most irresponsible financial institutions with the bulk of the permission they needed to leverage up their balance sheets, hide the risks inherent in the mortgage-backed securities they were pushing onto unsuspecting investors, all while enabling them to become Too Big To Fail (and, as no less than the Attorney General of the United States has affirmed, Too Big To Prosecute).

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Chinese Growth Set for Lower Lows

July 29th, 2013
in Op Ed, syndication

Written by

China is slowing fast. Since hitting a post-financial crisis high of 11.9% in the first quarter of 2010, Chinese quarterly GDP growth has risen in just two of the subsequent thirteen quarters. The latest figure of 7.5%, for the second quarter of this year, is down from 7.7% in the first quarter and 7.9% in the last quarter of 2012.

This downtrend is set to continue into the second-half. Beijing has just launched a new campaign to rid the Party of “formalism, bureaucratism, hedonism and extravagance.” This will stifle both consumption and investment for at least the next two quarters.

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The Great Banking Divide

July 28th, 2013
in Op Ed

by Jayati Ghosh, Triplecrisis.com

The Great Recession of 2008 has become a marker for many turns of the tide, including the relative position of nations in the global economic hierarchy. Among the many ways in which emerging economic powers (like the BRICS) are supposed to be doing better than developed countries in patterns of bank lending. So while the credit crunch continues for many businesses and households in the US and Europe, banks in the developing world are said to be providing larger and larger amounts of credit to enable investment and economic expansion.

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NY Times Reports on Keen, Bernanke, Kindleberger and Minsky

July 27th, 2013
in Op Ed, syndication

by Dirk Ehnts, Econoblog101

Last week The New York Times carried an article on the Australian economist Steve Keen and Ben Bernanke, indirectly mentioning Minsky and Kindleberger as well. After the article on MMT earlier this month this article has been written by an author who is more, well, focused (Floyd Norris).  Here is an excerpt:

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If Big Enough, It's Not Criminal

July 25th, 2013
in Op Ed

Wall Street Exec. No Evidence for Criminal Charges. Surprised?

by Rodger Malcolm Mitchell, www.nofica.com

This goes under the heading, “Same old, same old: Too big to jail.”  (Caption graphic and emphasis added by Econintersect.)

The Wall Street Journal
SEC Files Civil-Enforcement Action Against SAC Chief Cohen
By Jean Eaglesham and Jenny Strasburg

The Securities and Exchange Commission filed a civil-enforcement action against SAC Capital Advisors LP chief Steven A. Cohen, alleging he ignored “red flags” that should have alerted him to insider trading “under his watch.”

Concerning insider trading, the SEC - at the Stamford, Conn., hedge-fund firm - said that Mr. Cohen -

failed to take reasonable steps to investigate and prevent.”

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