Swimming, Olympics, and More
July 27th, 2012
in Op Ed, syndication
by Frank Li
Olympics 2012 opens today in London.
On the USA Men’s Swimming Team, there are three “special” Olympians from Illinois: Conor Dwyer, Matt Grevers, and Tyler McGill. Why are they so special to me? You will understand it by looking at the table below.
The Man Who Came to Warn the Fed
July 26th, 2012
in Op Ed
by William K. Black, New Economic Perspectives
“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.”
Krystofiak came to warn the Fed about “liar’s loans.” The Fed, and only the Fed, had the authority to prevent the fraud epidemic unleashed by liar’s loans. He came to warn that lenders and their agents, mortgage brokers, were putting the lies in liar’s loans.
Gathering Storm: China's Epic Hard Landing
July 25th, 2012
in Op Ed
by Guest Author Dee Woo, Beijing Royal School
For the better part of the past year, my concern about Chinese economy was constantly aggravated by the depressing stories of entrepreneurs who committed suicide, fled the country or emigrated to the Western world. Most media have blamed monetary tightening and the credit crunch for these unsavory episodes.
The public outcry for the deteriorating conditions of Chinese entrepreneurship climaxed with the seemingly positive step PBOC (the People's Bank of China) took on Dec. 5, 2011 to alleviate the liquidity crisis: cut the RRR (reserve requirement ratio) to 21 percent from a record high of 21.5 percent.
Open Letters and Closed Minds?
July 24th, 2012
in Op Ed
by Dirk Ehnts
Hans-Werner Sinn and others have written an open letter (published at FAZ). They say that the banking union is not a good idea and that banks must be allowed to fail. They are against the socialization of bank debt. Their main argument is that bank liabilities in the euro zone are three times as much as sovereign (government) debt and, in the five countries in crisis alone, are in the trillions of euros. (Die Bankschulden sind fast dreimal so groß wie die Staatsschulden und liegen in den fünf Krisenländern im Bereich von mehreren Billionen Euro.) Huge losses are about to come, and tax payers shouldn’t be the ones that have to absorb them.
Beyond Animal Spirits
July 23rd, 2012
in Op Ed
by Edward Harrison, Credit Writedowns
Warning: This commentary is very DISTURBING – not for the faint of heart.
Two days ago, a friend of mine told me via email about a comment on a blog post about whether MBA schools were incubating criminals that was truly disturbing. I didn’t know what to think of it, honestly. When news of the Dark Knight Returns killing came out the next day, it crystallised for me at least that something was seriously wrong on multiple levels with our Zeitgeist here. I couldn’t really put my finger on it. I couldn’t exactly verbalise it. I still can’t, but let me tell you what this comment said and what it triggered in my own thinking.
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