Archive for the ‘Uncategorized’ Category
Monday, September 24th, 2012
The BBC is running a three-part series on notable economists, starting with Keynes. There were a number of errors made, but I shall ignore those and address two Keynesian fallacies. The first was that Keynes correctly anticipated the economic and political consequences of the Versailles Treaty, which inflicted punitive reparations ...
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Monday, September 17th, 2012
The US Republican Party recently announced its intention to set up a "gold commission", to examine the feasability or not of returning to a gold standard. This raises important questions, cutting across the neoclassical economic consensus, so is bound to be controversial. If the commission is appointed, it members will ...
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Monday, September 10th, 2012
My father, who at one time was an education minister in the Kenyan government, used to tell a story of a long-forgotten crisis when the leaders in the educational establishment could only turn to him and ask: ”minister, what shall we do?” The point of the story is that these ...
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Monday, September 3rd, 2012
Two Bloomberg correspondents reported on August 8 that the US Government’s unfunded liabilities rose by $11 trillion last year, “ten times larger than the official deficit”, and are now at an estimated $222 trillion. The authors base their estimates on figures supplied by the Congressional Budget Office. This makes talk ...
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Sunday, October 23rd, 2011
Community Banks of Colorado, Greenwood, Colorado, is the 84th FDIC-insured institution to fail in the nation this year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $224.9 million.
The Federal Deposit Insurance Corporation (FDIC) today was appointed receiver for Community Banks of Colorado, Greenwood, Colorado, ...
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Saturday, September 25th, 2010
Constitution Corporate Federal Credit Union, Wallingford, Conn., was one of three credit unions to be place into conservatorship by the National Credit Union Administration last night.
The seizures may cost as much as $50 billion, and brings a number of unions seized by the agency and wide and why did this year ...
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Monday, September 15th, 2008
This post contributed by Edward Harrison of Credit Writedowns
In case you missed it, the financial system in the US is near collapse. This weekend was unbelievable. Lehman Brothers filed for bankruptcy. The world's largest insurer AIG is looking for the Fed to help it avoid collapse and Merrill ...
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Sunday, September 7th, 2008
Less than a month after acquiring the power, Treasury Secretary Paulson has put Freddie Mac into government-backed conservatorship. You can read Paulson's joint press release is here, but don't forget how he said this wouldn't be necessary. The government's take down of its own agency purportedly came about when an ...
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Sunday, September 7th, 2008
Less than a month after acquiring the power to do so, Treasury Secretary Paulson has put Fannie Mae into conservatorship. You can read Paulson's joint press release here, but let's not forget how he previously said he wouldn't need to do this. The government take down of its own agency ...
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Tuesday, April 1st, 2008
2008-04-01:
Say you have warehouse full of toxic Alt-A bio hazard stored on your balance sheet you need to dispose of so no one notices (mono-liners). If the Alt-A waste is temporarily worth 96c on the dollar you have yourself a 4c write down you are happy to take, but not ...
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