regulatory capture

Relating to “People From All Walks of Life”: The New Dallas Fed President’s Populist Profile (Not)

Resumé Multiple Choice, or, Did the Dallas Fed Pull a “Cheney?”** In other financial news this week (the stock market swoon was the big story), the Federal Reserve Bank of Dallas selected a new President. Here’s what the Bank said it was looking for in their new leader: “The Bank’s search committee considered a broad...
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Michigan Senator Carl Levin: a Hero (or Two) Amongst the Scoundrels

“The Senate’s Muckraker” Against a backdrop of epic Wall Street corruption and captured regulators — just look at the resumes of the top 20 SEC officials, starting with Mary Jo White, nominated by Barack Obama to lead the agency — it’s easy to forget that there also good guys out there. Former Senator Ted Kaufman,...
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Corollary to “Too-Big-to-Fail”: Too Small to Lend To

To Financial Giants, Everything is a “Micro-Loan” Three years ago, the federal government used tens of billions in taxpayer dollars to save the banking system. Now, at this dire economic moment, the country needs the banks to return the favor. –Joe Nocera, “Mr. Banker, Can You Spare a Dime?”; The New York Times (9/10/2011) It’s...
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FDR, Obama & the Cost of Consensus

The Age of Regulatory Capture Millions of Americans lose their homes and jobs, Wall Street devours trillions in government bailouts while its leaders pay themselves billions . . . and there’s still no discussion of meaningful financial reform? Incredible. Here’s a quote from one of the best Op-Ed piece I’ve seen this Summer, contrasting the...
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Health Care Debate

The Virtue of Playing Leapfrog [Note to readers: more real estate-related posts to come . . . this is only a temporary departure. Or, if you missed it, check out the (too?) long weekend post discussing the Southwest light rail line, “How Close is Too Close?”] # # # # # # # # #...
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Goldman Sachs, Culprit

Regulatory Capture — Exhibit A Goldman Sachs made out on the housing bubble twice: it f—ed the investors who bought their horsesh-t CDO’s by betting against its own crappy products, then it turned around and f—ed the taxpayer by making him pay off those same bets. –Matt Taibbi, “The Great American Bubble Machine”; Rolling Stone...
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