This is the fourth article in my evolving series of pieces prompted by the Kansas Regents’ new policy that eviscerates academic freedom and tenure. In my third installment I explained that the Regents’ action, while cowardly, unconstitutional, and self-destructive, was not taken on their initiative but in response to extortion by Kansas legislative leaders.
OK, I’m flabbergasted.
I came across, and commented on, a piece by Scott Sumner a few days ago. (DID SCOTT SUMNER FIND MMT’S ACHILLES’ HEEL? ) He claimed he had proof MMT is wrong:
Step one: Understand the three “control fraud” epidemics that drove the crisis.
That Ecuador’s President Rafael Correa proposes extracting primary materials to pay for his ambitious policies should come as no surprise.
I will note three puzzling aspects to this story as preliminaries. Why did JPMorgan (or WaMu) engage in “nationwide … fraudulent activity” in its sales to the secondary market? An honest bank does not have to make fraudulent reps and warranties to sell its loans.
The Latest edition of the Black Finance and Fraud Report on TRNN. The House of Representatives has passed a deregulation bill written by Citigroup – supported by both parties.
The New York Times’ spin of the tentative settlement of JPMorgan’s latest myriad felonies begins early and runs throughout the article. JPMorgan and Attorney General Eric Holder have reached a common meme on their settlement: the Department of Justice (DOJ) and Holder are stalwarts who have demonstrated their toughness and JPMorgan is a model corporate citizen. The inconvenient facts that the senior officers of JPMorgan, Bear Stearns (Bear), and Washington Mutual’s (WaMu) grew wealthy through the frauds that drove the financial crisis and that JPMorgan’s senior officers will not be prosecuted and will not even have to repay the proceeds of their crimes never appear in the article.
Tyler Cowen often seeks to defend corporations from what he views as unjust criticism. He does not, however, evidence any understanding of the relevant criminology or economics literature on “control fraud” so his defenses sometimes actually represent indictments of the risks posed by corporations. A good example is blog about libertarianism and the workplace.
The latest episode of the Black Finance and Fraud Report from The Real News Network. Bill is discussing whether Yellin’s confirmation marks a victory for progressive democrats?