Remember when Steve Schwarzman said that taxing carried interest was “like when Hitler invaded Poland in 1939″? Or when Lloyd Blankfein said he was doing “God’s work”? Apparently, titans of finance can’t stop themselves from giving good copy.
Last week, the Wall Street Journal highlighted a Federal Reserve report on total household net worth. Surprise! Americans are richer than ever before, both in nominal and real terms. At the same time, though, wealth inequality is increasing from its already Gilded Era levels.
The disappearance in the Gulf of Thailand of Malaysia Airlines Flight 370 to Beijing, China after 2 hours 5 minutes of normal flight may have the trademarks of a terrorist attack against China by Al Qaeda.
Russia continues to move ahead with their military and political plans for the Crimea. Support from China and India seal the deal.
By James Kwak President Obama’s 2015 budget proposes a number of tax increases that will mainly affect the rich. They include: Limiting the tax savings on deductions to 28 percent of the deduction amount (and applying this limit to exclusions as well, such as the one for employer-provided health benefits) Requiring a minimum 30% income … … Continue reading →
Before 2006, people used to talk about the Greenspan put. But there’s something even better than having the Federal Reserve watching your back. It’s the résumé put.
We like to think that we form our views based on evidence, but in fact we view the evidence selectively to confirm our preexisting views.
OTC markets are bad for ordinary people.
Nicholas Kristof’s ill-conceived diatribe against the supposed self-marginalization of academics has come in for a fair amount of criticism, notably from Corey Robin. The most obvious problem with Kristof’s argument assertion is that anywhere you look in the policy sphere, you can’t help stumbling over academics left and right. Macroeconomics is an obvious one, but there many others. Take education, for example, where anyone pushing for any conceivable policy change can wave a fistful of academic papers in your face.
If I write about a legal matter on this blog, it usually involves battalions of attorneys on each side, months of motions, briefs, and hearings, and legal fees easily mounting into the millions of dollars. That’s how … Continue reading →