How Megabanks Corrupt Regulators, LIBOR Edition
July 05, 2012
If you haven’t been following that other British scandal—not Murdoch, but the interest-rate scandal that made heads roll at Barclays—then you really should be. As Matt Taibbi explains, it’s a neutron-bomb of a revelation that’s caused even hardened cynics to rethink their assumptions about the banking system.
Think Metro for the Road to Recovery
December 10, 2010
If, as Harvard’s Michael Porter contends (and we concur), there is no U.S.
Global Growth on the Orient Express
December 01, 2010
In the wake of the Great Recession, the recovery in U.S.
Copenhagen: Not Such A Flop After All?
April 05, 2010
The Chicago Tribune's Jim Tankersley has a piece noting that the conventional wisdom on Copenhagen has been quietly shifting. In the immediate aftermath, nearly everyone labeled the accord a big fat failure. But in the months since, various countries have been racking up pledges to cut emissions and they've made a fair bit of headway: The conference was "no failure" and produced "the highest number of new government initiatives ever recorded ...
Bullish on the Job Market? Not So Fast.
December 20, 2009
Last week I noted the evolving thinking on unemployment and the recovery--in particular, the growing number of analysts who think the job numbers might increase pretty quickly over the next several months.
The Conventional Wisdom on Jobs is Changing
December 15, 2009
The good folks at Grant's Interest Rate Observer must have felt pretty lonely six weeks ago when they suggested the recovery might be "jobful" rather than jobless, as almost everyone was insisting at the time.
Could the Economy Survive With Just Medium-Sized Banks?
November 03, 2009
Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance (an influential group, reflecting the interests of global finance in Washington) is opposed to breaking up big banks. According to the FT, he said, “The idea that we could run modern, sophisticated, prosperous economies with a population of mid-sized savings banks is totally misguided.” This is clever rhetoric--aiming to portray proponents of reform as populists with no notion of how a modern economy operates. But the problem is that some leading voices for breaking up banks come from peop
October 09, 2009
The shock of the financial meltdown has had congressional committees scrambling for their gavels for the better part of a year. Politicians have been discussing how to make sure that such a near-cataclysm never happens again, and, for the most part, they've focused on the need for new regulation.