asterisk2a + government   116

Yes this really is the end of Tory austerity – because it was never about economics in the first place | The Independent
[private sector will pick up the tap - the households did, but not corporations! bc long-term ROI growth in not attractive in the west w secular stagnation! see Richard Koo ] But it was a very long time coming. It became clear within a year of George Osborne’s 2010 “emergency budget”, which forced through huge cuts in capital budgets and an intense squeeze on Whitehall departments and welfare spending, that the austerity medicine was hurting, not helping.

The economy was flatlining, teetering on the verge of recession. Whether this was primarily due to the crisis in the neighbouring eurozone and a spike in global oil prices or because the negative knock-on impact of the government’s domestic spending cuts was bigger than initially thought is still debated by economists.
Austerity  Brexit  GE2017  Confidence  Fairy  GFC  bank  bailout  welfare  state  living  standard  deficit  debt  government  household  personal  loan  credit  card  creditcard  underinvestment  inequality  economic  history  social  mobility  income  growth  wage  disposable  discretionary  spending  gini  coefficient  tax  evasion  avoidance  taxation  corporate  taxcut  capital  labour  Productivity  output  gap  recovery  secular  stagnation  infrastructure  investment  Privatisation  Theresa  May  George  Osborne  David  Cameron  Ideology  neoliberal  neoliberalism  ZIRP  NIRP  QE  bond  bubble  asset  reflation  housing  distortion  malinvestment  stimulus  Tories  nasty  party  Conservative  RichardKoo  Koo  Richard 
june 2017 by asterisk2a
(453) James O'Brien (and Incorrigible) solve the housing crisis - YouTube
thatcher banned councils from borrowing money to build council houses/flats. ie w 50, 100 year loans. Councils would be making profit in the end by owning capital. Thatcher didnt like it, banned it. market and private capital knows best how to make profit. governments not allowed to make profits ROI on investment. Now +1bn housing benefit goes to private landlord. and 1/3 of ex council social housing is rented out by private landlords.
UK  Margaret  Thatcher  Privatisation  Social  Housing  affordable  Council  Tories  Conservative  Party  nasty  crisis  profit  maximisation  capitalism  Government  Capital  Kapital  ROI  rent  seeking  rentier  underinvestment  infrastructure  investment  GFC  recovery  immigration  demographic  bubble  England  economic  history  Tony  Blair  Labour  GE2017  Thomas  Piketty  neoliberal  neoliberalism  Brexit 
may 2017 by asterisk2a
Booming gig economy costs £4bn in lost tax and benefit payouts, says TUC | Business | The Guardian
Study shows low-paid self-employment and zero-hours contracts costing exchequer £75m a week – a quarter of England’s weekly social care budget [...] Their relatively low earnings also make them more likely to need to rely on in-work benefits such as tax credits and housing benefit, the TUC said. [...] “The huge rise in insecure work isn’t just bad for workers. It’s punching a massive hole in the public finances too,” said TUC general secretary Frances O’Grady.
HMRC  Treasury  Whitehall  Westminster  Lobby  Consultant  zero  hour  contract  Self-Employment  gig  economy  welfare  state  Governance  Government  Precariat  working  poor  Poverty  part-time  minimum  wage  minimumwage  mindestlohn  Zeitarbeit  Leiharbeit  LHA  DWP  George  Osborne  Philip  Hammond  Iain  Duncan  Smith  housing  benefit  tax  credit  child  taxcredit  Austerity  secular  stagnation  crony  capitalism  bailout  corporatism  neoliberalism  exploitation  profit  maximisation 
february 2017 by asterisk2a
A hard Brexit will be even harder because of Treasury failings | David Walker | Public Leaders Network | The Guardian
[ Brexit to be costly for Westminster and Whitehall bc have to hire lots of consultants, all the expertise to neg trade deals was put to Europe. ] Lord Kerslake’s damning report exposes the yawning skills gap at the heart of government – just when we need to manage Brexit &! https://www.theguardian.com/politics/2017/feb/12/osborne-project-fear-forecasts-weakened-treasury--kerslake
Brexit  Whitehall  Westminster  Productivity  outsourcing  Privatisation  Philip  Hammond  George  Osborne  Austerity  Governance  Government 
february 2017 by asterisk2a
Jeremy Hunt to consider merging health regulation bodies | Politics | The Guardian
Jeremy Hunt, the health secretary, is preparing to publish a consultation paper that could lead to the medical and nursing professions no longer having their own dedicated disciplinary bodies. [...] [ LIMITING LIABILITIES from suits/claims neglect malpractice discrimination ! instead claim of inefficiencies and less money. ] Department of Health sources say Hunt wants to improve public protection against the possibility of being harmed by poor professional practice and ensure that concerns about the poor performance of health professionals is dealt with quickly and proportionately. Ministers are determined to reform what they see as the unwieldy and confusing set-up under which different types of health staff each have their own regulator. For example, the General Medical Council regulates Britain’s 281,000 doctors and the Nursing and Midwifery Council performs the same role for about 600,000 nurses and midwives.
NHS  regulation  self-regulation  government  Governance  Tories  Conservative  nasty  party  regulators  Jeremy  Hunt  STP  Austerity  Privatisation 
february 2017 by asterisk2a
Universities minister announces sale of student loan book | Education | The Guardian
[ corporatists/banks will neg lower price than actual/current value. Bc (1) inflation (2) no-repayments/delayed repayment/default (3) lower repayment rates in future than expected bc of econ. et al. Tories selling gov assets at firesale prices because of its fetish w the deficit caused by the bank bailout. ] But Hillman raised concerns about whether the sale would result in taxpayers getting value for money, saying: “We saw in Gordon Brown’s sale of the government’s gold and also in Vince Cable’s sale of Royal Mail how hard that is to achieve and how controversial it can be if the price paid comes to seem too low.

“Ministers will say the underlying legislation only allows sales that are good value for money, but it takes time to know if that has happened in practice.”
deficit  UK  government  debt  Privatisation  profit  maximisation  financial  services  consumer  student  loan  Tories  budget  Conservative  Party  nasty  George  Osborne  Austerity  underinvestment  asset  David  Cameron  Theresa  May  IMF  economic  history  recovery  Brexit 
february 2017 by asterisk2a
UK trade deficit widens further as exports suffer | Business | The Guardian
Nevertheless, the UK’s goods trade gap with the rest of the world widened by £1.9bn to a record high of £125bn in 2015. Howard Archer, chief UK economist at IHS Global Insight, said: “UK exports have clearly struggled in recent months, as they have been hampered by sterling’s overall strength in 2015, particularly against the euro, and moderate global demand. [...] Recent declines in the value of sterling are expected to support exports sales, though the deteriorating global situation could mitigate against an improved exchange rate. [...] “Nonetheless, any progress in reducing the trade deficit is likely to be extremely slow in the near term, leaving the recovery reliant on domestic demand.” [...] [ you can lower your corp tax, but if your country is shitty in business environment ie infrastructure and employee qualifications and immigration ... nobody wants to do business ]
UK  trade  deficit  current  account  deficit  budget  deficit  tax  reciepts  2015  2016  recovery  secular  stagnation  underinvestment  business  investment  austerity  economic  history  global  economy  emerging  market  Frontier  Markets  BRIC  foreign  direct  investment  productive  investment  infrastructure  investment  Richard  Koo  consumer  debt  household  debt  credit  card  debt  car  loan  Student  Bubble  debt  servitude  discretionary  spending  government  spending  disposable  income  generation  rent  ZIRP  NIRP  QE  liquidity  trap  zombie  corporations  zombie  consumer  distortion  financial  repression  speculative  bubbles  hunt  for  yield  fiscal  policy  monetary  policy  BOE  property  Housing  Crisis  George  Osborne  competitiveness  productivity  output  gap  job  creation  Service  Sector  Jobs  corporate  tax  rate  corporate  welfare  subsidies  subsidizing  immigration  migration  Super  Cycle 
february 2016 by asterisk2a
▶ How The Economic Machine Works by Ray Dalio
credit great 4 productive investments 4 the future that will benefit u/me/gov/biz like infrastructure/edu/skills. but waste 4 pure consumption that dont increase productivity in the long run. Like consumer credit spend 2 replace a 2yr old flat screen. vs consumer credit 4 vocational/professional further edu 2 get a higher earning job (future higher income 2 repay the then debt liability & have some more/left over). Bad if u dont have later higher earnings from higher education 2 repay debt & just work in an underemployed placement that any college dropout could do. Thing is, college dropout doesnt have that debt liability that the higher education person has (reduced disposable income bc debt repayment + interest payments.) Women are hit double (gender pay gap) & triple (childcare long-term earnings loss). // min16 income growth important 2 keep up with debt repayment beyond interest. if not, we reached peak long-term debt cycle! // doesnt include globalisation's deflationary effects
credit  bubble  austerity  business  cycle  debt  cycle  financial  cycle  Super  economic  cycle  productivity  income  growth  wage  growth  wage  stagnation  output  gap  economics  disposable  income  discretionary  spending  economic  history  living  standard  standard  of  living  gender  pay  gap  reflate  reflation  asset  bubble  equity  bubble  China  USA  2015  speculative  bubbles  secular  stagnation  stagnation  deflationary  deflation  household  debt  government  debt  public  debt  debt  servitude  student  loan  debt  consumer  debt  debtoverhang  balance  sheet  recession  deleveraging  sovereign  debt  crisis  debt  bubble  student  debt  debt  monetisation  debt  monetization  private  debt  GFC  recovery  Richard  Koo  liquidity  trap  NPL  excess  reserves  zombie  banks  zombie  consumer  debt  restructuring  QE  ZIRP  NIRP  debt  jubilee  greatrecession  Great  Depression  budget  deficit  Super  Rich  Polarisation  Thomas  Piketty  tax  evasion  tax  avoidance  fairness  inequality  Gini  coefficient  social  cohesion  social  tension  social  contract  Career  Politicians  Joseph  Stiglitz  Paul  Krugman  Robert  Reich  Mark  Blyth  income  redistribution  income  inequality  income  mobility  social  mobility  capital  gains  tax  tax  code  corporate  tax  rate  lost  decade  lost  generation  neoliberalism  neoliberal  globalization  globalisation  western  world  developed  world  Europe  competitiveness  competition  competitive  flat  world 
september 2015 by asterisk2a
What Reddit's 'ridiculous' button tells us about mortality - BBC News
The game shows us that people are willing to participate in seemingly mundane activities if they're designed in a particular way, he tells BBC Trending. "What governments should do is leverage those forces to benefit everyone." He cites keeping track of endangered species online as one potential application, and is also encouraged by the array of tools that the community has built to support the phenomenon. "When you make data free, when you make it open, amazing things happen, but not always in the way you'd expect." Its lessons aren't just practical, but philosophical too, he says. "It dials into people's own views about their mortality. It points out something pretty base to human psychology about how we perceive the frailty of human nature. We need to keep this thing alive and to protect it - not let it approach this finite limit."
Open  Source  Open  Government  Reddit  democracy 
may 2015 by asterisk2a
Draper University & Tim Draper's state of California | Launch Festival 2014 - YouTube
California is 50th in tersm of edu cost (too expensive), California spends 3% of their rev on infrastructure investments. ... It has to be really bad that they see as only solution to make it smaller. make 6. The only good thing that has CA going is the weather and that can have unintended consequences as well - extreme weather events, droughts, wildfires, flashfloods, ... http://www.economist.com/blogs/democracyinamerica/2014/02/splitting-up-california + http://www.advancingafreesociety.org/eureka/sacramento-spotlight-six-californias-part-1-demographics-of-the-new-states/ + http://www.equities.com/editors-desk/economy-markets/economic-data-news/the-economic-impact-of-six-californias + http://draperuniversity.com/ ||| +++ http://youtu.be/2q8XOhm_LDE -- BOOK ! 'The race for reinvention' ""The Fourth Revolution: The Global Race to Reinvent the State"" - - IN THEIR new book, John Micklethwait and Adrian Wooldridge explain why the state faces a historic juncture
California  Career  Politicians  No  Representation  government  spending  governance  oversight  transparency  accountability  Six  Californias  Tim  Draper  Draper  University  education  Higher  formal  education  business  education  education  bubble  economic  history  Gini  coefficient  income  mobility  social  mobility  income  inequality  Politics  infrastructure  investment  infrastructure  Silicon  Valley  public  transportation  urbanisation  urban  planning  The  State  of  California  grassroots  movement  public  policy  drought  water  security  water  scarcity  water  supply  2014  San  Francisco  Los  Angeles  San  Diego  history  policy  error  policy  folly  Makers  Book  fiscal  policy  political  folly  political  theory  political  error  political  economy  political  science 
may 2014 by asterisk2a
Yet Another Lawsuit Against Bank Of America Over Countrywide's Legacy Toxic Mortgages | ZeroHedge
http://www.bloomberg.com/news/2012-10-24/bofa-sued-by-u-s-for-1-billion-over-alleged-mortgage-fraud.html

Bank of America Corp. (BAC) was sued by the U.S. attorney in Manhattan for allegedly engaging in a scheme to defraud Fannie Mae and Freddie Mac.

The complaint alleges that Countrywide Financial Corp., which was later bought by Bank of America, implemented a loan- origination process that generated thousands of fraudulent or defective loans that were sold to Fannie Mae and Freddie Mac, according to a statement today from the Manhattan U.S. Attorney’s Office.

>> That is what you get with blank cheque guarantee of mortgage risk.
WallStreet  government  governance  corporate  governance  toobigtofail  GFC  mortgage  market  subprime  freddiemac  FannieMea  BofA  CountrywideFinancial 
october 2012 by asterisk2a
The Political Changes that Transformed the American Dream - YouTube
For Pulitzer Prize-winning journalist Hedrick Smith, the American Dream depends upon the prosperity of middle class. Ray Suarez talks to Smith about his latest book, "Who Stole the American Dream?" for more on what needs to change to restore the American Dream, economically, politically and culturally.

> baby boomers heading for poor retirement, poverty, forced to live off social security
> increase in productivity kept going, but not wages in appropriate manner
> middle class economics - prosperity - dependent on power. power over time shifted to corporates who overshadow policy making in Washington with their lobbying.

+

Obama wanted to close the revolving door between corporates and Political Policy making in Washington, cutting off the force of the corporate lobby - he fail miserably by hiring from a pool of corporate thought leaders during his election campaign 2008 and while in office.

Capitalism ran wild. And when it was down, we fed it with bailouts to stand up again.
accountability  transparency  barackobama  presidency  government  governance  Politics  lobbyist  Lobbying  lobby  productivity  prosperity  middleclass  socialsecurity  pension  scheme  babyboomers  401k  book  economic  history  USA 
october 2012 by asterisk2a
www.nber.org/papers/w15438.pdf
http://www.nber.org/papers/w15438.pdf

A recent NBER study by Alberto Alesina, Carlo Favero and Francesco Giavazzi finds that fiscal adjustments focused on spending are “associated with mild and short-lived recessions, in many cases with no recession at all” whilst “tax-based adjustments” are associated with “prolonged and deep recessions.”
academics  academia  economics  economic  history  governance  government  government  spending  fiscal  policy  austerity 
october 2012 by asterisk2a
Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding | ZeroHedge
SPAIN TO TAP €3 BILLION FROM SOCIAL SECURITY RESERVES IN ORDER TO FUND LIQUIDITY NEEDS.

Incidentally this is the same fund which has 9 months of pension reserves and is invested in... drumroll... Spanish Bonds!

And cue to the riotcam.

-

Spain is yet another democratic country which plunders its citizens savings to mop up the floor while the sink is overflowing and the faucet is still running.
social  contract  socialsecurity  democracy  governance  government  Politics  greatrecession  Europe  sovereign  debt  crisis  austerity  pension  scheme  pension  obligation  pension  fund  2012  Spain 
september 2012 by asterisk2a
The Student Loan Bubble In 19 Simple Charts | ZeroHedge
Crummy politicians guaranteed mortgage debt which led via little conservatism and little oversight and governance into a property bubble, etc etc - the rest is history

The same has been in the making for over 2 decades now with student debt and grants ... a bubble that will burst eventually.

http://www.zerohedge.com/news/2012-09-28/next-subprime-crisis-here-over-120-billion-federal-student-loans-default

there is now at least $122 billion in federal student loan defaults. And surging every day.

Ladies and gentlemen: meet the new subprime.
NPL  subprime  governance  lobby  oversight  lostgeneration  government  USA  Student  Loan  Bubble  debt  education  education  college  university  un-college  studentdebt  debt  StudentLoans 
september 2012 by asterisk2a
BBC News - A Point Of View: The trouble with freedom
We've come to believe that freedom is the natural human condition, which only tyrants prevent everyone from enjoying - but when a tyrant is toppled, we can't know what will come next, says John Gray.

[...]

For Russell, as for Mill, liberty was one thing, democracy another. It's a deeply unfashionable view, but I think essentially correct.

[...]

We need freedom because our goals and values are highly diverse and often quite different from those of the people around us. Having a voice in collective decisions - the basis of democracy - is a fine thing, but it won't protect your freedom if the majority is hostile to the way you choose to live.

[...] threats to freedom [can come from many different angles.]

[...] we've forgotten our own history and neglect the dangers we currently face. [...] liberty is a fragile achievement.
Russia  UK  Politics  USA  Europe  culture  government  homophobia  xenophobia  nationalism  minority  John  Gray  book  society  Bertrand  Russell  J  S  Mill  John  Stuart  Mill  Libya  Afghanistan  Iraq  history  freedom  liberty  democracy  Isaiah  Berlin 
august 2012 by asterisk2a
Julian Assange: Das Vertrauen in den Rechtsstaat ist zerbrochen - SPIEGEL ONLINE
Der Westen versagt im Angesicht seiner Kritiker: Assange, Anonymous, Occupy - wer sich mit dem System anlegt, wird zum Straftäter erklärt und muss um seine Sicherheit fürchten.

Das System wird durch sein Geflecht aus Herrschaft und Interessen bestimmt und gehalten wird es durch die Überzeugung der stillschweigenden Mehrheit, dass alles seine Ordnung hat. Aber die Ordnung ist zerbrochen. Das Vertrauen ist zerbrochen.

---

USA isn't the greatest country on earth any more. That it is one amongst many. Barack Obama (any US President) would do good to acknowledge that and to speak it out loud - followed by a pledge to do better.

Decline is subliminal, decline happens in-front of our ears and eyes but we don't notice it till it is too late.
globalisation  generations  generational  change  decline  barackobama  presidency  whistle-blowers  accountability  transparency  government  governance  Europe  UK  USA  geopolitics  foreignaffairs  Politics  democracy  julianassange  Wikileaks  confidence  trustagent  trust 
august 2012 by asterisk2a
Will Taxing the Rich Fix the Deficit? - YouTube
The government's budget deficit in 2009 was $1.5 trillion. Many have suggested raising taxes on the rich to cover the difference between what the government collected in revenue and what it spent. Is that a realistic solution? Economics professor Antony Davies uses data to demonstrate why taxing the rich will not be sufficient to make the budget deficit disappear. He says, "The budget deficit is so large that there simply aren't enough rich people to tax to raise enough to balance the budget." Instead, it's time to work on legitimate solutions, like cutting spending.
politics  taxation  2012  liberal  economic  reform  liberal  democracy  barackobama  gwbush  presidency  democracy  governance  government  spending  budget  deficit  USA 
july 2012 by asterisk2a
Daily chart: Give us austerity, but not yet | The Economist
in good times as in bad, governments will find reasons to spend more than they receive in revenue.

...Germany, demanding austerity from PIIGS ... is one that does it as well, spend more than it take in in revenue (on a national level).
austerity  angelamerkel  Germany  PIIGSFB  PIIGS  Europe  politicalscience  political  economy  economic  history  economic-thought  election2012  politics  sovereign  debt  crisis  government  government  spending  governance 
may 2012 by asterisk2a
Social Security vs. Private Retirement - YouTube
Is Social Security a good retirement plan? Economics professor Antony Davies shows that Americans stand to earn significantly less and assume more risk with Social Security than other investment options. According to Davies, taxpayers would be better off both in terms of financial security and return on investment by investing their money privately. Social security is extremely expensive, soon to be insolvent, and doesn't even offer taxpayers the most bang for their buck. For those reasons, Prof. Davies argues that it is time for the government to phase out Social Security. Davies' solution: the government should honor its obligations to current retirees while giving Americans the freedom to invest their money as they see fit.
governance  government  USA  contract  politics  generational  contract  social  contract  retirement  socialsecurity 
may 2012 by asterisk2a
Government spending: Out of sight, out of mind, still on the books | The Economist
state subsidies in less developed countries, although often economically inefficient, are advertised prominently for political gain.

the result of less visible public spending is that voters are less able to make informed judgements about their governments' expenditures. Fortunately part of Ms Mettler’s submerged state is currently being brought to the surface, through a budgetary debate increasingly focused on tax expenditures (in America) and the Child Tax Credit (in Britain). With luck the extra attention will improve public debate about government spending.

Suzanne Mettler, a professor at Cornell University and the author of “The Submerged State”.
book  sovereign  debt  crisis  government  spending  public  policy  UK  USA  politics  subsidizing  subsidies 
march 2012 by asterisk2a
Health reform in America: A United front | The Economist
Capitalism (Market Mechanism) is pushing forward better. Not Government ...

"United is changing how it pays hospitals and doctors. America’s existing system suffers from perverse incentives: doctors make more money from treating sick patients than from keeping them well. United already has pilot programmes to reward doctors for providing good, efficient care. But in January it told its customers that such contracts would become the norm.

push America toward better, cheaper care. Many will cringe at the idea that an insurer would be the one doing the pushing. However Dr Ho argues that the shift is “irreversible, with or without reform.”

>> Aim is to keep people healthy, and making them better.
>> 2nd Aim should be prevention care, that people are not going to be sick in the fist place.
government  liberal  economic  reform  capitalism  2012  USA  barackobama  healthcare  incentive 
february 2012 by asterisk2a
Austerity vs. Europe - Javier Solana - Project Syndicate
Compared to a new recession, the long-term cost of stimulus policies is insignificant. In many countries, current budget deficits are the result not of reckless government overspending, but of temporary measures to deal with the crisis. With interest rates already low and the private sector deleveraging, there is little risk of expansionary policies causing inflation or crowding out private investment. By contrast, spending reductions could undermine economic activity and increase, not decrease, the public-debt burden.

Public debt, moreover, should not be demonized. It makes financial sense for states to share the cost of public investments, such as infrastructure projects or public services, with future generations, which will also benefit from them. Debt is the mechanism by which we institutionalize intergenerational solidarity. The problem is not debt, but ensuring that it finances productive investment, that it is kept within reasonable limits, and that it can be serviced with lit
global  imbalances  Asia  USA  UK  Europe  policy  folly  politicaleconomy  economic-thought  politics  2012  austerity  malinvestment  efficiency  governance  government  public  debt 
january 2012 by asterisk2a
HOW TO BUILD A STRONGER RECOVERY (UK)
He stuck broadly to Labour’s plans for slashing public sector capital spending, on roads, bridges, hospitals, schools and the rest.
Even under tough coalition plans, current spending on public services, including wages and salaries, will rise throughout this parliament, from £600.9 billion in 2009-10 to £713.4 billion by 2015-16.
Capital spending, by contrast, is being butchered. Gross spending will drop from £68.9 billion in 2009-10 to a low of £47.7 billion in 2013-14, before creeping up to £50.4 billion by 2015-16. Spending net of depreciation will fall from £49.5 billion in 2009-10 to £23.8 billion in 2013-14 and will only be £24.5 billion - half its earlier peak - in 2015-16. Remember these are cash sums, so the drop in real terms is even greater.
Cutting capital spending like this is a bad idea. Fiscal multipliers, the amount of economic bang a government gets for its spending buck, are always significantly higher for capital spending.
austerity  government  spending  UK  2011  outlook  GeorgeOsborne 
september 2011 by asterisk2a
U.S. Said to Be Ready to Sue Banks Over Mortgages - NYTimes.com
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

The FHFA was created in 2008 and assigned to oversee the hemorrhaging government-backed mortgage companies, a process known as conservatorship.
deutschebank  bofa  jpmorgan  goldmansachs  FHFA  subpoena  subprime  2011  misleading  trust  documentation  housing  bubble  housemarket  mortage  fraud  fanniemae  freddiemac  UBS  citigroup  AIG  CountrywideFinancial  merrylllynch  bailout  government  subsidizing  toobigtofail  systemicrisk  banking 
september 2011 by asterisk2a
Obesity set to rise in the UK - YouTube
Nearly half of all in the United Kingdom could be obese in fewer than twenty years.
That is the worst-case scenario presented in a new report commissioned by the British government.
The report says the number of obese Britons could reach 26 million by 2030. 
Al Jazeera's Tim Friend reports.
obesity  nanny  government  healthcare  economics  economy  industry 
august 2011 by asterisk2a
"The Global Plutocracy Is Terrified of Dissent" | ZeroHedge
Our Voices Are More Important Than We've Realized
Renner is right: the plutocracy is terrified of dissent.
Indeed, the Asch Conformity Experiment showed that even one dissenting voice can give people permission to think for themselves.
And a new study shows that when only 10% of a population have strongly-held beliefs, their belief will be adopted by the majority of the society.
USA  US  UK  censorship  freespeech  government  2011  study 
august 2011 by asterisk2a
Blog - IndexUniverse.eu - Deflation Sets In (USA)
A move by US bank BNY Mellon to charge for depositing cash was perhaps Thursday’s most significant development.
The announcement by the bank that it is preparing to impose negative interest rates on wholesale deposits is a classic sign of deflation.

The imposition by BNY Mellon of negative deposit rates came as US government bill yields hit zero and the rate on overnight repurchase agreements (repos) went below that threshold, according to a report in the Wall Street Journal.
BNY Mellon has seen large inflows of cash from its institutional customers, which it then has to park in assets like T-bills and in secured deposits. If it’s having to pay to do so (via negative rates), it wants to be able to pass this cost on to clients.  If it holds the cash on its own balance sheet, the bank has to pay higher capital charges and extra costs for deposit insurance.
deflation  deflationary  USA  economy  2011  August  PIIGS  sovereign  debt  crisis  UK  debtoverhang  deleveraging  government  QE  ZIRP  inflation  monetary  policy  velocity  supply 
august 2011 by asterisk2a
HoheArbeitslosigkeit: Europas Jugend ohne Zukunft - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Generation Finanzkriese
- ups and down cycles have shorter and timeframes, and more deeply

Die jungen Menschen in der EU steuern in die Hoffnungslosigkeit: Mehr als 20 Prozent der 15- bis 24-Jährigen haben keinen Job, in Spanien ist inzwischen fast jeder Zweite arbeitslos - und die Aussichten sind alles andere als positiv. Selbst die recht guten Zahlen aus Deutschland sind trügerisch.

Germany polishes statistics with gimmickry 
Doch die relativ guten Zahlen in Deutschland sind trügerisch: Junge Menschen in der Bundesrepublik sind nicht nur häufiger mit Erwerbslosigkeit konfrontiert als die Gesamtbevölkerung. Sie haben auch deutlich öfter eine sogenannte atypische Beschäftigung. Dazu gehören beispielsweise befristete Jobs oder Zeitarbeit.

=== Long-Run Economic Consequences ===
lostdecade  lostgeneration  generationy  unemployment  youth  USA  PIIGS  europe  germany  fraud  government  statistics  accounting  politics  policy  mistake  folly  millennials  generationx 
august 2011 by asterisk2a
Die Folgen von Fukushima - YouTube
Food is Atom Muell.
Food is waste. Sea and Land both radiated, contaminated. Health risk.
This is the greatest man made humanitarian catastrophe after WW2.
fukushima  japan  government  trust  confidence  fraud  2011  unintended  consequences  politics  TEPCO  radiation  food  cancer 
august 2011 by asterisk2a
Goodfriend Says Fed Should Resist Pressure for More QE - YouTube
USA in stagnation. Fed probably thinking next QE outside the box.
Consumer disposable income = flat since GFC
QE  Fed  2011  monetary  policy  stagnation  economy  USA  greatrecession  GFC  recovery  debtoverhang  deleveraging  politics  fiscal  presidency  barackobama  benbernanke  disposable  income  consumer  government 
august 2011 by asterisk2a
Kotlikoff Says U.S. Deficit Too Much for Next Generations - YouTube
USA net-future liabilities +66tn
when you ask the wrong questions, you get wrong answers
my generation is being screwed.
Government fraud accounting
generationy  USA  budget  debate  government  spending  2011  economics  future  babyboomers  generation  retirement  socialsecurity  medicare  Medicaid  presidency  barackobama  politics  democrats  republicans  balancedbudget  statistics  fraud  accounting 
august 2011 by asterisk2a
Matt Damon v. Michelle Fields - YouTube
matt damon was always outspoke
he narrated financial documentary
he supported obama during the election year
now 2 years later he publicly said obama sold out to wall street
education  USA  bubble  mattdamon  debate  government  presidency  barackobama  union  teacher  university  college 
august 2011 by asterisk2a
Meredith Doubles Down: Move Over Munis, Here Comes The "Hidden State Financial Crisis" | zero hedge
While over the past 10 years state and local government spending has grown by 65%, tax receipts have grown only by 32%.

What concerned us the most was the fact that fixed debt-service costs are increasingly crowding out state monies for essential services. For example, New Jersey's ratio of total tax-supported state obligations to gross state product is over 30%, and the fixed costs to service those obligations eat up 16% of the total budget. Even these numbers are skewed, because they represent only the bare minimum paid into funding pension and retirement plans. We calculate that if New Jersey were to pay the actuarially recommended contribution, fixed costs would absorb 37% of the budget. New Jersey is not alone.

The real issue here is the enormous over-leveraging of taxpayer-supported obligations at a time when taxpayers are already paying more and receiving less.
MeredithWhitney  municipal  debt  sovereign  pension  USA  2011  outlook  publicservice  government  efficiency  taxation  taxes  taxpayer  faultlines 
may 2011 by asterisk2a
Due To "Triple Damages" Under False Claims Act, Deutsche Bank Damages May Total More Than $1 Billion - Full Lawsuit Attached | zero hedge
= What do you expect from Capitalism when you Give them your Finger?! They will take your hand!

While Deutsche Bank and MortgageIT profited from the resale of these Government-insured mortgages,

"In this suit, the United States seeks treble damages and penalties under the False Claims act and compensatory and punitive damages under the common law theories of breach of fiduciary duty, gross negligence, negligence, and indemnification for the insurance claims already paid by HUD for mortgages wrongfully endorsed by MortgageIT. In addition, the United States seeks compensatory and punitive damages."
capitalism  USA  subprime  FHFA  fanniemae  freddiemac  deutschebank  mortage  government  guarantees 
may 2011 by asterisk2a
Same-Sex Marriage and Real Family Values - NYTimes.com
Denying same-sex couples and their families the significant savings of filing joint tax returns, Social Security survivor benefits, and about 1,130-plus other spousal benefits and protections granted other married couples is not a family-friendly policy. It is discrimination, plain and simple.
same-sex  marriage  USA  discrimination  couples  2011  government  politics  family  equality 
march 2011 by asterisk2a
Can America Function More Like a Fiscally Responsible Company? Its up to Us, the Shareholders
Meeker started the project while still at Morgan Stanley, and said in a call this morning she’s going back to her day job tomorrow. There’s no USA, Inc. Part 2 coming out, and no Al Gore-like “Inconvenient Truth” tour planned. It was a one-time project, born of her own curiosity and belief that Americans should know where their money is going.

The answer to whether American will ever be run more like a company lies with whether America’s “shareholders” will ever start to demand it.
Medicare  Medicaid  debt  government  finance  USA  2011  sovereign  budget  savings  socialsecurity  analysis  research  politics 
february 2011 by asterisk2a
Why Isn't Wall Street in Jail? | Rolling Stone Politics
Rage Against the Money Machine Matt Taibbi is frustrated and angry at the lack of prosecutions stemming from the financial crisis: “The mental stumbling block, for most Americans, is that financial crimes don’t feel real; you don’t see the culprits waving guns in liquor stores or dragging coeds into bushes. But these frauds are worse than common robberies. They’re crimes of intellectual choice, made by people who are already rich and who have every conceivable social advantage, acting on a simple, cynical calculation: Let’s steal whatever we can, then dare the victims to find the juice to reclaim their money through a captive bureaucracy.”
politics  corporatism  corruption  government  fed  fraud  financialcrisis  FinancialCrisisInquiryCommission  law  madoff  2011 
february 2011 by asterisk2a
Flawed Mortgage Papers May Pose Economic Risk, Panel Says - NYTimes.com
Tim Massad, acting assistant Treasury secretary for financial stability, clarified his agency’s position. “We weren’t saying these problems aren’t serious,” he said. “They are extremely serious, they are clearly widespread, they do pose dangers and they need to be fixed. But based on the evidence today, we didn’t see a systemic risk to financial stability.”

But the meat of the report comes in its analysis of the threats that false loan documentation may pose to banks’ balance sheets and to financial stability in the broader economy. These perils are related to the possibility that banks will have to buy back loans from investors if they were based on false documentation, or if the proper records required when setting up mortgage securities trusts were not kept, the report said.
mortage  foreclosure  fraud  2010  treasury  timgeithner  government  H.R.3808 
november 2010 by asterisk2a
Drinks Are Free as Bartenders Refill Punchbowl: William Pesek - Bloomberg
Central-bank freedom is steadily being curtailed. Concerns that the global economy will follow the BOJ’s trajectory are pointless. The world’s main monetary powers already are like Japan. Just imagine the outcry Bank of England Governor Mervyn King would face if he raised interest rates. It would be politically impossible as lawmakers try to cut spending.
BOJ  Fed  ECB  2010  ZIRP  policy  policy-makers  monetary  independence  benbernanke  trichet  government  sovereign  debt  politics 
october 2010 by asterisk2a
Global Village: Schiffbruch in Dubai - SPIEGEL ONLINE - Nachrichten - Panorama
Die Bank weigert sich: "Wir haben eine wichtige Verantwortung, die Interessen unserer Kunden und Anteilseigner zu schützen - eine Verantwortung, die wir sehr ernst nehmen." Warner habe das Land verlassen, ohne sie darüber zu informieren. Außerdem habe er sich "oft unkooperativ" gezeigt. Nicholas Warner hat das Pech, nun für alle mitbezahlen zu müssen, die Dubai während der Finanzkrise Hals über Kopf verlassen haben, verlassen mussten, ohne ihre Kredite abbezahlt zu haben.

Die britische Botschaft hat ihm Geld gegeben: "Ich sollte mir einen Chickenburger kaufen. Das war's." Warner macht das System Dubai für seine Lage mitverantwortlich: "Es soll die neue Welt sein hier. Aber es ist wie in England im 18. Jahrhundert. Wer Schulden hat, kommt in den Turm, statt sie abarbeiten zu können."
dubai  UAE  creditcrunch  recession  government  2008  2009  2010  debt 
august 2010 by asterisk2a
Payback Time - Budget in the Red, Illinois Has Stopped Paying Bills - NYTimes.com
He picks the papers off his desk and points to a figure in red: $5.01 billion.

“This is what the state owes right now to schools, rehabilitation centers, child care, the state university — and it’s getting worse every single day,” he says in his downtown office.

Mr. Hynes shakes his head. “This is not some esoteric budget issue; we are not paying bills for absolutely essential services,”

For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.

Then there is the spectacularly mismanaged pension system, which is at least 50 percent underfunded and, analysts warn, could push Illinois into insolvency if the economy fails to pick up.
california  illinois  usa  municipal  debt  sovereign  2010  recession  greatrecession  government  economy  public 
july 2010 by asterisk2a
Oil Companies Reap Billions From Subsidies - NYTimes.com
But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.
usa  subsidizing  oil  exploration  oil-spill  BP  taxevasion  government  lobby 
july 2010 by asterisk2a
Bernanke Speaks: Expect Deficit Warnings - Real Time Economics - WSJ
As he restarts this campaign, he is likely to go beyond the dry mechanics of monetary policy and the Fed’s exit from market rescue programs. One issue on his agenda for the days ahead: Immense government budget deficits.

Mr. Bernanke has warned lawmakers in recent hearings at the House and Senate that U.S. deficits aren’t sustainable. Formulating a credible plan to gradually shrink them over time, he has noted, could help the economy now by bringing down long-term interest rates.

Yields on 10-year Treasury notes have risen to nearly 4% from under 3.25% in late November, in part because investors worry about the enormity of debt the government is selling to the public. That rise in rates doesn’t help the Fed, which is trying to keep interest rates low to spur a recovery.
benbernanke  fiscal  policy  interestrate  long-term  outlook  usa  deficit  budget  debt  government  public  treasuries  consequences  unintended 
april 2010 by asterisk2a
Nomura's Richard Koo warns of UK double-dip - Channel 4 News
Budget deficit: how shoud the UK control it?
"If you try to do fiscal reform prematurely, I assure you your budget deficit will increase not decrease.

What next for the UK economy?
"We have to get companies to borrow money again. By this zig-zag of fiscal stimulus you will face this problem maybe five years, six years down the road and that kind of prolongs the problems.

So the choices politicians make right now will determine whether or not we have a lost decade?
"Yes that's very much the case."
double-dip  UK  usa  richardkoo  balancesheet  recession  recovery  debt  deficit  public  government 
april 2010 by asterisk2a
Rick Bookstaber: The Municipal Market
Once a few municipalities default, there is a risk of a widespread cascade in defaults because the opprobrium will be lessened, all the more so if the defaults are spurred along by a taxpayer revolt – democracy at work.
municibal  bonds  government  economy  default  recession  2010  greatrecession  recovery  california  newyork 
april 2010 by asterisk2a
FT Alphaville » Italy ❤ currency swaps too
Germany municipalities and cities did it too.
Go on the market to get liquidity
government  debt  speculation  recession  2008  2009  2010  consequences  italy  greece  germany 
february 2010 by asterisk2a
European Central Bank Chief Economist: 'Everyone Is a Sinner at the Moment' - SPIEGEL ONLINE - News - International
The country has no other choice. Part 3: Greece 'Must and Will Make It'

SPIEGEL: How do you feel, for example, about the idea of all countries issuing a joint euro bond?

Graphic: Euro-dollar exchange rate
Zoom
DER SPIEGEL

Graphic: Euro-dollar exchange rate
Stark: It was already discussed a while ago. But it would not solve the structural problems of countries like Greece at all. Besides, it would require some euro countries to take responsibility for the debts of others. Interest rates would rise in the euro countries that have managed their economies effectively and would fall in the other countries.
europe  euro  europe-flu  debt  greece  PIIGS  EMU  greatrecession  recession  contagion  ECB  comment  opinion  2010  outlook  CDS  public  government  austerity  society  unrest  eurobond 
february 2010 by asterisk2a
The Spanish Tragedy - Paul Krugman Blog - NYTimes.com
The point is that this has nothing to do with a spendthrift government; what’s happening to Spain reflects the inherent problems with the euro, which now more than ever looks like a monetary union too far.
PIIGS  spain  debt  economics  eurozone  europe  government  public  EMU  europe-flu  reform 
february 2010 by asterisk2a
Schuldenkrise: Europa fürchtet die verflixten Fünf - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Denn die Bedrohung für den Euro ist keineswegs bloß kurzfristig. Auch wenn Italien oder Spanien nicht bankrott gehen: Was passiert, wenn die Regierungen dieser Länder zu schwach sind, um notwendige Veränderungen durchzusetzen? Schon jetzt werden Griechenland und Portugal von heftigen Protesten erschüttert - doch ohne Reformen droht die Kluft zwischen starken und schwachen Euro-Staaten zu wachsen.
debt  europe  europeanunion  EMU  greece  spain  Portugal  Italy  ireland  february  2010  reform  public  government  society  austerity 
february 2010 by asterisk2a
.: Joint Economic Committee :: Home :.
The Joint Economic Committee (JEC) is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are twelve Democrats and eight Republicans on the Committee. The JEC was established by the Employment Act of 1946 (Public Law 304). Its main purpose is to make a continuing study of matters relating to the US economy. The Committee holds hearings, performs research and advises Members of Congress.
government  data  usa  economic  economy  hearing  committee  testimony 
february 2010 by asterisk2a
Obama's Big Sellout : Rolling Stone
Then he got elected.

What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.
BobRubin  bailout  corruption  barackobama  presidency  government  usa  politics  economy  JosephStiglitz  AIG  bonuses  citigroup  campaign  TARP  history  lobby  wallstreet  lobbyist  Lobbying  larrysummers  timgeithner  goldmansachs  RahmEmanuel  barofsky  CDS  derivatives  regulation  reform  barneyfrank  LTCM  SEC  CFTC  ConsumerFinanceProtectionAgency  CFPA  coruption  FDIC  treasury 
february 2010 by asterisk2a
TARP Watchdog Neil Barofsky: Government Bailout Has Increased Risk Of Economic Crisis
"Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car," Barofsky wrote.

Since Congress passed $700 billion financial bailout, the remaining institutions considered "too big to fail" have grown larger and failed to restrain the lavish pay for their executives, Barofsky wrote. He said the banks still have an incentive to take on risk because they know the government will save them rather than bring down the financial system.

Barofsky also said his office is investigating 77 cases of possible criminal and civil fraud, including crimes of tax evasion, insider trading, mortgage lending and payment collection, false statements and public corruption.
barofsky  TARP  housemarket  housing  bubble  2010  government  intervention  oversight  watchdog 
february 2010 by asterisk2a
Bailout watchdog investigating Fed's AIG secrecy
An independent investigator is launching two probes into the government's rescue of American International Group Inc. and the insurer's subsequent payments of billions to big banks.

Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, says the Fed withheld documents he requested when auditing AIG's "backdoor bailouts" of banks it did business with, including Goldman Sachs Group Inc. Barofsky's allegations came in prepared testimony provided to members of the House Committee on Oversight and Government Reform and obtained by The Associated Press.

"issues have come to light that call into question whether the government has been and is being as transparent as possible with the American people." He blasts Treasury for issuing misleading public statements and outlines new investigations into the Federal Reserve and the New York Fed.
aig  benbernanke  bailout  TARP  barofsky  FinancialCrisisInquiryCommission  fed  government  Transparency 
january 2010 by asterisk2a
BBC News - New internet piracy law comes into effect in France
I don't think that the internet should be governt in a case by case basis. Say country to country. It is ineffective, inefficient (for tax payers especially).
france  law  filesharing  bittorrent  copyright  future  internet  free  government  governance 
january 2010 by asterisk2a
Mortgage Modifications Are Seen as Adding to Housing Woes - NYTimes.com
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good

Some experts argue the program has impeded economic recovery by delaying a wrenching yet cleansing process through which borrowers give up unaffordable homes and banks fully reckon with their disastrous bets on real estate, enabling money to flow more freely through the financial system.

“The choice we appear to be making is trying to modify our way out of this, which has the effect of lengthening the crisis,” said Kevin Katari, managing member of Watershed Asset Management, a San Francisco-based hedge fund. “We have simply slowed the foreclosure pipeline, with people staying in houses they are ultimately not going to be able to afford anyway.”
housing  housemarket  stimulus  government  economics  USA  2009  2010  bubble  loans  mortage  foreclosure  crisis  accounting  reflate  inflate  recovery  delay  realestate 
january 2010 by asterisk2a
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