Articles/News

Florida Foreclosure legislation invites bank fraud by Ray Oppenheim of Oppenheim Law, Mar 25, 2013

Florida proposed legislation - HB 87 and SB 1666 - which backers claim will clear the backlog of foreclosure cases in Florida instead invites bank fraud and creates more problems by putting speed ahead of justice. The backlog is blamed on foot dragging by homeowners. In reality, banks are to blame due to federal directives to pursue loss mitigation alternatives or by voluntarily slowing down the process to explore settlement options in the interests of both parties and the market.

"Before the West was the West" essay below by Tadit Anderson, leading video is an interview with Peter Kingsley

http://www.youtube.com/watch?v=Ow-_G26lpOk

The above link is to an interview with Peter Kingsley who is a scholar regarding what is usually referred to as Pre Socratic philosophy. Though Kinsley emphasizes the mystical interpretation of the philosophy typical of Parmenides, there is more of a philosophic metaphysical interpretation as well which has major implications for a commons centered economics

Sustainability Requires Caging Godzillas, The Systemicly Dangerous Institutions of Finance Andrew Sheng INET

in

Financial business is creating credit without limit until a crisis occurs. That’s the fundamental flaw which caused the current crisis, says Andrew Sheng in this INET interview. He also worries that the destruction of the tropical forest and other threats to the biosphere have the same character of ungovernable excesses until a crisis occurs.

http://www.youtube.com/watch?feature=player_embedded&v=K6teTv7XQCM#!

http://ineteconomics.org/video/andrew-sheng-sustainability-requires-cagi...

Trouble With Vatican Bank Mirrors Woes in U.S. By Roy Oppenheim, March 15, 2013

Pope Francis I speaks from the central balcony of St. Peter's Basilica, March 13, 2013.

Now that the smoke has cleared—figuratively and literally—in Vatican City, one of the many issues facing the new head of the Catholic Church is pressure to clean up the Vatican's finances.

On the one side are those seeking greater transparency. On the other are those seeking to preserve the status quo and continue to operate under a blanket of secrecy.

The Vatican Bank and America's banks have much in common—both have lost their way, and now efforts are underway to rein them in.

The NY Times Calls Third Way “Center-Left” and Turns a Study on its Head By William K. Black UMKC, NEP, March 21, 2013

Some lies will not die. As I have demonstrated repeatedly, Third Way is Wall Street on the Potomac. It is funded secretly by Wall Street (it refuses to reveal its donors), it is openly run by Wall Street, and it lobbies endlessly for Wall Street. Third Way, like every Pete Peterson front group, is dedicated to shredding the safety net as its highest priority and throwing the Nation back into a gratuitous recession through self-destructive austerity.

Slate's Yglesias Cheers a Double Betrayal of Cyprus By William K. Black UMKC/NEP, 03/20/13

in

Slate’s Matthew Yglesias writes columns about economics and finance. Yglesias has been writing about Cyprus, and my critiques of the policies he has been proposing are the subject of this column. The short version of the background one needs to understand the issues is that Cyprus is in a crisis and the EU is willing to bail out its collapsing banks only if Cyprus raises revenues. The EU is unwilling to make the banks’ sophisticated creditors – the bondholders – take any losses.

Why MMT is Right and the Dreamers are Wrong – Kaldor Versus the Kaldorians by Philip Pilkington,via Naked Capitalism 03/20/13

The criticisms of Modern Monetary Theory (MMT) on the internet and in academia can be placed into three categories: the cranks; the nit-pickers; and the Kaldorians. The cranks make up by far the largest group. These are the people that simply have not bothered to understand the theory. These, which include some prominent academics, say things like: “The MMTers say that deficits don’t matter; they forgot about hyperinflation!”These people can usually be safely ignored as they are not arguing in good faith.

Dreaming, I was only dreaming
I wake and I find you asleep

O’Donnell Thinks Krugman is “a lonely voice opposing austerity” because he listens to MSNBC, William Black UMKC, 03/19/13

On March 18, 2013, Lawrence O’Donnell stated that John Boehner’s admission that the U.S. faces no current debt crisis vindicated Paul Krugman, who O’Donnell described as “a lonely voice opposing austerity.” It is true that Krugman has been a strong opponent of austerity and has been proven correct. It is also true that MSNBC has frequently portrayed Krugman as an isolated, virtually sole opponent of austerity.

The EU Needs a Bill Seidman to Save It from Itself: Cyprus and the “Reverse Toaster Theory” By William K. Black UMKC 03/18/13

Everyone involved in financial regulation in modern times with any broad knowledge of the field will know of Bill Seidman, Chairman of the FDIC and the RTC. In 1989, the newly elected President Bush (the First) had a very good idea that became the Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA). FIRREA was one of the very unusual cases of enhancing financial regulation. It was prompted by the lessons we had learned in containing the Savings and Loan (S&L) Debacle.

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