This article was sent to me by David Stockman, former Reagan Administration head of OMB, capitalist, investor, and writer. As readers know, he has been contributing articles to The Daily Capitalist over the years dealing with what he calls “The Great Deformation”, or the impact of the Fed and crony capitalism [...]
This is a piece I wrote for a local newspaper, edited slightly for the blog. — JH
This is the political season, the every four year binge when our politicians pay billions to stay in power or to get power. Drive around your fair city and count the lawn signs. Turn on your [...]
“Measures of central bank balance sheet expansion under-estimate the scale of liquidity support provided during the crisis … there has been a widening of the collateral taken by most central banks in their operations. The taking of imaginative forms of collateral has a history which predates central banking: in the 12th [...]
Why, for example, do we need a central bank at all? A typical if feeble answer is that we need a lender of last resort. To which the answer is: why? Why do we need a government-appointed entity to support banks that get in over their heads? A typical answer is [...]
“Dimon, who has been chief executive officer of JPMorgan since 2006, has a reputation as a savvy political player, and the bank’s lobbying expenditures have increased under his leadership.”
The American Banker has a long article today (see below) about JPMorgan’s ties to politicians serving on the [...]
I have never been able to figure out Bill Gross of PIMCO. He pleaded for government stimulus and quantitative easing when the economy was crashing and that earned him a place on our Crony Capitalist list.
When I read his op-ed piece today in the Financial Times and his monthly letter to clients, I wonder [...]
“JP Morgan Chase last night announced a surprise $2 billion trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgment”, warning it “could get worse”.
- From The Financial Times, Friday 11th May 2012.
We’ll never be able to stop crony capitalists as long as we continue with our present system. This report of a Wednesday meeting at the NY Fed is not the first one and no doubt will not be the last:
Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein, J.P. Morgan Chase & Co. CEO James Dimon, Bank of [...]
Today, the government of the USA is in an accelerating transition. For the first 100 years (with a few exceptions) the government of the USA existed to set man free from men. The rights of the people were respected by the law and by the courts. And it is no coincidence that the USA grew [...]
We are not surprised that nothing has changed in the world of Crony Capitalism. We warned of this in our criticism of Dodd-Frank. We have identified that Wall Street-Washington Financial Complex. We have criticized the Fed for its boom-bust policy. President Obama knew well that nothing would change since he hired Larry Summers and Tim [...]
From the “you gotta be kidding” section of the news comes Bloomberg.com reporting on Google and the FCC (emphases added):
The U.S. Federal Communications Commission is seeking a $25,000 fine from Google Inc. (GOOG) for not cooperating with an investigation into the company’s collection of personal data over wireless networks.
For months, Google “impeded” and “delayed” the [...]