Author Archives: Yves Smith

Link 11/1/18

Economic Distress Did Drive Trump’s Win

Contrary to the dominant media narrative, social issues like racism and sexism on their own can’t explain Trump’s success.

As the Fed Tightens, Where Will the Credit Crunch Pinch First?

Who will feel the pain first in the coming credit squeeze?

What’s the Problem with Financialization?

Some of the analytical sleights of hand used to promote the ideology of financializatation.

Yanis Varoufakis: How the Italian Budget Fight Helps Brussels and Salvini, Hurts Europeans and the Eurozone

Contrary to popular perception, Brussels and the Italian government come out ahead from sparring over Italy’s budget, and what works for them does not work for much of anyone else.

“Fatally Flawed” Paper on HAMP Mortgage Program Gets Program Design Backwards, Botches Regression Analysis, Yielding Propagandistic Findings

How a new paper on HAMP manages, by not understanding the program. to whitewash it as well as promote financialization.

Brexit Stress Rises: Pound Weakens on S&P Crashout Warning, Norway Nixes “Norway,” Migrant Status at Risk

Brexit news still looks decidedly uncheery.

Estimating the Impact of Climate Change Costs on Growth: Is Degrowth Already Here?

Some back of the envelope estimates show that the economic cost of climate change is already cutting into growth in a big way….and it will only get much worse.

CalPERS Stakeholder Groups Refuse to Run CEO Marcie Frost’s Misrepresentations About Its Reckless, Unjustified Private Equity Scheme

CalPERS CEO Marcie Frost continues to damage her already-tarnished name by flogging a hare-brained private equity “new business model” for which she cannot provide a coherent justification.

Michael Hudson: Rescuing the Banks Instead of the Economy

Michael Hudson on his themes of how banks are mainly funding real estate rather than the economy and the problem of failing to write down debt that can’t be repaid.

Marshall Auerback: So Far, the Big Trade War Loser Is China, Not the U.S.

China has more of a glass jaw than most economics commentators thought. But how is Trump’s trade war likely to progress?

Michael Olenick: The Real Story of “MAGA Bomber” Cesar Sayoc’s Foreclosure

A key piece of stripper-turned-MAGA bomber Cesar Sayoc’s slide into financial ruin.

Trump Adds A Global Pricing Plan To Wide Attack On Drug Prices, But Doubts Persist

Is Trump serious about lowering drug prices in the US? And even if he is, how far might his plans get?