Wolf Richter: Housing Bubble Means American Dream Withers at Record Pace
Despite the current housing “buying panic,” the soaring prices, and all the hoopla round them, there is a fly in the ointment: overall homeownership is plunging.
Read more...Category Archives: Credit markets
Dodd Frank’s 5th Anniversary Passes, But Should We Celebrate?
This Real News Network segment gives a detailed assessment of what Dodd Frank did and did not accomplish.
Read more...Once Again on the IT Challenges in Converting to the Drachma
Why the left is not doing itself, or the Greek people, any favors by minimizing the difficulties in converting to the drachma.
Read more...Gaius Publius: Goldman Sachs – Masters of the Eurozone
Goldman Sachs wields more power in the Eurozone than you think. And it’s not hard to guess who benefits.
Read more...What’s Wrong with Inflation Targeting?
Macroeconomic policy focused on inflation targeting is likely to deliver neither macroeconomic stability nor economic development, aka sustainable growth.
Read more...Convert to the Drachma – Piece of Cake. Right…
Those who consider a Grexit, meaning reintroducing drachma, to be a sine qua non for Greece moving forward have no idea of what that entails.
Read more...Bill Black: LIBOR – History’s Largest Financial Crime that the WSJ and NYT Would Like You to Forget
Reporting on the Libor criminal trial in the UK ranges from lame to non-existent.
Read more...Why Growth in Finance is a Drag on the Real Economy
New evidence shows that when the financial sector grows more quickly, productivity tends to grow disproportionately slower in industries with either lower asset tangibility or in industries with higher research and development intensity. It turns out that financial booms are not, in general, growth-enhancing.
Read more...Chinese Stock Market Rout Continues; Trading Halted in Over Half of Listed Stocks
The Chinese stock market meltdown is accelerating despite government intervention and is blowing back to commodities markets, including copper and oil, which are trading down based on concern that the stock market plunge is a harbinger of even more economic weakness. And the decline may represent the beginning of the end of the faith in China’s command and control economy.
Read more...Why the Greek Government Rejects a Grexit
Why the Greek government and Greek citizens recognize that a Grexit is a terrible idea for them.
Read more...Old Economic Thinking is the Problem, Says BIS
The BIS shellacks Bernanke’s savings glut hypothesis and stresses that financial fragility is still a big risk.
Read more...My Big Fat Greek Bank Black Hole: No Deposit Insurance
It’s hard to find an official who is comporting himself very well in the wake of the Tsipras surprise announcement of a referendum on July 5 for a then-defunct bailout offer.
Read more...BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
The ECB has decided to lower the boom on Greece.
Read more...View from the Past: Banks Preferred Lending to Businesses, Not Collateral
Why the rise of collateral-based lending has been bad for our economic health.
Read more...Scotland: the Moldovan Connection
How modest homes in some of Scotland’s poorest areas became prolific ‘company factories’, and how those companies were used in a giant Moldovan bank fraud
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