Via BaselineScenario, I landed on this article by Joe Nocera. It needs no explanation. It lambasts the American Bankers’ Association for lobbying against the Consumer Protection Bill that has been watered down by Mr. Barney Frank already. It is self-explanatory. I do not want to spoil your fun by citing selectively. Read the whole stuff, [...]
Two commentators weigh in on the perils of high frequency trading. Both are well worth a read. Separately, Floyd Norris, a perceptive commentator, writes an interesting piece in New York Times. He says that Wall Street compensation is not to be blamed for the crisis. This, according to him, was the problem:
Bankers and regulators believed [...]
Lord Skidelsky writes that Keynes felt that we needed different economic models for different times. That is as it should be, in social sciences.
That is what John Hussman alluded to last week when he said financial asset prices too have a context that went into the judgement of whether they were too high or too [...]
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