Spitzer/Rosner: “Lehman Scandal: Where’s the Follow Up?” From New Deal 2.0

By Eliot Spitzer, former governor of New York who blogs for and guest posts on New Deal 2.0, and Josh Rosner, the managing director of an independent financial services research firm

Geithner and Greenspan do Standup by William K. Black UMKC

By William K. Black

My friends have to put up with my complaints that Brits think Americans are incapable of irony when, in reality, we are world class. Further proof of our preeminence in the irony department comes in the last five days from Geithner and Greenspan. The G2 are locked in a competition for droll humor. Today, in prepared remarks – he didn’t make some impromptu slip – he told Americans that when it comes to financial regulatory reform:

Tell the IMF, the Euro Commision, and the Ratings Agencies to Take a Hike by By L. Randall Wray and Yeva Nersisyan UMKC

In recent days, articles in Der Speigel, the NYTimes, and the AP have all highlighted Neoliberal commentary warning of the dangers of growing budget deficits in the wealthiest nations—specifically in the US and the UK.

Strikes Paralyze France : Sarkozy forging ahead with "austerity" reforms by Elaine Ganley, The Associated Press, Paris

Readers, in effect this is a typical attempt to maintain a certain set of political and of economic assumptions. This sort of agenda is totally without an informed fiscal literacy. This pattern of provocation and socializing private profit is very likely to be repeated multiple times. It is not even a rational response to the collapse of the current economic conventions, because there is no substantive reform of banking or of the sovereign nature of money under the ECU. To a large degree this is an 1848 moment.

"The Hyperinflation Hyperventalists" By Rob Parenteau** from New Deal 2.0

After a two day blogging slugfest on fiscal deficits, I find that the question of hyperinflation now demands an answer. And here it is: fiscal deficit spending may be a necessary condition of hyperinflation, but it is hardly a sufficient condition.

Think this is yet another rant against the “deficit errorists?” Think again. Paul Krugman treated this question in his March 18th New York Times column:

FDIC Closes Seven Banks, 2010 Total Climbs To 37 MARCY GORDON | 03/19/10 AP

Reader, doing the simple math the FDIC is ahead of last year's rate already. Given that the economy is very like to take a sharp turn for the worse this fall and that there are many banks effectively waiting their turn at FDIC staff scrutiny, the number is likely to reach 200, in my opinion. The Wall Street zombie banks are another category entirely, and probably won't survive even having the losses that they have parked off of their accounting statements come home to roost. The next 8 months is likely to be very bumpy.

BOA Suits Claims Credit Reports Used Instead of Title Searches BofA Wants $535M From Title Insurers By DAN MCCUE

CHARLOTTE, N.C. (CN) – Bank of America claims mortgage insurers owe it more than $535 million for losses it suffered when the housing bubble burst. BofA, which bought the poster boy of the subprime lending fiasco, Countrywide Financial, 2 years ago, says title insurers unfairly refuse to cover busted mortgage loans that originated before the financial meltdown.

Goldman Sachs Demands Collateral It Won’t Dish Out By Michael J. Moore and Christine Harper

March 15 (Bloomberg) — Goldman Sachs Group Inc. and JPMorgan Chase & Co., two of the biggest traders of over-the- counter derivatives, are exploiting their growing clout in that market to secure cheap funding in addition to billions in revenue from the business.

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