Banking industry
WSJ Reports: State AGs to Cooperate with Feds to Take on Google?
State AGs to meet with DoJ to discuss cooperating in their respective probes into alleged anti-competitive behavior by Google. Will enforcement actions follow? Time will tell.
Another Great Depression or Tax Justice and Transparency? The Tax Justice Network January 2020 Podcast
TaxCast ranges well beyond tax today, with topics including IMF warnings, the Brexit rogue UK vision, and looting in Angola.
War on Cash: New York City Businesses Must Accept Cash, City Council Decides
New York City Council passes legislation requiring businesses to accept cash to take effect nine months after signing by mayor Bill DiBlasio.
While Establishment Erupts Over Anti-Corruption Expert Pointing Out Biden’s Troubling Record, Progressives Say: Look at the Troubling Record
Why discussion of Biden’s corruption should not be off limits in the Dem primary contest; Trump will raise these issues in the general.
Credit Cycles and Asset Returns
Yves here. I’m clearly not in touch. I am surprised that this finding, that credit booms predict equity busts, is novel. Of course, given that manias last way longer than cooler heads deem possible, judging the peak of a credit cycle is tricky business. Nevertheless, when a wee summer associate at bond trading powerhouse Salomon […]
Wolf Richter: How Ratings Agencies Inflate Credit Ratings to Get Deals & Fees
Haven’t we already seen this movie? Race to the bottom in gaming credit ratings agencies for commercial real estate Collateralized Loan Obligation deals.
Australia Burning; Tourists in New South Wales and Victoria Flee to Beaches
A grim take from smoky Australia.
After the Argentina Debacle, the IMF Endorses Weakening Capital Controls in Ecuador
The IMF is backing a tax reform bill in Ecuador that will enable capital flight and further austerity.
Sweden Retreats from Negative Interest Rate Experiment
Sweden throws in the towel on its negative interest rate policy as inflation stays stubbornly low.
Misunderstanding Volcker
A reappraisal of Volcker, who was more hostile to workers and less hard on financiers than the press would have you believe.