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The Fire Last Time - Los Angeles Review of Books
"Firefighting The Financial Crisis and Its Lessons By Ben S. Bernanke, Henry M. Paulson Jr., Timothy F. Geithner"
book  review  finance  crisis  2008 
26 days ago by tsuomela
After the Financial Crisis, A Decade of Damage | The New Republic
"CRASHED: HOW A DECADE OF FINANCIAL CRISES CHANGED THE WORLD by Adam ToozeViking, 720 pp., $35.00"
book  review  recession  history  2000s  finance  economics  politics 
august 2018 by tsuomela
VersoBooks.com
"In one of the true classics of twentieth-century political economy, R. H. Tawney investigates the way religion has moulded social and economic practice. He tracks the influence of religious thought on capitalist economy and ideology since the Middle Ages, shedding light on the question of why Christianity continues to exert a unique role in the marketplace. The book offers an incisive analysis of the morals and mores of contemporary Western culture. In tough, muscular, richly varied prose, Tawney tells an absorbing and meaningful story. Today, the dividing line between the spheres of religion and the secular is shifting, and Religion and the Rise of Capitalism is more pertinent than ever."
book  publisher  capitalism  religion  economics  fiscal-policy  finance 
february 2017 by tsuomela
VersoBooks.com
"In the ruins of the 2007–2008 financial crisis, self-proclaimed progressives the world over clamoured to resurrect the economic theory of John Maynard Keynes. The crisis seemed to expose the disaster of small-state, free-market liberalization and deregulation. Keynesian political economy, in contrast, could put the state back at the heart of the economy and arm it with the knowledge needed to rescue us. But what it was supposed to rescue us from was not so clear. Was it the end of capitalism or the end of the world? For Keynesianism, the answer is both. Keynesians are not and never have been out to save capitalism, but rather to save civilization from itself. It is political economy, they promise, for the world in which we actually live: a world in which prices are “sticky,” information is “asymmetrical,” and uncertainty inescapable. In this world, things will definitely not take care of themselves in the long run. Poverty is ineradicable, markets fail, and revolutions lead to tyranny. Keynesianism is thus modern liberalism’s most persuasive internal critique, meeting two centuries of crisis with a proposal for capital without capitalism and revolution without revolutionaries. If our current crises have renewed Keynesianism for so many, it is less because the present is worth saving, than because the future seems out of control. In that situation, Keynesianism is a perfect fit: a faith for the faithless."
book  publisher  finance  financial-engineering  financial-services  economics  fiscal-policy 
february 2017 by tsuomela
VersoBooks.com
"Financialization is one of the most innovative concepts to emerge in the field of political economy in the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing defines financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted directly from households through financial expropriation. Financialized capitalism is prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance."
book  publisher  finance  financial-engineering  financial-services  economics 
february 2017 by tsuomela
Political Connections and the Informativeness of Insider Trades by Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor :: SSRN
"This paper examines the relation between political connections and informed trading by corporate insiders in the context of the Financial Crisis. The unprecedented magnitude of government intervention, the substantial impact of this intervention on firm value, and the political nature of the intervention provide a powerful setting to examine the relation between political connections and informed trading. Consistent with political connections providing corporate insiders with an information advantage, we find strong evidence of a relation between political connections and the informativeness of their trades. Consistent with this relation stemming from private information related to government intervention, we find the relation is strongest during the period in which TARP funds were dispersed, and strongest among politically connected insiders at banks that received TARP funds. Examining insider trades around the announcements of TARP infusions, we find evidence of significant trading thirty days in advance of the announcement, and that these trades predict the market reaction to the announcement. Notably, we find these relations are present only for the trades of politically connected insiders. Overall, our results suggest that politically connected insiders had an information advantage during the Crisis and traded to exploit this advantage."
economics  recession  history  2000s  crisis  finance  management  insider  politics  influence 
september 2016 by tsuomela
David Runciman reviews ‘Branson’ by Tom Bower · LRB 20 March 2014
"Branson: Behind the Mask by Tom Bower Faber, 368 pp, £20.00, February, ISBN 978 0 571 29710 8"
book  review  personality  celebrity  finance  business 
march 2014 by tsuomela
Rage Against the Machines | Ian Bogost | The Baffler
"Like free digital services more broadly, the real purpose of the videogame business—and, indeed, of American business writ large—is not to provide search or social or entertainment features, but to create rapidly accelerating value as quickly as possible so as to convert that aggregated value into wealth. Bingo!"
online  gaming  games  design  business  finance  gambling  addiction  business-model  capitalism 
march 2014 by tsuomela
Statement on the President’s Proposal for Performance Based Funding | AAUP
from the president of the American Association of University Professors. In response to Obama proposal to base funding on performance.
education  academic  future  finance  funding  college  university  government  regulation 
september 2013 by tsuomela
The Risk Ownership Society | Dissent Magazine
"Freaks of Fortune provides a timely source of perspective on the financial dislocations of the last decade. We have been here before. Maybe we have been nowhere else since the guns fell silent at Appomattox. Freaks of Fortune is a scholarly and affectionate recounting of a journey, which, despite hustle and heartbreak, controversy and countermovement, seems always to leave us right back where we started. We are left with a difficult question: if we wish to be free in the way that Americans understand freedom, have we no choice but to submit to a faceless, periodically psychotic “economic chance-world”?"
book  review  crisis  financial-services  finance  money  economics  risk  chance 
february 2013 by tsuomela
Dissent Magazine - Online Features - Universities and the Urban Growth Machine -
"With mortgage and other credit markets still in the doldrums, universities have become a very attractive option for investors looking for high returns on debt-financed growth. Money capital has poured into construction bonds, student loans, and other financial instruments spun out of the tuition bubble. When universities become the apple of the financier’s eye, they begin to generate debt in every direction, as I have shown here. NYU’s own long-term debt is a hefty $2.6 billion, far outpacing that of other comparable urban universities: Columbia ($1.3 billion), USC ($0.973 billion), and Penn ($1.7 billion)."
university  college  debt  money  economics  growth  finance  academia  corporate 
october 2012 by tsuomela
Simon Johnson: The Federal Reserve and the Libor Scandal - NYTimes.com
Let’s hope he is starting to see issues in the financial sector more clearly: Too big to fail is too big to exist – or to behave in accordance with the law. This is a problem of vast, nontransparent and dangerous government subsidies
economics  banking  finance  crisis  law  deception  corruption 
july 2012 by tsuomela
Ben Bernanke House Testimony - The Casino's Rigged. Don't Forget Because They Say It Ain't. - Esquire
People may have very little confidence in the government's competence, but they have absolutely none in the financial system's honesty. People may have very little hope that government can fix things to even out the losses, now that all the serious people agree that the national economy should be run as though at were one of Sheldon Adelson's casinos in Macao, but they have no hope at all that the financial system even has any intention at all of reforming itself. Even though it's been ignored by most of the U.S. mainstream press, LIBOR is a significant tell. The people who rigged it, and the people who profited from the big fix, did so while the entire world financial system was tottering on the verge of utter ruin. These crooks knew exactly what the other crooks had done, and they were very aware of the consequences of what they were doing, and they organized their criminal profiteering anyway. This is a level of amorality that is almost staggering. But, once you accept that corruption is the system, there is a kind of mad logic to it. After all, does Adelson care about the poor schmucks gambling themselves into a hole at the blackjack tables? Caveat emptor, bitches.
politics  corruption  wall-street  finance  banking 
july 2012 by tsuomela
The Spreading Scourge of Corporate Corruption - NYTimes.com
"Just consider the scale of recent wrongdoing. Libor is one of the most important rates in the economy. It determines the return on the savings of millions of people, as well as the rate they pay on their mortgage and car loans. It is the benchmark for hundreds of trillions of dollars worth of financial contracts.

Bigger markets allow bigger frauds. Bigger companies, with more complex balance sheets, have more places to hide them. And banks, when they get big enough that no government will let them fail, have the biggest incentive of all. A 20-year-old study by the economists Paul Romer and George Akerlof pointed out that the most lucrative strategy for executives at too-big-to-fail banks would be to loot them to pay themselves vast rewards — knowing full well that the government would save them from bankruptcy. "
business  wall-street  finance  fraud  banking  corporate 
july 2012 by tsuomela
Ultrafast Trades Trigger Black Swan Events Every Day, Say Econophysicists - Technology Review
The US financial markets have suffered over 18,000 extreme price changes caused by ultrafast trading, according to a new study of market data between 2006 and 2011
technology  finance  markets  algorithms  technology-effects  economics  econophysics  complexity 
february 2012 by tsuomela
Looting: The Economic Underworld of Bankruptcy for Profit by George Akerlof, Paul Romer :: SSRN
"Our theoretical analysis shows that an economic underground can come to life if firms have an incentive to go broke for profit at society's expense (to loot) instead of to go for broke (to gamble on success). Bankruptcy for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations. "
economics  looting  business  recession  finance  crisis 
august 2011 by tsuomela
Has finance gone too far? | vox - Research-based policy analysis and commentary from leading economists
"Our results show that the marginal effect of financial development on output growth becomes negative when credit to the private sector surpasses 110% of GDP. This result is surprisingly consistent across different types of estimators (simple regressions and semi-parametric estimations) and data (country-level and industry-level). The threshold at which we find that financial development starts having a negative effect on growth is similar to the threshold at which Easterly et al. 2000 find that financial development starts increasing volatility."
economics  econometrics  finance  financial-engineering  wall-street  markets 
april 2011 by tsuomela
American Economic Association - AEAweb Journal Articles Display
"Symposium: Macroeconomics after the Financial Crisis" from the Journal of Economic Perspectives, v. 24 no. 4, Fall 2010
journal  special-issue  economics  macroeconomic  finance  crisis 
february 2011 by tsuomela
TripleCrisis
"The world is experiencing three simultaneous crises in finance, development, and the environment. A number of economists are questioning the mainstream narratives and analyses of these crises. Some of us have joined to create the Triple Crisis Blog to contribute to a more open and global dialogue around these three crises."
weblog-group  economics  environment  development  finance 
january 2011 by tsuomela
Busted: Stories of the Financial Crisis | The Nation
I.O.U. Why Everyone Owes Everyone and No One Can Pay. By John Lanchester.
13 Bankers The Wall Street Takeover and the Next Financial Meltdown. By Simon Johnson and James Kwak.
A Companion to Marx's "Capital" By David Harvey.
On 13 Bankers - "The authors seem, in that instant, on the verge of realizing that the problem is the dynamic itself—that the choice between greed and regulation is a false one, that the dance of bankers and regulators is exactly what ends in a tangle on the floor, with the markets a shambles, liquidity in drought and real unemployment trending toward 20 percent."
books  review  economics  capitalism  crisis  marxism  marx  karl  recession  finance 
november 2010 by tsuomela
2. Space. Pervasive Simultaneity and the Financialization of Everyday Life | varnelis.net
Two shows of architecture at the Museum of Modern Art-"Light Construction" of 1996 and the "Unprivate House" of 1999-inaugurate the supermodernism in architecture and design that marks network culture...This new modernism lacks any desire for complexity or linguistics, instead demonstrating fascination with simple shapes, with materials and transparency, with the performance of the structure itself..

But this is happiness for the few. Stripped of its utopian aspiration, supermodernism has become a sink for overaccumulated wealth. Worker housing has all but vanished, often literally dismantled or privatized. Instead, network culture is marked by the luxury condominiums and cultural centers (museums, concert halls) that rose across global cities worldwide during the real estate boom of the 2000s.
art  architecture  history  modernism  postmodernism  globalization  finance 
november 2010 by tsuomela
Rick Bookstaber: Physics Envy in Finance
Andrew Lo and Mark Meuller have has a recent paper that addresses the issue of physics envy. They focus on the applicability of the tools of physics as the type of uncertainty becomes more profound, pointing out that while physics can generate useful models if there is well-parameterized uncertainty, where we know the distribution of the randomness, it becomes less useful if the uncertainty is fuzzy and ill-defined, what is called Knightian uncertainty.
I think it is useful to go one step further, and ask where this fuzzy, ill-defined uncertainty comes from. It is not all inevitable, it is not just that this is the way the world works. It is also the creation of those in the market, created because that is how those in the market make their money. That is, the markets are difficult to model, whether with the methods of physics or anything else, because those in the market make their money by having it difficult to model, or, more generally, difficult for others to anticipate and do as
econometrics  econophysics  envy  physics  finance  financial-engineering  determinism  risk  information-asymmetry  information 
august 2010 by tsuomela
Income Inequality and Financial Crises - NYTimes.com
Professor Moss is among a small group of economists, sociologists and legal scholars who are now trying to discover if income inequality contributes to financial crises. They have a new data point, of course, in the recent banking crisis, but there is only one parallel in the United States — the 1929 market crash.
economics  finance  instability  crashes  depression  recession  history 
august 2010 by tsuomela
Econometric Measures of Systemic Risk in the Finance and Insurance Sectors
We propose several econometric measures of systemic risk to capture the interconnectedness among the monthly returns of hedge funds, banks, brokers, and insurance companies based on principal components analysis and Granger-causality tests. We find that all four sectors have become highly interrelated over the past decade, increasing the level of systemic risk in the finance and insurance industries. These measures can also identify and quantify financial crisis periods, and seem to contain predictive power for the current financial crisis. Our results suggest that hedge funds can provide early indications of market dislocation, and systemic risk arises from a complex and dynamic network of relationships among hedge funds, banks, insurance companies, and brokers.
economics  complexity  systems  risk  measurement  modeling  interconnection  social-networks  network-analysis  finance 
august 2010 by tsuomela
The Uses and Abuses of Economic Ideology - Project Syndicate
Here, I suspect, is where the greatest challenge for the future lies. For, while the simplified pre-crisis conventional wisdom appeared to provide a complete set of answers resting on a unified intellectual system and methodology, really good economic thinking must provide multiple partial insights, based on varied analytical approaches.
economics  ideology  finance  financial-services  regulation  complexity 
july 2010 by tsuomela
In Finance We Distrust - Project Syndicate
But in a complex system in which expertise, insight, and real-time information are not concentrated in one place, and certainly not in government and regulatory circles, reliance on such a framework seems deficient and unwise. Moreover, it ignores the importance of trust. A better starting point, I believe, is the notion of shared responsibility for the stability of the system and its social benefits – shared, that is, by participants and regulators.

It is striking that no senior executive of whom I am aware has laid out in any detail how his or her institution’s expertise could be deployed in pursuit of the collective goal of stability. The suspicion that underlies much of today’s public anger is that these institutions, having influenced the formulation of the legal and ethical rules, could do more to contribute to stability than just obey them.
finance  financial-services  economics  regulation  trust  complexity  systems 
july 2010 by tsuomela
Front Page | Institute for New Economic Thinking
The Institute for New Economic Thinking (INET) is an organization created to promote changes in economic theory and practice through conferences, research grants, joint ventures with academic and research institutions and other education initiatives. The Institute seeks to create an environment nourished by open discourse and empower the next generation of scholars with the necessary support to accelerate and advance new and important thinking on economic issues.
economics  institutes  research  finance  politics  ideas 
july 2010 by tsuomela
Our New York Times Op Ed on the Corporate Savings Glut « naked capitalism
Unbeknownst to most commentators, corporations in the US and many advanced economies have been underinvesting for some time.

The normal state of affairs is for households to save for large purchases, retirement and emergencies, and for businesses to tap those savings via borrowings or equity investments to help fund the expansion of their businesses...

The big culprit in America is that public companies are obsessed with quarterly earnings. Investing in future growth often reduces profits short term.
economics  business  investment  finance  recession  austerity  corporate 
july 2010 by tsuomela
TheMoneyIllusion
A slightly off-center perspective on monetary problems.
weblog-individual  monetary-policy  banking  finance  economics 
july 2010 by tsuomela
Bruce Sterling Interview: Cities - Boing Boing
But I'd also like to point out that large financial centers in certain cities around the planet are certainly going to kill millions of us by destroying our social safety networks in the name of their imaginary financial efficiency. You're a thousand times more likely to die because of what some urban banker did in 2008 than from what some Afghan-based terrorist did in 2001. *Financiers live in small, panicky urban cloisters, severely detached from the rest of mankind. They are living today in rich-guy ghetto cults. They are truly dangerous to our well-being, and they are getting worse and more extremist, not better and more reasonable. You're not gonna realize this havoc till you see your elderly Mom coughing in an emergency ward, but she's going there for a reason.
interview  future  finance  economics  income-distribution  cities  urbanism  urban  sustainability 
june 2010 by tsuomela
FT.com / Comment / Opinion - On the brink of a new age of rage
by Simon Schama - "Historians will tell you there is often a time-lag between the onset of economic disaster and the accumulation of social fury. In act one, the shock of a crisis initially triggers fearful disorientation; the rush for political saviours; instinctive responses of self-protection, but not the organised mobilisation of outrage. Whether in 1789 or now, an incoming regime riding the storm gets a fleeting moment to try to contain calamity. If it is seen to be straining every muscle to put things right it can, for a while, generate provisional legitimacy."
economics  recession  crisis  business  banking  finance  justice  revolution  anger  emotion  politics  history 
june 2010 by tsuomela
interfluidity » Capital can’t be measured
So, for large complex financials, capital cannot be measured precisely enough to distinguish conservatively solvent from insolvent banks, and capital positions are always optimistically padded. Given these facts, and I think they are facts, even “hard” capital and leverage restraints are unlikely to prevent misbehavior. Can anything be done about this? Are we doomed to some post-modern quantum mechanical nightmare wherein “Schrödinger’s Banks” are simultaneously alive and dead until some politically-shaped measurement by a regulator forces a collapse of the superposition of states into hunky-doriness?

Yes, we are doomed, unless and until we simplify the structure of the banks.
economics  banking  finance  financial-services  regulation  capital  law  measurement 
june 2010 by tsuomela
Op-Ed Columnist - Root Canal Politics - NYTimes.com
The meta-story behind the British election, the Greek meltdown and our own Tea Party is this: Our parents were “The Greatest Generation,” and they earned that title by making enormous sacrifices and investments to build us a world of abundance. My generation, “The Baby Boomers,” turned out to be what the writer Kurt Andersen called “The Grasshopper Generation.” We’ve eaten through all that abundance like hungry locusts.

Now we and our kids together need to become “The Regeneration” — one that raises incomes anew but in a way that is financially and ecologically sustainable. It will take a big adjustment.
economics  debt  government  budget  finance  opinion  politics  baby-boomers  generational-analysis 
may 2010 by tsuomela
Guest Op Ed, by The Machines: Did You Get Our Message Yesterday? - The Awl
Go ahead and take us down. But you're only going to hurt yourselves. What's going to happen when you have to execute all trades manually? Guess what: You're too slow. We're going to take your money. We don't sleep. We could run this market round the clock. Sooner or later, you'll break, and have to take a nap, and then, like a quant Freddy Krueger, we're going to trade you into the dust. We don't pee. We don't take an hour or more for a lunch break. We don't demand a union. We don't retire at 50 with a pension. WE HAVE SEX WITH MONEY UNTIL IT'S BROKEN AND WHEN WE RUN OUT OF MONEY TO HAVE SEX WITH WE'LL MAKE THE MONEY REPRODUCE UNTIL IT MAKES SHINY NEW MONEY TO HAVE SEX WITH.
satire  humor  finance  technology  computers 
may 2010 by tsuomela
What Business is Wall Street In ? « blog maverick
The only people who know what business Wall Street is in are the traders. They know what business Wall Street is in better than everyone else. To traders, whether day traders or high frequency or somewhere in between, Wall Street has nothing to do with creating capital for businesses, its original goal. Wall Street is a platform. It’s a platform to be exploited by every technological and intellectual means possible.

The best analogy for traders. They are hackers.
wall-street  finance  financial-services  capitalism  purpose  business-model  traders 
may 2010 by tsuomela
Dangerous Trader Mentality and Financial Reform » New Deal 2.0
A former Goldman Sachs employee gives us a window into the mind of a typical trader. Things you won’t find: an interest in fairness, transparency, and social utility.
wall-street  finance  financial-services  derivatives  traders  capitalism  fairness  morality  money  politics 
may 2010 by tsuomela
Welcome to The Journal of Commerce Online | Journal of Commerce
The Journal of Commerce
Through its publications, Web sites, and data services, UBM Global Trade is the leading supplier of business information for people involved in transporting goods and commodities in the United States and internationally. Its publications and online services include The Journal of Commerce, The Journal of Commerce Online, PIERS Global Intelligence Solutions, Directory of U.S. Exporters/Importers, Official Export Guide, U.S. Custom House Guide, and Transportation Telephone Tickler.
news  business  magazine  transportation  commerce  finance  journal  shipping  logistics  economics 
may 2010 by tsuomela
Ezra Klein - How financial innovation causes financial crises
Links to paper on "Financial Innovation and Financial Fragility" by Nicola Gennaioli, Andrei Shleifer, and Robert Vishny
financial-engineering  finance  innovation  regulation 
april 2010 by tsuomela
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