Links: Political Economy

• David Goldman, Dave’s Top 10 Reasons the Recession Will Last Forever, Inner Workings Blog Archive at Asia Times, 05 August 2009.
  
  David Goldman, All New! Dave’s (additional) 10 Reasons Why the Recession Will Last Forever, Inner Workings Blog Archive at Asia Times, 24 September 2009.


• Penn Bullock, Friedman Economics: Is Fed chairman Ben Bernanke a follower of John Maynard Keynes or Milton Friedman?, Reason Magazine, 01 September 2009.


• Elizabeth Warren, Real Change: Turning Up the Heat on Non-Bank Lenders, The Huffington Post, 03 September 2009.


• Barry Ritholtz, Tactical Error: Health Care vs Finance Regulatory Reform, The Big Picture, 09 September 2009.


• Menzie Chinn, Tracking the Consumption Decline, Econbrowser, 09 September 2009.


• Damien Hoffman, Exclusive Interview: Economist John Mauldin, Wall St. Cheat Sheet, 09 September 2009.


• Alison Fitzgerald and Christine Harper, Lehman Monday Morning Lesson Lost With Obama Regulator-in-Chief, Bloomberg.com, 11 September 2009.
  
  Alex Berenson, A Year After a Cataclysm, Little Change on Wall Street, The New York Times, NYTimes.com, 11 September 2009.


• Eamon Javers, Summers: High unemployment for years, Politico.com, 11 September 2009.


• The Editors, Why Wall Street Reforms Have Stalled, Room for Debate Blog, The New York Times, NYTimes.com, 11 September 2009.


• Yves Smith, Another Lehman Mess: No One Can Run the Software, naked capitalism, 12 September 2009.


• Steve Lohr, Wall Street’s Math Wizards Forgot a Few Variables, The New York Times, NYTimes.com, 13 September 2009.


• Gretchen Morgenson, Fair Game - But Who Is Watching the Regulators, The New York Times, NYTimes.com, 13 September 2009.


• Yves Smith, IMF Head Says Crisis Set to Continue, naked capitalism, 13 September 2009.


• Michael Panzner, Food for Thought: What big stories aren’t being told?, Financial Armageddon, 11 September 2009.


• David Cho, Steven Mufson and Tomoeh Murakami Tse, In Shift, Wall Street Goes to Washington, The Washington Post, washingtonpost.com, 13 September 2009.


• George Washington, Top Economists Say We Must Break Up the Insolvent Banks (Government Says Let’s Make Them Bigger), naked capitalism, 11 September 2009.


• Mark Deen and David Tweed, Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman, Bloomberg.com, 14 September 2009.


• Karl Denninger, But I Thought It Was Just A "Panic"?, The Market Ticker, 13 September 2009.
  
  Karl Denninger, How Far Does The Lawlessness Go?, The Market Ticker, 11 September 2009.


• Peter Boone and Simon Johnson, Economic Donkeys, The Baseline Scenario, 13 September 2009.


• Stephen Mihm, Why capitalism fails: The man who saw the meltdown coming had another troubling insight: it will happen again, The Boston Globe, 13 September 2009.
  
  On Hyman Minsky.
  
  via: The Big Picture.


• Jesse, Robert Reich on Moral Hazard and Obama's Failure, Jesse's Café Américain, 14 September 2009.


• Jesse, "It has now become clear that this was no ordinary crash." [on the Criminal Activity at the Heart of Iceland's Collapse], Jesse's Café Américain, 14 September 2009.


• Arianna Huffington, Why Obama Won't Be Able to Reform Wall Street, The Huffington Post, 14 September 2009.
  
  See also comments.


• Nomi Prins, The Next Meltdown, The Daily Beast, 14 September 2009.


• Jon Cohen and Jennifer Agiesta, Lots of Fear Remains Over Economy, Job Losses, Poll Finds, WashingtonPost.com, 15 September 2009.


• Simon Johnson and James Kwak, Lehman Brothers and the Persistence of Moral Hazard, The Washington Post, washingtonpost.com, 15 September 2009.


• Henry CK Liu, Power Without Credibility, Part 1: Bogged down at the Fed, Asia Times, 11 September 2009.
  
  Henry CK Liu, Power Without Credibility, Part 2: A lost decade ahead, Asia Times, 15 September 2009.
  
  Henry CK Liu, Power Without Credibility, Part 3: Politics of the financial crisis, Asia Times, 17 September 2009.


• David Goldman, The sticky dollar reserve system, Asia Times, 14 September 2009.


• * Edward Harrison, Financial Reform: Not happening but the need is clear, naked capitalism, 16 September 2009.
  
  Steve Keen, It’s Hard Being a Bear (Part Four): Good Economic Theory, Steve Keen's Debtwatch, 15 September 2009.


• TPC, China Will Be a Bigger Bubble than Japan, The Pragmatic Capitalist, 16 September 2009.
  
  The general tone of this sounds to me like wishful thinking by insecure Westerners. China's recent policy of encouraging its people to purchase gold may absorb lots of its hot liquidity, if not completely dominate the world's supply of precious and strategic metals, another fear emerging in the West. Note also the interesting table at the end of the post: "Speculative manias and geopolitical shifts." The comments do a good job of refuting this post. Rather than worry about some hypothetical future bubble in China, we have a far greater, already existing, problem with the USA's government debt, insolvent banks, corrupt policy apparatus, and their forthcoming consequences.
  
  Andy Xie, What We Can Learn as Japan's Economy Sinks, Caijing.com.cn, 16 September 2009.


• Jesse, US Dollar Long Term Chart and a Scenario for Dollar Devaluation, Jesse's Café Américain, 16 September 2009.


• Global systemic crisis: In pursuit of the impossible recovery, Global Europe Anticipation Bulletin, No. 37, LEAP/E2020, 16 September 2009.


• Jason Linkins, Shortlist For FT Business Book Award Short On Selections That Take On The Financial Crisis, The Huffington Post, 17 September 2009.
  
  Business Book of the Year 2009, FT.com, 17 September 2009.
  
  Cardiff Garcia, The 10 books to help you understand the crisis, The Big Picture, 05 June 2009.


• Keith Bradsher, China’s Economy Is Back, While U.S. Still Ails, The New York Times, NYTimes.com, 17 September 2009.


• Lisa Lambert, "Option" mortgages to explode, officials warn, Reuters.com, 17 September 2009.
  
  Yves Smith, Wells’ Commercial Real Estate “Ticking Time Bomb” And Coming CRE Woes, naked capitalism, 18 September 2009.
  
  Exposure at Default: As Banks Shrink, So Does the Economy, The Institutional Risk Analyst, 16 September 2009.
  
  Teri Buhl, Wells Fargo’s Commercial Portfolio is a ticking time bomb, BankImplode.com, 17 September 2009.


• * Hossein Askari and Noureddine Krichene, A deluded G-20, Asia Times, 17 September 2009.


• Toni Straka, North America Takes The Backseat in Prosperity, The Prudent Investor, 17 September 2009.


• Liaquat Ahamed, The Future of Global Finance, The New York Times, NYTimes.com, 17 September 2009.


• Yves Smith, Will Peak Oil Pricing = [imply] Perma[nent] Recession [for Developed Economies]?, naked capitalism, 17 September 2009.
  
  See also the comments.
  
  Gregor Macdonald, Clarion Call from Cantarell, Gregor.us, 23 August 2009.
  
  Many of the other essays at Gregor.us look worth reading.


• Poornima Gupta, Silicon Valley warning: Detroit still doesn't get it, Reuters.com, 18 September 2009.


• digby, Keep An Eye On This [the Financial Crisis Inquiry Commission, the "new Pecora Commission"], Hullabaloo, 18 September 2009.


• David Streitfeld, Bill Comes Due, Vexing Housing and Banking Agencies, The New York Times, NYTimes.com, 18 September 2009.


• Barry Ritholtz, Pomboy: Deflation, Not Inflation, Is The Greater Threat, The Big Picture, 19 September 2009.


• George Washington, Steve Keen Out-Thinks Larry Summers, naked capitalism, 20 September 2009.


• Chris Hedges, Globalization Goes Bankrupt, Truthdig, 20 September 2009.


• Ambrose Evans-Pritchard, HSBC bids farewell to dollar supremacy, The Daily Telegraph, 20 September 2009.


• George, Are Financial Blogs Trustworthy?, The Big Picture, 20 September 2009.


• Damien Hoffman, Medal of Honor: Top Analyst Josh Rosner Nailed the Crisis, Wall St. Cheat Sheet, 22 September 2009.


• Barry Ritholtz, Volcker: Reinstate Glass Steagall, The Big Picture, 24 September 2009.


• Damien Hoffman, If Corporations Cannot Vote, Should They Have The Right To Spend Money In Elections?, zero hedge, 24 September 2009.


• Tyler Durden, DOE Highlights Collapsing Energy Demand, zero hedge, 24 September 2009.


• Tyler Durden, Exhaustion Rate Hits New Record: More Than Half Of Unemployed Exhaust Benefits Before Finding A Job, zero hedge, 24 September 2009.


• Edmund L. Andrews, Global Economic Forum to Expand Permanently, The New York Times, NYTimes.com, 24 September 2009.


• Edward Harrison, Obama caves to pressure on consumer financial protection, naked capitalism, 24 September 2009.


• Jesse, Federal Reserve Eyes the US Money Market Funds, Jesse's Café Américain, 24 September 2009.


• Jesse, Do Ben and Tim = Thelma and Louise?, Jesse's Café Américain, 25 September 2009.


• * Mohamed El-Erian, Return of the old ways of thinking threatens recovery, FT.com, 28 September 2009.


• John P. Hussman, We're Speaking Japanese Without Knowing It, Weekly Market Comment - Hussman Funds, 28 September 2009.


• Mark Thoma, "New Income Inequality Data: Surprising and Frightening", Economist's View, 29 September 2009.


• Barry C. Lynn, How Detroit Went Bottom-Up, The American Prospect, 28 September 2009.
  "Outsourcing cleared the way for a discreet but dangerous monopolization of the auto industry."


• Edmund L. Andrews, World Bank Head Sees Dollar’s Role Diminishing , The New York Times, NYTimes.com, 28 September 2009.


• * Edward Harrison, The recession is over but the depression has just begun, naked capitalism, 01 October 2009.
  
  Good exposition, with documentation, on how the US economy has evolved over the last 40 or more years.


• Hiroko Tabuchi, Chinese Economic Juggernaut Is Gaining on Japan, The New York Times, 01 October 2009.


• Yves Smith, Plans to Move Away From Dollar Pricing of Oil, naked capitalism, 05 October 2009.


• Robert Fisk, The demise of the dollar, The Independent, www.independent.co.uk, 06 October 2009.
  "In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading."
  
  Mike Whitney, Dollar Hysteria: Is the Sky Really Falling?, CounterPunch.org, 06 October 2009.


• Edward L. Glaeser, What Happened to Argentina?, Economix Blog, The New York Times, NYTimes.com, 06 October 2009.


• Niall Ferguson, Too Big to Live: Why we must stamp out State Monopoly Capitalism [PDF file], Centre for Policy Studies, October 2009.


• Thornton Parker, How Economists Are Missing Another One, The Big Picture, 08 October 2009.


• Edward Harrison, How did economists get it so wrong (parody version)?, Credit Writedowns, 08 October 2009.


• Bruce Krasting, FHFA's DeMarco Speaks - Ouch!, Bruce Krasting, 08 October 2009.


• * Simon Johnson and Rep. Marcy Kaptur, Bill Moyers Journal, PBS, 09 October 2009.


• Paul Craig Roberts, Marx and Lenin Reconsidered, CounterPunch.org, 07 October 2009.


• Yves Smith, “Capitalism: A Love Story”, naked capitalism, 11 October 2009.


• Simon Johnson, Diana Farrell And The White House Theory Of Bank Size, The Baseline Scenario, 13 October 2009.
  
  Read the WhoRunsGov.com profile of Diana Farrell and recognize that neolibral economics/market fundamentalism/de-industrialization/off-shoring and their effects on the American people are not accidental nor mysterious forces beyond the control of mortals; and that the Republican and Democratic parties today follow a single economic policy and diverge from each other far less than partisans lead the general public to believe.


• Yves Smith, Krugman on Sick Banks, Bad Policy Choices, and Team Obama’s (Misplaced) Anger, naked capitalism, 19 October 2009.