Tuesday, January 06, 2015

Economic Terrorists

Najam Shah and Aizaz Hassan allegedly created false documents for more than 350 home loans submitted to banks including Westpac, ANZ, NAB and the Commonwealth Bank.
Terrorists fool banks

Why New Credit Cards May Fall Short on Fraud Control Wall Street Journal. This is appalling, particularly as far as debit cards are concerned. Someone who gets your wallet can drain your account and you have no recourse. My bank (TD Bank) offers PIN cards only on ATM cards that are not debit cards. And you cannot get a business account PIN card of any kind.

Princeton graduate, 30, ‘who shot dead his $200m hedge fund founder father, 70, in NYC apartment’ arrested after he ‘went on the run’ and barricaded himself in his Manhattan home’ Daily Mail

Scott Sumner, The French experiment: Laffer >>>>>>> Piketty. (Econlog). France imposed a 75% top rate. Mr. Sumner observes:
Even if you are not a devout supply-sider (and I am a moderate supply-sider, who believes tax increases usually lead to more revenue) it would be hard to deny that this particular tax increase cost revenue, after accounting for the impact of French economic growth.
There are people who seriously insist that a 75%-90% top tax rate would be a good thing. France is Exhibit A.

Murdoch, Scaife and CIA Propaganda Robert Parry, Consortium News 

Permanent capital: Perpetual cash machines Financial Times. This is insane. Private equity and hedge fund returns are faltering, and these clowns want a BETTER deal?

Even though I do not support the outsourcing of American jobs to foreign nations – in fact I am outraged that our corporations, built upon the blood, sweat and tears of the American population have abandoned their own citizens in the name of greed and profit – we now find ourselves in a huge ship that is quickly sinking.
Who needs enemies if you have home grown offshoring ....

A handy tool — but not the only one in the box Martin Wolf, Financial Times (David L). Reviews, and takes some issue with Richard Koo on balance sheet recessions.

Economic terrorism that shall not be named