Re: [PEN-L] MACROfoundations

I think the biggest failure of neoclassical economics relates to the way the labour market operates. so i chose this: As an aside, the conventional (mainstream) neoclassical economic strategies relate the cause of unemployment to high real wages that were pushed by trade unions. The tenet - bui

Re: [PEN-L] Another scandal at the NY Times

You have to add the second line by hand. >I don't know, couldn't open that link. > >Gene > >On Aug 15, 2007, at 8:23 PM, ravi wrote: > >> On 15 Aug, 2007, at 23:17 PM, Eugene Coyle wrote: >>> Kurt Eichenwald, a NY Times reporter who wrote a thoroughly dishonest >>> book about the ADM price fixing

Re: [PEN-L] rating agencies

Partnoys' book is more relevant than ever in these days. Models are questionable as always, and I hardly ever refrain from questioning the models, but the problem with the models is secondary. If you are serious and honest, there is a lot you can do with the models. They keep using it in biomedical

Re: [PEN-L] Environmental Ironies

More genius land use from the same article: “Natomas Central (which supplies irrigation water to the Natomas basin) recently reached a tentative agreement with the city of Folsom to sell it a big chunk of water for its expansion south of Highway 50." Seth Sandronsky Date:Wed, 15 Aug 2007 18

Re: [PEN-L] North American worker cooperation

Michael Perelman wrote: > Maybe he was with the miners. He is > supposed to be very well known. > His first name is Napoleon. The steel > workers were defending him. He > is probably with the steel workers in the > US now. The government charged him > with corruption, but it seemed like he > wa

[PEN-L] The encroaching deserts in China

from the August 16, 2007 edition - http://www.csmonitor.com/2007/0816/p01s03-wosc.html China sounds retreat against encroaching deserts Decades of flawed agricultural policies have led to rapid desertification. By Simon Montlake | Correspondent of The Christian Science Monitor Zhengxin, China

Re: [PEN-L] North American worker cooperation

Thanks for this, Julio. Gene Coyle On Aug 16, 2007, at 5:57 AM, Julio Huato wrote: Michael Perelman wrote: Maybe he was with the miners. He is supposed to be very well known. His first name is Napoleon. The steel workers were defending him. He is probably with the steel workers in the US

Re: [PEN-L] Environmental Ironies

While I understand the irony, is it really environmentally bad in either context when the regulatory mechanisms (as set-asides) will still be in place for subsequent land development? This of course assumes that the State (or the Feds) will not be co-opted by developers wherein lies the bigger iro

[PEN-L] Mexico has taken a dual-track approach to human rights

Mexico has taken a dual-track approach to human rights, Oaxaca is a good example of it: "Mexico: Amnesty International completes High Level Mission - President Calderon commits to human rights Press release, 07/08/2007 (Mexico City) Amnesty International today concluded its high level mission t

Re: [PEN-L] Mexico has taken a dual-track approach to human rights

We owe a debt to Julio and Alejandro for keeping us on top of matters in Mexico. For an interesting take on Oaxaca, see http://www.sfbg.com/entry.php?entry_id=4204&volume_id=254&issue_id=309&volume_num=40&issue_num=45&l=1 -- Michael Perelman Economics Department California State University Chico,

Re: [PEN-L] The Financial Market & China

> On 8/15/07, Jayson Funke <[EMAIL PROTECTED]> wrote: > > By putting more money into circulation, does the Fed not create the > > potential to induce higher inflation by creating too much money chasing too > > few goods? On 8/15/07, raghu <[EMAIL PROTECTED]> wrote: > ... the case of overnight loa

Re: [PEN-L] Wal-Mart Never Read Keynes

they in terms of microeconomics, while Keynes was macroeconomics. Even more apt is Marx's GRUNDRISSE, where he talked about how each capitalist sees wages as a cost and doesn't see the macro-effect on consumption. On 8/15/07, Michael Perelman <[EMAIL PROTECTED]> wrote: > Wal-Mart, which has worked

[PEN-L] PSTML: Political Short-Term Memory Loss, John D. Rockefeller, And Venezuela

[August 16 2007] Travus T. Hipp Morning News & Commentary: PSTML: Political Short-Term Memory Loss - The U.S. Government Wants You To Forget That The Current Venezuelan Constitution Was Written By Rockefeller Backed Industrialists And Hugo Chavez Promised To Reform It When Elected

Re: [PEN-L] rating agencies

The first quote is ridiculous. The agencies didn't just fail to warn investors, they conned them. Sabri Oncu wrote: Rating agencies hit by subprime probe By Tobias Buck in Brussels Officials in Brussels, and many other critics, believe the ratings agencies failed to act quickly enough to war

[PEN-L] "American Democracy" Means Freedom For Iraqi Women

The freedom to prostitute yourself. CNN.com Iraqi women: Prostituting ourselves to feed our children * Story Highlights * Aid workers: Violence, increased cost of living drives women to prostitution * Group is working to raise awareness of the problem with Iraq's political l

[PEN-L] Eric Mielants: "The Origins of Capitalism and the Rise of the West"

http://louisproyect.wordpress.com/2007/08/16/eric-mielants-the-origins-of-capitalism-and-the-rise-of-the-west/

Re: [PEN-L] rating agencies

I called it a quote to distinguish it from your contribution. I know that you are not as foolish as the author. I just thought that the contention of failing to warn was worth pointing out. On Thu, Aug 16, 2007 at 09:34:13AM -0700, Sabri Oncu wrote: > > The first quote is ridiculous. The agen

Re: [PEN-L] rating agencies

> The first quote is ridiculous. The agencies didn't just fail to warn > investors, they conned them. > > Sabri Oncu wrote: Hey! I did not write that. I just forwarded it. But I agree with you. Sabri Be a bett

[PEN-L] US's largest mortgage lender might file for bankruptcy

NY Times, August 16, 2007 Mortgage Lender Moves to Shore Up Cash By VIKAS BAJAJ Countrywide Financial, the nation’s largest mortgage lender, said today that it had tapped $11.5 billion in emergency loans from 40 of the world’s largest banks in an effort to shore up its cash position. The comp

Re: [PEN-L] "American Democracy" Means Freedom For Iraqi Women

On 16 Aug, 2007, at 12:26 PM, The Buffalo In Da' Midst wrote: The freedom to prostitute yourself. Dude, you are so pre-fifth-wave-feminism! Prostitution is empowering! After all, before this wave, the women were unpaid prostitutes to their husbands (a fair point) but now have the power to part

Re: [PEN-L] rating agencies

Michael: > I called it a quote to distinguish it from your contribution. Sorry Michael! After all, English is not my native language. I have been watching CNBC since the morning. I strongly recommend that you take a look. They are scared bad! Sabri __

[PEN-L] Dow Jones Average vs. Iran

How much further will the Dow Jones have to fall before we need to go to war with Iran? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com

Re: [PEN-L] "American Democracy" Means Freedom For Iraqi Women

I categorically refuse to discuss prostitution as a form of 'liberation'. You can believe whatever you like. On 8/16/07, ravi <[EMAIL PROTECTED]> wrote: > On 16 Aug, 2007, at 12:26 PM, The Buffalo In Da' Midst wrote: > > The freedom to prostitute yourself. > > > > Dude, you are so pre-fifth-wave

Re: [PEN-L] de Brunhoff, Dumenil & Levy

Jayson F. asks Has anyone read La Finance Capitaliste by de Brunhoff, Dumenil, Levy etc? It does not seem to have made it into English translation. If anyone has read it can you provide a brief synopsis? It would be much appreciated. I have not yet seen the book (I believe it came out in France

[PEN-L] Waiting for the end of the world

Published on Mute magazine - Culture and politics after the net (http://www.metamute.org) Waiting For the End of the World By Jeff Strahl Would a financial crisis mean recession, depression or revolution? And haven’t we been waiting a long time for this liberating, or devastating, catastrophe

Re: [PEN-L] Waiting for the end of the world

On Aug 16, 2007, at 3:03 PM, Louis Proyect quoted Mute: This consensus even includes much of what passes for left media, e.g., Left Business Observer, whose editor Doug Henwood is regularly called upon to provide commentary on ‘progressive’ media outlets such as Pacifica Radio, during whic

Re: [PEN-L] Dow Jones Average vs. Iran

just noticed in the economist email i got today the following: "America confirmed that it was considering designating Iran's *Revolutionary Guards *as a terrorist organisation. The force is a political and commercial as well as military power in Iran. The move might make it vulnerable to internati

Re: [PEN-L] US's largest mortgage lender might file for bankruptcy

I'm glad we owe them money rather than vice-versa! On 8/16/07, Louis Proyect <[EMAIL PROTECTED]> wrote: > NY Times, August 16, 2007 > Mortgage Lender Moves to Shore Up Cash > By VIKAS BAJAJ > > Countrywide Financial, the nation's largest mortgage lender, said today > that it had tapped $11.5 billi

Re: [PEN-L] rating agencies

To be fair to the ratings agencies, they don't get money directly out of setting ratings (I think they're not-for-profit). They aren't conpeople as much as they don't want to rock the boat. On 8/16/07, Michael Perelman <[EMAIL PROTECTED]> wrote: > The first quote is ridiculous. The agencies didn'

Re: [PEN-L] Dow Jones Average vs. Iran

it wouldn't be an invasion since the US armed forces are tied down in Iraq & Afghanistan. It would most likely involve strategic bombing. Maybe nuking. The precendent was set when Israel bombed Iraq almost (more than?) 2 decades ago. They even got a Bob Dylan song ("Neighborhood Bully") out of it.

Re: [PEN-L] rating agencies

They do get their income from setting ratings. I just looked at Moody's which is a dot.com, I doubt that they are non-profit. On Thu, Aug 16, 2007 at 02:44:12PM -0700, Jim Devine wrote: > To be fair to the ratings agencies, they don't get money directly out > of setting ratings (I think they're

Re: [PEN-L] Dow Jones Average vs. Iran

With Iran bordering on both countries & US troops there, I don't see how the US could just bomb without getting involved. Or would the pilots be greeted with flowers? On Thu, Aug 16, 2007 at 02:47:22PM -0700, Jim Devine wrote: > it wouldn't be an invasion since the US armed forces are tied down i

Re: [PEN-L] rating agencies

Jim Devine wrote: To be fair to the ratings agencies, they don't get money directly out of setting ratings (I think they're not-for-profit). They aren't conpeople as much as they don't want to rock the boat. On 8/16/07, Michael Perelman <[EMAIL PROTECTED]> wrote: The first quote is ridiculous.

Re: [PEN-L] rating agencies

Michael is right. They are most certainly not non-profit. Moody's and McGraw-Hill (parent of S&P) are both NYSE listed public companies (MCO and MHP). It is true, that these companies have the impossible job of serving clients whose stated goal is to "maximize" the value of their ratings. But they

Re: [PEN-L] rating agencies

Firms pay for their ratings! - Doug On Aug 16, 2007, at 7:26 PM, raghu wrote: Michael is right. They are most certainly not non-profit. Moody's and McGraw-Hill (parent of S&P) are both NYSE listed public companies (MCO and MHP). It is true, that these companies have the impossible job of servin

Re: [PEN-L] North American worker cooperation

I wrote: > The information is a bit telegraphic, but there's > not much in the newspapers. I'll correct this. Actually, running searches I did find good information on the strike and the history of the conflicts on both La Jornada and El Universal online. So let me start by amending some things

Re: [PEN-L] rating agencies

Moody's is not a dot.com, but is one of the big three rating agencies in the US with a long history of providing debt ratings for both sovereign and corporate issues. It is a for profit business, selling its services to buy-side institutions and firms, and the sell-siders who want to know how and

Re: [PEN-L] rating agencies

I only said that the address was dot.com. Sorry for the confustion. On Thu, Aug 16, 2007 at 09:37:06PM -0400, sartesian wrote: > Moody's is not a dot.com, but is one of the big three rating agencies in > the US with a long history of providing debt ratings for both sovereign > and corporate issue

Re: [PEN-L] rating agencies

On 8/16/07, Doug Henwood <[EMAIL PROTECTED]> wrote: > Firms pay for their ratings! - Doug then why does anyone trust these ratings? again, I don't think they're cons as much as they "play the game," not wanting to disturb anyone. I was wrong: I thought that Moody's was like the Audit Bureau of C

Re: [PEN-L] rating agencies

On 8/16/07, Jim Devine <[EMAIL PROTECTED]> wrote: > On 8/16/07, Doug Henwood <[EMAIL PROTECTED]> wrote: > > Firms pay for their ratings! - Doug > > then why does anyone trust these ratings? > I don't think anyone really trusts them. As you say, the three main rating agencies are part of the game i

Re: [PEN-L] rating agencies

The ratings are important because certain investors, eg pensions, cannot invest in junk unless the junk gets a good rating. One of the tragedies will be many of the people who will be left holding the bag will be blameless, esp. people who are depending on pensions. -- Michael Perelman Economic

[PEN-L] WSJ nonsense????

Did anyone read the Thursday opinion piece in the Wall Street Journal blaming Fannie & Freddie for "making" other lenders shift into more risky investments? -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu m

Re: [PEN-L] WSJ nonsense????

Here was the ridiculous part: "I ... lay the blame at the feet of Fannie Mae and Freddie Mac (and their congressional cronies), whose unchecked growth into second mortgages, subprime loans and many other assets -- not to mention their continued creep into the upper echelons of the home-mortgage i

Re: [PEN-L] WSJ nonsense????

Michael Perelman wrote: > > Here was the ridiculous part: > > "in search of a livelihood." Whether the remainder is sheer nonsense or partially valid, this is a hoot: billion dollar+ outfits needing a "livelihood" indeed. Carrol

Re: [PEN-L] WSJ nonsense????

Yes, I also enjoyed that. On Thu, Aug 16, 2007 at 10:54:35PM -0500, Carrol Cox wrote: > Michael Perelman wrote: > > > > Here was the ridiculous part: > > > > "in search of a livelihood." > > Whether the remainder is sheer nonsense or partially valid, this is a > hoot: billion dollar+ outfits needi

[PEN-L] Meltdown in a Parallel Universe

A bank in the online game, Second Life, apparently experienced a meltdown, not that different from what is happening in the real world -- if finance is part of the real world. Here is part of the Wall Street Journal story. More...Cyran, Rob and Edward Chancellor. 2007. "A Crisis in Parallel Uni