More on Financial Regulation-the bill they should pass

Republicans are disorganized on legislation. Democrats are starting to become undone. There will be a Financial Reg bill passed in the next few weeks. If there is any positive in an attempted terrorist attack and oil spill, it’s that this …






Pigouvian Taxes

At Greg Mankiw’s blog today, he has a blurb from a reader. I think an excellent Pigouvian tax would be a tax on emails. Many emails involve a negative externality (I don’t really want to receive them) and almost all …






Immigration

The Arizona law on immigration is causing quite a stir among liberals. It’s much ado about nothing-since the Arizona law simply turns Federal crimes into State crimes as well. If anything, it shows that there is a big problem with …






Terrorist attack in NYC

News of the terror attack in Times Square is replacing the oil spill and immigration news.  I am glad that they are finally referring to this as a terrorist attack.  Even if it was a disgruntled American citizen that planted …






The Marriage Saver

http://www.youtube.com/watch?v=bM4eJ38S7Hw&feature=player_embedded I first saw this at thedanzatap.com. Laughed so hard I couldn’t resist posting it.






Obama Affair

There are several ways to take this.  One, the story was planted by the Obama people to get the public’s mind off the gigantic tax raise that they are going to get in 2011.  The Obama brain trust figures evangelical …






Text of a Wall Street Email

Before the internet, the absolute best jokes came from trading floors around the world.  When a major event happened, it only took minutes for a joke to be transferred and traders all over laughing.  Most traders have a cynical sense …






Dividend Tax Raised In Senate Budget Bill

DemocratsSocialists passed an increase in the dividend tax in the Budget Committee. The tax will go from 15% to 39.5%. If you make more than $250,000 per year, the tax goes up an extra 3.8%.  This is insane.  There are …






Mark to Market and Goldman Sachs CFO David Viniar and Clearing

Mr. David Viniar is the Chief Financial Officer of Goldman Sachs.  Yesterday, he was questioned by the Senate Finance Committee. Financial testimony is excruciatingly hard to follow. It is very difficult because of the amount of “shop talk” in Finance. …






More on the Goldman Hearings

This afternoon I did a short appearance on Fox Business with Liz Clayman.  I made the point that the market rallied today after the Senate again voted to table the Financial Reform package.  She made the point that Goldman Sachs …






Goldman Hearings

“How much of that shitty deal did you sell to your clients?”-Senator Carl Levin. Goldman Sachs was set up yesterday to be the whipping boy of the financial crisis. They are also the usher for the financial reform bill. There …






Figure of the Day-April 27

Today is Financial Literacy Day in the United States.  This is a good idea.  Kids should be taught basic microeconomics starting in Kindergarten.  Fortunately, microeconomics if taught correctly is apolitical.  The politics are in macroeconomics. Maybe someone ought to to …






Mr. Trichet

Today, Jean Claude Trichet spent a little time in Chicago. He gave a short speech at the University Club, and then took some Q+A. Mr. Trichet is a life long French government civil servant. He made many statements, but basically …






More on the Dodd Bill, courtesy of the Oracle of Omaha

Warren Buffett has spent the last ten years or so lecturing everyone on the dangers of derivatives. One good aspect of the Dodd bill is a little sunshine has spread into the Berkshire empire. While Mr. Buffett rails against everyone …






Traders and Their Contests

There are many stories of from the trading rooms and trading floors of boorish behavior by traders.  The Wall Street Journal today has an article on the “take no prisoners” attitude of traders at Goldman.  Allegedly they had, wait for …






Trust Fund Kids and Their Money

Since America was created, the world has seen dramatic wealth creation.  It wasn’t luck.  It was the entrepreneurial spirit of America.  The government culture also fostered this entrepreneurial culture.  Low taxes, low regulation, government stayed out of the way of …






Figure(s) of the Day $2-$14

Bjorn Lomborg is a statistician and scientist. He was given the project of researching global warming, and found that we were actually cooling!   He was pilloried by the European scientific community for not going with the flow.  But, the …






Earth Day and farm subsidies

The greenies rejoice in this day.  However, they talk about recycling(which in many cases is actually WORSE for the environment), battery powered cars (which are actually worse for the environment than clean modern diesel cars) and just feel happy and …