Saturday, November 22, 2014

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naked capitalism

Links 11/22/14

Posted: 22 Nov 2014 03:55 AM PST

Himalayan marmot links

Wolf Richter: Signs That the Startup Bubble is Totally Maxed Out

Posted: 21 Nov 2014 10:37 PM PST

Yves here. Wolf's longer original headline to this post focused on how gobsmacked he was to get glossy mail pieces to promote supposedly hot Silicon Valley startups. Apparently, the deemed-to-be-transgressive communications medium (by West Coast standards) was a way to cut through the new venture clutter. But what I found more surprising was how obviously lame these ideas were, yet they've all already gotten multiple rounds of funding and have eight figure investments so far.

Elizabeth Warren Blasts New York Fed President William Dudley

Posted: 21 Nov 2014 10:13 PM PST

This Elizabeth Warren grilling of New York Fed William Dudley over the revelations in tapes made by ex-New York Fed employee Carmen Segarra, is a bit more Socratic than her normal approach, presumably because she has more than the typical five minutes for questions. Don't be deceived by her pacing.

Bill Black: Why the New York Fed Isn’t Trustworthy

Posted: 21 Nov 2014 09:41 PM PST

Yves here. Readers may recall that we criticized the New York Times' reporting on an important story on a criminal investigation underway involving both Goldman and New York Fed employees. A Goldman employee who had worked at the New York Fed and his boss were fired because the ex-Fed staffer allegedly had obtained confidential bank supervisory information. A New York Fed employee was also fired immediately after the Goldman terminations. The piece was composed as if the intent was to be as uninformative as possible and still meet the Grey Lady's writing standards. Readers were left in the dark as to where the two Goldman employees fit in the organization and what the sensitive information was. Bill Black dug through later news reports, did some additional sleuthing, and based on is experience as a regulator, concluded that there is no way the Goldman employee, Rohit Bansal, didn't recognize that he was misusing confidential bank supervisory information. That matters because whether or not breach is criminal hinges on whether he "willfully" broke the law.

2:00PM Water Cooler 11/21/14

Posted: 21 Nov 2014 10:58 AM PST

Today's Water Cooler: Mexico protests, Ferguson grand jury machinations, looting Whole Foods, and rape culture at the University of Virginia

Masaccio: Piketty Shreds Marginal Productivity as Neoclassical Justification for Supersized Pay

Posted: 21 Nov 2014 06:55 AM PST

Yves here. One of the main agendas of neoclassical economics is to give Panglossian defenses of the current order a veneer of intellectual legitimacy. If our system is the result of individuals and businesses behaving in logical ways, at least in the minds of economists, surely the outcome is inevitable, and therefore virtuous, or else those operators would do things differently. The Big Lie in all of this is that neoclassical economics takes power completely out of the equation. While it does assume selfishness, in that everyone is out or himself to maximize his utility, it also assumes atomized actors who lack the power to influence markets. One instructive way to see how these arguments break down is by looking at neoclassical economists justify large disparities in pay. Piketty shows that the idea that people are paid what they are worth, or in neoliberal-speak, according to their marginal productivity, to be a sham
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