Re-Building Per Capita Incomes Could Take Decades
Today’s news that U.S. economic growth may not exceed 2% this year had an immediate effect on the stock market. But how long does it take a nation to recover its GDP in a slow growth period? The U.S. economy grew at a less-than-forecast 2.8% in the fourth quarter 2011. For the full year 2011, the economy expanded 1.7% and consumer spending grew 2.2%, according to U.S. Commerce Department data….
Read more...Tags:capitalism , consumption , financial reform , housing fraud , income inequality , wealth destruction , wealth re-creation
Top Regulators Examining LIBOR Rate Fixing
Large banks which set one of the institutional investing world’s most important interest rate-setting benchmarks–LIBOR–are being accused of price fixing by some of the largest regulators in the world. In a series of lawsuits filed in 2011, plaintiffs charge that dating back to the start of the current financial crisis in 2008, 19 international banks comprising the panel which determines the daily LIBOR (London Interbank Offering Rate) have manipulated market…
Read more...Tags:confllict of interest , fiduciary , housing fraud , transparency
Is Fraud Tolerance an Unofficial Policy of U.S. Regulators?
The housing fraud shockwaves that broke the U.S. banking system and had a ripple effect worldwide is going unchecked because it is part of the unofficial policy of U.S. regulators. According to Professor William Black, Associate Professor of Economics and Law at the University of Missouri, in Kansas City, U.S. legal and financial market regulators have adopted an “immunity doctrine” that is allowing senior mortgage and banking officials to go…
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