September 12, 2013 O&G posted an entry in his Corner entitled, A Bypath on the Road to Evolution of Economics As a Science relative to economics since Adam Smith’s initial study of Wealth – in his Wealth of Nations. Since 1776 there have been several attempts to steer economists’ interest in the direction of the entire population rather than restricting it to wealth and the wealthy.
[Mitchell’s 1913 focus was on four nations during the period under study, Germany, Britain, France and the United States. It is extensive and will not be critiqued here to save time for his later work (1927 and 1946). Instead, a summary review focusing on the value of the work is called for. This is the simpler route due to Mitchell’s accommodating habit, that of an educator, of planting small summaries - serving as signposts - throughout the work, apparently to ease the load on the over-worked businessman an essential part of his intended audience.]
This overdue work in progress will be pasted piece meal as developed in O&G's blogsite withthe lead paragraph posted here as an indicator of progress.
URL for the location of the latest entry
A November 25th Guardian article expands on a view often cited in the tsunami thread: No matter what law specifies, the clever business crowd will find a means to circumvent the letter of the law. Thus, it is impossible, where such lax business morality prevails, to force business into legal business and much less likely ethical behavior. What amplifies the underlying arrogance is the casual acceptance of this as normal business practice by authorities.
First: the Forum topic above is a misnomer; it should read "Economists and the global systems". Additionally it is an extension of the comment O&G submitted November 18, 2013, The Thought is Spreading in the William-Dudley-and-the-TBTF thread in which he referenced a Paul Krugman article which lauded Larry Summers for his clarity in analyzing the global situation. That comment is linked here -
Reuters featured this headline.
Fri Nov 22, 2013 11:21am EST
(Reuters) - A unit of Caterpillar Inc (CAT.N) is being probed by federal investigators to determine if it had dumped train parts into the ocean off California as part of a scam to charge customers for parts they didn't need, the Wall Street Journal reported.
In the main, in line with the rustling noticed earlier, uncertainty is reflected in Reuters headlines at 8:18 AM.
Friday past, November 8, 2013, William Dudley, President of the NY Federal Reserve Bank, the largest in the system, addressed the Global Economic Policy Forum, held in New York City. His subject matter was Too Big To Fail, something O&G has addressed consistently during the past four, closing in on five complete years when February, 2014 rolls around. Our concern has generated an estimated more than two thousand pages of collected text, 1100 alone in the "tsunami thread", which was transplanted here to establish a reference point for further exploration.
The following is the introduction of a Federal Reserve Board of Governors press release.
The Federal Reserve Board on Tuesday announced the annual indexing of the amounts used in determining reserve requirements of depository institutions and deposit reporting panels effective in 2014.
By Laura Kiesel Posted November 06, 2013
It's Reuters! Not atypical, nor unusual, Reuters has just published two articles this morning - one at 9:10 AM the other at 10:06 AM which don't even represent two sides of the same story. They just clash like a train wreck with two engines running head-on into each other full speed. Here's the evidence.
Political Oratory in the US reached a pinnacle early on when Daniel Webster found his voice and was able to convince listeners to support him regardless of their first instincts. Since then every politician believed that what they say is incontrovertible; and the longer they talked, the more converts they generate.
Does Any Reader Know Anything About Seven Sigma?
Submitted by Veteran_Lender on Tue, 10/29/2013 - 11:51.
It's a forum question.
October 17th, the Guardian re-published an October 13th article from the “English language website of the Chinese government’s official news agency” entitled
By Aruna Viswanatha and Anna Yukhananov
WASHINGTON | Sun Oct 27, 2013 12:50pm EDT
Reuters reports -
Insiders who worked on US health website describe high stress, complaints about major problems – AP 10/22/2013.Submitted by Old and Gray on Tue, 10/22/2013 - 14:51
From The Newser website comes the above referenced article.
From a family member comes this supplementation a week ago -
Only one out of 297 applicants was accepted by the computer in an early try here in Florida, and, the response was inadequate. The complaints -
- Not enough information provided to form a decision, and,
- Neither Doctor’s offices nor insurance companies are equipped to respond to queries on the new insurance at this time.
In such a confused situation a large segment of uninformed, helpless people will be victimized.
In a copyrighted article by Rodrigo Campos and Julia Edwards appearing on Reuters
some astute observations are advanced.
First, the default/debt ceiling cliff-hanger has been sidestepped temporarily by passing it along to someone else to resolve.
JPMorgan posts first quarterly loss under Dimon From The Chicago Tribune Oct 11, 2013.
This year profit would have been $5.82 bn.
Legal expenses are $9.2 bn - $7.2 bn after taxes.
Additionally, the Q3 loss reported is $380 million.
generating the alleged violations are:
- bribery paid in the form of JPM hiring offspring of Chinese execs of Chinese state firms;
- fraudulent sales of mortgage securities; and,
- fixing interest rates.
The next significant milestone study along that timeline was delivered courtesy of a French Economist, Josef Clement Juglar (1819-1905) with two editions of his study: the first, 1860; the second, 1889.
Reuters, as usual, pointed out a series of concerns today.
The UK, through its super prosecuting agency, the Serious Fraud Office, has a new line-up of suspects which supports the reasonable suspicion that the conspiracy was more than a one or two man job.
Today's global political and economic balance beams have good and bad:
The government shutdown will continue to test the US Economy adding to the problems of jobs and suspect bank stability.
The American economy has shed 347,000 jobs over the past two months, roughly comparable with the rate of loss seen during the Great Recession. It is remarkable that the US Federal Reserve should even have been thinking of phasing out life-support in such circumstances.
Pros and cons of Obama's choice for the Fed's Chairmanship reveal too much about either the man presiding over the choice or those behind-the-scene powers forcing the choice.
Adam Smith set the limits of early economic study with his title, "The Wealth of Nations". It stimulated the interest of wealthy intellectuals who then proceeded to expand and refine Smith's basic provisions for the "new science". "Wealthy intellectuals" is advisable in view of the comfort of people like Richard Cantillon and David Ricardo, who acquired tens of millions then retired to a life of contemplation and intellectual endeavors. Their study was centered on Wealth, not fiscal policy, welfare of a nation, or the success or failure of menials.
There's always more than one way to boost confidence in the economy to prove that business is improving if not booming. The Dow has reverted to a tested and proven formula - replace the under-performers who drag indices down.
Goldman Sachs will replace Bank of America;
Visa will replace Alcoa; and,
Nike will replace Hewlitt-Packard.
As a sign of the times, a Florida Mutual, Not-For-Profit insurance company is converting to a For Profit operation September 13th, 2013 - The Mutual Insurance is becoming a private Holding Company. With that conversion, $1.6 billion dollars of assets will be transferred from the old mutual firm to the reorganized firm without compensation to the membership, whose surplus premium payments made possible the accumulation of wealth transferred.
Current figures, which seem to be subject to whimsical revisions, paint a confusing picture of the US economy - now and for the next few quarters.
Mohamed El-Erian is an outstanding, accomplished man.. O&G considers those among us outstanding in their accomplishment who can analyze a critical situation and determine corrective action to benefit the "general welfare of the nation". The one element he may lack to keep him from the ascending to the absolute top tier of outstanding accomplished persons in US history is a public office which would empower him to put into operation the corrections needed to put us on the road to recovery.
Placed in support of this accolade is his entry in today's Guardian
JPMorgan was fined in an unspecified number of charge card cases.
NYTimes reported on this.
Just in time to take advantage of the Nasdaq 3-hour misfortune last week, two smaller exchanges have sealed a deal to merge creating an enterprise larger than Nasdaq with exchanges now in operation in the US and Europe and plans to expand to Brazil.