You may have seen a big outbreak in the academic literature and business media of defenses of liquidity for liquidity’s sake, evidently prompted by increased interest in and in the EU, implementation of transaction taxes as a way to tame speculation and secondarily raise revenues.
During an appearance on CNBC yesterday, Charlie Munger, deputy to billionaire investor Warren Buffett, had some harsh words for high-frequency trading, the practice used by huge financial firms to trade stocks in milliseconds. “Take the rapid trading by the computer geniuses with the computer algorithms,” said Munger. “Those people have all the social utility of a bunch of rats admitted to a granary.”
I attended the oral argument in the Voting Rights Act case before the U.S. Supreme Court, and I came away even more convinced that the Court should uphold the contested parts of the law.
Section 5 of the Voting Rights Act requires that covered states "preclear" their proposed election law changes with federal officials. Nine states plus parts of seven others are "covered," and many of these areas are in the South.
Democratic lawmakers say allowing voters to register and cast ballots on the same day would increase election participation, but some county officials worry that it would further complicate the voting process.
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States with same-day registration have turnout rates nearly 6 percent higher than states that don’t offer it, according to Demos, a progressive public policy research group.
Though technology and innovation have squeezed trading costs, the industry's profits are accounting for a bigger share of U.S. GDP, a former Goldman banker says, needlessly diverting some $635 bln from the broader economy. It lends credence to ideas like a transaction tax.
Before the Great Recession, the financial sector had consistently been eating up a greater and greater share of the economy. In 2007, it accounted for a whopping 40 percent of corporate profits. Before 1950, the financial sector made up less than 3 percent of GDP; now it makes up more than 8 percent.
WASHINGTON (MarketWatch) — Massachusetts Senator-elect Elizabeth Warren is likely to focus her efforts on the Senate Banking Committee in areas that go far beyond her bread-and-butter expertise in consumer protection, analysts say.
Despite President Obama’s important, even landmark, accomplishments, by the time November 6 arrived, many Americans were disappointed with his first term. They expected him to be a “transformational” president who would somehow, single-handedly, change Washington’s political culture.
Of course, no one should attempt to vote if he or she is not legally registered, but documented cases of actual voter fraud are rare. True the Vote is aiming to train as many as one million poll “observers,” and the scope of that effort far exceeds any real problem of illegal voting; instead, it seems intended to intimidate voters. As True the Vote’s top organizer reportedly told recruits during a training session in South Florida, their job is to make voters feel as if they are “driving and seeing the police following you.” This isn’t a civics lesson.
It's a sign of our shadowy times that the latest regulatory "reform" bill hasn't been laughed out of Washington. Same goes for the latest bankers' complaint, this time about being asked to cover their own bets. And if you think it's bad now, wait and see what happens if Romney takes over.
Think "global catastrophe."
While bank-friendly politicians offer insipid legislation, the world economy is still at risk. And it could get worse.
5. Will old-school voter intimidation and suppression come into play?
This refers to all the steps that have been taken by the GOP in recent years to complicate the voting process, discourage participation and scare off new voters.
Several developments in the past three years suggest that the case for upholding section 5 against constitutional challenge has been strengthened compared to the situation in 2009.
Lorraine C. Minnite, a Rutgers University political scientist and a senior fellow at Demos, a liberal think tank, looked for a turnout effect in a 2009 paper she co-authored with Columbia University political scientist Robert S. Erikson. They didn't turn up definitive evidence, concluding, "our data and tools are not up to the task of making a compelling statistical argument for an effect."
To make sure that no voter is subjected to intimidation when they hit the polls next month, one organization is dispensing military veterans to booths across the country.
In 2008, young people—particularly those of color—endured more voting restrictions than any other youth voting demographic that came before, yet black youth turnout hit its highest rate in history.
But evidence is mounting that it is the last point — the fact that people move — that is key, and that past assumptions about why tenants don't vote may be incorrect.
Political scientists who have been re-evaluating reams of voting data have found that whether a tenant votes is less about political will and more about the cumbersome and at times elusive process of registering.
At a minimum, we can expect “poll-watchers” to come up with enough “documented” examples of “voter fraud” to support a general post-election effort to de-legitimize the results.