"Politics And Economics: The 101 Courses You Wish You Had"
http://paxonbothhouses.blogspot.com/2012/01/politics-and-economics-101-curricula.html
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"Republican Rule and Economic Catastrophe: A Lockstep Relationship"
"Inside Job"
Too Pig To Fail - "Why People Hate Bank Of America," Matt Taibbi
Benjamin Franklin “on Property and Taxes”
"No Megabank Will Ever Face Meangingful Prosecution"
"This Is Why They Hate You And Want You To Die." Wall Street fund manager, Josh Brown http://paxonbothhouses.blogspot.com/2011/10/moribund-way-of-life-on-life-support.html
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Agencies approve new suite of banking rules. "U.S. regulators set requirements for the amount of high-quality, liquid assets big banks must stockpile to survive a 30-day liquidity drought, taking a major step in efforts to prevent a repeat of the 2008 credit crisis....The agencies also proposed a rule on collateral for swaps traded outside of clearinghouses and wrapped up rules on how much loss-absorbing capital must be held against total assets. The liquidity and leverage-ratio rules are based on accords reached by the 27-nation Basel Committee on Banking Supervision. They’re meant to keep banks running in a crisis by limiting how indebted they can get and demanding they hold stable assets such as Treasuries, corporate debt and stocks." Jesse Hamilton in Bloomberg.
Bank-liquidity rule reflects Dodd-Frank requirements. "The 15 largest banks — those with more than $250 billion in assets — will have to hold enough cash, government bonds and other high-quality assets to fund operations for 30 days during a time of market stress. Smaller banks...will have to keep enough to cover 21 days. Banks with less than $50 billion in assets and nonbank financial firms deemed by regulators as posing a potential threat to the system will not be subject to the requirements....Fed officials say the rules are stronger than new international standards for banks....The requirements were called for by Congress in the sweeping overhaul law responding to the 2008 financial crisis." Marcy Gordon in the Associated Press.
How the derivatives rule aims to curtail risk buildup. "The 2008 crisis revealed how flaws in the market had allowed for dangerous buildups of risk at large Wall Street firms and worsened the run on the banking system. Since then, regulators have been trying to make the derivatives market less risky. The rule proposed on Wednesday focuses on margin payments, which traders in derivatives make to each other to protect against the risk that they don’t get paid what they are owed. Such margin payments add discipline to a high-octane trading activity and make it more likely that derivatives traders can bear losses if one large entity collapses. But the industry, seeking to minimize its costs, has not applied margin requirements evenly across the system. The proposed rule aims to change that." Peter Eavis in The New York Times.
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