Paul A. Samuelson, whose analytical work laid the foundation for modern economics, died Sunday. He was 94. "Paul Samuelson was both a path-breaking and prolific economic theorist and one of the greatest teachers that economics has ever known," said Federal Reserve chairman Ben Bernanke, a former student of Mr. Samuelson's at the Massachusetts Institute of Technology. "I join with many other former students and colleagues of Paul's in mourning the passing of a titan of economics." Actively publishing into the 2000s, Mr. Samuelson's career in economics spanned eight decades. As a high school student in 1932, he wandered into an economics lecture at the University of Chicago and was enamored. But attending Chicago as an undergraduate, he became keenly aware, he said in an interview with The Wall Street Journal earlier this year, of the differences between what was being taught in the classroom and "what I heard out the windows and I heard from the street." In 1935 he went, despite his Chicago professors' protestations, to Harvard University for his graduate work. His 1941 Ph.D. thesis, later published as "Foundations of Economic Analysis," examined the mathematical structure underlying economics. The approach revolutionized the field.
Paul A. Samuelson, whose analytical work laid the foundation for modern economics, died Sunday. He was 94.
"Paul Samuelson was both a path-breaking and prolific economic theorist and one of the greatest teachers that economics has ever known," said Federal Reserve chairman Ben Bernanke, a former student of Mr. Samuelson's at the Massachusetts Institute of Technology. "I join with many other former students and colleagues of Paul's in mourning the passing of a titan of economics."
Actively publishing into the 2000s, Mr. Samuelson's career in economics spanned eight decades. As a high school student in 1932, he wandered into an economics lecture at the University of Chicago and was enamored. But attending Chicago as an undergraduate, he became keenly aware, he said in an interview with The Wall Street Journal earlier this year, of the differences between what was being taught in the classroom and "what I heard out the windows and I heard from the street."
In 1935 he went, despite his Chicago professors' protestations, to Harvard University for his graduate work. His 1941 Ph.D. thesis, later published as "Foundations of Economic Analysis," examined the mathematical structure underlying economics. The approach revolutionized the field.
Quality requires examination of desire.
But even the most uneducated, cretinous, or indigent individual is capable of employing this formula of reasoning to describe the finite universe through which he and she journey --if pressed by some detractractor.
The popularity of "economics" is assured for all time. Diversity is the key to economic and political evolution.
The Wall St. Journal is right out.
While I'm not a fan of 'talky-talk' clinical methodologies these have shown success in some cases.
Other treatments are somewhat more problematical as the APA hasn't validated a anti-economics psychopharmaceutical. Only limited, anecdotal, and ad-hoc studies have been conducted in this area.
Generally speaking, those suffering from NCE are high functioning and Cognitive Therapy offers them their best avenue to achieving mental health.
Of course most of the authors I cited as "good economics" are not even considered economics by heterodox economists... En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
Of course most of the authors I cited as "good economics" are not even considered economics by heterodox economists...
The other people you cite have been marginalised, not so much by later work, as by interests who prefer different truths. keep to the Fen Causeway
Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.This will raise questions about crime's influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor," he said.Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said."Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way." Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered.
Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.
Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
This will raise questions about crime's influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor," he said.
Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said.
"Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way." Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered.
profil: In welcher Form geschieht das? Costa: Es sieht aus, als seien Interbank-Kredite durch Geldmittel finanziert worden, die aus dem Drogenhandel und anderen illegalen Aktivitäten kommen. Es ist natürlich schwer, das zu beweisen, aber es gibt Hinweise, dass manche Banken auf diese Art und Weise gerettet wurden.
profil: Wie darf man sich das vorstellen? Der Drogenboss wird ja kaum zu seiner Filiale marschieren und dort Bargeld einzahlen, um einen Bankenkonkurs zu verhindern. Costa: Nein, aber vielfach ist Drogengeld derzeit das einzige verfügbare liquide Investmentkapital - etwa, um Immobilien zu kaufen. In der zweiten Hälfte des Jahres 2008 wiederum war Liquidität das größte Problem des Bankensystems, und damit wurde flüssiges Kapital zu einem wichtigen Faktor.
profil: In what way does this happen? Costa: It looks as though interbank lending has been financed by money coming from drug trafficking and other illegal activities. It is of course difficult to prove this, but there are indications that some banks have been saved in this way.
profil: As one may imagine that? The drug boss is indeed difficult to march to his office and then pay cash to avoid bank bankruptcy. Costa: No, but in many cases drug money is currently the only available liquid capital investment - for example, to buy real estate. In the second half of 2008, liquidity was again the biggest problem of the banking system, and thus liquid capital has become an important factor.
that would be inappropriate because his office is supposed to address the problem, not apportion blame
now theres a quote and a half. Any idiot can face a crisis - it's day to day living that wears you out.
because his office is supposed to address the problem, not apportion blame step on toes.
I say again: Put return on investment in one pan of the balance and put all other alleged values in the other and ROI outweighs them all. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Even as other potential buyers circle Saab, Beijing Automotive Industry Holding has struck a tentative agreement for the right to produce several of the beleaguered Swedish manufacturer's models. If completed, people close to the negotiations said Sunday, the agreement would allow Beijing Automotive to produce older versions of the Saab 9-3 and 9-5 in China, but not prevent a separate deal for the entire company, a unit of General Motors. The fate of Saab's 3,500 workers in Trollhattan, Sweden, was uncertain, however, following the unexpected collapse last month of a deal between G.M. and the high-end automaker Koenigsegg for Saab. Nevertheless, a pact with state-owned Beijing Automotive "would be good for Sweden, good for China and good for Saab," according to a Saab official who insisted on anonymity because the discussions were not final.
Even as other potential buyers circle Saab, Beijing Automotive Industry Holding has struck a tentative agreement for the right to produce several of the beleaguered Swedish manufacturer's models.
If completed, people close to the negotiations said Sunday, the agreement would allow Beijing Automotive to produce older versions of the Saab 9-3 and 9-5 in China, but not prevent a separate deal for the entire company, a unit of General Motors.
The fate of Saab's 3,500 workers in Trollhattan, Sweden, was uncertain, however, following the unexpected collapse last month of a deal between G.M. and the high-end automaker Koenigsegg for Saab.
Nevertheless, a pact with state-owned Beijing Automotive "would be good for Sweden, good for China and good for Saab," according to a Saab official who insisted on anonymity because the discussions were not final.
When I asked top White House economic advisor Larry Summers if the President needs to encourage banks to do more lending, he told me that bankers "need to recognize that they've got obligations to the country after all that's been done for them, and there is a lot more they can do." Tomorrow, the President will meet with heads of the country's biggest banks and Summers told me the White House has a blunt message: "President Obama is going to be talking with them about what they can do to support enhanced lending to customers across the country. "We were there for them. And the banks need to do everything they can to be sure they're there for customers across this country."
When I asked top White House economic advisor Larry Summers if the President needs to encourage banks to do more lending, he told me that bankers "need to recognize that they've got obligations to the country after all that's been done for them, and there is a lot more they can do."
Tomorrow, the President will meet with heads of the country's biggest banks and Summers told me the White House has a blunt message: "President Obama is going to be talking with them about what they can do to support enhanced lending to customers across the country.
"We were there for them. And the banks need to do everything they can to be sure they're there for customers across this country."
And the banks need to do everything they can to be sure they're there for customers across this country.
President Obama and his team of economic advisors lashed out at large-cap banks calling bank executives "fat cats" that "don't get it" in a move that will certainly escalate tensions between the nation's largest banks ahead of a meeting between the White House and industry executive. Mr. Obama, speaking just one day before tomorrow's meetings with the heads of top banks at the White House, said that he would attempt to convince bankers to free up more credit for businesses, in hopes of boosting job growth during an interview to be broadcast on CBS' "60 Minutes" program. During his interview, President Obama expressed frustration with banks that the government provided assistance to, including JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) and others. "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," said Mr. Obama.
Mr. Obama, speaking just one day before tomorrow's meetings with the heads of top banks at the White House, said that he would attempt to convince bankers to free up more credit for businesses, in hopes of boosting job growth during an interview to be broadcast on CBS' "60 Minutes" program.
During his interview, President Obama expressed frustration with banks that the government provided assistance to, including JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) and others.
"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," said Mr. Obama.
Translation: Una panoonah banka Diversity is the key to economic and political evolution.
Why doesn't Mr Obama appeal to the law of his nation, the United States, to overrule his economic advisors? Diversity is the key to economic and political evolution.
re: OTS cover-up of WaMu seizure and immediate sale to JPM Diversity is the key to economic and political evolution.
Dec. 12 (Bloomberg) -- Goldman Sachs Group Inc., which took $10 billion in U.S. bailout funds last year, shouldn't get taxpayer support if the firm focuses on trading over banking, according to former Federal Reserve Chairman Paul Volcker. The "safety net" provided by the U.S. government "should not be extended beyond the core commercial-banking business," Volcker, 82, said in an interview yesterday at Deutsche Bank AG's Berlin office, where he was attending a conference. "They can do trading and do anything they want, but then they shouldn't have access to the safety net." Goldman Sachs, the most profitable investment bank in Wall Street history, has reaped more than 90 percent of its pretax earnings this year from trading and so-called principal investments, which include market bets on securities and stakes in companies. The other 10 percent came from advising clients on takeovers and capital-raising and from asset management, which includes managing hedge funds and buyout funds. When the collapse of smaller rival Lehman Brothers Holdings Inc. triggered a crisis of investor confidence last year, regulators allowed Goldman Sachs and Morgan Stanley, another competitor, to convert into bank holding companies. That put the New York-based firms under the Fed's purview and gave them access to cheap funding. The two firms received federal guarantees on new debt issues, as did commercial banks and some companies with financing businesses, such as General Electric Co.
The "safety net" provided by the U.S. government "should not be extended beyond the core commercial-banking business," Volcker, 82, said in an interview yesterday at Deutsche Bank AG's Berlin office, where he was attending a conference. "They can do trading and do anything they want, but then they shouldn't have access to the safety net."
Goldman Sachs, the most profitable investment bank in Wall Street history, has reaped more than 90 percent of its pretax earnings this year from trading and so-called principal investments, which include market bets on securities and stakes in companies. The other 10 percent came from advising clients on takeovers and capital-raising and from asset management, which includes managing hedge funds and buyout funds.
When the collapse of smaller rival Lehman Brothers Holdings Inc. triggered a crisis of investor confidence last year, regulators allowed Goldman Sachs and Morgan Stanley, another competitor, to convert into bank holding companies. That put the New York-based firms under the Fed's purview and gave them access to cheap funding.
The two firms received federal guarantees on new debt issues, as did commercial banks and some companies with financing businesses, such as General Electric Co.
DUBAI (Reuters) - Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $10 billion injection, of which $4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday. The move was the least expected of all options Dubai had on the table after requesting a standstill on $26 billion in Dubai World debt on November 25, alarming markets and shaking the image of the emirate as a regional business hub. "The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," the chairman of the Dubai Supreme Fiscal Committee said in a statement. "As a first action for the new fund, the government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today."
The move was the least expected of all options Dubai had on the table after requesting a standstill on $26 billion in Dubai World debt on November 25, alarming markets and shaking the image of the emirate as a regional business hub.
"The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," the chairman of the Dubai Supreme Fiscal Committee said in a statement.
"As a first action for the new fund, the government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today."
Hospital cleaners are worth more to society than bankers, a study suggests. The research, carried out by think tank the New Economics Foundation, says hospital cleaners create £10 of value for every £1 they are paid. It claims bankers are a drain on the country because of the damage they caused to the global economy. They reportedly destroy £7 of value for every £1 they earn. Meanwhile, senior advertising executives are said to "create stress". The study says they are responsible for campaigns which create dissatisfaction and misery, and encourage over-consumption. And tax accountants damage the country by devising schemes to cut the amount of money available to the government, the research suggests.
It claims bankers are a drain on the country because of the damage they caused to the global economy. They reportedly destroy £7 of value for every £1 they earn. Meanwhile, senior advertising executives are said to "create stress".
The study says they are responsible for campaigns which create dissatisfaction and misery, and encourage over-consumption. And tax accountants damage the country by devising schemes to cut the amount of money available to the government, the research suggests.
Of course, this will come as a shock to anyone who believes that wages equal marginal productivity. En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
