Archive for September 29th, 2014

Americans work too long (and too often at strange times)..

September 29, 2014

Daniel S. Hamermesh and Elena Stancanelli point to this interesting post.

They say Americans work more on weekends and night time than Europeans:

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Indian policymakers flip-flop over FII flows..

September 29, 2014

EPW edit raises the point but misses the main point.

The sheer opportunism of Indian policymakers towards capital inflows is outright double standards. It should actually be titled as a convenient love-hate affair between Indian policymakers and capital inflows. When economy is in trouble we make all attempts to encourage and support capital flows. Just bring them in is the motto. All kinds of statements and proposals are made to attract flows of all kinds – debt. equity, NRI deposits. Just name it. All kinds of representations are made in foreign shores calming and assuring foreign investors.

And then as things stabilize you start talking about hot flows and become artificially uncomfortable. You suddenly acquire new clothes (there aren’t any actually) and express the discomfort towards these flows. The idea is to make sure if things go the other way, you can say I told you so. Be on both sides of the road.

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Connections between NY Fed and Wall Street (read Goldman) getting exposed

September 29, 2014

Over the weekend, some really interesting and scandalous story broke out. Propublica’s Jake Bernstein wrote this long article showing how the cosy relationship between NY Fed and Wall Street. As if this was anything new really. Michael Lewis adds more to the story.

The difference is Bernstein gets this former NY Fed  regulator Carmen Segarra to speak up. Segarra was an onsite supervisor a Goldman Sachs. Onsite regulators are those who actually sit in the office of the regulated entity. She was assigned Goldman Sachs and in act of bravado she taped her conversations while being in conversation with NY Fed and Goldman officials. The tapes show how NY Fed officials were just so afraid to ask Goldman to behave.

And this was after NY Fed actually appointed someone to sort its culture right. Lewis adds:

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