Mike Norman Economics

“It is clear that the banks have too much capital.” Jamie Dimon (CEO, JPMorgan), Annual Letter to Shareholders, April 4, 2017. “If JPMorgan really had demand for additional loans from creditworthy borrowers, why did it turn those customers away and instead choose to buy back its stock?” Neel Kashkari (President, Federal Reserve Bank of Minneapolis), Jamie Dimon’s Shareholder (Advocacy) Letter, April 6, 2017 Money & BankingUnderstanding Bank Capital: A PrimerStephen G. Cecchetti,...

These new facts are particularly puzzling from the point of view of the standard neoclassical economic model, in which markets are perfectly competitive. In this view, profits should not persist over the long run, let alone enable the owners of corporations to increase their share of income over time. The standard model, however, cannot address many of the fundamental changes that have occurred in the U.S. economy over the past 40 years.In order to explain these new trends, I and my...

hahahahahahahahahahahahahahaha!!!!!!!Trump's proposed $4 trillion budget has the deficit moving sharply higher with Republicans in control of Washington: https://t.co/bhkcIeP8WY— AP Politics (@AP_Politics) February 12, 2018

Economists often point out that, when spending and output growth in the private sector is moving really fast either up or down, the government can offset this. This fiscal offset can act as a stabilizing force in that it prevents the economy from overheating when private sector growth is running hot, It can also prevent a depression when private sector spending and output is collapsing. But sometimes, governments choose to mimic the private sector and amplify the trend in the economy. This...

One of Bill's best titles. Maybe "unicorns" would be better than ponies though. It's fantasy all the way with them. Last week (February 8, 2018), we witnessed the US Senate spectacle with Rand Paul embarrassing himself with his lack of economic knowledge but also embarrassing both major parties – the Republicans for their gross hypocrisy and the Democrats for their gross idiocy. The – Congressional Record – of Paul’s speech (starting S817) is a classic. Also, last week, the stables were...

George Monbiot was wrong, so I sent an email to him with a link to this Jimmy Dore video pointing this out. [embedded content]

Privatized and politicized intelligence is undermining the mission of providing unbiased information to both high-level decision makers and the American public, explains George Eliason in this first of a three-part series.… This three-part article series is a top-down look at the deep state. Its purpose isn’t to identify every company and every player. Instead, this lead-in is a primer showing the layout of the land at the highest levels and why things have gone so very wrong inside the...

Professor Paul Verhaeghe says how we are competitive creatures but also cooperative creatures. Think of a football team where group effort and cooperation wins the game, but everyone would love to be the person who gets the goals. In neoliberalism, says Paul Verhaeghe, the coopperatrive bit has been left out with only the competitive bit left in.have a look at the embedded video and about ten minutes in you will see  an experiment with monkeys where for completing a task one gets a grape ant...

I think this is quite important. A young millennial named Bernie talks about the rift between Cenk Uygur, of the The Young Turks, and Jimmy Dore over Russiagate. Cenk Uygur was debating this with Kyle Kulinski  of the The Majority Report and Kyle takes the view of Tom Hickey and myself here about Russiagate, that the Russians did not hack the US election. In the end Cenk agreed with Kyle but added that as Trump as done many businesses deals with Russian oligarchs and that some of these...

RICHARD PENDLEBURY, who spent weeks on the frontline, investigates why ARE so many of our heroes committing suicide? But successful suicides are only the tip of the iceberg as many other soldiers would have attempted suicide. How do the ruling elite get away with their wars? KVDaily Mail-In one year at the height of the Afghan war, more British soldiers took their own lives than were killed by the Taliban