Financial markets: ever more inefficient and costly

Published on Real-World Economics Review Blog, by David Ruccio, August 21, 2013.

Back in 2011, just after Mayor Michael R. Bloomberg gave the orders to forcibly end the occupation of Zuccotti Park, Chris Smith observed that:

–Bloomberg is an ineluctable member of the ruling class, and it’s part of the reason New York elected him. He’s the result of the hard bargain we made in the traumatic aftermath of 9/11, when our tallest symbols of capitalism had been destroyed: We put a moneyman in charge, hoping that he’d manage basic services with business-honed competence and attract new jobs for the city’s reeling economy.   

That gamble largely paid off, though Bloomberg’s vision of New York as a luxury good and his shameless buying of a third term turned out to be unpleasant side effects.

Now that Bloomberg’s third term is coming to an end, Ginia Bellafante surveys the damage: … //

… In the coming months and years, Bloomberg’s successor will have to try to clean up the mess left by the Mayor of Wall Street.
(full text).

Links:

The crisis and the babies, on Real-World Economics Review Blog, by merijnknibbe, August 21, 2013: A well established and centuries old (West-)European cultural pattern is the ‘independent household’. People only establish a family household when they can support an independent nuclear family and household (including an own house, be it owned or rented). The crisis of course disabled many people to do this … see the chart …;

EDITORIAL: No Banker Left Behind, on NYT/opinion, by THE EDITORIAL BOARD, August 15, 2013;

Organized Labor’s Most Feared Enemy, on Dissident Voice, by David Macaray, August 21, 2013;

Noam Chomsky: The U.S. behaves nothing like a democracy, but you’ll never hear about it in our free press, on Intrepid Report, by Jerry Mazza, August 22, 2013;

BOOKS OF THE TIMES: How Four Years Can (and Should) Transform You, Mark Edmundson’s Essays Ask, ‘Why Teach?’, NYT/Books, by MICHAEL S. ROTH, August 20, 2013.

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