In the course of a pretty wonky piece on CDOs, Felix Salmon points out that the modern financial environment weakens the political position of creditors. Back in 1975, when New York City was on the verge of default, its bonds were uninsured, and held mostly by the city’s rich and its biggest banks. Both sets of bondholders were relatively few in number and invested in the city’s long-term survival. The creditors were able to come together and speak with one voice to force wage cuts and layoffs on the unions and service cuts… Read More
Note that automatically generated audio versions of this blog, read in a pretty good robovoice, are now available. You can listen to individual files, or subscribe to the podcast. See the links column to the right.
A follow-up to yesterday’s post about the war on William Robinson. Robinson said on my radio show yesterday that the ADL’s Abe Foxman came to Santa Barbara to organize a meeting of sympathetic profs to encourage the university to go after Robinson. This is clearly an attempt by a very well-financed organization (the ADL’s budget is some $50 million a year) to restrict political speech and academic freedom. Some of the comments here and on Facebook suggest that somehow Robinson “crossed a line” by likening Israeli behavior in Gaza to the Nazis. On the… Read More