Posted in Main Blog (All Posts) on June 2nd, 2012 11:08 pm by HL
Financial Crooks Walk, While Small Fry Go to Prison
Joe Nocera, NYT
Charlie’s ordeal isn’t over yet, of course. When he leaves prison on June 20, Charlie, 49, will move temporarily to a halfway house, after which he will be on probation for another five years. And unless he can get the verdict overturned, he will have to spend the rest of his life with a felony on his record.Perhaps you remember Charlie Engle. I wrote about him not long after he entered a minimum-security facility in Beaver, W.Va., 16 months ago. He’s the poor guy who went to jail for lying on a liar loan during the housing bubble.
The Last Thing Europe Needs Is More Spending
Shawn Tully, Fortune
The leaders of distressed European nations, from Italy's Mario Monti to France's Francois Hollande, are blaming “austerity” for their economic woes, and championing policies that promote “growth.”It's important to define the two terms. Austerity stands for shrinking budget deficits, by lowering spending, raising taxes, or a combination of the two. The pro-growth measures are what's known in the U.S. as “stimulus.” It comprises short-term fiscal policies designed to limit the damage from a recession and speed recovery. Stimulus works in…