Category: Primer posts

Stock-taking?: Part 2, “An unconfirmable plan”

16 October, 2014 (10:00) | Bankruptcy, Bonds, California, Debt, Markets, Municipal bankruptcy, Pension funds, Primer posts, Stockton | No comments

[Continued from yesterday’s Part 1.] By: David A. Smith Do I have your attention now? Yesterday we saw, via simultaneous articles in The Sacramento Bee (October 1, 2014) and Los Angeles Times (October 1, 2014; navy font), that despite the City of Stockton’s willingness to keep paying CalPERS at 100% even as other creditors were […]

Stock-taking?: Part 1, “Simply Invalid”

15 October, 2014 (10:00) | Bankruptcy, Bonds, California, Debt, Markets, Municipal bankruptcy, Pension funds, Primer posts, Stockton | 1 comment

By: David A. Smith As politics is the process that advances the interests of the majority, law is the process that protects the interests of the minority, and when those who make the laws find themselves forced to live with laws others have mad, including the bankruptcy laws and the Constitution from whence they derive, […]

Dictatorship is uneconomic

19 February, 2013 (16:50) | Argentina, Capital markets, Dictators, Egypt, Global news, Government, Primer posts, Speculation, Theory |

By:David A. Smith   As far as I can tell, dictatorships end in only three ways: internal revolution, aggressive war, or economic collapse from hyperinflation, a theory we are close to testing in Argentina (Washington Post, February 4, 2013), and could possibly come to a crucial test a few months hence in Egypt Reuters (January […]

Talking down and buying up

31 August, 2012 (09:20) | Banking, Bonds, Capital markets, Euro, Finance, Global news, Hard equity, Primer posts |

By:David A. Smith   Banker speak with forked tongue?   In real life, talking from both sides of one’s mouth is a prescription for social disaster, but in finance, the difference between two perspectives can have profitable consequences (at least in the short term), as reported in the Wall Street Journal (August 12, 2012):   […]

The ten housing-policy commandments – times two: Part 4, change and resilience

26 June, 2012 (11:17) | Affordability, Capital markets, Ecosystem, Essential posts, Infrastructure, Legislation and policy, MEEs, Policy, Primer posts, Theory, Urbanization, US News |

By:David A. Smith   [Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.]   As we’ve seen so far in this four-part post, I had no trouble reeling off a score of answers, in response to the Bipartisan Policy Center‘s intriguing blog question:   What lessons can the U.S. learn from […]