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Articles about the work of Joe Nocera

Nocera on Greed
futureofcapitalism.com

The New York Times's Joe Nocera has a column about Anthony Scaramucci, the hedge fund manager who asked President Obama when he was going to stop whacking Wall Street like a piñata. Mr. Nocera accuses Mr. Scaramucci of being "in denial." Mr. Nocera writes:

Greed, Mr. Scaramucci conceded, had infected Wall Street during the years leading up to the crisis — but he wouldn't acknowledge what seems patently obvious to most people: that those who gravitate to Wall Street are far less motivated by a desire to, say, supply capital to struggling start-ups than to get really rich.

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Nocera on Buffett and Sokol
futureofcapitalism.com

Writing in the New York Times, Joe Nocera weighs in on the Warren Buffett-David Sokol-Lubrizol situation. He writes:

How is this not, on its face, evidence of insider trading? A guy buys stock in a company and then talks his boss into buying the company. The fact that his boss is Warren Buffett makes it even more "material," to use the word the S.E.C. favors when it investigates insider trading. If a company executive trades on material information, knowing that he is privy to stock-moving news that hasn't yet been divulged to other shareholders, he is likely to be committing a crime. When Warren Buffett buys a company, the stock price goes up. Everybody knows that — including, presumably, Dave Sokol.

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Nocera on M&T
futureofcapitalism.com

Under the headline "The Good Banker," New York Times columnist Joe Nocera writes about Robert G. Wilmers of M&T Bank:

When he took it over, M&T had $2 billion in assets; today, its assets exceed $68 billion, and it's one of the most highly regarded regional bank holding companies. It has also been one of the best performing stocks in the Standard & Poor's 500-stock index; indeed, M&T was one of only two banks in the S.& P. 500 that didn't cut its dividend during the financial crisis.

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Medicare Solution Is More Young People
futureofcapitalism.com

The hottest issue in politics these days seems to be Medicare, notwithstanding polling showing voters care more about jobs and the economy.

Medicare was what the recent special election in New York's 26th congressional district was fought over. The government health program for the elderly has also emerged as an issue in the Republican presidential primary, with Newt Gingrich making news by criticizing Congressman Paul Ryan's Medicare plan as too radical, and with the press then scrambling to saddle the other Republican presidential contenders with Mr. Ryan's plan. And Republicans won control of the House of Representatives in 2010 in part by criticizing Medicare cuts and Medicare tax increases in ObamaCare.

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Harvard For Tax Increases
futureofcapitalism.com

Harvard, which as a non-profit doesn't pay taxes at the corporate level and in fact is a huge beneficiary of government spending via research grants and contracts, subsidized student loans, and Pell Grants, is emerging as a hotbed of anti-Tea Party, pro-tax-increase sentiment. Here's Harvard economics professor Kenneth Rogoff, in an interview with Spiegel:

I just cannot understand how President Obama made so many concessions in the latest negotiations over the debt ceiling. He was holding all the cards and he was still stared down by the Tea Party. He should have said: "I do not negotiate with terrorists. If you want to bring down financial markets, it will be on your head. I am going to behave normally and responsibly." Instead, he got gamed into making giant concessions...

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Starbucks and Goldman Sachs
futureofcapitalism.com

New York Times columnist Joe Nocera has an article this morning that runs under the headline "The Good, Bad and Ugly of Capitalism." It holds Starbucks and its CEO Howard Schultz out as an example of good capitalism and Goldman Sachs and its CEO Lloyd Blankfein out as an example of bad capitalism. "Maybe the time has come for Blankfein to watch what Howard Schultz is doing at Starbucks. Sometimes, the best way to do well really is to do good," Mr. Nocera writes. He says of Mr. Schultz, "Profitability is important, he believes, but so is treating customers, employees and coffee growers fairly."

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Nocera On The Eminent Domain Mortgage Grab
futureofcapitalism.com

The eminent domain mortgage grab that has been covered here hits the New York Times op-ed page today in a column by Joe Nocera, who endorses the idea:

The plan calls for the county to buy mortgages at a steep, but fair, discount to its face value, and then to offer the homeowner a new mortgage that reflects much, though not all, of that discount. (Fees and costs would be paid for by the spread.) The money to buy the mortgages would come from investors; indeed, Mortgage Resolution Partners is in the process of raising money.

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Nocera on Keystone
smartertimes.com

The usually liberal Times columnist Joe Nocera has a column highly critical of NASA's chief climate scientist James Hansen:

what people hear from Hansen today is not so much his science but his broad, unscientific views on, say, the evils of oil companies… There is, in fact, enormous resentment toward Hansen inside NASA, where many officials feel that their solid, analytical work on climate science is being lost in what many of them describe as "the Hansen sideshow." His activism is not really doing any favors for the science his own subordinates are producing.

It shows all the signs of being a surprising attack by the Times against left-wing orthodoxy. Yet the end of the column shows that Mr. Nocera and Mr. Hansen in the end don't really have a disagreement over principle or goals, but over tactics:

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Nocera On The Eminent Domain Mortgage Grab
futureofcapitalism.com

The eminent domain mortgage grab that has been covered here hits the New York Times op-ed page today in a column by Joe Nocera, who endorses the idea:

The plan calls for the county to buy mortgages at a steep, but fair, discount to its face value, and then to offer the homeowner a new mortgage that reflects much, though not all, of that discount. (Fees and costs would be paid for by the spread.) The money to buy the mortgages would come from investors; indeed, Mortgage Resolution Partners is in the process of raising money.

Read More...


Starbucks and Goldman Sachs
futureofcapitalism.com

New York Times columnist Joe Nocera has an article this morning that runs under the headline "The Good, Bad and Ugly of Capitalism." It holds Starbucks and its CEO Howard Schultz out as an example of good capitalism and Goldman Sachs and its CEO Lloyd Blankfein out as an example of bad capitalism. "Maybe the time has come for Blankfein to watch what Howard Schultz is doing at Starbucks. Sometimes, the best way to do well really is to do good," Mr. Nocera writes. He says of Mr. Schultz, "Profitability is important, he believes, but so is treating customers, employees and coffee growers fairly."

Read More...


Harvard For Tax Increases
futureofcapitalism.com

Harvard, which as a non-profit doesn't pay taxes at the corporate level and in fact is a huge beneficiary of government spending via research grants and contracts, subsidized student loans, and Pell Grants, is emerging as a hotbed of anti-Tea Party, pro-tax-increase sentiment. Here's Harvard economics professor Kenneth Rogoff, in an interview with Spiegel:

I just cannot understand how President Obama made so many concessions in the latest negotiations over the debt ceiling. He was holding all the cards and he was still stared down by the Tea Party. He should have said: "I do not negotiate with terrorists. If you want to bring down financial markets, it will be on your head. I am going to behave normally and responsibly." Instead, he got gamed into making giant concessions...

Read More...


Who's 'Fox-ified'? - WSJ.com
wsj.com

New York Times columnist takes aim at the competition, ends up shooting blanks. James Taranto reports.

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Nocera on Greed
futureofcapitalism.com

The New York Times's Joe Nocera has a column about Anthony Scaramucci, the hedge fund manager who asked President Obama when he was going to stop whacking Wall Street like a piñata. Mr. Nocera accuses Mr. Scaramucci of being "in denial." Mr. Nocera writes:

Greed, Mr. Scaramucci conceded, had infected Wall Street during the years leading up to the crisis — but he wouldn't acknowledge what seems patently obvious to most people: that those who gravitate to Wall Street are far less motivated by a desire to, say, supply capital to struggling start-ups than to get really rich.

Read More...


Nocera on Buffett and Sokol
futureofcapitalism.com

Writing in the New York Times, Joe Nocera weighs in on the Warren Buffett-David Sokol-Lubrizol situation. He writes:

How is this not, on its face, evidence of insider trading? A guy buys stock in a company and then talks his boss into buying the company. The fact that his boss is Warren Buffett makes it even more "material," to use the word the S.E.C. favors when it investigates insider trading. If a company executive trades on material information, knowing that he is privy to stock-moving news that hasn't yet been divulged to other shareholders, he is likely to be committing a crime. When Warren Buffett buys a company, the stock price goes up. Everybody knows that — including, presumably, Dave Sokol.

Read More...


Nocera on M&T
futureofcapitalism.com

Under the headline "The Good Banker," New York Times columnist Joe Nocera writes about Robert G. Wilmers of M&T Bank:

When he took it over, M&T had $2 billion in assets; today, its assets exceed $68 billion, and it's one of the most highly regarded regional bank holding companies. It has also been one of the best performing stocks in the Standard & Poor's 500-stock index; indeed, M&T was one of only two banks in the S.& P. 500 that didn't cut its dividend during the financial crisis.

Read More...


Medicare Solution Is More Young People
futureofcapitalism.com

The hottest issue in politics these days seems to be Medicare, notwithstanding polling showing voters care more about jobs and the economy.

Medicare was what the recent special election in New York's 26th congressional district was fought over. The government health program for the elderly has also emerged as an issue in the Republican presidential primary, with Newt Gingrich making news by criticizing Congressman Paul Ryan's Medicare plan as too radical, and with the press then scrambling to saddle the other Republican presidential contenders with Mr. Ryan's plan. And Republicans won control of the House of Representatives in 2010 in part by criticizing Medicare cuts and Medicare tax increases in ObamaCare.

Read More...


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Joe Nocera

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