On the same day this aired the TN State Funding Board met to pass the new swap guidelines. (link...)

Summers's memo gave three reasons why the World Ban should encourage dirty industries to migrate to less developed countries (LDCs) [Summers].(2)

1. Since the cost of health-impairing pollution is

measured by foregone earnings, cost will be lowest

where wages are lowest.

2. Since "initial increments of pollution probably have

very low cost," overall costs of pollution would be

reduced by transferring pollution from dirty to clean,

"under-polluted" countries.

3. Since demand for a clean environment is highly income

elastic, high-income countries' willingness to pay

to export pollution should lead to "welfare-enhancing"

trade.

Thanks for the reminder. I meant to watch it--ended up doing so online.

It really made clear how much the regulators were under Wall Street capture during the late 1990s. Alas.

Brian A.
I'd rather be cycling.

How did we let Obama keep these criminals?

22 January 2009
The Guardian

The Senate Finance Committee today approved the nomination of Timothy Geithner to be treasury secretary, but his final confirmation could be delayed until next week as Republicans seek to delve deeper into his personal finances.

Geithner, the head of the Federal Reserve Bank of New York since November 2004, appeared to be a slam dunk when he was nominated late last year. The recent revelation of numerous tax errors, including failure to pay self-employment taxes over a four-year period, however, created unexpected hurdles. Geithner belatedly paid all his taxes, plus interest.

Despite the concerns over those errors, the panel voted 18-5 to send Geithner's nomination to the full Senate for consideration. All five "no" votes came from Republicans.

How did we let Obama keep these criminals?

Quid pro quo.

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Calling to the underworld. Come out of the cupboard, you boys and girls.