Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

Daily Archives: July 30, 2013

Dallas Fed – The Costs and Consequences of the 2007–09 Financial Crisis

How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis –  Staff PAPERS. Federal Reserve Bank of Dallas No. 20, July 2013. Tyler Atkinson, David Luttrell, Harvey Rosenblum

“The 2007-2009 financial crisis was associated with a huge loss of economic output and financial wealth, psychological consequences and skill atrophy from extended unemployment, an increase in government intervention, and other significant costs. Assuming the financial crisis is to blame for these associated ills, an estimate of its cost is needed to weigh against the cost of policies intended to prevent similar episodes. We conservatively estimate that 40 to 90 percent of one year’s output ($6 trillion to $14 trillion, the equivalent of $50,000 to $120,000 for every U.S. household) was foregone due to the 200-09 recession. We also provide several alternative measures of lost consumption, national trauma, and other negative consequences of the worst recession since the 1930s. This more comprehensive evaluation of factors suggests that what the U.S. gave up as a result of the crisis is likely greater than the value of one year’s output.”

NSA tool collects ‘nearly everything a user does on the internet’

Glenn Greenwald, TheGuardian.com: “A top secret National Security Agency program allows analysts to search with no prior authorization through vast databases containing emails, online chats and the browsing histories of millions of individuals, according to documents provided by whistleblower Edward Snowden. The NSA boasts in training materials that the program, called XKeyscore, is its “widest-reaching”Continue Reading

Report – Higher education remains separate and unequal

“The higher education system is more and more complicit as a passive agent in the systematic reproduction of white racial privilege across generations. This is the core finding in a new study by the Georgetown University Center on Education and the Workforce (CEW), Separate and Unequal: How Higher Education Reinforces the Intergenerational Reproduction of WhiteContinue Reading

New GAO Reports – Critical Infrastructure Protection, VA, Overstay Enforcement, TSA

Critical Infrastructure Protection – DHS Could Strengthen the Management of the Regional Resiliency Assessment Program, GAO-13-616, Jul 30, 2013 Department of Veterans Affairs – Available Data Not Sufficiently Reliable to Describe Use of Consulting Services, GAO-13-714R, Jul 30, 2013 Overstay Enforcement – Additional Actions Needed to Assess DHS’s Data and Improve Planning for a BiometricContinue Reading

Rulemaking – Understanding and Getting Better Public Participation

Rulemaking 2.0: Understanding and Getting Better Public Participation by Cynthia Farina – Mary Newhart “This report provides important insights in how governments can improve the rulemaking process by taking full advantage of Rulemaking 2.0 technology. The report’s findings and recommendations are based on five experiments with Rulemaking 2.0 conducted by CeRI researchers, four in partnershipContinue Reading

U.S. biodiesel production reached a record level in May 2013

“U.S. biodiesel production in May 2013 reached a record level of 111 million gallons, according to data released by the U.S. Energy Information Administration (EIA) on July 30. Production came from 116 active biodiesel plants with operable capacity of 2.2 billion gallons per year. Production for the first five months of 2013 was 449 millionContinue Reading

Report – MIT and the Prosecution of Aaron Swartz

Follow up to previous postings on Aaron Swartz, see this Report to the President: – “MIT and the Prosecution of Aaron Swartz: “In January 2013, MIT President L. Rafael Reif asked Professor Hal Abelson to lead a thorough analysis of MIT’s involvement in the Aaron Swartz matter, from the time that MIT first perceived unusualContinue Reading

Brookings – The Fall and Rise and Fall of Iraq

The Fall and Rise and Fall of Iraq by: Kenneth M. Pollack, July 20, 2013 “This essay traces the course of Iraq’s fortunes from the American invasion in 2003 through the civil war of 2005-2008 and the endangered effort at reconstruction that followed. Only by seeing the full course of Iraq’s narrative arc during thisContinue Reading

Basel III’s Capital Adequacy Requirements

Howard, Cory, ‘Under Pressure': Basel III’s Capital Adequacy Requirements Squeeze Broker-Dealer’s Returns on Equity, Increase the Need for the Imposition of Uniform Fiduciary Duties (July 23, 2013). John Marshall Law Journal, Vol. 7, No. 1, Fall 2013, Forthcoming. Available at SSRN “The most recent round of international banking regulations promulgated by the Basel Committee onContinue Reading

On the correlation between commodity and equity returns

On the correlation between commodity and equity returns: implications for portfolio allocation. by Marco Jacopo Lombardi and Francesco Ravazzolo.  Working Papers No 420, July 2013. Bank for International Settlement. “In the recent years several commentators hinted at an increase of the correlation between equity and commodity prices, and blamed investment in commodity-related products for this.Continue Reading