Tag: Goldman Sachs

Tom Wright, an investigative journalist who spent 20 years at The Wall Street Journal and co-author of Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood and the World, joins Carol Roth to break down this fascinating story, which involves the biggest financial heist in history (somewhere between $6 and $7 billion), politicians, Hollywood celebrities like Leonardo DiCaprio and banks like Goldman Sachs. Tom and Carol discuss the background of the book, where the main heist perpetrator- Jho Low- is today, how the scam ironically financed The Wolf of Wall Street movie, an update on 1MDB and Malaysia, recent developments for Goldman Sachs and much more in the utterly fascinating interview about one of the most unreal, and unknown stories of the past few years.

Plus, a “Now You Know” segment on the 4th most populated country on Earth.

America’s Worst Economic Problem Might Be Getting Better

 

The American Growth Machine is badly malfunctioning, at least as diagnosed by official government statistics. US productivity growth — the engine of long-term economic growth — has averaged just 0.5% since 2010 vs. 2.3% over the previous six decades. Productivity growth in 2016 fell to 0.2%, notes IHS Markit, the ninth weakest reading in the postwar era. (And that’s post World War II, not post-Iraq War.) Moreover, when stalled productivity growth meets slowing labor force growth, you get an economy capable only of uninspiring 1-2% growth at best. And growth that slow, especially when combined with greater income inequality, may feel like no growth at all to most Americans. The Great Stagnation.

All terrible news, unless of course the official numbers are wrong. Some economists think current statistical methods badly understate the value of new products, especially in the tech economy, and miss welfare gains from free goods like Facebook and Wikipedia. If they are right, overall economic growth and living standards are growing faster than we think. Then again, some economists think the official numbers are capturing a real downshift. The technopessimists argue today’s innovations aren’t as transformative as past ones. Combustion engine beats smartphone.

Member Post

 

This from Politico: “The policy change is meant to prevent inadvertently violating pay-to-play rules, particularly the look-back provision, when partners transition into roles covered by these rules. The penalties for failing to comply with these rules can be severe and include fines and a ban on the firm from doing business with government clients in a […]

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