While You Were Working - July 3

Mark Carney did his best Leon Lett impersonation

Bank of England Governor Mark Carney probably shouldn’t be blamed for touting the financial stability that has accompanied the many regulatory reforms put in place after the financial crisis. After all, as the head of the Financial Stability Board, Carney was the driving force behind some of those reforms.

Ahead of the G-20 meeting in Hamburg, chance are Carney was just trying to drive the point home to the contingent from a certain country that the reforms are not to be messed with. However, with light-tough regulation coming back en vogue in the United States, it is probably not a good idea to go doing a victory celebration just yet.

The Wall Street Journal showed it needs a new editor for its editorials

One would think that an editorial from the Wall Street Journal is something that might … I don’t know … maybe be edited? But alas, the esteemed paper set its sights on the health care debate taking place on Capitol Hill and managed to include a whopper in today’s editorial:

“ObamaCare created a 3.8-percentage-point surtax on capital gains, dividends, interest and other forms of so-called “unearned income.” This tax increase on capital was sold as hitting the rich, but note that it brought the top rate to 23.8% for singles earning as little as $200,000 and couples $250,000. That’s a middle-class couple.”

Now I don’t really care what side of the health care debate one is on, but only about 2% of American households earn at least $250,000. So if you are living in a country where a couple making $250,000 per year is “middle class,” then you aren’t living in the United States.

Are credit rating agencies regulation-proof?

This piece looks at what amount of regulation is the right amount of regulation for credit rating agencies. Credit ratings agencies played a massive role in the financial crisis (remember all those AAA-rated mortgage-backed securities?), but they have never been under consideration for any serious increased regulation. So that article is a great intellectual exercise, but it is really just an exercise.

West Side Story on the eastern seaboard

I can’t resist weighing in on Beach-gate, featuring New Jersey Governor Chris Christie. The story and the photos are just too priceless. There have already been all kinds of jokes about the story and Christie’s denial of the story and then his flack’s pathetic explanation (He didn’t get any sun, he was wearing a hat!). So I will leave you with one final pun: I know a lot of people in New Jersey are Jets fans, but if Christie hits the beach again they will be rooting for the Sharks. Hey oh!

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