Hungary’s new constitution came into force on January 1. This was not good news. Engineered by Prime Minister Viktor Orbán’s Fidesz party, the new constitution has a number of unsavory elements. The Constitutional Court, which serves as a check on government power, has been weakened in several ways (e.g., packing it with new judges, having … Read moreThree cheers for the IMF, the EU, and the ratings agencies!!!
You don’t have to look too far to find nutty policy proposals. One of my favorites is Herman Cain’s suggestion that Congressional bills be limited to no more than three pages. Another, reported in recent days by both the Financial Times (which claims to have seen an actual draft) and the Wall Street Journal, is the … Read moreSee no evil, hear no evil, and, if you are a ratings agency, speak no evil
The Financial Times reports today that Portuguese banks have lashed out at Fitch Ratings after the rating agency repeatedly downgraded the banks over their funding and liquidity risks. According to the report: Banco Espírito Santo said it was terminating its contract with Fitch because there was “no valid justification” for downgrading its credit rating by … Read moreGlad I don’t work for a ratings agency…..