Conditions for California prisoners are so bad that the Supreme Court has ruled that the overcrowding amounts to unconstitutional “needless suffering and death” (it almost goes without saying that the conservative justices dissented). California is supposed to release 38,000 to 46,000 prisoners. Unfortunately, Matthew Cate, head of California Corrections, indicates that the Brown administration...
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A new NBER paper finds that, before the financial crisis, the more a financial institution engaged in lobbying, the riskier its loan portfolio and the worse its performance during and after the crisis. The idea that bank regulation creates moral hazard is so well-known, almost trite, that hardly anyone talks about it any more....
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