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Stress Tests and Bailouts: Collateral Damage and Double StandardsI recently spoke at a Federal Reserve conference in Chicago, on financial regulation. The keynote speaker was Ben Bernanke. Chairman Bernanke was unable to leave Washington, so he spoke live, via a giant TV screen, giving his speech a fittingly Orwellian cast.
The Obama Economic Team's Flawed Cosmology: Still Believing the Universe Revolves Around the BanksA series of recent meetings with members of Barack Obama's economic team (including running into Larry Summers on my way to an appointment in the West Wing, leading to a spirited back-and-forth that made me feel like I was back at Cambridge, debating the smartest kid in the class …
Geithner's Plan Will Tax Main Street to Make Wall Street RicherThe new consensus among the experts who missed the housing bubble (EMHB) is that Treasury Secretary Tim Geithner's plan to subsidize the purchase of junk mortgages and their derivatives will help alleviate the stress on the banking system. That's good news.
Glassdoor Review - A Peek At The InsideNaturally, the rebuttal is from a public relations specialist from within. This Director-level in Marketing hits the nail on the head. There truly is too much estrogen and progesterone in positions of power. Many have, and will continue to abuse it...
SEC Chair Asked If He Deserves Blame For Wall Street Crisis: 'Absolutely Not,' It 'Wasn't The SEC's Job'ยปIn a new interview with the Washington Post, embattled Securities and Exchange Commission Chairman Christopher Cox stridently "defend[ed] his restrained approach to the financial crisis." He refused to accept any blame for the Wall Street crisis or the Madoff Ponzi scheme, sa …
Shame on Madoff, for cheating people of their money. Shame on us, for blaming him only. I personally believe the attempt to raise more monetary wealth for oneself is not wrong. After all, it is in our nature to try and improve our own standard of living.
Hedge fund manager slams 'idiot' bankers he took for millionsA hedge fund manager who made what is thought to be one of the biggest percentage profits of all time bowed out of the business on Friday with a fierce attack on the "idiots" running big banks who were willing to take the other side of his bets.
Should You Really Panic And Sell Everything Like Cramer Says?Reason why the Today Show economic editor shouldn't be your portfolio advisor...
Pressured to Take More Risk, Fannie Hit a Tipping PointA decision, made under pressure from Congress and investors, to steer Fannie Mae into dangerous corners of the mortgage market proved to be disastrous.
In Florida's Economic Pain, Obama Gains GroundJim Piccillo lost his job as a bank vice president in August, applied for food stamps to support his two young daughters and swore off a life of loyalty to the Republican Party. He now volunteers here in Pasco County for Senator Barack Obama of Illinois.
Commentary: Bankruptcy, not bailout, is the right answerThe right view of the financial mess is that an enormous fraction of subprime lending should never have occurred in the first place. Someone has to pay for that. That someone should not be, and does not need to be, the U.S. taxpayer.
Conservatives Viewed Bailout Plan as Last Straw IS THE GOP FINALLY COMING BACK TO ITS FISCAL SENSES?After years of acceding to the White House on a variety of initiatives despite deep misgivings, House Republicans found the administration's latest proposal to be too much to swallow. Just as they were trying to reassert t …
$2 billion pay day for failure The top executives at AIG, Freddie Mac, Fannie Mae, Lehman and Goldman Sachs pulled down more than $2 billion in pay over the past five years according to a new analysis by a professor at San Diego State University's Charles W. Lamden School of Accountancy, Dr. David DeBoskey.
Author's Note - Because of the complexity of this subject, it is presented in two parts. Understanding the mortgage mess is no easy thing. But there are a few simple truths about how we got here, where we're going, and how we can get past it.
Dirty Secret Of The Bailout: Thirty-Two Words That None Dare UtterSection 8: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Why aren't we seeing any suicides on Wall Street? IF WE'RE IN THE MIDST OF A FINANCIAL COLLAPSE, WHY AREN'T EXECUTIVES JUMPING OUT OF OFFICE BUILDINGS?"This September feels a lot like autumn 1929," read an op-ed from this Saturday's Wall Street Journal.
Larisa Alexandrovna: Welcome to the Final Stages of the CoupIn 2000, the long fought for and long admired democracy of the United States of America began a slow and steady decline toward fascism - a Bush family tradition - with the installment of a president - a man the citizens overwhelmingly rejected (although the funny math told a stil …
Obama: "Fire the Whole Trickle Down" Crowd [Video]Today at a rally in New Mexico, Barack Obama ripped into John McCain and urged voters to fire "the whole Trickle-Down, On-Your-Own, Look-the-Other-Way crowd in Washington."
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