Wall Street’s Business Model of Fraud: Subprime Mortgage Edition
Trust, but Verify. The three most important words in investing. By design, our financial system is suppose to ensure investors have access... Read More
Fed Credit Programs Supported the Banks Were Healthy Lie
Academics and politicians have praised Ben Bernanke and the Fed for their inventiveness in setting up credit programs during the acute phase... Read More
Stress Tests Undermine Capitalism
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The first sign the Obama Administration was seriously uninterested in fixing the US financial system occurred when then US Treasury Secretary Tim... Read More
Economists Demonstrate Difficulty in Escaping Old Ideas
In his General Theory book, Keynes noted: The difficulty lies, not in the new ideas, but in escaping from the old ones.... Read More
Dodd-Frank Act Confirmed Bank Bailouts Unnecessary
Since the Committee to Save the Banks first proposed using the funds from TARP to bailout the banks, I have pointed out... Read More
Bernanke’s New Financial Crisis Narrative
If at first you don’t succeed, publish a new narrative about the Great Financial Crisis. You have to do this when you... Read More
Wall Street’s Derivatives Casino Still Opaque to Regulators
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Michael Greenberger’s paper on the ongoing opacity of Wall Street’s derivatives casino serves as a reminder why restoring transparency is so important.... Read More
The Information Matrix and the 2018 Nobel Symposium on Money and Banking
The Information Matrix was the uninvited guest that everyone wished attended the 2018 Nobel Symposium on Money and Banking. Thanks to John... Read More
Obama and the Too Big to Fail Bank Con
In a speech in South Africa, former president Obama tried out his justification for making lying a central part of his Administration’s... Read More
Protecting Banks at All Costs Still Mission of the Committee to Save the Banks
As we approach the tenth anniversary of the 2008 acute phase of the Great Financial Crisis, the Committee to Save the Banks... Read More
The Committee to Save the Banks Reaches New Lows
In its ongoing defense of the indefensible, the Committee to Save the Banks (Paulson, Bernanke and Geithner) reached new lows this week.... Read More
The Committee to Save the Banks Keeps on Protecting the Banks
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As we approach the tenth anniversary of the 2008 acute phase of the Great Financial Crisis, the Committee to Save the Banks... Read More
Economics: The Gap between Brilliant and Useful
Nicholas Gruen, CEO of Lateral Economics, highlighted a major problem with Economics today while talking about Nobel prize winning Economist Paul Krugman: his... Read More
The Financial Crisis Response and the Death of Truth
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The 2008 response to the acute phase of the Great Financial Crisis contributed directly to the death of truth. Michiko Kakutani asked... Read More
Behavioral Economics, the Information Matrix and Financial Crises
The Information Matrix provides the framework for understanding financial crises using behavioral economics. Behavioral economics recognizes people like a good story. In... Read More