Financial Crises and the Flight to Safety
A key feature of financial crises is the flight to low risk assets. Scholars see this flight as the transmission mechanism that... Read More
The Veil of Opacity Is Needed for Bank Scandals to Occur
Why is anyone surprised when bankers engage in misbehavior behind the veil of opacity? They shouldn’t be. In the 1930s, the Pecora... Read More
The Economics Profession Chooses Ignorance
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The Economics profession is still without an explanation for why the Great Financial Crisis occurred that doesn’t leave out inconvenient facts. Specifically,... Read More
Deutsche Bank and a “New Era of Transparency”
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Is Deutsche Bank finally going to usher in the new era of transparency it promised investors over a year ago? Highly unlikely.... Read More
The Closing of the PhD Economist’s Mind
There is nothing as tightly sealed shut as an academic macroeconomist’s mind. Unless of course, it is the minds of the rest... Read More
The Lies We Were and Are Being Told
For over a decade, I have written about the lies we were and are being told about the Great Financial Crisis and... Read More
The Illusion of Technocratic Competence
The Economic profession’s and the financial regulatory community’s illusion of technocratic competence is like Dracula. It refuses to die. Wouldn’t you have... Read More
Fight Over Regulation is One Only Wall Street Can Win
The idea regulations and regulatory enforcement will prevent the next financial crisis is a joke. It completely ignores the fact Wall Street’s... Read More
Funding Guarantees End Financial Panics and Bank Runs
For the last decade, I have been pointing out funding guarantees ended the acute phase of the Great Financial Crisis. The vast... Read More
The Shame of the Economists: They Chose to Make Themselves Irrelevant
In 2008, the Queen of England asked the Economics profession why it hadn’t seen the financial crisis coming. After mumbling a bunch... Read More