Lies and Democracy
Senator Daniel Patrick Moynihan famously quipped “you are entitled to your opinion, but you are not entitled to your own facts”. Unfortunately,... Read More
Fix for Rating Firms Shows Dodd-Frank Designed to Fail
The primary purpose of the Dodd-Frank Act was to prevent real reform of the financial system. It was very successful at that.... Read More
The Arsonists’, aka The Committee to Save the Banks, New Book: Firefighting
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The Committee to Save the Banks (Hank Paulson, Ben Bernanke and Tim Geithner) is out with a new book defending their mismanagement... Read More
Biggest Lesson of 2008
The biggest lesson of 2008 is opacity is the necessary condition for a financial crisis to occur. Investors panic and rush to... Read More
The Financial Crisis and the End of Trusting Elites
The response in 2008 to the acute phase of the Great Financial Crisis undermined trust not just in our technocratic elites, but... 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
Anna Schwartz: Saving Banks Won’t End Well
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In an October 2008 Wall Street Journal interview, Economist Anna Schwartz unloaded on the Committee to Save the Banks’ response to the... Read More
Continental Illinois & the Great Financial Crisis
Former Fed chair Paul Volcker recently offered up his view that “we are in a hell of a mess in every direction”.... Read More
Volcker: A Hell of a Mess in Every Direction
In a recent interview, former Fed Chair Paul Volcker offered up his view we are in a “hell of a mess” a... Read More
Bank Troubles: Liquidity or Solvency
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As the Committee to Save the Banks continues its tenth anniversary of the acute phase of the Great Financial Crisis tour, they... Read More
Bernanke and Post-Real Financial Crisis Models
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Recently, I politely referred to Ben Bernanke’s latest effort to rewrite the history of the Great Financial Crisis as garbage. The paper... Read More
Restoring Trust
In 2008, trust in the financial markets, the reporting of news and our political system was shattered. There is only one proven... Read More
Unelected Power and the Great Financial Crisis
Paul Tucker, a former member of the Bank of England’s Monetary Policy Committee, raised an interesting point about central bank independence. Their... Read More
The Committee to Save the Banks and the Big Lie
As we passed the tenth anniversary of Lehman Brothers’ collapse and the NY Fed acknowledging in an internal email Goldman Sachs is... Read More
The Political and Social Costs of the Financial Crisis Response
Since Paulson, Geithner and Bernanke decided to save the banks at all costs, it has been clear the economic costs would be... Read More