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An updated and revised look at the truth behind America’s housing and mortgage bubbles In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty…
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An authoritative exposé of the mysterious and potentially dangerous world of private equity Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become…
Loans carry high cost because of cash crisis
CHICAGO — While Illinois continues its biggest borrowing spree in recent years, it is paying a steep premium for loans because of its failure to significantly address its financial crisis, observers say.
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Simon Read: Encouraging us…
The Congressional Oversight Panel, which has been reviewing government efforts to rescue banks, released a report today, warning that bad loans and related securities remain a potential risk to the economy and small banks. Here are the key paragraphs (bold added): If the economy worsens, especially if unemployment remains…
It is now rather common to argue that those economists who anticipated the crisis anticipated the wrong crisis – a dollar crisis, not a banking crisis. Robin Harding of the FT writes : “If economists try to predict crises they will get it wrong, and that will reduce their…
One thing that has puzzled me is that some of the countries that have — implicitly at least — been most critical of the expansion of the Fed’s balance sheet during the crisis long have had much larger balance sheets than the US Federal Reserve. Before the crisis, the…
From The New York Times : LAST week Ben Bernanke appeared before Congress, setting off a discussion over whether the president should reappoint him as chairman of the Federal Reserve when his term ends next January. Mr. Bernanke deserves to be reappointed. Both the conventional and unconventional decisions made…
Is now rather obvious. The dollar goes down as well as up. Last fall, demand for dollars rose — in part because Americans pulled funds out of the rest of the world faster than foreigners pulled funds out of the US. The dollar soared.
Read more here – The…
6/26/09 – CNN – Fareed Zakaria’s GPS Program on CNN: Recession’s End Near? ( Click here for Video ) CNN – Are we done with the recession? An Economist, a historian, and a billionaire argue what is to come.
Read more here – My Interview (with Ferguson and Zuckerman)…
One common argument — at least prior to the crisis — was that sovereign investors, because of their long-term focus, were generally a stabilizing presence in the market. Sovereign wealth funds in particular. And presumably central bank reserve managers as well. After all, in many cases, the line between…