Oct 27, 2008 -
motherjones.com
10/27/08
In a historic moment, former Fed chair Alan Greenspan acknowledged he had been wrong for years to assume that government regulation was bad for markets. Whoops—there goes decades of Ayn Rand down the drain.
In a congressional hearing room on Thursday, former Fed Chairman Alan Greenspan, one of the most influential civil servants of the past century, saw his stock plummet—and his entire career lose its moorings.
- 5 Comments
Oct 23, 2008 -
WASHINGTON - Former Federal Reserve Chairman Alan Greenspan, describing the current financial crisis as a “once-in-a-century credit tsunami,” acknowledged Thursday that the crisis has exposed flaws in his thinking and in the workings of the free-market system.
...
On the other side of the Capitol, Greenspan, who stepped down in February 2006 after serving as Fed chairman for 18 1/2 years, was asked to explain his role in the crisis.
- 1 Comment
Oct 28, 2009 -
A draft bill before Congress seeks to protect taxpayers from having to bail out big financial institutions by giving vast powers to a new regulatory council. The regulators would set rules for financial firms that pose a systemic risk either because of their size or their connection to other firms. The bill does not, however, limit the size of financial institutions.
- 1 Comment
Jan 10, 2009 -
Robert Rubin's Free Ride How does Clinton's treasury secretary escape blame for the market meltdown?
By Timothy NoahPosted Friday, Jan. 9, 2009, at 5:48 PM ET (Slate Magazine)
Robert Rubin, the former treasury secretary in the Clinton administration, left his high-ranking position at Citigroup today dogged by criticism for his role in the bank's ongoing financial trouble.
- 4 Comments
Apr 10, 2009 -
The Housing Crisis Isn't A Crisis
Peter Robinson (Forbes)
Stand back, says Todd Zywicki, and let the markets clear.
Law professor Todd Zywicki of George Mason University is composing a book, Bankruptcy Law and Policy in the Twenty-First Century, in which Zywicki picks a couple of fascinating fights.
One involves former Fed Chairman Alan Greenspan; the other, the entire band of academics, former business executives and career bureaucrats who make up the Obama administration's economic apparat.
- 2 Comments
Sep 16, 2009 -
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- 0 Comments
Aug 03, 2009 -
Isn't this what we anti-obama people said was a real possibility since his campaigne? That there is no way he can afford to do all he has promised without raising taxes on the middle class? I know I am shocked...How about you?
- 24 Comments
Sep 07, 2009 -
Adam Smith would not be optimistic in today's economic world
Adam Smith once commented that "there is a great deal of ruin in a nation". He meant that bungling governments imposed only a limited check on the economic performance of a Great Nation.
UK Telegraph article (no auther listed)
As Nathanael Smith and I show in our study of US economic contractions, Adam Smith would be much less sanguine were he confronted by today's financial crisis and the US government's response.
- 0 Comments
Aug 14, 2009 -
US Economic Myths Bite the Dust
http://www.commondreams.org/view/2009/08/14-6
The Great Recession is allowing some widely held beliefs about the US economy – which were the source of much evangelism over the last few decades – to run up against a reality check. This is to be expected, since the United States has been the epicentre of the storm of policy blunders that caused the world recession.
This month my CEPR [Center for Economic and Policy Research] colleagues John Schmitt and Nathan Lane showed that the United States is not the nation of small businesses that it is regularly dressed up to be for electoral campaign speeches and editorials.
- 1 Comment
Feb 24, 2009 -
Is Deregulation to Blame?
The new Washington consensus says "yes." The facts on the ground say something different.
- 3 Comments