The Financial Crisis Inquiry Commission is releasing its report Thursday.The New York Times has a preview of the report, which shows that the Commission will slam the right people for causing the financial crisis.Barry Ritholtz gives a good summary of…
Posts Tagged ‘Chairman Alan Greenspan’
Underneath the Happy Talk, Is This As Bad as the Great Depression?
December 29th, 2010 |
No Comments
The following experts have – at some point during the last 2 years – said that the economic crisis could be worse than the Great Depression:Fed Chairman Ben BernankeFormer Fed Chairman Alan Greenspan (and see this and this)Former Fed Chairman Paul Volc…
Greenspan: “Fiat Money has No Place to Go But Gold … All Currencies are Moving Up or Down Together … Gold is the Canary In the Coal Mine”
September 23rd, 2010 |
No Comments
Alan Greenspan told the Council of Foreign Relations last week:Fiat money has no place to go but gold.Greenspan also said that supply and demand explanations treating gold like other commodities “simply don’t pan out.”Greenspan also spoke of how, …
A Free Market Is Not Possible Without Strong Laws Against Fraud
September 10th, 2010 |
No Comments
Many economists are now starting to question long-held assumptions that bubbles don’t matter, that huge amounts of leverage are good, and that the Federal Reserve has mastered monetary policy. They are starting to read Minsky and other forgotten econ…
No Wonder the Outlook for the Economy is “Unusually Uncertain” … the Fed is Killing It
July 21st, 2010 |
No Comments
Fed Chairman Ben Bernanke testified today that the outlook for the economy is “unusually uncertain”.That’s not surprising.Nothing has changed since I made the following points last December.High-Level Fed Officials Slam BernankeFed Vice Chairman Donal…
If We Broke Up Standard Oil, We Can Break Up the Giant Banks
May 1st, 2010 |
No Comments
If we broke up standard oil, we can break up the giant banks.Says who?Senator Ted Kaufman (interviewed recently by The American Prospect’s Tim Fernholz): You and Senator Sherrod Brown have proposed an amendment that would cap the size of the largest ba…
Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade
December 8th, 2009 |
No Comments
As I have previously shown, speculative derivatives (especially credit default swaps or “CDS”) are a primary cause of the economic crisis. They were largely responsible for bringing down Bear Stearns, AIG (and see this), WaMu and other mammoth corpora…
Questions for Bernanke’s Senate Confirmation Hearing
December 1st, 2009 |
No Comments
The Senate Banking Committee will be chatting with Ben Bernanke this Thursday to vote on his reappointment.Demand that the Committee ask the following questions for our esteemed Esteemed Chairman (and contact your own Senators also and demand that they…
Greenspan: Break Up the Big Banks, It Will Be Good for the Economy, Minor Regulation Won’t Work
October 15th, 2009 |
No Comments
Alan Greenspan has joined the long and distinguished list of experts calling to break up the too big to fails.As Bloomberg writes today:U.S. regulators should consider breaking up large financial institutions considered “too big to fail,†former Fe…
Credit Default Swaps – Love ‘Em, Ban ‘Em, or Tax ‘Em?
September 30th, 2009 |
No Comments
I have repeatedly argued that over-the-counter credit default swaps (CDS) – or at least at least “naked” CDS – should be banned (“naked CDS” is the term I coined to describe the situation where the buyer is not the referenced entity. I will not comment…
Credit Default Swaps Are STILL Dangerous
September 16th, 2009 |
No Comments
I have repeatedly argued that “naked” over-the-counter credit default swaps (CDS) should be banned (“naked CDS” is the term I coined to describe the situation where the buyer is not the referenced entity. There is at least some economic usefulness …
Did Greenspan Just Confirm Exeter’s Theory of Gold?
September 11th, 2009 |
No Comments
Professor Emeritus of Mathematics Antal Fekete has argued for years that gold is the ultimate – and only – safe haven when things really hit the fan.For example, in 2007 Fekete wrote:The grand old man of the New York Federal Reserve bank’s gold depa…