Here’s my updated list of top financial experts saying that the giant banks are too big, and that their very size is hurting the economy:Nobel prize-winning economist, Joseph StiglitzNobel prize-winning economist, Ed Prescott Nobel prize-winning econom…
Posts Tagged ‘Simon Johnson’
Virtually All Independent Financial Experts Say that the Size of the Big Banks Is Hurting the Economy
January 11th, 2011 |
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From the “Wealth of Nations” to the “Debt of Nations”
December 2nd, 2010 |
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As everyone from Paul Krugman to Simon Johnson has noted, the banks are so big and politically powerful that they have bought the politicians and captured the regulators (and see this).But it’s not just a question of regulatory capture and corruption. …
The European Bailout: Not a Very Promising Start
May 11th, 2010 |
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Many people have written insightful criticisms of the European bailout. For example, Tyler Durden, Joe Weisenthal and Gregory White point out that the French banks are the real winners of the bailout (but don’t forget JP Morgan).Ron Paul points out tha…
Cut the Partisan Crap … BOTH the Private Sector AND the Government are to Blame for the Financial Crisis
May 1st, 2010 |
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Partisan GOP hacks say the financial crisis was caused by too much regulation, and government interference in the markets.But Glass-Steagall was repealed, derivatives were left unregulated, and the regulators were watching porn instead of preventing fr…
If We Broke Up Standard Oil, We Can Break Up the Giant Banks
May 1st, 2010 |
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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…
5 Reasons We Must Break Up the Giant Banks
April 30th, 2010 |
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As everyone from Paul Krugman to Simon Johnson has noted, the banks are so big and politically powerful that they have bought the politicians and captured the regulators.But the giant banks are not only dangerous because they skew the political system….
Greek 2 Year Yields 20 Percent, Italy Up 6 Basis Points, Portugal Up 7 Basis Points, Spain Up 27 Basis Points
April 28th, 2010 |
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It’s not just Greece and Portugal.As Simon Johnson reports:This is not now about Greece (with 2 year yields reported around 20 percent today) or Portugal (up 7 basis points) or even Spain (2 year yields up 27 basis points; wake up please) or even Italy…
Economist James Galbraith: Economists Should Move into the Background, and “Criminologists to the Forefront”
April 22nd, 2010 |
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University of Texas economics professor James K. Galbraith previously said that fraud caused the financial crisis:
You had fraud in the origination of the mortgages, fraud in the underwriting, fraud in the ratings agencies. Senator Kaufman said la…
Goldman Sacked?
April 17th, 2010 |
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The Goldman fraud charge is obviously huge news.The Connecticut Attorney general wants to file criminal charges:
Visit msnbc.com for breaking news, world news, and news about the economyAnd New York might not be far behind.Germany and other European …
“Never Even a Whisper” at Fed’s Open Market Committee Meetings
April 13th, 2010 |
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Ben Bernanke, William Dudley and Donald L Kohn are on the Fed’s Open Market Committee (FOMC).They are also on the board of directors of the Bank for International Settlements (BIS) – often called the “central banks’ central bank”. And Kohn is an alter…
Geithner: Pickpocketing Trillions from the People to Give to the Oligarchy Was “Deeply Unfair”, But We … Um … Had To
April 1st, 2010 |
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Tim Geithner told the Today Show that:It’s “deeply unfair” that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.Geithner also argued that President Barack O…
Blogs: Crucial or a Waste of Time?
March 31st, 2010 |
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Crucial for Spreading Accurate InformationWe’ve all seen it.A story that bloggers have bird-dogged for many months, gaining so much traction that the mainstream media is finally forced to cover it.David Steele – former 20-year Marine Corps infantry and…
Everything You Need to Know About Dodd’s Financial Reform Bill: “This Legislation Will Not Stop the Next Crisis from Coming”
March 15th, 2010 |
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Instead of going into a lengthy analysis about the pros and cons of Chris Dodd’s financial reform bill, I’ll let the Senator speak for himself:This legislation will not stop the next crisis from coming. No legislation can…What Dodd is really saying i…
Geithner: ‘We Saved the Economy, But We Kind of Lost the Public Doing It’ | Me: We Can Save the Economy, But Only If We Kind of Lose Geithner
March 8th, 2010 |
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Tim Geithner claims:We saved the economy but kind of lost the public doing it.Simon Johnson wrote: a more accurate essay entitled:They Saved The Big Banks But Kind Of Lost The Economy Doing It.My take on it is pretty straightforward:We can save the eco…
15 Years Ago, the Combined Assets of the 6 Biggest Banks Totaled 17% of GDP… By 2006, 55% … Now, 63%
March 2nd, 2010 |
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You know the big banks have gotten bigger.As Rolfe Winkler noted last September:For the big have gotten even bigger since the start of the financial crisis. At the end of 2007, the Big Four banks — Citigroup, JPMorgan Chase, Bank of America and Wells…
13 Congress Members Write to FDIC Chair Regarding Executive Compensation
February 9th, 2010 |
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This was sent to me by a contact in Congress.The FDIC has an open comment period for a rule they are considering to tie insurance deposit premiums to executive compensation structures. 13 members of Congress are sending the following letter to the FDI…
What Do Rising Sovereign Credit Default Swaps Mean?
February 8th, 2010 |
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Here are the CDS of Greece, Portugal, Spain and the U.S.:[click here for full image]Rolfe Winkler argues that – in the short-run – the PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) will slash their budgets and get bailed out by the EU.S…
If Government Won’t Break Up the Giant Banks, Let’s Do It Ourselves
January 13th, 2010 |
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As everyone knows, the economy cannot permanently recover and truly stabilize until the giant banks are broken up. The top independent experts agree that the “too big to fails” are a drain on the economy and put the entire system at risk.The giant ban…