26 Apr 2014

FDL Book Salon Welcomes Nomi Prins, All the Presidents’ Bankers: The Hidden Alliances that Drive American Power

Nomi Prins’ most recent book begins with the 1907 banking crisis and the double myth that it was ended by J. P. Morgan while the U.S. government stood helpless. She shows that it was a double myth in that the crisis was not ended – the underlying banking pathologies grew – and Morgan’s intervention would have failed even as a short-term measure but for Treasury’s largely funding “his” extensions of credit. She begins with the 1907 crisis both because it illustrates her central themes and because it is essential to understand how, when, and why the Federal Reserve System was created in 1913.

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26 Apr 2014

FDL Book Salon Welcomes Nomi Prins, All the Presidents’ Bankers: The Hidden Alliances that Drive American Power

Nomi Prins’ most recent book begins with the 1907 banking crisis and the double myth that it was ended by JP Morgan while the U.S. government stood helpless. She shows that it was a double myth in that the crisis was not ended – the underlying banking pathologies grew – and Morgan’s intervention would have failed even as a short-term measure but for Treasury’s largely funding “his” extensions of credit. She begins with the 1907 crisis both because it illustrates her central themes and because it is essential to understand how, when, and why the Federal Reserve System was created in 1913.

156
05 Jan 2013

FDL Book Salon Welcomes L. Randall Wray, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

I am hosting the Firedoglake discussion of my colleague Randy Wray’s new “Primer” on macroeconomics. Macroeconomics is the study of the overall economy – economic growth, recessions, depressions, inflation, unemployment, and employment are big issues that macroeconomics studies. The key policies it addresses are usually divided into fiscal (tax and spending) and monetary policies (the growth of the money supply and setting interest rates).

The concept of monetary tools has broadened as we have seen the Federal Reserve change what had been a severely constrained “lender of last resort” function of the central bank into the most massive bailout program in history. Similarly, the central bank’s interest rate setting function that was long focused on short-term rates has expanded into large experiments that attempt to lower long-term interest rates (“quantitative easing”).

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05 Jan 2013

FDL Book Salon Welcomes L. Randall Wray, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

I am hosting the Firedoglake discussion of my colleague Randy Wray’s new “Primer” on macroeconomics. Macroeconomics is the study of the overall economy – economic growth, recessions, depressions, inflation, unemployment, and employment are big issues that macroeconomics studies. The key policies it addresses are usually divided into fiscal (tax and spending) and monetary policies (the growth of the money supply and setting interest rates). The concept of monetary tools has broadened as we have seen the Federal Reserve change what had been a severely constrained “lender of last resort” function of the central bank into the most massive bailout program in history. Similarly, the central bank’s interest rate setting function that was long focused on short-term rates has expanded into large experiments that attempt to lower long-term interest rates (“quantitative easing”).

323
21 Oct 2012

FDL Book Salon Welcomes Jeff Connaughton, The Payoff: Why Wall Street Always Wins

Jeff Connaughton has authored a powerful, and chilling insider’s perspective on the financial crisis and the pathetic governmental response to it. The second part of his title sums up the result and the first half explains why Wall Street always wins. Many, perhaps most Americans are likely to agree with both parts of Connaughton’s title so this book will not transform the public’s view of the issues. The public largely has this set of issues correct. Connaughton gives the readers unique access to the facts because he had a front row seat to many of the key discussions and he has the analytical abilities and expertise to explain the significance of those facts.

155
15 Jan 2012

FDL Book Salon Welcomes Dylan Ratigan, Greedy Bastards: How We Can Stop Corporate Communists, Banksters, and Other Vampires from Sucking America Dry

Dylan Ratigan is well positioned to author a book, designed to be an enjoyable and informative read by normal humans, on the ongoing financial crisis. He is the wunderkind who became Global Managing Editor for Corporate Finance of Bloomberg, the premier news service that specializes in finance, at an exceptionally young age. He was at CNBC while that network was hyping the housing bubble as a non-bubble offering fantastic investment opportunities.

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15 Jan 2012

FDL Book Salon Welcomes Dylan Ratigan, Greedy Bastards: How We Can Stop Corporate Communists, Banksters, and Other Vampires from Sucking America Dry

Dylan Ratigan is well positioned to author a book, designed to be an enjoyable and informative read by normal humans, on the ongoing financial crisis. He is the wunderkind who became Global Managing Editor for Corporate Finance of Bloomberg, the premier news service that specializes in finance, at an exceptionally young age. He was at CNBC while that network was hyping the housing bubble as a non-bubble offering fantastic investment opportunities.

Now an anchor for MSNBC, Ratigan is a fierce critic of prominent politicians in both parties for what he views as their destructive policies and slavish efforts to aid the wealthiest and most politically powerful at the expense of the best interests of America and its people. He is passionate about these subjects and far less predictable than many of his peers because he is not a political partisan.

180
14 Aug 2011

FDL Book Salon Welcomes Matthew Richardson, Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance

Any analysis that ignores control fraud is certain to distract us from the reforms essential to prevent our recurrent, intensifying financial crises. Ignoring fraud led the authors to propose reforms that are criminogenic.

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14 Aug 2011

Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance

The Authors’ Revolutionary Indictment of Systemically Dangerous Institutions (SDIs) Overview of the Authors’ Logic The title of the book is a pun.  Fannie and Freddie, unlike Ginnie Mae, were privately-owned and managed entities whose liabilities were not guaranteed by the U.S. Treasury prior to the bailout.  Indeed, their debt issuances

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20 Jan 2011

Obama Embraces the “Economic Philosophy That Has Completely Failed”

President Obama’s Executive Order on regulatory review was originally set in motion by his February 3, 2009 direction to OMB to create an improved regulatory review process. The fundamental principles and structures governing contemporary regulatory review were set out in Executive Order 12866 of September 30, 1993. A great deal

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