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Some Articles on the Financial Crisis

March 22, 2010

(Updated on April 4, 2010, again on April 14, 2010, July 24, 2010 and November 10, 2010)

1. `A Business Decision’ – As America’s home prices continue to fall, mortgage holders confronted by negative equity are handing back the keys in despair, even though they can afford the repayments’  (Financial Times – Feb 23, 2010)

2. `More Pain To Come Even If He’s Perfect’ – article by Joseph Stiglitz on the current financial crisis written a few months ago (Washington Post – Nov 6, 2009)

3. `Left Business Observer” – I think it’s a pretty fine newsletter with much information. Requires a subscription but there are some articles on the website.  If you go to this link, scroll down a bit and there is a good piece – `How To Learn Nothing From Crisis’.

4. `Reflections on Glass-Steagall and Maniacal Deregulation’ – Good piece by Robert Weissman on the historic Glass-Steagall Act of 1932 (and 3) and the impact on its repeal during the Clinton Years, giving deregulation even more momentum than existed in the Reagan Era

5. `Obama, Lehman and the Dragon Tattoo’ by Frank Rich – Interesting piece from the NY Times (March 20, 2010) that weaves some comments about the financial crisis with The Girl With The Dragon Tattoo By Stieg Larsson, a book my book club read recently, worth reading.

6. `Executive Compensation And Economic Crisis‘ – This piece shows how those in great measure directly responsible for the 2008 financial crisis received bonuses for bringing down the US economy. A scholarly piece.

7. Warde – Madoff Gets 150 Years – by Ibrahim Warde. Le Monde Diplomatique. August 2009 – a good piece describing what we know, and what is left to find out about Bernie Madoff’s massive ponzi scheme

8.  `Crisis of Credit’ – a short cartoon video giving a nice sense of the elements leading to the `sub-prime’ real estate collapse of 2008

9. `The Best Way To Rob A Bank Is To Own One’ – by Bill Black. A half hour interview with Bill Moyers. Looks at the question `how did they get away with it’.

10. IMF’s `Mid Life Crisis’ – Two Interviews with Dr. Ilene Grabel – This is on `Real News’. Interesting commentaries on how the IMF is trying to `tweek’ its structural adjustment program a bit (concerning capital controls) as it loses credibility in most of the Third World.

11. Review of the documentary `Inside Job’ – a Cannes film festival award winning documentary is reviewed here

12.LBO 126 – Obamancholia– Lead op ed from the May 4, 2010 Left Business Observer. Good overview of a critique of Obama’s (mostly) economic policies from the left.

13. Placing The Blame As Students Are Buried In Debt – NY Times (May 29, 2010) – In a manner not unlike how banks made adjustable mortgage home loans to buyers who could not pay, they give student loans to people without much of an idea how these loans might be paid back after graduation.

14. Three Years On, Fault Lines Threaten The World Economy – Financial Times July 13, 2010 – I find Martin Wolf, who wrote this column, generally worth reading. Here he explores some of the deeper and unresolved aspects of the global financial crisis.

15. New Finance Bill Will Not Prevent Another Crisis: Part One – Real News July 13, 2010. an interview with William Black, author of `The Best Way To Rob A Bank Is To Own One’ – critiques the finance reform bill

16. New Finance Bill Will Not Prevent Another Crisis: Part Two – Real News – July 14, 2010. an interview with William Black, author of `The Best Way To Rob A Bank Is To Own One’ – critiques the finance reform bill

17.  New Finance Bill Will Not Prevent Another Crisis: Part Three – Real News – July 27, 2010. an interview with William Black, author of `The Best Way To Rob A Bank Is To Own One’ – critiques the finance reform bill

18. Ponzi Solidaire – August 1, 2010.. a piece by Immanuel Wallerstein on how it is that profits and unemployment can go up at the same time. Well done

19. Reich Blames Economy Woes On Income Disparity – Robert Reich, former Secretary of Labor in the first Clinton Administration (1992-1996) has written a new book `Aftershock: The Next Economy and America’s Future. This link is an interview with him on National Public Radio. You can either read it or listen to it

20. The Crisis of Capitalism in 11 minutes – an animated talk by David Harvey, British Marxist economist. Well done.

21. The Virgin Crisis: Systematically Ignoring Fraud as a Systematic Risk – by William Black. November 8, 2011

22. It Takes a Pillage – Matt Taibbi and Nomi Prins on the financial crisis. How the financial sector got away without any indictments…about 10 minutes

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