financial-crisis   439

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The 30-Year Mortgage is an Intrinsically Toxic Product
Very interesting economic analysis of the 30 year mortgage.
banking  finance  financial-crisis 
january 2019 by mcherm
Adam Kotsko The Political Theology of Neoliberalism - state of nature
Neoliberals do rely on libertarian rhetoric, but libertarianism is basically neoliberalism for fools. When neoliberals are talking amongst themselves, they always acknowledge that a strong state is absolutely necessary to their agenda. This is because markets do not spontaneously arise in the absence of state interference, or in other words, markets are not natural. They must be artificially constructed, and so one way of defining neoliberalism is as a project to use state power to cultivate or create markets so that people will be forced to be free in the neoliberal sense.
neoliberalism  interview  quotes  hey-I-know-this-guy  to-write-about  fascism  political-economy  financial-crisis  capitalism  worldview 
october 2018 by Vaguery
As financial crisis shook the nation, Trump’s team saw payoff - POLITICO
Trump himself crowed about the investment opportunities that lay ahead on the eve of Wall Street collapse, heralded 10 years ago by Lehman Brothers' failure.
financial-crisis  trump 
september 2018 by daniel.zappala
In a crisis, sometimes you don’t tell the whole story | Financial Times
"As it happened, I had a lot of cash in my bank account, at Citibank. I was above the limit covered by US deposit insurance, so if Citi went bust, a once inconceivable event that I could now imagine, I would lose money for good.

At lunch hour I headed to Citi, planning to take out half my money and put it into an account at the Chase branch next door. That would double the money that I had insured.

We were in midtown Manhattan, surrounded by investment banking offices. At Citi, I found a long queue, all well-dressed Wall Streeters. They were doing the same as me. Next door, Chase was also full of anxious-looking bankers.

Once I reached the relationship officer, who was great, she told me that she and her opposite number at Chase had agreed a plan of action. I need not open an account at another bank.

Using bullet points, she asked if I was married, and had children. Then she opened accounts for each of my children in trust, and a joint account with my wife. In just a few minutes I had quadrupled my deposit insurance coverage. I was now exposed to Uncle Sam, not Citi. With a smile she told me she had been doing this all morning. Neither she nor her friend at Chase had ever had requests to do this until that week.

I was finding it a little hard to breathe. There was a bank run happening, in New York’s financial district. The people panicking were the Wall Streeters who best understood what was going on.

All I needed was to get a photographer to take a few shots of the well-dressed bankers queueing for their money, and write a caption explaining it.

We did not do this. Such a story on the FT’s front page might have been enough to push the system over the edge. Our readers went unwarned, and the system went without that final prod into panic.

Was this the right call? I think so. All our competitors also shunned any photos of Manhattan bank branches. The right to free speech does not give us right to shout fire in a crowded cinema; there was the risk of a fire, and we might have lit the spark by shouting about it."
financial-crisis  2008  ft  journalism 
september 2018 by arsyed
Why Aren’t Any Bankers in Prison for Causing the Financial Crisis? - The Atlantic
> The difficulties that government prosecutors face in cobbling together fraud cases against even the most nefarious executives illuminates the fact that, legally, corporations are big, fancy responsibility-diffusion mechanisms
banker  fraud  financial-crisis  criminal  justice  law 
december 2017 by floehopper

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