Naughtiness or Incompetence?

There is a very unpleasant ripple which is in danger of growing and engulfing the banking-world. One has already seen the first stirrings of Madame Défarge-like blood-lust being directed at the “evil” bankers.
It may be a surprise to many but the “post-meltdown” banking boards still bear a uncanny resemblance to the pre-meltdown ones. Little has [...]

Financial Crisis

WHY DIDN’T THE SENIOR MANAGERS OF FINANCIAL CORPORATIONS SAVE US FROM THE PRESENT FINANCIAL CRISIS?
The matter that I would like to discuss here concerns the present financial meltdown. Let us start off with a short summary on the cause of the financial crisis. In August 2002, a macroeconomist discovered a housing bubble. Dean Baker noted [...]