Remember the fear in 2008? Think of the collapse of Bear Stearns and Lehman Brothers. Wall Street melting down. Pension savings disappearing. Housing values plunging and foreclosures skyrocketing. Three million workers losing their jobs.
It had all the makings of another Great Depression. As Barack Obama took office on Jan. 20, 2009, he faced a dilemma. more »
Ezra Klein has a pretty silly post up about the Wall Street regulation bill and the SEC's funding. He argues that since the SEC failed miserably in the years leading up to the crisis, it's absurd to see them getting more funding in its aftermath. more »
The Financial Crisis Inquiry Commission examines the collapse of Bear Stearns, the Wall Street brokerage firm that ended up being merged with JPMorgan Chase during the heart of the financial crisis. Bear Stearns argues that unsubstantiated rumors precipitated its collapse, but commissioners help make the case that it was Bear Stearns own business practices, forged in a deregulated environment, that laid it low.
When it comes to the economy, the color of wisdom is orange. Some students at Syracuse University are protesting the selection of JPMorgan Chase CEO Jamie Dimon as their commencement speaker. They're absolutely right: Dimon's a poor role model. more »
marketplace.publicradio.org — Why on earth should taxpayers spend billions of dollars to backstop the Wall Street hoi polloi without demanding laws that require Wall Street to insure itself against risky financial gambles? As Reich notes, "We want a tax system that rewards risk taking. But not any risks -- and not one where it's heads they win and tails we lose."
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