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robertogreco : subprime   36

Op-Ed Contributors - Show Us the E-Mail - NYTimes.com
"The three of us, as experienced investigators and prosecutors of financial fraud, cannot answer these questions now. But we know where the answers are. They are in the trove of e-mail messages still backed up on A.I.G. servers, as well as in the key internal accounting documents and financial models generated by A.I.G. during the past decade. Before releasing its regulatory clutches, the government should insist that the company immediately make these materials public. By putting the evidence online, the government could establish a new form of “open source” investigation."
finance  law  recession  crime  corruption  bailout  aig  banks  subprime  economics  2009  eliotspitzer 
december 2009 by robertogreco
Op-Ed Contributor - America on Deadline - NYTimes.com
"Some years ago, psychologists posed a deceptively simple question: if I were to offer you $100 right now, or $110 a week from now, which would you choose? Most subjects chose to take $100 right then. It didn’t seem worthwhile to wait an entire week for only $10 more.

[via: http://blog.longnow.org/2009/12/04/discounting-the-future/ ]
psychology  davideagleman  procrastination  afghanistan  uncertainty  certainty  future  politics  policy  barackobama  instantgratification  delayedgratification  crisis  2009  subprime  shortterm  longterm  longnow 
december 2009 by robertogreco
The End of Wall Street's Boom - National Business News - Portfolio.com
"In the 2 decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting internet bubble, the crisis following collapse of Long-Term Capital Management: Over & over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces? At some point, I gave up waiting for the end. There was no scandal or reversal, I assumed, that could sink the system." ... "moment Salomon Brothers demonstrated potential gains to be had by investment bank as public corporation, psychological foundations of Wall Street shifted from trust to blind faith."
michaellewis  creditcrunch  crisis  finance  markets  subprime  economics  history  business  money  2008  banking  corruption  wallstreet  liarspoker  politics 
november 2008 by robertogreco
I Can Haz Mortgage? - Core77
"Pop!Tech, the Biggie to TED's Tupac, brings the year's most brilliant, engaging, and PowerPoint-savvy thinkers/doers to the East Coast every October. This year's standout was economic heavyweight Juan Enriquez.
economics  crisis  2008  subprime  housingbubble  markets  finance  juanenriquez  austerity  politics 
october 2008 by robertogreco
Bush: peor imposible - lanacion.com [del Tucci que me conoce bien]
"Frente a la crisis de las hipotecas subprime, había tres opciones que podía tomar el gobierno: a) hacer ayudas selectivas, b) hacer ayudas generalizadas y c) no hacer nada y dejar que cada uno asumiera los quebrantos.
us  crisis  economics  moralhazard  markets  capitalism  2008  deTucci  policy  politics  fear  subprime  finance 
october 2008 by robertogreco
The right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong. - By Daniel Gross - Slate Magazine
"Look: There was a culture of stupid, reckless lending, of which Fannie Mae and Freddie Mac and the subprime lenders were an integral part. But the dumb-lending virus originated in Greenwich, Conn., midtown Manhattan, and Southern California, not Eastchester, Brownsville, and Washington, D.C. Investment banks created a demand for subprime loans because they saw it as a new asset class that they could dominate. They made subprime loans for the same reason they made other loans: They could get paid for making the loans, for turning them into securities, and for trading them—frequently using borrowed capital. ... Lending money to poor people doesn't make you poor. Lending money poorly to rich people does."
economics  subprime  fallacies  politics  crisis  2008  markets  finance 
october 2008 by robertogreco
Understand the Financial Crisis - Wired How-To Wiki
"Freddie and Fannie, Bernanke, Bush, mortgages, loans, foreclosure, $700 billion bailout, recession, crisis. These are the words filling the headlines and being tossed around in Washington and on Wall Street in worry and, yes, panic. What does it all mean? "
crisis  2008  economics  markets  money  finance  subprime  politics  meltdown 
october 2008 by robertogreco
This American Life - 365: Another Frightening Show About the Economy
"Alex Blumberg and NPR's Adam Davidson—the two guys who reported our Giant Pool of Money episode—are back, in collaboration with the Planet Money podcast. They'll explain what happened this week, including what regulators could've done to prevent this financial crisis from happening in the first place. You can learn more about the daily ins and outs on the Planet Money blog."
subprime  bailout  thisamericanlife  economics  crisis  2008  finance 
october 2008 by robertogreco
YouTube - Bird and Fortune - Subprime Crisis
"John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview." ... and from months ago.
humor  crisis  meltdown  finance  absurdity  economics  markets  subprime  2008 
october 2008 by robertogreco
Reversal of Fortune: Politics & Power: vanityfair.com
"Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the U.S. economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America’s economic sanity." ... "When the American economy enters a downturn, you often hear the experts debating whether it is likely to be V-shaped (short and sharp) or U-shaped (longer but milder). Today, the American economy may be entering a downturn that is best described as L-shaped. It is in a very low place indeed, and likely to remain there for some time to come."
josephstiglitz  economics  us  crisis  bailout  2008  banking  finance  money  policy  politics  sustainability  energy  longterm  future  taxes  biofuels  oil  gamechanging  regulation  subprime  meltdown  recession  wallstreet  reaganomics  georgewbush  housing  jobs  markets  unemployment  freemarkets  greatdepression  wealth  disparity  lending  reform  change 
october 2008 by robertogreco
Interview: BBC business editor Robert Peston, 'face of the credit crunch' | Media | The Guardian
""more than a theoretical possibility" of a full-blown depression, probably "quite a bad recession", and a redrawing of the financial firmament - which, "in many ways, is a very, very good thing...all of us, to a certain extent, were seduced by property prices. A house is somewhere to live in. It's not a source of wealth...The moral authority, that America can lecture the world on the best way to run their economy, has been shot to pieces...if the Chinese got their act together, and they wanted to, they could actually, at this moment, buy the entire US banking system. They could just buy it. Which is an extraordinary thing - it's something that none of us could have predicted a few years ago." It's also not that long ago that London was celebrating its trumping of New York as the financial centre of the world; that hubris is now just a memory."
via:preoccupations  crisis  finance  banking  us  uk  money  economics  china  subprime  2008  world  capitalism  failure 
october 2008 by robertogreco
The Money Meltdown
"I’ve had a lot of difficulty finding sites that pulled together useful, authoritative, and comprehensive information about our current financial crisis in an accessible way. So I thought I’d take a stab at it myself. I hope anyone looking to get up to speed on this crisis can come to the home page and get what they need. Besides the link of the day, nothing on the front page will change too much from day to day, but I will try to keep it relevant, up-to-date and valuable for those looking for more knowledge on the crisis."
crisis  2008  economics  politics  capitalism  banking  subprime  finance  bailout  meltdown  money  reference 
october 2008 by robertogreco
Democracy Now! | Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History
"For years now, they’ve told us that we can’t afford—that the government providing healthcare to all people is just unimaginable; it can’t be done. We don’t have the money to rebuild our infrastructure. We don’t have the money to wipe out poverty. We can’t do it. But all of a sudden, yeah, we do have $700 billion for a bailout of Wall Street. So, my view is that, included in what we do, there should be a significant stimulus package, a really significant one, which addresses healthcare, which addresses sustainable energy, which addresses the infrastructure, which creates substantial number of jobs, addressing many of the long-term unmet needs of this country."
bailout  finance  politics  policy  economics  corruption  crisis  2008  us  capitalism  government  health  subprime  healthcare  infrastructure 
september 2008 by robertogreco
Michael Lewis' Mansion - Portfolio.com
"The real moral is that when a middle-class couple buys a house they can't afford, defaults on their mortgage, and then sits down to explain it to a reporter from the New York Times, they can be confident that he will overlook the reason for their financial distress: the peculiar willingness of Americans to risk it all for a house above their station. People who buy something they cannot afford usually hear a little voice warning them away or prodding them to feel guilty. But when the item in question is a house, all the signals in American life conspire to drown out the little voice. The tax code tells people like the Garcias that while their interest payments are now gargantuan relative to their income, they're deductible. Their friends tell them how impressed they are-and they mean it. Their family tells them that while theirs is indeed a big house, they have worked hard, and Americans who work hard deserve to own a dream house. Their kids love them for it."
homes  housing  culture  society  class  subprime  realestate  michaellewis  debt  crisis  economics  money 
september 2008 by robertogreco
Robert Reich's Blog: What Wall Street Should Be Required to Do, to Get A Blank Check From Taxpayers
"if you are a member of Congress...might be in position to demand from Wall Street certain conditions in return for blank check... 1. government gets equity stake in every WS financial company proportional to amount of bad debt that company shoves onto the public... 2. Wall Street executives and directors of Wall Street firms relinquish their current stock options and this year’s other forms of compensation, and agree to future compensation linked to a rolling five-year average of firm profitability. 3. All WS executives immediately cease making campaign contributions to any candidate for public office in this election cycle or next, all WS PACs be closed & WS lobbyists curtail their activities 4. WS firms agree to comply with new regulations over disclosure, capital requirements, conflicts of interest & market manipulation. 5. WS agrees to give bankruptcy judges authority to modify terms of primary mortgages, so homeowners have fighting chance to keep homes."
economics  business  government  mortgages  law  subprime  crisis  2008  policy  robertreich  finance  corruption 
september 2008 by robertogreco
The mortgage buck stops where? | csmonitor.com
"Americans need to hear a full-throated debate by lawmakers about the range of players in this mortgage maelstrom who either lied, took on too much debt, or failed to check creditworthiness as these loans were issued and then sold up the financial food chain to the point where it has become nearly impossible to determine their value. They also need to hear about the government's role in encouraging a housing bubble – and that will mean Congress needs to look at itself. No longer should federal support for owning a home be based on the false premise that housing prices will always go up or that taxpayers are the final backstop for mortgage holders. The reason for such a public accounting isn't vindictive. And Congress may not even be able to accurately apportion blame or determine the price to be paid for past mistakes. Rather, it is to help make sure that lessons are learned and that better safeguards will be put in place to prevent another cycle of bad debts."
finance  politics  crisis  banking  subprime  us  2008  government  economics 
september 2008 by robertogreco
Click opera - The hidden easter eggs of risk have come home to roost!
"Now, the current financial crisis is dauntingly technical -- and far beyond my comprehension. But it also contains a moral dimension which we can all understand, and I think the quote above is a way to the nub of it. That complaint isn't just about the failure of supposedly-intelligent brains to predict the current situation, it's about the specialization of intelligence, the narrowing down of intelligence from a general critical sense, a view of the big picture (the kind of view artists might take), to a very narrow form of self-interested cunning that focuses on devising ever-newer, even-more-complicated forms of personal gain -- ways to cheat the system and cheat other people, even out of their houses and food -- and studiously ignores the bigger implications."
momus  art  finance  capitalism  latecapitalism  subprime  banking  economics  ethics  generalists  cv  intelligence  society  morality  risk  risktaking  gamechanging 
september 2008 by robertogreco
U.S. financial crisis spreads toward your wallet | csmonitor.com
"In 2006, well before the financial crisis broke on the shores of the American economy, Ann Lee wrote a 22-page paper on "Wall Street's House of Cards." It warned of the danger to the nation from the sale of trillions of dollars of complex financial products called "structured credit derivatives" ... Seeking a reaction to her paper, she sent it to officials in Washington. Lee received an e-mail reply from Lawrence Lindsey, director of the National Economic Council under the first President Bush, who wrote that "both the practitioners and the regulators are well aware of the risks that are out there," including those in the subprime mortgage market. Mr. Lindsey held that the deregulated mortgage market was "much better" in early 2007 than the more regulated one in 1991, when there were also credit-market problems."
banking  finance  dept  economics  us  derivitives  wallstreet  mortgages  subprime  hedgefunds  regulation  deregulation  fauxpenmarkets  transparency 
september 2008 by robertogreco
Robert Shiller, Real-estate Bubble, The Subprime Solution » knackeredhack
"One interesting point he makes is that some people, lacking the means to offset their socio-economic risks, may become far too cautious in their choice of employment, thus depriving society of their more creative endeavour." "there is a strong moral imperative running through Shiller’s advocacy, no doubt reflecting the increasing severity of the social consequences that can compound very quickly if the policy response is half-baked." "Shiller describes Chile as the most inflation-sensitive population in the world."
robertshiller  housingbubble  subprime  markets  society  psychology  books  chile  uf  unidaddefomento  economics  behavior  risktaking  riskassessment  risk 
august 2008 by robertogreco
Bailing Out the Bad Guys: What Congress and Bush Do Best
"The bailouts are rewarding the very people and institutions whose reckless behavior caused this financial mess. Yet government demands nothing from them in return--like new rules for prudent behavior and explicit obligations to serve the national interest." + an alternative prescription
economics  policy  collapse  banking  finance  government  politics  subprime  housingbubble 
august 2008 by robertogreco
Best. Bailout. Ever. - How the World Works - Salon.com
"Ponder that sentence for a moment. The Federal Reserve has decided it must order lenders not to make loans that they should not make. As Paul Krugman observed -- "Horse. Barn door." Perhaps if Bernanke's predecessor, Alan Greenspan, had taken it upon him
markets  collapse  finance  policy  regulation  freemarkets  housing  subprime 
july 2008 by robertogreco
This American Life - 355: The Giant Pool of Money
"A special program about the housing crisis produced in a special collaboration with NPR news. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall street? Why did banks make half-million dollar loans to people withou
economics  finance  thisamericanlife  npr  housing  crisis  subprime  housingbubble 
may 2008 by robertogreco
McSweeney's Internet Tendency: Word Problems for Future Hedge-Fund Managers.
"In a given year, DJIA rises 8.3%, NASDAQ 7.6%, S&P 500 7.9%. If, in that same period, you manage a $29 billion hedge fund that loses 11.6 percent, how large a year-end bonus are you entitled to? (Round to the nearest $10 million.)"
finance  humor  subprime  hedgefunds  math 
may 2008 by robertogreco
The age of the anti-Cassandra - Paul Krugman - Op-Ed Columnist - New York Times Blog
"our public discourse is dominated by people who have been wrong about everything — but are still, mysteriously, treated as men of wisdom, whose judgments should be believed. Those who were actually right about the major issues of the day can’t get a
culture  media  journalism  politics  predictions  society  housingbubble  subprime  war  iraq  economics 
march 2008 by robertogreco
John Lanchester: There will be blood | Business | The Guardian
"Once you get interested in the way capitalism works, you notice that the stories it throws up have two features: they're always the same; and yet they're full of amazing details that no one would dare invent."
finance  economics  via:blackbeltjones  capitalism  history  subprime  bearstearns  crisis 
march 2008 by robertogreco
America's new subprime shanty-towns - Boing Boing
"chilling BBC clip, newsteam ventures to one of LA's new shantytowns made up of people who've lost their homes in subprime meltdown, now live in tents, improvised shacks or RVs on abandoned land...wonder why found out from BBC, not US media"
subprime  media  housingbubble 
march 2008 by robertogreco
And Still I Persist » Blog Archive » Charting The Banking Crisis - A Boomerang Demo
"We decided to apply the Boomerang approach to this mass of data, adding in some ideas from the groundbreaking gapmider.org effort to create a dynamic overview of just how tough it’s getting for banks and their mortgage portfolios."
accounting  complexity  economics  banking  visualization  money  subprime  housingbubble  finance  history  information 
march 2008 by robertogreco
Derivatives shell-game leaves mortgages "orphaned" -- stop paying your mortgage, keep your house - Boing Boing
Some banks were so enthusiastic in playing subprime derivatives shell-games they've lost notes on mortgages they "own"...estimated $2.1 trillion worth of mortgages "orphaned" with no apparent owner." - I don't even know where to begin here...
housingbubble  money  finance  bubble  us  subprime 
february 2008 by robertogreco
The Next Slum?
"The subprime crisis is just the tip of the iceberg. Fundamental changes in American life may turn today’s McMansions into tomorrow’s tenements."
us  architecture  housingbubble  capitalism  bubble  housing  recession  slums  sociology  subprime  suburban  suburbia  suburbs  sustainability  theatlantic  economics  realestate  urbanism  walking  transportation  urban  mortgages  demographics  future  green  cities  crime  culture  planning  politics  poverty  property  dystopia  neighborhoods  collapse  environment 
february 2008 by robertogreco
Bloomberg.com: Opinion: What Does Goldman Know That We Don't?: Michael Lewis (Update1) - Michael Lewis
"The only difference between Goldman and everyone else was that Goldman had, in effect, an entirely separate enterprise, sitting on top of the firm, with the power to reverse the judgment of its own supposed experts in various markets."
michaellewis  economics  goldmanSachs  finance  business  management  markets  money  risk  strategy  housing  housingbubble  subprime  organization  trading  investment  intelligence 
january 2008 by robertogreco

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