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"Having Standard & Poor's downgrade the creditworthiness of the U.S., and warn the country about further downgrades, is a little like having the Catholic Church lecture Scout leaders on the proper behavior... Read More
As everyone speculates whether the 634 point drop in the Dow yesterday (Monday, August 8) will continue, stop, usher in a double dip recession, be forgotten in a week, unleash a bear or a bull market, or whatever, someone... Read More
For those interested, here's the 193 page complaint filed by AIG against the Bank of America today.  
In July 2008, the SEC Staff from the Office of Compliance, Inspections and Examinations, Division of Trading and Markets and Office of Economic Analysis released a "Summary Report of Issues Identified in the Commission... Read More
Ezra Klein has a terrific article in today's Washington Post discussing why thinking of our current economic circumstances as a recession is the wrong framework.   This chart is from his blog post on... Read More
A terrific graph from the The New York Times article on AIG suing Bank of America for more than $10 billion in losses from the mortgage crisis.
Breaking news:  the media is reporting that AIG is going to sue Bank of America for more than $10 billion in damages over the alleged massive fraud by it and its subsidiaries Merrill Lynch and Countrywide in... Read More
The Wall Street Journal has a rich article about Wall Street's demand for serial bailouts from Washington, which really means from taxpayers.  It's entitled "Wall Street Hopes Again for Bailout, But... Read More
The Wall Street Journal has an interesting and important article today on the credit rating agencies entitled "Ratings Firms Retain Power Over Markets."  This line caught my attention: "Standard &... Read More
This graph is from today's Wall Street Journal article "Obama and S&P Vie for Credibility." 
Yes, the rioting began after the police shot and killed a 29 year old man under disputed circumstances, as is often the case in poor neighborhoods where rumors and police coverups have a long tradition worldwide.  And,... Read More
Drew Westen's Op Ed in today's New York Times (What Happened to Obama) is a must read. Paraphrasing won't do; only quoting: "When Barack Obama rose to the lectern on Inauguration Day, the nation was in... Read More
Paper by Simon Johnson and Peter Boone for Peterson Institute for International Economics
The Volcker Rule study by the Financial Stability Oversight Council required under the Dodd-Frank Act.
A Study by Deloitte on the how the Volcker Rule will affect bank's core operations.
HuffPost's Shahien Nasirirpour has his typical outstanding article today on the deal Bank of America and Feds are reportedly negotiating.  Most of the issues I already addressed in my previous post, but his article... Read More
There's lots of speculation about whether Treasury Secretary Tim Geithner will resign now that the debt ceiling deal has been done.  He's rumored to want to go back to New York due to fatigue and his family... Read More
Another article today about a big bank trying to settle lots of lawsuits and investigations arising from their criminal and/or fraudulent conduct in connection with selling and/or packaging mortgages during the boom and... Read More
Hubris has no limits, as we all saw to devastating affect in the Fall of 2008 and as has been on display repeatedly since then by many of those who brought on the financial meltdown.  While many will think Jamie Dimon... Read More