Wall Street’s Rap Sheet Tells a Harrowing Story

There’s a serial killer on the loose. This heartless criminal is slaughtering nations left and right. For two decades, it’s been feasting on unsuspecting governments. With each victim, its power grows. And now, it’s at our front door. The first reported crime occurred in 1982. That was the year when Mexico defaulted on its debt.…

Why We Never See It Coming

“These were egregious mistakes. They were self-inflicted.” Our strategy was “flawed, complex, poorly reviewed, poorly executed, and poorly monitored.” “Obviously we should have acted sooner.” “It could easily get worse.” Where have we heard this before? Perhaps in March of 2011, when a massive earthquake and tsunami triggered a nuclear meltdown in the Fukushima prefecture…

Why We Need the Consumer Financial Protection Bureau

“My view is that Washington and the regulators are there to serve the banks.” – Republican Rep. Spencer Bachus, Chairman of the House Financial Services Committee In 1972, the Nixon Administration created the Consumer Product Safety Commission (CPSC). Its purpose was relatively straightforward: to enforce uniform standards, minimum levels of safety, on consumer products sold…

The Art of Distraction

Prof. Mishra has a knack for changing the subject. When asked about income taxes, he talked about corporate taxes. When asked about the Federal Reserve, he brought the conversation around to Glass-Steagall. When asked about the Community Reinvestment Act (CRA), his focus turned to the “government-sponsored enterprises” (GSEs): Fannie Mae and Freddie Mac. Here’s how he…