Subprime Thinking

Did Liberals Cause the Sub-Prime Crisis? | The American Prospect: “It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis. Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, …

Wall Street and the Third World | vanityfair.com

Wall Street and the Third World | vanityfair.com: “The former Communist countries generally turned, after the dismal failure of their postwar system, to market capitalism, replacing Karl Marx with Milton Friedman as their god. The new religion has not served them well. Many countries may conclude not simply that unfettered capitalism, American-style, has failed but …

Economists on the Bailout – Freakonomics – Opinion – New York Times Blog

Economists on the Bailout – Freakonomics – Opinion – New York Times Blog: “The only thing that seems to be moving faster than the financial crisis is the policy debate. The latest development is a statement that summarizes what I think of as the emerging consensus from academic economists; it expresses concern about various aspects …

FactCheck.org: Who Caused the Economic Crisis?

FactCheck.org: Who Caused the Economic Crisis?: “So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of ‘layered irresponsibility … with hard-working homeowners and billionaire villains each …

Obama Casts Wide Blame for Financial Crisis and Proposes Homeowner Aid – New York Times

Obama Casts Wide Blame for Financial Crisis and Proposes Homeowner Aid – New York Times: “‘Instead of establishing a 21st-century regulatory framework, we simply dismantled the old one,’ he said, ‘aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight.’” (Via The NY Times.) I’m …