Here are both of my talks delivered at the April 28 conference on the causes of the 2008 financial crisis. The first talk provided a historical overview for the crisis, not beginning in 2007 or 2006, but actually in the 1930's. The second talk walks through a plethora of things I believe did not cause the crisis (contrary to popular assertion), as well as things that were wrongly prescribed to try and fix the crisis. I essentially attempt to paint a picture of the narrative that the right and … [Read more...]
Did the Housing Crisis Teach Us Anything?
October 3, 2011 By
I saw this large poster at the entry of a retail bank on Park Avenue today as I was walking to a meeting. I can't think of a more ridiculous synopsis of what is wrong in the world that caused the financial crisis. Of course, your home is not "where the equity is"; your home is "where your family is", and this simple lesson is what was so easily misunderstood in the 2000-2006 bubble. A home is not a material asset to be "flipped" to a bigger sucker as a page out of the greater fool theory … [Read more...]
