Rakoff vs "Madoff": the Unraveling continues....
go to blog post @【智在埋堆】for a summary of this presentation
The "Madoff" in the System
Paul Krugman: The Great Unraveling (2003)
In September, 2003, Krugman published a collection of his columns under the title, The Great Unraveling. Taken as a whole, it was a scathing attack on the George W. Bush administration's economic and foreign policies. His main argument was that the large deficits generated by the Bush administration — generated by decreasing taxes, increasing public spending, and fighting the Iraq war — were in the long run unsustainable, and would eventually generate a major economic crisis. The book was a best-seller. --Wikipedia: "Paul Krugman"
Robert Schiller: Irrational Exuberance (2000)
Paul Krugman: How Did Economists Get It So Wrong? [NYTimes 090902
Thomas Friedman: The Great Unraveling (The wealth bubble a "Ponzi scheme"!?) [NYTimes 081216
Excerpt: I have no sympathy for Madoff. But the fact is, his alleged Ponzi scheme was only slightly more outrageous than the “legal” scheme that Wall Street was running, fueled by cheap credit, low standards and high greed. What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-two-years mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds — which Moody’s or Standard & Poors rate AAA — and then selling them to banks and pension funds the world over? That is what our financial industry was doing. If that isn’t a pyramid scheme, what is? --Thomas Friedman: "The Great Unraveling", New York Time, Dec. 16, 2008
Thomas Friedman: The Inflection Is Near? [NYTimes 090307
Leading Economist Decries Power of Wall Street "Oligarchs" [YahooFinance video 090421
Shoshana Zuboff: Wall Street's Economic Crimes Against Humanity [BW 090320
One Year after the crash
Judge (Rakoff) Rejects Settlement Over Merrill Bonuses [NYTimes 090914
Wall Street, One Year Later [NYT video
A Year Later, Little Change on Wall St. [NYTimes 090911
The Hard Truth About Financial Regulation [Forbes 090914
U.S. Is Finding Its Role in Business Hard to Unwind [NYTimes 090913
No more reckless behavior: Obama warns Wall Street [MalaysiaNews 090915
Who'll Rein In Wall St.? [Washington Post 091014
The folks who keep the profits and give us the risk are winning a battle against reform.
