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How Elizabeth Warren at Harvard University and Profs. Sunstein and Thaler at the University of Chicago influenced the decision to setup a Consumer Financial Protection Agency.
06/20/2009
Elizabeth Warren has known economic advisor Summers for along time at Harvard, and Obama is a friend of Sunstein who wrote abook with Thaler, "Nudge," on the subject of consumer behaviour.
Linked Articles
Wall Street Critic Inspired New Consumer-Protection Agency
Wall Street Journal 06/20/2009
About Time: Regulation Based On Human NatureWall Street Journal 06/20/2009
Obama's Consumer Financial Protection Agency and the influence of consumer advocate Elizabeth Warren.
06/17/2009
The influence of Elizabeth Warren, who is aleading scholar in credit and economic distress, and a Professor at Harvard Law School, in the President's decision to setup aconsumer protection agency. The influence also of Prof. Sunstein at the University of Chicago Law School on Obama's ideas on fine print, consumer behaviour and protection.
Linked Articles
Obama’s Remarks on Financial Regulatory Reforms
Wall Street Journal 06/17/2009
Wall Street Critic Inspired New Consumer-Protection AgencyWall Street Journal 06/20/2009
Weaknesses in proposed financial regulation for derivatives.
05/14/2009
The oversight by CFTC with arole for SEC gives the same muddled picture of previous oversight. And not treating all derivatives the same leaves room for future trouble.
Linked Articles
Obama Proposes a First Overhaul of Finance Rules
New York Times 05/14/2009
Danger in Wall Street’s ShadowsNew York Times 05/15/2009
Views of experts from Raghuram Rajan, Paul Krugman and Simon Johnson are at odds with the Obama administration's recycling of prior Paulson's bank rescue plans
04/21/2009
Rajan and Johnson call for smaller, more transparent financial institutions through the government takeover of insolvent banks and breaking them up into smaller financial institutions that pose less risk to the country's economy and are easier to manage, and less prone to excessive risk taking. And they propose crafting policy and antitrust laws to make this work. Questions raised about the administration having too many people on its economic team who are deferential to Wall Street and not with a mindset that questions key assumptions -some call them sacred cows- that are put forward by Wall Street.
Linked Articles
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
Time for Bank Creditors to Share the Pain?New York Times 04/29/2009
FT's Martin Wolf looks at Simon Johnson's argument that Obama is avoiding the tough choices because he has succumbed to pressure from financial elites.
04/14/2009
Wolf looks at Simon Johnson's argument about Obama's dithering on the tough issues like that of insolvent banks, and says America is not like Russia where financial elites controlled the government's way of responding into and out of a crisis.
Linked Articles
Unknown 04/15/2009
Text of Obama Economic SpeechBusinessWeek 04/14/2009
The different positions taken by the Europeans and the US and Britain at the G-20 summit.
04/02/2009
The different positions taken by the US and the Europeans and the thinking and culture behind each position.
Linked Articles
Steven Pearlstein - A Rare Triumph of Substance at the Summit
Washington Post 04/03/2009
Obama Hits Resistance at G-20Wall Street Journal 04/02/2009
GE (General Electric), GE Capital, CEO Immelt and the global financial crisis of 2008
03/07/2009
Linked Articles
Wall Street Journal 01/26/2011
Behind the Curtain at G.E.New York Times 03/07/2009
The idea of one Europe and financial crisis in Eastern Europe.
02/26/2009
How leaders of Germany, France and Britain respond to calls for help from Eastern European countries will determine the future of the European community and the European Union. Will a differentiated approach develop that provides help to the newer members of the EU. Will the Swedish example with the Baltics lead to a supportive role by Germany?
Linked Articles
The bill that could break up Europe
Economist 02/26/2009
Growing Economic Crisis Threatens the Idea of One EuropeNew York Times 03/02/2009
Are the old faces that got the US and Britain into the financial mess also the new faces trying to fix it?
02/09/2009
The new faces are also the ones that were around during the years went financial prudence was not exercized.
Linked Articles
SEC Expected to Name Khuzami Enforcement Director
Wall Street Journal 02/09/2009
British Regulator Quits as Accusations Mount in Banking CrisisNew York Times 02/12/2009
Reinhart and Rogoff's warning of a prolonged slump following the 2008 global financial crisis and questions about Obamanomics
02/03/2009
Linked Articles
What Other Financial Crises Tell Us
Wall Street Journal 02/03/2009
Obamanomics: A CounterhistoryNew York Times 09/29/2012
Strategies of newspaper media business as advertising revenues decline- The New York Times and the Pearson Group's Financial Times
01/20/2009
Linked Articles
The Timesâs Online Pay Model Was Years in the Making
New York Times 03/20/2011
Pearson Expects Strong 2008 EarningsWall Street Journal 01/20/2009
Are the old faces that got the USA and Europe into this financial crisis, now the new faces trying to fix it?
01/15/2009
Schapiro and Khuzami, the new faces at the SEC as chief and enforcement director, are the old faces at FINRA which took ahands off view of self regulation of the financial industry and the old faces at Deuteche BAnk as inhouse lawyer. Sir James Crosby, the head of HBOS bank in the UK which needed $17 billion f government money in 2008, was made Deputy chairman of the Financial Services Authority in 2006, Britain's main regulator. He reisgned hours before a stormy session in the House of Commons which embarrassed Prime Minister Brown after some revelations about Crosby,s role in the mess.
Linked Articles
Obama's Pick to Head SEC Has Record Of Being a Regulator With a Light Touch
Wall Street Journal 01/15/2009
British Regulator Quits as Accusations Mount in Banking CrisisNew York Times 02/12/2009
Money managers Grantham, Rodriguez and Scheiff fears about the economy and IMF Chief Economist Rajan's concern.
01/02/2009
Raghuram Rajan of the University of Chicago, told the 2005 annual Jackson Hole gathering of central bankers economists and finance professionals, that he thought the world had become much riskier with the changes in financial markets in the 18 year Greenspan tenure. He was received rather coldly by others, including former Treasury Secretary Summers. Concerns expressed by Grantham, Rodriguez and Scheiff about these and other problems became louder by the time of the Rajan paper at Jackson Hole.
Linked Articles
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
The Doomsayers Who Got It RightWall Street Journal 01/02/2009
Aspects of the Reform proposal that were influenced by the work of Prof Sunstein and Prof Thaler at the University of Chicago.
06/17/2009
Sunstein and Thaler's book "Nudge" talks about the role psychology plays, and behavoural aspects play in human behaviour. The President is a friend of Sunstein from their days at the University of Chicago law school. The onsumer Financial Protection Agency and its role, says Zweig, takes some ideas from Prof. Sunstein's work to protect consumers.
Linked Articles
Obama’s Financial Reform Plan: The Condensed Version
Wall Street Journal 06/17/2009
About Time: Regulation Based On Human NatureWall Street Journal 06/20/2009
S. Korea's second household debt binge in the 15 years since the 1997 financial crisis
05/18/2009
The first period of rising household debt ocurred with the credit card boom when the government promoted consumer spending as a way to stimulate the economy. By 2003 this became a serous problem and the government rescued a credit card issuer in 2003. Household debt is again a major problem in 2012 with the increasing number of companies in financial lending that are not regulated.
Linked Articles
Notes From Another Credit Card Crisis
New York Times 05/18/2009
S. Korea tries to curb mounting debt and avert a crisis - The Washington PostWashington Post 07/09/2012
How lobbying by the financial industry and the mindset of Sec. Geithner can dilute financial regulation.
04/27/2009
The effort for financial regulation of derivatives raises concerns.
Linked Articles
Geithner, as Member and Overseer, Forged Ties to Finance Club
New York Times 04/27/2009
Danger in Wall Street’s ShadowsNew York Times 05/15/2009
The head of Allstate on the need for effective financial regulation.
04/16/2009
Effective regulation and the effect of lobbying in creating areas of unregulated exposures.
Linked Articles
New York Times 04/16/2009
Danger in Wall Street’s ShadowsNew York Times 05/15/2009
Interest rate swap contracts sold by banks to the city of Detroit in 2005 and the "kiko" derivative contracts sold by banks to exporters in S. Korea before the 2008 global financial crisis
04/03/2009
The huge losses suffered by Detroit and by exporters in S. Korea and how the issues raised were handled in the two places. What takes precedence fairness or contracts, how much of a contract has to be intelligible to the investor and the broader question of why banks needed to write such contracts or conduct business in this way which could hurt their reputation. An example is given by Floyd Norris of NYT where Bankers Trust reputation suffered badly in 1994 for selling such contracts to P&G.
Linked Articles
New York Times 04/03/2009
'Safe Harbor' in Bankruptcy Upended in Detroit CaseNew York Times 12/23/2013
Fighting for Main Street against an Ersatz Capitalism and Bankers
04/01/2009
Stiglitz uses the term "ersatz" to refer to something not genuine, a false substitute for real capitalism, in describing the Obama adminsitration's handling of highly overleveraged and badly managed banks in the 2008 global financial crisis.
Linked Articles
New York Times 04/01/2009
Ex-Regulators Has Harsh Words for Geithner and BankersNew York Times 09/24/2012
The financial crisis poses a challenge to the idea of a single European Community, the EU itself.
02/26/2009
The countries of Eastern Europe and the banks of western European countries are enmeshed in a growing financial crisis that threatens the unity of Euope, and the idea of the European Community. What kind of help will Germany and other nations of western Europe provide. Will this be differentiated by different groups of countries like the Baltics different from Hungary, Poland, Romania, and the Czech Republic, and how will leaders like Angela Merkel of Germany negotiate the political winds, as she faces an upcoming election.
Linked Articles
The bill that could break up Europe
Economist 02/26/2009
Sweden Aids Bailout of Baltic NationsNew York Times 03/13/2009
Robert Khuzami and the S.E.C.'s ambivalent enforcement mindset 2010-2012
02/10/2009
The lack of corrective acton that changes the leadership and culture at financial companies in the U.S. following the 2008 financial crisis. Where the action by enforcement agencies has required admitting wrongdoing as part of the settlement, the changes in leadership and culture have put the companies on a new path to renewal. Barclays under one of the respected names in British finance, David Walker, is a recent example.
Linked Articles
Top Enforcer at the S.E.C. Steps Down
New York Times 02/10/2009
SEC's Top Cop Oversaw Deutsche CDOsWall Street Journal 04/24/2010
Britain's RBS Bank and the incredulous- huge losses and large bonuses in the "Hard Times" of the 2008 financial crisis and again in 2014
02/09/2009
Linked Articles
In U.K., Getting Tough With Nationalized Banks
Wall Street Journal 02/09/2009
Royal Bank of Scotland to Slash Costs as Losses DeepenWall Street Journal 02/28/2014
How Pearson compares with New York Times Company.
01/20/2009
Pearson has shifted out of dependence on adspending for revenues by reducing ads as apercentage of revenues at Financial Times to 30% from 50%. Its textbook and Penguin books cushions it further from big declines in ad spending. The New York TImes has no such businesses and ad spending dominates. Its burdened by overborrowing and debt coming due and not enough controls on spending.
Linked Articles
Pearson Expects Strong 2008 Earnings
Wall Street Journal 01/20/2009
Billionaire Reaches Deal On Funding For Times Co.Wall Street Journal 01/20/2009
Strategies of newspaper media business as advertising revenue declines- The Washington Post and Britain's Pearson Group
01/20/2009
Linked Articles
Kaplan Division Weighs on Washington Post
Wall Street Journal 05/07/2012
Pearson Expects Strong 2008 EarningsWall Street Journal 01/20/2009
Restoring Deutsche Bank's image in Germany- (3) Deutsche Bank in the global financial crisis of 2008-2009
01/15/2009
Linked Articles
Deutsche Bank Deserves Bite Bair Gave It
Wall Street Journal 06/07/2010
Capital: Time Deutsche Raised the IssueWall Street Journal 01/15/2009
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