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The Case Against the Bernanke-Obama Financial Rescue
Keywords:
Applebaum talks to two researchers at the University of Chicago and Princeton, Prof. Sufi and Prof. Mian, on the record of U.S. president Obama and Fed chairman Bernanke in helping homeowners facing foreclosure and underwater borrowers, comparing that record with their record in helping the banks. The issue is relevant as the policy and handling of homeowners had to be part of an overall effective plan for recovery in the U.S. economy, because ultimately without the U.S. consumer any recovery would be weak in the long run- a situation the U.S. faces in early 2014. The response to the issue of irresponsible homeowners borrowing beyond the limit without an equally robust response to irresponsible bank management that allowed wildly excessive leveraging of assets, and successful aggressive lobbying by banks in a shortsighted policy of going through with a wave of foreclosures; besides creating questions of fairness and equitable handling of the problem, also had major ramifications for the future of the U.S. and global economic growth. Here Christina Romer and other administration advisors say Bernanke was right in tackling the problem from the perspective of the banks needing to be recapitalized. Thoughtful advisors looking at the entire problem, Martin Feldstein and Sheila Bair strongly pushed for providing the same help to homeowners without getting caught up in the issue of who was responsible home buyers or the banks, and looking at the interests of the U.S. economy and the U.S. people. Proposals by Feldstein and Bair were equally robust in helping banks as they were in helping homeowners, only the banks understood their interests narrowly and had more access to policymakers in the Bush, as well as the Obama administration, Paulson as well as Geithner. This leaves us with the ultimate irony of the Obama administration pushing for the minimum wage, even to the point of electoral posture, when lasting damage had been inflicted on homeowners from the weaker portions of America's middle class by a policy that went against what two respected financial and economic experts from the Reagan period, Sheila and Bair had strongly advocated. See links and groups on Feldstein and Bair. Applebaum has followed most aspects of this problem closely and continues to provide exceptional reporting including the piece on the thinking of new Fed chairman, Janet Yellen. Private enterprise rules that require management at banks just as for other companies to take responsibility for failures, and be replaced with new management, was largely avoided leading to a fundamental failure in how a free market economy such as the U.S. and western European economies are supposed to function. Rules aggressively pushed by Geithner's mentor Treasury Secretary Rubin for a vigorous cleanup at banks in South Korea during a similiar situation in 1997, were not followed in any way here, also setting wrong precedents for the long run.
Mian and Sufi show negative effects of the lack of a comprehensive plan that included homeowner rescue of the Obama-Bernanke Financial Rescue in 2008-2011
04/15/2009
Professors at Princeton and the University of Chicago have demonstrated through their research that the lack of a comprehensive plan providing siginificant efforts to help homeowners has hurt the U.S. economy in the long run and delayed a recovery. With the middle class already reeling under one trillion dollars of student debt, high unemployment, stagnant wages, and retirees facing interest rates near zero, a weakened middle class was further affected by the lack of strong efforts on the homeowner side to balance aid to banks. This makes a consumer driven recovery that much more difficult and prolongs the pain.
Grouped Articles
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
The Ripple Effects of Rising Student Debt
New York Times 05/24/2014
From President Obama, Economic Clarity but Little Courage
Washington Post 04/15/2009
Book Review: 'House of Debt' by Atif Mian and Amir Sufi
Wall Street Journal 05/29/2014
The New Rules of Borrowing for Homes, Autos and College
Wall Street Journal 09/13/2014
Criticism of Bernanke's role at the Federal Reserve
01/02/2009
The difficult renomination and the subsequent 70-30 vote with 30 Senators opposed including Boxer, Feingold, Sanders and others. This follows Ron Paul's criticisms in Congress of the Fed's role- see that link group.
Grouped Articles
Martin Feldstein: The Federal Reserve's Policy Dead End
Wall Street Journal 05/09/2013
Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Fed Chairmanâs Departure Casts a New Light on the Bush Legacy
New York Times 07/26/2013
Wanted: A Boring Leader for the Fed
New York Times 08/20/2013
Wall Street Journal 09/15/2013
What's Needed in the Next Fed Chief
New York Times 09/15/2013
Nobel Prize winner Vernon Smith and researcher Gjerstad on the causes of the global financial crisis of 2008 and why Bernanke got it right
04/06/2009
Grouped Articles
Wall Street Journal 04/06/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Years of Fed Missteps Fueled Disillusion With the Economy and Washington
WSJ 08/26/2016
Raghuram Rajan on the risks to the U.S. economy and society before the 2008 financial crisis
01/02/2009
Is Bernanke making the same mistake made by Greenspan by keeping interest rates too low for too long. Would a stronger safety net in the US ease pressures on the US Federal Reserve to do excessive monetary easing and instead allow the Fed to let a more natural rise in employment take place? He isn't ideological and joins John Taylor, George W Bush's economic advisor, and Allan Meltzer of Carnegie-Mellon, in questioning Bernanke's excessive monetary easing. In 2005, Rajan was prescient in questioning the Greenspan Fed's policies and the risks from excessive leveraging in the financial system at the Jackson Hole conference.
Grouped Articles
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
Interest Rates: The Zero Percent Solution
BusinessWeek 08/25/2010
BusinessWeek 11/04/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Charting the Economic Fault Lines
BusinessWeek 02/10/2011
Wall Street Journal 02/05/2011
Geithner after the first year of the Obama administration.
01/02/2009
Interview with Al Hunt of Bloomberg. His views and reflections on the crisis and proposals.
Grouped Articles
New York Times 05/16/2010
Charlie Rose Talks to Timothy Geithner
BusinessWeek 07/22/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
Steve Bartlett of the U.S. Financial Services Roundtable
07/15/2011
Bartlett heads the lobbying efforts to make changes to the Dodd-Frank financial reform legislation.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Wall Street Lobbyist Aims to 'Reform the Reform'
New York Times 07/15/2011
A Dodd-Frank Retreat Deserves a Veto
Wall Street Journal 07/20/2011
Financial regulatory reform and lobbying by the U.S. financial industry.
01/02/2009
The extensive influence of lobbyists for the banking industry in the Obama administration The cozy relationship of bankers at Chase and Goldman with Rahm Emmanuel, White House chief of staff, and Geithner, the Treasury Secretary.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Home Affordable Modification program (HAMP) of the Obama Administration
06/12/2009
The large failure of a program launched by the Obama administration to reduce home foreclosures in the U.S. Only $1 billion of the $75 billion estimated for the program when it was launched in 2009 has been spent. Only 680,000 of the 2.7 million homeowners seeking to participate received loan modifications with lower monthly payments.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The U.S. federal mortgage loan modification program in 2010.
06/12/2009
The dim prospects for mortgage loan modification programs of the Obama administration. Two out of three loan modifications under the federal Home Affordable Modification Program (HAMP) program expected to fail, and the failure under HAMP to move quickly by dealing directly with homeowners.
Grouped Articles
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
New York Times 08/21/2010
Obama Successes Outweighed by Job Losses
New York Times 10/26/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
Foreclosures in the U.S., the homeless and poverty.
01/05/2009
About 10% nationwide and 15% in the midwest of people who are at homeless shelters are there because of foreclosures according to social service agencies.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 10/11/2013
Wall Street Journal 12/31/2013
Upward Mobility Has Not Declined, Study Says
New York Times 01/23/2014
New Data Muddle Debate on Economic Mobility
Wall Street Journal 01/24/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Martin Feldstein and other experts renew their call to stem the decline in house prices with a new policy for homeowners under water - 2010-2012
01/05/2009
The cost would be an estimated $350 billion to cancel some of the mortgage debt of homeowners. Feldstein says this is a necessary step to revive the U.S economy. Letting the forest fire of foreclosures burn itself out would damage the U.S. economy further. Feldstein says this is not an option.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
How to Stop the Drop in Home Values
New York Times 10/12/2011
Wealth gap in the U.S. between whites and minorities- devastating impact of the recession of 2008
01/05/2009
Hispanics and blacks counted housing equity as a much bigger part of their assets than whites. The recession and financial crisis of 2008 wiped out fully two thirds of the median net worth of Hispanic families and one half for Black families, with both groups having close to $6000 in total median net worth in 2010, according to data from Pew surveys.The recession has proved to be severe in its impact on minorities, and the election of a black president has done little to improve things- especially considering the dismal record of the Obama administration in helping prevent foreclosures.
Grouped Articles
Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Obama, Empathy and the Midterms
New York Times 09/25/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
New York Times 05/19/2014
Geithner Book Reveals Consensus, Not VIsion, During Financial Crisis
New York Times 05/21/2014
The homeowner lending boom pushed by unscruplous elements turns out to be a scourge for minorities.
10/11/2007
HUD Sec. Shaun Donovan calls the subprime lending a scourge for minorities, as foreclosures are hitting the minority neighborhoods the hardest. It may even widen the disparity in incomes between minorities and whites as the middle class black homeowners in places like New York State are losing ground.
Grouped Articles
Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
What would MLK say to President Obama? - The Washington Post
Washington Post 08/28/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
New York Times 05/19/2014
New York Times 05/19/2014
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
Negative equity and near zero down payments as the major causes of U.S. foreclosures and the housing crisis, more than subprime loans.
01/05/2009
Research showing that negative equity and zero down payments are the biggest cause for surge in U.S. foreclosures.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
New York Times 01/05/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
J.P. Morgan Loosens Terms for Jumbo Mortgages
Wall Street Journal 08/05/2015
New Evidence on the Foreclosure Crisis
Wall Street Journal 07/03/2009
One in Four Borrowers Is Under Water
Wall Street Journal 11/24/2009
Rising U.S. Foreclosures take on crisis proportions deepening the economic downturn.
08/24/2007
Foreclosures in 2008 hit 16% up from 6% in 2007, and in an accelerating trend if unemployment hits new highs.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
U.S. unemployment and foreclosures- 2011-2012
05/04/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
Questions of fairness- could the U.S. have done more to help homeowners facing foreclosure? (1)
04/04/2009
Considering that Fannie and Freddie had paid back $185 billion of the $186 billion in aid from the U.S. government by 2013 and taxpayers were fully protected, could the U.S. U.S. government have done more to help homeowners as proposed by Sheila Bair, then head of the FDIC, economist Martin Feldstein, and others. What is the right balance between homeowner protection and protecting taxpayers in a properly functioning democracy? Is a Consumer Protection Agency which protects future homeowners a sufficient response, with little to show for millions who faced or went through foreclosure. How does this affect economic recovery as some sections of the population face a longer time to recover and income disparities worsened? What does this say for risks from future crisies and market behaviours?
Grouped Articles
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Geithner's Bank Plan Is a Good Start
Wall Street Journal 04/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
Sheila Bair at the FDIC lauded for her anticipation and comprehensive approach to the banking and credit crisis.
04/30/2008
Officials at the Bush administration credit Shelia Bair of the FDIC for anticipating the credit and banking crisis way ahead of others and for developing a comprehensive approach to tackle it.
Grouped Articles
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Bair Proposal Seeks Government Loans To Aid Homeowners
Wall Street Journal 04/30/2008
Agency Floats a Proposal to Help With Home Loans
New York Times 05/01/2008
BusinessWeek 06/26/2008
IndyMac Reopens, Halts Foreclosures on Its Loans
Wall Street Journal 07/15/2008
FDIC Presses Bank Regulators To Use Warier Eye
Wall Street Journal 08/19/2008
Edward DeMarco, head of the U.S. Federal Housing Finance Agency and underwater mortgage borrowers in the U.S.
08/31/2011
The Federal Housing Finance Agency was formed in 2008 by merging two existing regulatory agencies and given additional powers. Later that year Fannie and Freddie were taken over by the U.S. government. FHFA acts as the independent regulatory agency for Fannie Mae and Freddie Mac. FHFA's head, Edward DeMarco, sees his mandate as protecting the taxpayer from losses and this leads to reluctance to support steps to help underwater mortgage borrrowers with reduction in payments. Sheila Bair, former head of the FDIC, says she understands its not the FHA's mandate to provide fiscal stimulus, and the Obama administration has been all over the place in its policies for troubled homeowners. The result of the muddled policies of the federal government and agencies is the lack of help for troubled homeowners, and larger headwinds to Fed policies to give the U.S. economy momentum.
Grouped Articles
Big Job: Agency Oversees Half of Nation's Mortgages
Wall Street Journal 05/02/2013
Fannie, Freddie: Can't Live With 'Em, Can't Live Without 'Em
Wall Street Journal 05/04/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Federal Housing Administration in the Black for First Time Since 2011
Wall Street Journal 11/18/2014
An Accidental Housing Chief Embraces the Power of 'No'
Wall Street Journal 08/31/2011
Big Banks Face Suits on Mortgage Bond Losses
Wall Street Journal 09/03/2011
Ben Bernanke, Federal Reserve chairman's role in the Rescue Plan in the global financial crisis Sept-October 2008.
10/14/2008
Bernanke's role in the financial crisis of Sept 2008.
Grouped Articles
Fed Chairmanâs Departure Casts a New Light on the Bush Legacy
New York Times 07/26/2013
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Robert Samuelson: Bernanke’s triumph -; and defeat - The Washington Post
Washington Post 01/27/2014
Ben S. Bernanke - What the Fed did and why: supporting the recovery and sustaining price stability
Washington Post 11/04/2010
New View Into Fed's Response to Crisis
Wall Street Journal 02/22/2014
Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
Fed chairman Bernanke and New York Fed president Geithner ignore warnings in 2006 about the housing bubble
01/02/2009
Transcripts of the meetings of the Federal Open Market Committee of the Federal Reserve show new Fed chairman Bernanke and Head of the New York Fed discounted the growing risks in the U.S. housing markets in 2006. Fed governors Janet Yellen and Susan Bies raised the issue in meetings at the Fed. Transcripts show a sense of complacency had set in at the Fed with Bernanke confident about a soft landing for the housing market.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
Wall Street Journal 09/15/2013
What's Needed in the Next Fed Chief
New York Times 09/15/2013
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
Reflections of Ben Bernanke on his handling of the 2008 financial crisis and quantitative easing (QE)
03/03/2009
Bernanke says the least credible criticism of QE is that it leads to inflation, the most credible that it could destabilize markets. So far in early 2014 he sees no signs of inflation or destabilizing markets. He says QE has worked better in practice than it does in theory. Christina Romer says the Fed's independence is best preserved by having decisions made by experts. Bernanke points out that decisions made for the short term can only erode that independence. It will take the public some time to understand what he has done, says Bernanke.
Grouped Articles
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Bravo for Bernanke and the QE Era
Wall Street Journal 01/20/2014
Ben S. Bernanke - What the Fed did and why: supporting the recovery and sustaining price stability
Washington Post 11/04/2010
New View Into Fed's Response to Crisis
Wall Street Journal 02/22/2014
Tomorrow's Recession Recovery Is Today's History Lesson
Wall Street Journal 03/03/2009
Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Geithner and Ted Truman at Treasury during the global financial crisis of 2008
03/13/2009
Grouped Articles
Geithner Hires a Seasoned 'Temp'
Wall Street Journal 03/13/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
The Federal Reserve's Too Cozy Relations With Banks
Wall Street Journal 09/10/2014
The Geithner March 23, 2009 Plan for attacking toxic assets with government money to private investors.
01/02/2009
The Geithner Plan and the views of people like Krugman in the NYT, and Peter Eavis of the WSJ Heard on the Street column who doubt this will work and outline their reasons. If so it will be a costly error as job losses continue to worsen the situation each month that passes without a solution that works.
Grouped Articles
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
New York Times 05/19/2014
Tim Pawlenty as head of the lobbying organization, Financial Services Roundtable
09/24/2012
Pawlenty, former Republican governor of Minnesota, succeeds Steve Bartlett. Pawlenty raised $5 million from the financial industry for his presidential run in 2012.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
About Face for Banker's New Lobbyist
New York Times 09/24/2012
Trump Plans to Name Steven Mnuchin as Treasury Secretary
WSJ 11/29/2016
Executive compensation on Wall Street: Assuaging public anger or the real thing
02/04/2009
Its not clear whether these controls on pay practices are adequate, or too little too late. With bills being watered down in Congress on derivatives trading and other risk prevention measures. The intense lobbying of the financial industry against prudent regulation. The voices of wiser minds like Volcker and Mervyn King of the Bank of England calling for strong action. And the jobless numbers going the other way. Most recently at the Barr Trucking Company in Indiana, where 500 resumes were received for a $13 an hour assistant position.
Grouped Articles
New York Times 12/27/2011
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Faces in the US housing and foreclosure crisis- 2010-2012
01/12/2009
Foreclosures have affected the lives of people in all segments of US society.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
Faces of the Home-Foreclosure Crisis
Wall Street Journal 12/29/2010
Foreclosures and unemployment in the U.S.
05/04/2009
The Obama administration foreclosure relief programs were designed for subprime lending situations and not for the high unemployment. As a result few unemployed homeowners have benefitted.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
Hogar initiative at banks for subprime lending leading to the housing crisis- high cost lending in redline areas least able to make payments
01/05/2009
Hispanics and blacks caught up in the subprime lending abuses leading to foreclosures.
Grouped Articles
Housing Push for Hispanics Spawns Wave of Foreclosures
Wall Street Journal 01/05/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
Martin Feldstein's Op-ed in the WSJ, April 4, 2009, suggesting an alternative solution to the U.S. housing mortgage crisis during the 2008 global financial crisis
04/04/2009
The alternative solution would have been fairer to homeowners and reduced the wave of foreclosures that hit the U.S. in 2009-2013. The result was a double blow to the economy from foreclosures and higher unemployment, increasing inequality, and reversing decades of gains in strengthening the social fabric of America. Feldstein was Chairman of the Council of Economic Advisors under President Reagan and is a professor at Harvard.
Grouped Articles
Geithner's Bank Plan Is a Good Start
Wall Street Journal 04/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
Janet Yellen Warns of Inequality Threat
New York Times 10/17/2014
U.S. Banks handling of foreclosures and mortgage securities.
10/16/2010
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
For foreclosure processors hired by mortgage lenders, speed equaled money
Washington Post 10/16/2010
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
The Home Affordable Refinance Program (HARP) gradual success in 2012-2013 to reduce foreclosures, after struggling in 2010-2011
12/31/2013
Grouped Articles
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
04/01/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Negative Equity in homes as a huge drag on the economy.
01/24/2010
2.4 million foreclosures estimated for 2009 by Moody's Economy.com on top of 2 millon in 2008.
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Underwater, but Will They Leave the Pool?
New York Times 01/24/2010
Anger Over Foreclosures Exposes Political Divisions
New York Times 10/11/2010
Wall Street Journal 10/26/2010
Foreclosures and the U.S. housing market in 2012-2013
01/20/2010
Grouped Articles
Wall Street Journal 05/02/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Outlook for Home Prices Grows Darker
Wall Street Journal 06/23/2010
Wall Street Journal 12/31/2013
Mortgage Troubles Near Prerecession Levels
Wall Street Journal 02/21/2014
Looking back: An assessment of the management of the U.S. economy in Obama's first term 2008-2012
03/11/2009
Why were significant resources not invested to aid homeowners under water just as resources were provided to the auto industry? And why was there a lack of focus on unemployment in this period? The challenges were difficult but did the Obama administration do what could have been done. The auto industry bailout was an easy call considering Obama's commitment to increasing fuel efficiency during his days in Congress. Housing was a tougher call with bankers cautious and influencing policy, yet even Republicans Martin Feldstein and Sheila Bair were calling repeatedly for strong action. Tackling housing first and healthcare later after economic recovery, is likely to have produced better results, credibility for the administration, and a broad consensus in the U.S.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
U.S. Remaining Stake in General Motors
Wall Street Journal 12/10/2013
Auto Makers Rebound as Buyers Go Big
Wall Street Journal 01/04/2014
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Sheila Bair, former chairwoman of the FDIC, and a novel idea of making low interest loans available to the public and levelling the field with banks
04/13/2012
Grouped Articles
Fix income inequality with $10 million loans for everyone! - The Washington Post
Washington Post 04/13/2012
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Stiglitz and Zandi offer a solution to the housing and foreclosure crisis that has stalled the economy
01/23/2008
The proposal for mass mortgage refinancing by Stiglitz and Zandi in August 2012. Obama administration efforts have failed to tackle the foreclosure crisis. Earlier proposals by Martin Feldstein and by Sheila Bair have largely been ignored by the Obama administration as housing problems continue to affect the economic recovery.
Grouped Articles
Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
Wall Street Journal 12/31/2013
New York Times 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Wall Street Journal 04/26/2015
The One Housing Solution Left: Mass Mortgage Refinancing
New York Times 08/12/2012
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