From the print edition:
The Fannie/Freddie Bailout
By Fred Moseley | October 5th
A look at the Fannie/Freddie bailout exposes the critical fault line—between private profits and public aims—that ran right through the hybrid structure of the mortgage giants.
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The Greed Fallacy
By Arthur MacEwan | September 19th
Various people explain the current financial crisis as a result of "greed." But there is no indication of a change in the degree or extent of greed on Wall Street in the last several years.
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ICE Descends on Rhode Island
By Rachael S. King | September 7th
The activist community in Providence, R.I. had the sense that something was about to happen. As an immigration panel met, rumors were flying about possible raids and arrests.
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Hot Commodities, Stuffed Markets, and Empty Bellies
By Ben Collins | August 2nd
Since 2003, prices of basic agricultural commodities have skyrocketed worldwide, threatening to
further impoverish hundreds of millions. Supply and demand are only part of the story. Read more »
How to Stop the Foreclosures
By Fred Moseley | July 25th
If current policies do not change, it is estimated that, taken as a whole, up to five million homeowners could lose their homes due to foreclosure over the next few years. Which policies would truly help homeowners at risk? Read more »
Special to the Web:
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Banking on Bankruptcy
Fourth in a Series on the Subprime/Securitization Panic
By Larry Peterson | August 11th
In order to understand how an unstable situation at Fannie Mae and Freddie Mac tipped over into a rout that threatened the whole global financial system, we have to focus on a charming investment strategy that is becoming more and more popular every time a major financial firm finds itself under mortal attack. Read more »
Bear Stearns: Not Your Average Bailout
Third in a Series on the Subprime/Securitization Panic
By Larry Peterson | May 13th
The Fed-led rescue of Bear gave investors an unmistakable signal that the central bank would not allow what had long ceased to be perceived as a “mere” liquidity (involving availability of funds to carry out current business) crunch to finally, however belatedly, tip over into a full-blown solvency (involving conditions pertaining to whether or not business could be carried on or not at all) crisis. The unique thing about this shift was that any prior distinction between systemic solvency and the solvency of one particular institution was reduced to precious little. Read more »
Finding Spare Change for the Invisible Hand
Second in a Series on the Subprime/Securitization Panic
By Larry Peterson | March 3rd
Since our first piece on the subprime/securitization crisis came out, we’ve seen official proposals to confine the damage come and go, with price tags going up each time, while the contagion itself continues to infect regions of the financial world most people never even knew existed. Read more »
The Subprime/Securitization Market Panic
A Guide for the Perplexed
By Larry Peterson | December 14th
What does the swindling of financially benighted, sometimes greedy, and even gullible American homeowners have to do with collateral used by mysterious funds which promise outsized returns to the incredibly wealthy? And how on earth can developments in these markets cause a bank run (Northern Rock) in England, which hadn’t seen anything similar since the 1860s? Moreover, who are those even more shadowy characters lurking on the horizon—Sovereign Wealth Funds and private equity investors to name two—who stand to capitalize on the mess? Read more »
