What’s Different About Today’s Government Deficit and Debt?
As of today, the U.S. government’s current deficit and debt are indeed currently at unprecedented levels for peacetime—once we account for them appropriately.
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Bill Black, who wrote our November/December cover story— (Mis)Understanding a Banking Industry in Transition—is in the news again. An earlier posting (McCain in Bed with Lobbyists; Taxpayers Get Screwed) pointed out that Black was quoted in the New York Times article about McCain's dealings with lobbyists that created such a fuss. Now Black is a key source for a recent Boston Globe story on McCain's role in the S&L crisis as one of the Keating Five:
Amid McCain's new status, old scandals stir
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Black's feature article for D&S puts the current banking crises in the context of the history of banking deregulation and fraud that also led to the S&L crisis. A longer version of the article—giving a more comprehensive recent history of the banking industry in the United States—can be found in our brand new book Real World Banking and Finance, now available through our online bookstore.