How Big is Big?

According to some (believable) estimates, the total, aggregate amount of Federal bailouts, equity banks and investment houses, liquidity infusions by the U.S. Federal Reserve Bank, loan guarantees, TARP, and economic stimulus checks, and the new Obama stimulus package, blah, blah will total as much as $9 trillion by June 30, 2009.
That equates to about […]

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Current Reflections February 2009

In June, 2007, Edward M. Gramlich, who died later that year, published “Subprime Mortgages: America’s Latest Boom and Bust”, warning about the coming bust and urging lawmakers to better protect consumers against predatory lending practices and toughen the regulation of mortgage lenders and banks, calling the mortgage process “confusing, costly and far less than optimal.” […]

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John Thain, as in Brain

For St. Peter’s sake! Everyone keeps talking about who caused this economic mess, how deep will we go, and when we will come out of it. I have the specific, accurate and complete answers to all of those questions, but unfortunately I don’t have the space here to go into all that […]

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