FDL Book Salon Welcomes Michael Hudson, The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America–and Spawned a Global Crisis

By: Saturday January 29, 2011 1:59 pm

In The Monster, Michael Hudson gives us a detailed account of the how Roland Arnall created Ameriquest and made it into the giant of subprime lending. In the process the book implicates the major Wall Street firms, most importantly Lehman, who eagerly packaged junk loans into mortgage backed securities and more complicated instruments. He also notes the corruption of the three major credit rating agencies, who received big fees for giving these assets investment grade stamps. The list of aiders and abettors includes Massachusetts Governor Deval Patrick, California Governors Grey Davis and Arnold Schwarzenegger, and even the community group ACORN.


Douthat Stumbles Upon, Discards Truth to Promote Conservative Myth on Irish Economic Woes

By: Monday November 22, 2010 8:40 am

Poor little Ross Douthat, this analysis gig of his is so hard, especially while the fantasy world of conservatism continues crashing all around him when his primary job is to keep that fantasy alive, at great cost to the real world. Today we find little Ross taking on the crash of the Irish economy. In flailing about for an explanation of what has happened to this former poster-child of Chicago economics run wild, Douthat briefly flirts with an accurate explanation of what went wrong, but then pays proper homage to his overlords by discarding the painfully obvious truth in favor of yet another conservative talking point that is easily demonstrated to be false.

FDL Book Salon Welcomes Raghuram G. Rajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy

By: Saturday October 23, 2010 1:59 pm

Dr. Raghuram G. Rajan, is a distinguished professor at the University of Chicago’s business school and former chief economist of the International Monetary Fund (IMF). Readers familiar with Chicago school economics will see that the crisis has not led to a fundamental reevaluation of that school’s policy recommendations. The title of his book captures his thesis – Fault Lines: How Hidden Fractures still Threaten the World Economy. Rajan writes clearly and his book is intended for the intelligent lay reader. His book contains no charts, graphs, or equations, doubtless at the urgings of the Princeton University Press. It is an ambitious book, for it seeks to explain the global crisis and different trends in the real economy and the financial sector in many nations.

Late Night: King Greenspan the Lyinghearted

By: Monday May 3, 2010 8:00 pm

Suffer the high-minded intelligentsia at the Federal Reserve, veritable Knights Templar of the financial universe, who struggled mightily to brace the gates of Wall Street against the barbarian onslaught of American consumers, those Wal*Mart Philistines who were too feeble-minded and innumerate to grasp the intellectually lofty arcana that was the synthetic CDO-backed housing bubble they unwittingly helped expand. . . .

Greenspan Kept Dissent on Housing Bubble Secret Rather than “Risk” Public Debate

By: Monday May 3, 2010 1:35 pm

In 2004, Alan Greenspan argued the Fed should keep worries about a growing housing bubble secret because the chumps buying the houses were too stupid to engage in a debate about whether there was a bubble or not.

Ben Bernanke’s Long History of Bad Economic Calls

By: Friday December 4, 2009 4:40 pm

Before serving as Chairman of the Federal Reserve, Ben Bernanke was the head of George W. Bush’s Council of Economic Advisers, operating in the Christina Romer role. During that period he parroted the rose-colored outlook of the economy that characterized the Bush Administration prior to the Great Recession they created.

Crucified By Your House

By: Saturday December 22, 2007 4:00 pm

In the 1800′s ordinary Americans were crucified upon a cross of gold. Today, it’s their houses they’ve been nailed to, and it’s their houses they’ll go down with.

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