Louis talks about the recession, the fucked economy, and hiding money in a safe. The boys also discuss the fragile state of US debt and transient nature of American wealth. Louis later mentions the episode “The Giant Pool of Money” from This American Life on NPR, which you can listen to here: www.thisamericanlife.org Part 2 of 3.
Many experts point to the 1999 Financial Modernization Act as a cause of our current financial crisis. Senator Byron Dorgan opposed the act then and predicted our current crisis. More recently he has questioned the 0 billion bailout plan.
2010 www.amazon.com Watch more clips: thefilmarchived.blogspot.com United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed “The Volcker Rule”, in recognition of Paul Volcker, who has publicly argued for the proposed changes. The US Senate passed a regulatory reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades. A variety of other regulatory changes have been proposed by economists, politicians, journalists, and business leaders to minimize the impact of the current crisis and prevent recurrence. None of the proposed solutions have yet been implemented. These …
Louis talks about the recession and the fucked economy. He also describes the man-made shortage of diamonds under the De Beers’ controlled supply. Louis later mentions the episode “The Giant Pool of Money” from This American Life on NPR, which you can listen to here: www.thisamericanlife.org Part 1 of 3.
Barry Eichengreen – renowned professor of Economics and Political Science at the University of California Berkeley, former senior advisor to the IMF, author of “Globalizing Capital: A History of the International Monetary System”, and editor of “Rescuing our Jobs and Savings: What G8 Leaders can do to Solve the Global Credit Crisis” – provides a detailed overview of the financial crisis. He discusses at length: (a) the excessive risk undertaken by a variety of financial institutions as a result of gradual deregulation of financial services sector in the second half of 20th century; (b) the role of both Republican and Democratic parties in maintaining deregulation policies following introduction of US President Ronald Reagan’s “free markets” ideology in 1980; (c) the inability of the US to properly manage or channel massive capital inflows from the developing world – especially China – during the last decade; (d) the failure of Bush administration to mount an adequate response to the financial crisis on account of its initial state of denial, financial engineering mindset, and “free markets” ideology; and (e) actions – such as, interest rate increases, deficit reduction, recapitalization of banks, and economic stimulus – that would have greatly mitigated the severity of the financial crisis. In addition, he dwells on: (f) the impact of the financial crisis on American power and globalization, as well as (g) the nature of institutional reforms required at global level to …
