to.pbs.org What metaphor best sums up the financial crisis? Outtakes from “Money, Power and Wall St.” Part of our mission in our four-hour series on the global financial crisis, “Money, Power and Wall Street,” was to try to make difficult economic problems easier to understand. But sometimes easier is not always better. Watch some hilarious outtakes from the series.
The International Monetary Fund said Wednesday policy measures have helped bring financial stability to Europe, but it is too soon to say if the global financial crisis is over because stability is not yet ensured. (April 18) Subscribe to the Associated Press: bit.ly Download AP Mobile: www.ap.org Associated Press on Facebook: apne.ws Associated Press on Twitter: apne.ws Associated Press on Google+: bit.ly
Follow us @ twitter.com twitter.com Welcome to Capital Account. Bernanke speaks and everyone seems to listen. In a speech today, he warned about the job market and said continued accommodative easy-money policies will be needed to make further progress. This has the financial press reading the tea leaves and saying more QE. Is it really because, as our guest says — TBTF really means “trust Bernanke to fund?” She’s Janet Tavakoli, author of “The New Robber Barons: How Bankers created an International Oligarchy,” and she’s here to talk about the too big to fail banks, the financial oligarchy, and how MF Global fits into this web of derivative inspired meth lab of shadow liquidity and off-balance sheet risk. And since we are on the issue of MF Global, what’s the latest on its former CEO, Jon Corzine? Did he or didn’t he knowingly transfer close to 200 million dollars in customer money from MF Global to JP Morgan on one occasion before the firm imploded? Internal emails that have come out reportedly point different ways. Regardless, has he gotten away with other types of fraud already? And do credit derivatives, like those used to bet the firm on Europe’s debt crisis, continue to pose a major risk to markets? And does regulation do anything to stop this? To top this off, a recent report by the OECD predicts that by 2020, 75% of the US population will be obese. We’ll ask if this is deflationary for the global economy and a drag on economic growth. Jim Cramer, of CNBC seems to …
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The 2008 financial crisis “proved that financial markets are not self-regulating,” says political scientist Francis Fukuyama in a recent interview with the website TheBrowser: “[Peter Wallison] lays it all at the door of Fannie and Freddie and government intervention. It seems to me transparently designed to exonerate free markets…I like free markets…[but] that particular conclusion I just find astonishing.” Fukuyama isn’t alone in depicting Wallison as an uncomprimising ideologue who thinks government deserves all the blame. New York Times columnist Joe Nocera called Wallison’s work “loony” and accused him of helping to concoct “what has since become a Republican meme.” Even pro-free market economist Russ Roberts took Wallison to task for downplaying the role of investment banks in causing the crisis. So who is Peter Wallison? He’s a scholar at The American Enterprise Institute and was a leading member of the 10-person Financial Crisis Inquiry Commission, a government-created body charged with looking into the causes of the 2008 meltdown. After a year of hearings and deliberation, the commission produced its official report which laid most of the blame on deregulation and private sector avarice. Wallison publicly broke with the commission over the report. “Instead of pursuing a thorough study,” says Wallison, “the commission’s majority used its extensive statutory investigative authority to seek only the facts that supported its initial assumptions – that the crisis …
US public anger toward bankers is high since the 2008 financial crisis but the industry is still playing a big role in the presidential race. Is it always Wall Street that wins? Guests: Ford O’Connell, Bob Biersack, Richard Wolff.
World stock markets rose to their highest level since the summer on Friday, on hopes that a much-anticipated Greek debt deal might finally be about to get off the ground. Feb. 18, 2012. The arrangement would mean that investors who bought Greek government debt would get about a third of their money back – instead of none. However, as News night’s economics editor Paul Mason reports, the curtain is far from falling on this Greek tragedy.
As anger over the financial crisis lingers, questions remain as to who has been held accountable for their role in creating the conditions that led to the meltdown … and who has not. Ray Suarez reports.
