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POPSThe "miracle" of securitization This quiet little piece is probably the sharpest analysis of what actually went wrong with our financial system that I've read. Here's a money quote: ``Securitization was based on the premise that a fool was born every minute,'' Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. ``Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere.''
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POPSBetter, Not Just More, Regulation A lot of people are framing this current mess as "we had too little regulation, now we need more." I tend to think this misses the point. Sarbanes-Oxley was passed six years ago. That's more regulation. Had Sarbanes-Oxley been just beefed up would it have stopped the crisis? Along with this professor, I worry that the discussion about regulation is going to focus on the size of regulation, rather than its quality.
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POPSLet Hank Get Some Sleep! Whatever your feelings about the bailout you gotta acknowledge this: Paulson is a machine. I have no idea when he's possibly gotten any sleep since the Fannie and Freddie takeover. And he had to have been laying the groundwork for that for at least a week. I'm guessing he's barely slept since August. I hope he's okay.
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POPSHenry Paulson Double-Dog Dares You Vince Reinhart is one of the best commentators on the issues. I've been trying to get an interview with him for a couple of days, but he's a busy guy right now it seems. I guess reading his story will have to be the next best thing.
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