Archive for October, 2008|Monthly archive page

The Corrosive Qualities of Inequality: The Roots of the Current Meltdown

My article was just published in Challenge Magazine.

“The Corrosive Qualities of Inequality: The Roots of the Current Meltdown.” Challenge, Vol. 51, No. 5 (September-October, 2008): pp. 40-64.

Crisis Commentary Overview

I have tried to integrate the commentaries into a coherent whole, before I go on to new ones.  Les Schaffer graciously reformatted this as a pdf.

how to think about the crisis

Power is never having to say you are sorry

Citing a Greenspan interview: “The majority of lawyers, in my experience, seek to regulate — that is, to contain certain activities with little weight given to the lost benefits of such activities,” he says. “The question is: What do you lose? In this case, a very valuable instrument [credit default swaps, the derivatives at the core of the current mess] for the diminution of systemic risk. You can stop the system dead and eliminate speculative losses. But you will also get significantly reduced economic activity and ultimately lower standards of living.”

Barrett, Paul. 2008. “Wall Street Staggers.” Business Week (17 September): pp. 28-32.

Recent Interview on the Crisis

I was on Realnews yesterday.  The interview begins with a montage of
congressional talks on the bailout, then a discussion with me for the
final 3 minutes or so.

4th Crisis Commentary: Capitalism 101

This commentary deals more with the nature of the efficiency of market investment.


Crisis Commentary: Third Installment

Here is the third (short) installment.

Again, any comments will be welcome.