The New York Times has a good article on community banks and how they largely stayed away from all of the financial destruction – oh, I mean “innovation” – that brought down the country’s biggest banks. It’s important when we talk about “Wall Street” and “the banks” to know exactly whom and what behaviors we’re […]
Obviously this economic meltdown of the last couple of years is complex. But if pressed to give a one-sentence answer, I would say this: For almost thirty years the financial sector got whatever it wanted. Certain conditions had to be place to make this possible: the widely held idea that markets and business people can […]
Two additional articles worth reading: Stress Tests and the Nationalization We Got, The Baseline Scenario SEC Squanders a Shot at Reform, Wall Street Journal Basically we’ve lost all momentum for reforming the banking sector, and it’s unlikely to come back. Business as usual will continue. And: Our Future as a Financial Colony, Brad DeLong So […]
TheStreet.com has an interactive map of banks that the FDIC has shut down. Three are in Illinois, but they all seem small to me. Two are downstate.
Bill Poorman 