Barry Ritholtz posts an anonymous critique of Mark Zandi, one of the most frequently cited economists in Washington. The nameless investment banking analyst writes:
In a new paper released today, entitled “How the Great Recession Was Brought to an End,” prominent economists Alan Blinder and Mark Zandi say that the stimulus, stress tests, emergency Federal Reserve maneuvers and Troubled Asset Relief Program saved the economy from collapse.
Another vote on a bill to extend federal unemployment insurance benefits for the long-term unemployed may come to the floor of the Senate as early as tonight, according to Sen. Tom Harkin (D-Iowa).
“I hope that we can get this done — we only missed it by one vote More…
The conference committee to reconcile the House and Senate versions of financial regulatory reform is up and running, with conferees currently hashing proposals out. (You can watch them at work here.) Here is a rough schedule of what they will be discussing, and when.
Today, the congressionally appointed Financial Crisis Inquiry Commission subpoenaed Goldman Sachs for failing to hand over certain documents or failing to submit to certain interviews. (The FCIC did not specify what it is after.)
In my mind, the story here is less that Goldman, the world’s most profitable bank, More…
Testifying before the Financial Crisis Inquiry Commission this afternoon, Warren Buffett — the legendary value investor who heads Omaha-based investment giant Berkshire Hathaway — defended the behavior of the country’s credit ratings agencies and his own role in them, while acknowledging that the model under which they operate creates a More…
The Senate Permanent Subcommittee on Investigations, headed by Sen. Carl Levin (D-Mich.), held its third hearing on the financial crisis today, and up to bat were the credit ratings agencies. These companies — just three players, Moody’s, Fitch and Standard & Poor’s, dominate the market — take financial products issued More…
Last week, as House Democrats took to the floor with near-unanimous praise for legislation to help the unemployed and stimulate the fragile economy, Rep. Lloyd Doggett (D-Texas) offered a wildly different assessment.
“This bill,” he said, “represents a textbook example of how not to deal with the economic challenges that More…
At the end of a five-hour excoriation of CEOs at credit-rating agencies, Rep. Chris Shays (R-Conn.) said to the heads of Moody’s, Standard’s & Poor’s and Fitch: “Remember, we’re speaking from an institution, Congress, with lower ratings than yours.”
Congress doesn’t know what its next step will be in regulating More…
“Is this simply a case that they got the assumptions wrong?” Rep. Tom Davis (R-Va.) asked a panel of experts on credit-rating agencies at a House Oversight and Government Reform Committee hearing. “Or is there more to the story they’re not sharing with us?”
The panel, and most lawmakers More…
rss