We’re back to Bear Stearns, where it all began. Last summer, it was the collapse of a couple of mortgage-security hedge funds run by the investment bank that sent credit markets into their first true tizzy. Now a Fed-backed temporary bailout of Bear means the 85-year-old firm may not survive much longer as an independent [...]
I have two pieces in the new issue of Time with a “10 ideas that are changing the world” on the cover. One of them is one of those 10 ideas, really less an idea than an incipient trend, which I called “The New Austerity.” It begins: Journalists and others with a tendency to see [...]
While the econoscribes of the U.S. (me included) were writing Thursday about what the President’s Working Group on Financial Markets had to say about the current financial crisis, a guy who may know more about dealing with financial disaster than anybody in Washington was giving a speech on “kriser i det finansiella systemet” to the [...]
