The Financial Crisis and America’s Political Duopoly
FILE - In this July 21, 2010, file photo President Barack Obama greets Paul Volcker, Chair of the President's Economic Recovery Advisory Board, after Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection financial reform bill at the Ronald Reagan Building in Washington. Volcker, the former Federal Reserve chairman died on Sunday, Dec. 8, 2019, according to his office, He was 92. (AP Photo/Charles Dharapak, File) ORG XMIT: NYBZ167

The Financial Crisis and America’s Political Duopoly

What unites the midterm election results, the Federal Reserve's decision to spend another $600 billion to keep interest rates down, the failure to address the foreclosure crisis, and America's worsening relations with its G-20 partners? And, more generally, what explains the Obama Administration's toothless response to the financial crisis, in particular its reversion to status quo regulatory and economic policies, over the past two years?

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Summers Down, Fifty Odd More to Go

In the worst financial bubble in history, nobody committed a crime. It was possible to conceal liabilities, inflate assets, bet against the securities that you sold as totally secure, without committing a single fraud. Isn't that amazing?

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