The consent agreements the bailed-out bankers (B.O.B.s), the feds and the states are largely as had been promised. One big surprise, however, is that the B.O.B.s would now be allowed to systematically overcharge borrowers and steal their homes. Seriously.
Preface: Fed Chairman Ben Bernanke will give his first in a series of regular press conferences omorrow. Journalists will be allowed to ask questions. The Fed is largely responsible for the unstable economy, and it has not changed c... Read Post
Jesse Eisinger has a great artice in the NYT, “After Bailout, Giants Allowed to Dominate the Mortgage Business,” which says a great deal about how the Fed looks at the economic world. Allow me to expand on Jesse’s work. The problem ... Read Post