Economic Crisis Articles

“‘No Money Down’ Falls Flat”

A description of the various creative loans like the NINJA loan  that caused foreclosures when the housing bubble popped.

“What is a CDO?”

A nice explanation of how collateralized debt obligations work, along with what the heck a tranche is.

CDO Powerpoint SubPrime Primer

A pretty good (and profane) powerpoint summary of how mortgage CDOs screwed everyone.

“The Monster That Ate Wall Street”

What credit default swaps are, and how they screwed things up.

“Recipe for Disaster: The Formula That Killed Wall Street”

The story of  the Gaussian copula function, a mathematical formula whose misuse caused Wall Street to massively underestimate the risk of CDOs.

“Wall Street on the Tundra”

How Iceland’s banks went bankrupt.

“The Quiet Coup”

A fomer IMF official describes how the US is in a similar  situtation to many IMF clients dominated by oligarchs.

“The Big Takeover”

Discusses the use of political power by financial insiders to benefit themselves.

“How to Clean a Dirty Bank”

A proposal for a relatively simple way to clean up insolvent banks.

“The End”

Michael Lewis revisits the Wall Street he dissected in his classic book Liar’s Poker.

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