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HomeNo Quarter Radio’s Sense on Cents with Larry Doyle Welcomes 13 Bankers Co-Author James Kwak, Tonight at 8pm ET
Posted by Larry Doyle on April 11th, 2010 7:08 AM |
UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.
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I am thrilled to have James Kwak join me this evening, April 11th, from 8-9pm ET on No Quarter Radio’s Sense on Cents with Larry Doyle.
If Wall Street banks are ‘too big to fail,’ what is America to do? While those on Wall Street fight to maintain their power base and those in Washington deal with their conflicted interests between Wall Street and Main Street, two individuals lay out a very simple solution.
Simon Johnson and James Kwak convincingly answer that if banks are in fact ‘too big to fail,’ then ‘make them smaller.’ Johnson and Kwak highlight this reality and so much more in 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, a book that was just released but will surely sweep the country. The reviews so far are off the charts. Kwak and Johnson are widely followed at their site Baseline Scenario, which, in my opinion, is the most well written and informative financial and economic website in the blogosphere. (Sense on Cents being a close second!!)
What are people saying about 13 Bankers? Well, let’s stop and start with Elizabeth Warren, Professor of Law Harvard Law School and Chair, TARP Congressional Oversight Panel. She writes:
“The best explanation yet for how the smart guys on Wall Street led us to the brink of collapse. In the process, Johnson and Kwak demystify our financial system, stripping it down to expose the ruthless power grab that lies at its center.”
My interview with James Kwak this evening is a can’t miss. Please spread the word to friends and colleagues. Listen to the show LIVE at the BlogTalkRadio website. Share your thoughts and questions by calling (347) 677-0792, or mix it up in the chat room with an always energized group. As a reminder, all of my radio shows are archived and previous episodes can be listened to right here at Sense on Cents by clicking on the No Quarter Radio tab. (FYI, I keep an audio player of my most recent episode in the right sidebar). In addition, all No Quarter Radio programming is available as a free podcast on iTunes. From the iTunes Store, type “NQR podcasts” in the search window.
LD
April 10, 2010: Month to Date Market Review
Posted by Larry Doyle on April 10th, 2010 8:30 AM |
I will spare you the fact that the drama playing out in Greece is likely to have a tragic ending. I will do the same in terms of housing and labor in our nation. Let’s focus on the positives which reside in the bubbling waters of a variety of market sectors. Are the bubbles intoxicating? You bet they are. Remember, though, do not drink and drive!!
Welcome to our Sense on Cents Week in Review where I provide a streamlined recap of the major economic data and news, along with month-to-date market returns. (more…)
Price Fixing on Wall Street?
Posted by Larry Doyle on April 9th, 2010 11:16 AM |
Lessened competition in any industry will lead to wider margins and greater revenue and profit opportunities.
Wall Street circa 2010 is certainly a dramatically changed landscape with significantly lessened competition. Is Wall Street today an honest display of capitalism in which ‘to the victors go the spoils’? Or is Wall Street an oligopoly which is using its increased power and leverage to control, if not outright fix, prices for products and services?
In the midst of all the other issues Washington is facing, I think there is very little focus on this topic, but we overlook it at our peril. Why? Price fixing, or iterations thereof, is nothing more than a vehicle to transfer wealth from consumers to providers. (more…)
Finger Pointing and Payoffs
Posted by Larry Doyle on April 9th, 2010 9:12 AM |
Who in America is going to stand up and accept appropriate culpability for his/her contribution to our current economic crisis? Who in America is also willing to expose the incestuous nature of the Wall Street-Washington relationship which provided the cover for the activities which have debilitated our nation?
Let’s review what we have learned so far:
1. Blame has been directed at bank executives…but they got paid handsomely, and have not accepted full responsibility.
2. Blame has been directed at ratings agencies….but they also got paid handsomely to provide ratings, while not really knowing what they were doing. (more…)
Freddie Mac, Fannie Mae Deja Vu?: Part II
Posted by Larry Doyle on April 8th, 2010 11:51 AM |
On Christmas Eve 2009, the Obama administration provided a blank check to the wards of the state known as Freddie Mac and Fannie Mae. (“Fannie and Freddie’s Huge Christmas Bonus”)
What other quasi-government institutions have a very similar business profile as Freddie and Fannie? The Federal Home Loan Bank system, acronym FHLBs, commonly referred to within the financial industry as FLUBs. I will reserve comment on that moniker. Ten months ago, I questioned whether the dynamics at work within the FHLB system would be the equivalent of what has transpired at Freddie and Fannie. I wrote “Freddie Mac, Fannie Mae Deja Vu?” and highlighted:
Can our economy absorb another financial hit of the magnitude of Freddie Mac and Fannie Mae? (more…)
Robert Rubin, Raise Your Right Hand . . .
Posted by Larry Doyle on April 8th, 2010 9:15 AM |
Robert Rubin
Perhaps no one single individual is more representative of the Wall Street-Washington incestuous relationship than Robert Rubin.
Today, Mr. Rubin will provide testimony to the Financial Crisis Inquiry Commission which is charged with investigating the root causes of the economic crisis which emanated on Wall Street. Will the FCIC allow Mr. Rubin to hide behind the veil of platitudes, unnamed consultants, unknown risks, and the like? Will the FCIC finally stand up for American citizens and drill Mr. Rubin to expose the deeply embedded, culturally corrosive nature of the incestuous relationship between Wall Street and Washington? (more…)
Citigroup: The Blind Leading the Blind
Posted by Larry Doyle on April 7th, 2010 1:28 PM |
When in doubt, hire a consultant.
When something fails, blame the consultant.
Shirk responsibility and pass the buck.
When will somebody with a set of balls on Wall Street stand up and take responsibility for the massive failures of risk management and business execution which led to the economic crisis which brought our country to its knees? (more…)
Wall Street’s ‘Code of Silence’
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
