Patient Zero – Margin Call and the 2008 Crash
While Margin Call is not a primer for the financial crisis, it is a pity-provoking portrait of a gold-winged Icarus.
On the Newsstand:assets
The Bank Bailout in Perspective
Was the despised but ultimately profitable TARP program a success?
Will Wealth Bring Democracy to Hong Kong?
As long as Hong Kong’s economy is booming, calls for democracy will remain on the backburner
House Democrats Vote to Raise Taxes
Just before its Memorial Day recess, the House passed a bill that, according to The New York Times, would raise the taxes that investment managers pay on carried interest, just at the moment new long-term investment is most needed. General executive partners of long-term investment partnerships, including investments in real estate, venture capital, private equity, and other investments, are paid ... Read More
Reality Check: Democrats Continue House Special-Election Streak
Last night probably could not have gone better for Democrats, even though the party establishment is shedding crocodile tears over Arlen Specter and Blanche Lincoln (the latter of whom is in serious trouble, as Lt. Gov. Bill Halter outperformed polls and has three more weeks to close the deal). Even in Kentucky, Democrats probably got the more exciting (not to ... Read More
No, Seriously, Get Rid of the Filibuster
Jay Cost has a passionate response to recent liberal criticisms of the filibuster. In his view, it’s a good thing to pass legislation that has broad (and perhaps bipartisan) support, rather than to pass legislation with increasingly partisan “simple majorities.” But there are several little problems with Cost’s argument that need to be pointed out, and I think they add ... Read More
Chafing at the Bonds
A positive official tone masks U.S.-China tensions “We have laid the foundation for a positive, cooperative, and comprehensive relationship for the 21st century,” said Secretary of State Hillary Clinton during the conclusion of the inaugural meeting of the U.S.-China Strategic and Economic Dialogue this past July. But three months later, the Obama administration leveled a tariff on Chinese tires. China ... Read More
Ping-Pong with Pyongyang
Can six-party stakeholders return the next volley? On Feb. 13, 2007, six-party talks with North Korea reached a breakthrough. In exchange for economic and energy aid, the regime would begin dismantling its nuclear reactor at Yongbyon in a key step towards denuclearization. But a major setback occurred in December 2008, when the D.P.R.K. suddenly halted the process and refused to ... Read More
Well, I’m Shocked…
The government has opened 20 criminal investigations into the TARP program. Bankers screwing people out of money? I never thought I’d see the day! Snark aside, honestly, what else would you expect? It was a large amount of money being dispensed with in a short time in a period of national emergency; it’s very easy to take advantage of that ... Read More
Our American Melting Pot
When former Secretary of Labor Elaine Chao spoke at Harvard as a visiting fellow, I hoped she would spark debate on everything from white collar overtime regulations to pension assets. I attended her study groups and can attest to the fact that she did this and more. Ms. Chao was engaging, provocative, and thoughtful, the type of speaker who helps ... Read More
“Quarterly Profits”
Goldman Sachs reported profits of $1.6 billion for the first quarter of 2009, and is hoping to put their newly demonstrated strength to use, by paying back their TARP money and getting that pesky federal government off their backs. Quick thoughts: In that quarter, how much have they taken in government money, either direct (TARP) or indirect (Government-financed payouts from ... Read More
After the Oil Price Crash
Understanding the impact on oil-exporting countries On June 23, 2008 the price of oil peaked at over U.S. $140 a barrel, and by the following February fell drastically to below $39 a barrel. As Venezuela, Russia, and oil-dependent economies across the Middle East saw their oil revenues dry up over the course of a few months, a devastating impact seemed ... Read More
The Chávez Decade
Socialism, populism, and the future of Venezuelan democracy In February, Venezuelan President Hugo Chávez celebrated victory in a constitutional referendum that abolished presidential term limits, winning him the right to seek reelection indefinitely. As leader of the United Socialist Party, Chávez has dominated Venezuelan politics since his first election in 1998. Armed with his unique brand of leftist political ideology ... Read More
Crisis in International Finance
Is a new international financial regulatory system necessary? The federal takeover of U.S. mortgage-lending giants Fannie Mae and Freddy Mac in the wake of the sub-prime mortgage crisis stunned the country and sent shockwaves through the international financial system, exposing risky lending and burgeoning trade deficits in countries around the world. Today, the international financial system is reeling from the ... Read More
