A few comments on WaPo story: “Federal government has dramatically expanded exposure to risky mortgages”

First a few excerpts from the WaPo: Federal government has dramatically expanded exposure to risky mortgages The federal government has dramatically expanded its exposure to risky mortgages, as federal officials over the past four years took steps that cleared the way for companies to issue loans that many borrowers might not be able to repay.…Taxpayers […]


Past presidential turmoil didn’t keep stocks down for long

On Saturday evening, Oct. 20, 1973, US President Richard Nixon ordered Attorney General Elliot Richardson, Deputy Attorney General William Ruckelhaus, and Solicitor General Robert Bork to fire independent special prosecutor Archibald Cox, resulting in the resignations of Richardson and Ruckelhaus and the dismissal of Cox. In the month after this so-called “Saturday Night Massacre,” the […]


Tax justice and modern monetary theory

In the light of my previous post on tax and modern monetary theory I thought it worth sharing again the podcast I made with John Christensen and Naomi Fowler of the Tax Justice Network on the subject of modern monetary theory, earlier this year. In the related post John said: For the tax justice movement […]


The EU needs to offer the UK an extension

As the days – and even hours now – tick down towards Brexit deadlines there appears one obvious solution available to the EU that I have seen little talked about. It is very clear that Boris Johnson wants to leave the EU and blame Brussels for this happening. The reasons are readily apparent, with a […]


Making the grade: How risky are BBB bonds?

Over the past several months, I have been fielding more questions about the state of the BBB-rated bond market. (BBB is the lowest tier of investment grade.)  As this credit cycle has lengthened, investors are concerned about the potential for a large amount of bonds being downgraded to junk, a status known as “fallen angels.” […]