Tag Archives: Bush-era crooks

How the economy went bad, in one easy column

When someone asks if I can explain how the entire American economy fell into the dumper, I’ve typically tried to explain the phenomenon of collateralized debt obligations, or maybe recommended reading Michael Lewis’s The Big Short . (After you read it I guarantee that for at least 10 minutes you will understand exactly what a synthetic collateralized debt obligation is.)

No more. Now I’ll refer people to Paddy Hirsch and this excerpt from his book, Man vs. Markets . It’s a clear-language explanation of how the deeper in the banks got making potentially bad loans, the more money they made, and the more they had to make more potentially bad loans. Depressing but great reading.

Rudy Giuliani, Roger Ailes, Judith Regan, Bernie Kerik, and the not-quite-sealed court records

Court documents revealed in a lawsuit show that publisher Judith Regan says that Fox News grand poobah Roger Ailes urged her to lie to federal investigators about her affair with Bush’s Homeland Security nominee Bernard Kerik, a crony of NY mayor Rudy Giuliani. Regan thought Ailes was trying to protect Giuliani’s bid for the U.S.…Continue Reading