A history of major financial crises—and how taxpayers pay the price
From Yale University Press
"...the story of banking...in romping
fashion."
"...panoramic and insightful"
"Buckle in..."
AI & Plagiarism; Debt Limit; Inflation; Assault on Democracy
FastCompany: When is the use of AI plagiarism? https://carey.jhu.edu/research/whats-yours-isnt-mine-aI-intellectual-property
https://www.fastcompany.com/91109655/4-signs-your-email-was-written-by-ai-and-why-it-matters
On Bloomberg: Those holding the debt ceiling hostage won nothing but did raise interest costs for taxpayers for years to come-----and interest costs purportedly were a key concern! bit.ly/45G16XD
On NPR 1) Debt ceiling shenanigans--with potentially dire results. https://bit.ly/40VaxyN 2) History of "Too-Big-to-Fail" Banking https://bit.ly/3A7mMxe 3) Inching closer to crisis bit.ly/3pAX8
Paula Poundstone sees the debt-ceiling standoff is not a joke. Why can't the speaker of the House? Podcast "None one listens to Paula Poundstone" bit.ly/3qcFLVq
@ Aaron Rupar The Stupidity (and expensive consequences) of a debt default bit.ly/3AYwaDZ; The Week: Affect on your Wallet bit.ly/3ohJEbi
Amid claims of plagiarism, copyright infringement, job takeovers and made-up facts, what effect will generative AI, such as
#ChatGPT, have on human creativity, not to mention intellectual property law? http://bit.ly/43R5hiz
Technology giant Gordon Moore dies: http://bit.ly/3ngVv8C
Banks Behaving Badly: What's the same today as in the banking crisis of the 1980s https://bit.ly/3KMdTj9
Debt Ceiling Fiasco: Here we go again. Vox: The crazy game of chicken continues, compounded by the bank crisis roiling the economy, which make it even more dangerous for extremists in Congress to risk defaulting on America's debt. https://spoti.fi/3LlOPA5; MarketPlace on NPR, a primer on the debt ceiling http://bit.ly/3GYY05s ; Talking Points Memo: Playing with Fire http://bit.ly/3HFuLq7 (And this backgrounder from Johns Hopkins' The HUB: https://bit.ly/3wiO5TB and CNN on parallels with the UK's bond meltdown https://cnn.it/3D4c0K5 ) "Why the debt ceiling MIGHT impact Social Security but shouldn't" would be a better headline......http://bit.ly/40nMhq9
Inflation Basics: What it is, how it works, how central bankers try to tame it
Fake Reviews: How misinformation infects and sickens retail sales: http://bit.ly/3EAe2m2
Can Facebook's board be honest with shareholders? https://bit.ly/3FZYc3H
New report on China, its economy, influence and what its ties to Putin mean https://bit.ly/3NXQv1m [free for week before going behind a pay wall on April 14, 2022]
NPR's Marketplace - Putin's invasion of Ukraine: what markets can and can't tell us
https://bit.ly/3HZj0HW
A DEMOCRACY IN PERIL THREATENS THE ECONOMY
Johns Hopkins scholars discuss how the insurrection at the U.S. Capitol on Jan. 6, 2021, changed the course of their research and how it might have forever altered American democracy https://hub.jhu.edu/2022/01/04/democracy-in-peril/
Do overly big companies wield too much power, eroding the middle class and undermining democracy? My overview of Biden's antitrust initiative---including a short history of antitrust. https://tinyurl.com/4aeu7t85
The debt ceiling isn't new, but the acrimony is: The ultimate political football:
Marketplace: https://www.marketplace.org/2021/11/02/the-origin-of-the-u-s-debt-ceiling/
Johns Hopkins: https://carey.jhu.edu/articles/news-research/kathleen-day-debt-limit-political-purpose
I'm part of a #Webby nominated podcast series for BEST Limited Series in Science and Education, from
@climateone about the pandemic and climate: Listen (and vote) here: https://www.climateone.org/COVID-19-and-climate
Are We Headed to a Roaring 1920s Economy? https://bit.ly/3x1eSTu
NPR Ted Radio, Listen Again: A century of Money: https://n.pr/3mU6TTu
Why the attempted coup is bad for business, among other things.....on Marketplace on NPR: http://bit.ly/3bHWgjk
NPR's TED Radio Hour: What The 1929 Crash Teaches Us About The 2020's Economic Crisis https://n.pr/2W8aDEC
On Marketplace for National Public Radio: Is the pandemic sending us into a Great Depression?
August update: It's worse than expected https://bit.ly/2YlJ3VG
Update in May https://www.marketplace.org/2020/05/22/what-weve-learned-so-far-about-where-the-economy-is-headed/
The outlook last March https://www.marketplace.org/2020/03/31/what-the-great-depression-can-teach-us-about-todays-financial-turmoil/
Fraud was inevitable once the war against inspectors general began:
and Paycheck Protection Program has it's own illness: Greed and incompetence https://bit.ly/2CQBpe7
We knew the economy would take a hit. The latest outlook:: http://johnshopkinssph.libsyn.com/kathleen-day-returns-for-an-update-on-reopening-the-economy-post-covid-19
We've been here before, with the flu pandemic of 1918. How to help the economy? With money, yes, but delivered with oversight and transparency. We'll get through this, but there will be tough times ahead. From Johns Hopkins: Read this interview, https://bit.ly/39gwXQf and hear this podcast https://bit.ly/2U4mXFx
From Climate One: COVID-19 and Climate: Economic Impacts
https://www.youtube.com/watch?v=gSbZK1Lbct0&feature=youtu.be
https://www.youtube.com/watch?v=-46qPQUjkFw&feature=youtu.be
On Marketplace for National Public Radio, discussion of the pandemic of 1918 https://n.pr/3a7klMz @ 10 minutes 45 seconds into the podcast and on Yahoo Finance https://yhoo.it/2WUdhttps://bit.ly/3x1eST
New report on China, its economy, influence and what its ties to Putin mean https://bit.ly/3NXQv1m [free for week before going behind a pay wall on April 14, 2022]
NPR's Marketplace - Putin's invasion of Ukraine: what markets can and can't tell us
https://bit.ly/3HZj0HW
A DEMOCRACY IN PERIL THREATENS THE ECONOMY
Johns Hopkins scholars discuss how the insurrection at the U.S. Capitol on Jan. 6, 2021, changed the course of their research and how it might have forever altered American democracy https://hub.jhu.edu/2022/01/04/democracy-in-peril/
Do overly big companies wield too much power, eroding the middle class and undermining democracy? My overview of Biden's antitrust initiative---including a short history of antitrust. https://tinyurl.com/4aeu7t85
The debt ceiling isn't new, but the acrimony is: The ultimate political football:
Marketplace: https://www.marketplace.org/2021/11/02/the-origin-of-the-u-s-debt-ceiling/
Johns Hopkins: https://carey.jhu.edu/articles/news-research/kathleen-day-debt-limit-political-purpose
I'm part of a #Webby nominated podcast series for BEST Limited Series in Science and Education, from
@climateone about the pandemic and climate: Listen (and vote) here: https://www.climateone.org/COVID-19-and-climate
Are We Headed to a Roaring 1920s Economy? https://bit.ly/3x1eSTu
NPR Ted Radio, Listen Again: A century of Money: https://n.pr/3mU6TTu
Why the attempted coup is bad for business, among other things.....on Marketplace on NPR: http://bit.ly/3bHWgjk
NPR's TED Radio Hour: What The 1929 Crash Teaches Us About The 2020's Economic Crisis https://n.pr/2W8aDEC
On Marketplace for National Public Radio: Is the pandemic sending us into a Great Depression?
August update: It's worse than expected https://bit.ly/2YlJ3VG
Update in May https://www.marketplace.org/2020/05/22/what-weve-learned-so-far-about-where-the-economy-is-headed/
The outlook last March https://www.marketplace.org/2020/03/31/what-the-great-depression-can-teach-us-about-todays-financial-turmoil/
Fraud was inevitable once the war against inspectors general began:
and Paycheck Protection Program has it's own illness: Greed and incompetence https://bit.ly/2CQBpe7
We knew the economy would take a hit. The latest outlook:: http://johnshopkinssph.libsyn.com/kathleen-day-returns-for-an-update-on-reopening-the-economy-post-covid-19
We've been here before, with the flu pandemic of 1918. How to help the economy? With money, yes, but delivered with oversight and transparency. We'll get through this, but there will be tough times ahead. From Johns Hopkins: Read this interview, https://bit.ly/39gwXQf and hear this podcast https://bit.ly/2U4mXFx
From Climate One: COVID-19 and Climate: Economic Impacts
https://www.youtube.com/watch?v=gSbZK1Lbct0&feature=youtu.be
https://www.youtube.com/watch?v=-46qPQUjkFw&feature=youtu.be
On Marketplace for National Public Radio, discussion of the pandemic of 1918 https://n.pr/3a7klMz @ 10 minutes 45 seconds into the podcast and on Yahoo Finance https://yhoo.it/2WUdhttps://bit.ly/3x1eST
Paul Volcker: A voice of common sense and reason
With Paul Volcker's death, financial marketers and policy makers lost an advocate for reason and common sense. He was the honest broker everyone trusted to remember when others forgot that taxpayers would have to pay when Wall Street gambled. I will miss his keen intelligence, common sense & good humor. http://bit.ly/2RGkIr5
Charles Bowsher: An accountant who helped change the world
Broken Bargain: Bankers, Bailouts and the Struggle to Tame Wall Street
Ten years after the Great Recession, a history of major financial crises—and how taxpayers have been left with the bill
In the 1930s, battered and humbled by the Great Depression, the U.S. financial sector struck a grand bargain with the federal government. Bankers gained a safety net in exchange for certain curbs on their freedom: transparency rules, record-keeping and antifraud measures, and fiduciary responsibilities. While these regulations have evolved over time, the underlying bargain played a major role in preserving the stability of the financial markets and the larger economy. By the free-market era of the 1980s and ’90s, however, Wall Street argued that rules embodied in New Deal–era regulations to protect consumers and ultimately taxpayers were no longer needed—and government agreed.
This engaging history documents the country’s financial crises, focusing on those of the 1920s, the 1980s, and the 2000s, and reveals how the more recent crises arose from the neglect of this fundamental bargain, and how taxpayers have been left with the bill.
From Yale University Press
Featured on the "Page 99 Test" of the Campaign for the American Reader: http://bit.ly/2E76NBZ
Kathleen Day...
...is an award-winning journalist who has worked for thirty years-plus as a business reporter for the Washington Post, Los Angeles Times, and USA Today. She joined the Johns Hopkins Carey Business School in 2013 as a professor of financial crises. She lives in Washington DC.
Also by Kathleen Day: S&L Hell: The People and the Politics Behind the $1 Trillion Savings & Loan Scandal
BusinessWeek named it one of the Top 10 business books of the year
Recommended reading by the New York Times Sunday Book Review
Starred Kirkus Review, https://bit.ly/2DF49px
Finalist: Helen Bernstein Book Award for Excellence in Journalism
Reviews, Interviews, Articles & Podcasts
REVIEWS
LISTEN to discussions about "Broken Bargain"
LISTEN to discussions about "Broken Bargain"
Foreign Affairs: Day tells the story of U.S. banking...in romping fashion....[including the] troubling story of the last 40 years, during which... in large part thanks to lobbying and campaign contributions by financial firms, Congress rolled back regulations.
Kirkus: A "well-defended
account...showing...humans do n
Foreign Affairs: Day tells the story of U.S. banking...in romping fashion....[including the] troubling story of the last 40 years, during which... in large part thanks to lobbying and campaign contributions by financial firms, Congress rolled back regulations.
Kirkus: A "well-defended
account...showing...humans do not learn from history. A fluent if dispiriting study of an economic system that forgives those at the the top as long as those at the bottom remain willing to foot the bill."
--Kirkus Reviews, https://bit.ly/2zdercv
“Day has written a sweeping account of financial calamities. She shows how often we’ve been wracked by crises, and how quickly we forget why, setting up the next one. Buckle in.”
—Mark Zandi, Moody’s Analytics
"Day, a professor at Johns Hopkins University, shows how, for nearly 40 years, the US banking lobby has been getting votes from Washington for laws that routinely hurt taxpayers....[important] historical reminders..."
---Norbert Gaillard, Foreign Policy: Politique Etrangere http://bit.ly/31w8J0B
"Kathleen Day provides a panoramic and insightful analysis of financial booms and crashes that have shaped our nation’s history. She demonstrates that loose credit and weak regulation have played key roles in promoting every speculative boom since the 1920s. Her book is required reading for everyone who wants to understand how to prevent the next financial crisis."
—Arthur E. Wilmarth, Jr., George
Washington University Law School
"An essential narrative of the regulatory cycles that predate financial crises, Broken Bargain offers an important lesson in the dangers of amnesia as Washington once again embarks on deregulation, repeating the mistakes of the past."
—Sheila Bair, founding Chair of the Systemic Risk Council and former Chair of the FDIC
LISTEN to discussions about "Broken Bargain"
LISTEN to discussions about "Broken Bargain"
LISTEN to discussions about "Broken Bargain"
Fraudster Charles Keating caused the biggest, costliest bank failure of the 1980s & helped set the stage for the mortgage crisis of 2007. Hear me recall the history of his shenanigans: Listen to the podcast from American Public Media's "Spectacular Failures," episode on "Lincoln Savings Loses It All," http://bit.ly/2YJfFGlavailable via
Fraudster Charles Keating caused the biggest, costliest bank failure of the 1980s & helped set the stage for the mortgage crisis of 2007. Hear me recall the history of his shenanigans: Listen to the podcast from American Public Media's "Spectacular Failures," episode on "Lincoln Savings Loses It All," http://bit.ly/2YJfFGlavailable via Spotify or Apple podcasts http://bit.ly/2YJfFGl or https://apple.co/2KqrzzH @FailureShow@oberandout
Podcast
The 1819 Case that Affirmed Hamilton's Genius on Federal Power
WASHINGTON HISTORY SEMINAR:
I talk about my new book "Bankers, Bailouts, and the Struggle to Tame Wall Street," from Yale Press on the history of the federal government’s oversight of the financial sector, @CSPAN https://cs.pn/2GyxRNx
Why we keep having financial crises: My interview with Federal News Network http://bit.ly/2Gx2enr via @FederalNewsNethttps
Capitalism is messy. Listen in as Daniel Peris (@Back2BizBook) has @KathleenDay on the #podcast to discuss BROKEN BARGAIN (@yalepress), her detailed, two-century history of the give and take between government authority and financial institutions. #ReadUP
http://bit.ly/2ROm2ZKCapitalismIsMessy
With Top of Mind Host Julie Rose
BYU Radio
Why Financial Crises Keep Happening In America
http://bit.ly/2soizCQKDayJulieRose
ABC radio's Mark Remillard:
“Is corporate debt the next bubble?" I talked to @KathleenDay to find out: https://t.co/W8JoJaS1MX
With Host Janeane Bernstein, Southern California public radio, about Economic crashes and scandals http://bit.ly/2LVfaUO
The Historians podcast on the crazy history of banking and money in America
I talk with ABC radio's Mark Remillard about student debt and new Federal Reserve Board data showing how it's a drag on the economy. https://twitter.com/MarkJRemillard/status/1086053096290172928
WHAT'S the NEXT financial crisis?
LISTEN to discussions about "Broken Bargain"
WHAT'S the NEXT financial crisis?
Inflation Basics: What it is, how it works, how central bankers try to tame it
New report on China, its economy, influence and what its ties to Putin mean https://bit.ly/3NXQv1m
NPR Marketplace: Putin's War, what the market can and can't tell us https://bit.ly/3HZj0HW
Why the attempted coup is bad for business, not to
Inflation Basics: What it is, how it works, how central bankers try to tame it
New report on China, its economy, influence and what its ties to Putin mean https://bit.ly/3NXQv1m
NPR Marketplace: Putin's War, what the market can and can't tell us https://bit.ly/3HZj0HW
Why the attempted coup is bad for business, not to mention democracy.....on Marketplace on NPR: http://bit.ly/3bHWgjk
Most companies try to walk a fine line in politics http://bit.ly/2ZWWgVA
NPR's TED Radio Hour: What The 1929 Crash Teaches Us About The 2020's Economic Crisis https://n.pr/2W8aDEC
Paycheck Protection Program has its own illness: Greed and incompetence https://bit.ly/2CQBpe7
The flu has caused economic mayhem before---with the pandemic of 1918. We will get through this as we did then, but not without some tough times. Hear my podcast from Johns Hopkins
Also discussed on Marketplace for National Public Radio https://n.pr/3a7klMz at 10 minutes, 45 seconds in
Trump's mishandling of the pandemic fans market instability. https://bit.ly/2UkHjct
The coronavirus, oil shocks and the stock market: Will lack of financial oversight make this combination even more toxic for the economy?http://bit.ly/2TYgXgc
3 lessons from Paul Volcker for today's economy http://bit.ly/2RGkIr5
What will the next financial meltdown look like? Interview with the Spanish newspaper eldiario.es
Yahoo Finance: Why an independent Fed is critical to the economy https://yhoo.it/2YwZzV8 via @YahooFinance
George Bailey call home: The Depression Era law that enabled the 1980s bank crisis--and scandal
Trump hands-off policies set stage for next banking crisis
With colleague Martha Hamilton, our oped in The Hill
Trump isn't the first White House resident to bully the Fed
Baltimore Sun's Dan Rodricks on Wells Fargo’s continued existence given its many misdeeds:
Fox Business host wrongly claimed market crashed as 'instant reaction' to Obama’s 2008 election
Interesting questions about the Federal Reserve, its history, purpose and vulnerability to political pressure, with radio host Julie Rose on Top of the Mind @BYUTopofMind http://bit.ly/2YfW8gZ
Deposit insurance was meant to stop bank runs. But by generating unwarranted confidence in the banking system, it creates danger.
My piece for the American Historical Association
What will the next financial crisis be? Read my latest....
http://blog.yalebooks.com/2019/02/19/troubling-signs-of-a-new-financial-crisis/
White House plan to cap federal student loans is questionable: Will it just benefit banks and saddle borrowers with higher-cost debt.
http://abcradio.com/podcasts/start-here/
Fox Business host wrongly claimed market crashed as 'instant reaction' to Obama’s 2008 election