This conference held at Fordham (and blogged by Rortybomb and BaselineScenario) has some really interesting presentations. Students of EC6012 and EC4024 should definitely check these out, they are relevant to this and next week's lectures.
Here's Simon Johnson of MIT on the Doom (aka: Minsky) Cycle:
Simon Johnson on the Doom Cycle (MMBM) from Roosevelt Institute on Vimeo.
As an American I'm both ashamed and totally frustrated by our Financial System and the fact that our Government is unable/unwilling to fix this corrupted system....even while it threatens the vibrancy of our democracy. Americans know the big 6 banks need to be broken up...and yet congress won't break them up. We know Glass-Stiegal needs to be re-enacted and with added enhancements...and yet congress won't do it. We know the secondary mortgage market is bogus....and should be abolished...and yet congress won't act. And we know derivatives have no place within the bank holding segment of the industry.....leave derivatives to hedge funds and keep them away from FDIC insured and other government (tax payer) backed institutions.
Congress is unwilling to fix things...and Obama refuses to spell out what he wants in Fin Reform....it's like a stinking replay of health care reform.
So what do common Americans do?.....Can Simon Johnson answer that question.