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Contents

  1. Gordon Brown is wrong to say British banking is still a free-for-all | Alex Bailin
  2. Where will the next financial crisis come from?
  3. World economy at risk of another financial crash, says IMF | Business | The Guardian
  4. World economy at risk of another financial crash, says IMF
  5. The U.S. Financial Crisis

Professor Read is thoughtful and provocative in building toward his global prescriptions for a better economic future.

Gordon Brown is wrong to say British banking is still a free-for-all | Alex Bailin

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🔴 Why The Next Financial Crisis Will Be Bigger Than 2008 (w/ Jim Rickards)

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Where will the next financial crisis come from?

We should expand the Neighborhood Stabilization Program, a success story that provides funding for municipalities to purchase and redevelop foreclosed or abandoned properties so they don't further depress housing prices or lead to neighborhood blight. Second, more needs to be accomplished to prevent future crises.

I join President Obama in urging the expeditious implementation of the remaining rules, supported by full funding for our regulatory agencies. Third, we need a Federal Reserve chair who will continue the current policies of growth and finish the work of implementing Dodd-Frank.

I continue to believe that our nation needs a candidate who understands the impact of the Fed's policies on the middle class and the crucial balance between stable prices and low unemployment. Lastly, government must responsibly wind down Fannie and Freddie while ensuring stability in the housing market.


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As ranking member of the House Financial Services Committee, I am working on an approach that preserves the year fixed-rate mortgage, maintains access for all qualified borrowers that can sustain homeownership and ensures access to affordable rental housing. It will also provide small institutions and community banks direct access to the secondary mortgage markets. Maxine Waters, D-Calif.

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World economy at risk of another financial crash, says IMF | Business | The Guardian

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While most agree that the financial system is safer now than it was before the crisis, there's been abundant criticism of the adequacy of the response. Many argue that bailouts for homeowners should have been much more generous , in order to avoid more foreclosures and to better stabilize neighborhoods, and that banks should have been pushed harder to lend to qualified borrowers once new safeguards were put in place. Others faulted Obama for not punishing the executives at fault for reckless lending.

World economy at risk of another financial crash, says IMF

Although their firms — and thus shareholders — have paid out hundreds of billions of dollars in fines, none of the people running these investment banks and mortgage lenders went to jail. The Financial Crisis Inquiry Commission itself made eleven criminal referrals to the Department of Justice, and none were prosecuted. The commission's chairman Phil Angelides says the lack of action sent a message to Wall Street that consequences for individuals would be minimal.

Of course they would. Related: Too-big-to-fail banks keep getting bigger. Banks have spent billions of dollars complying with Dodd-Frank, even while fighting the rules as they were written, contributing to long delays in implementation.

The U.S. Financial Crisis

The Treasury's independent Office of Financial Research, which Dodd-Frank established to serve as an early warning system for impending crises, has been dramatically scaled back. More broadly, Anat Admati, a professor at Stanford's Graduate School of Business, argues that reformers missed their chance to increase transparency in the financial system and decrease the industry's dependence on debt, which could pose a risk as interest rates start to rise.

The bill also frees most banks from having to report lending data used to police for discrimination and weakens mortgage underwriting standards, among a host of other provisions. Meanwhile, President Trump's picks to head federal agencies overseeing the banks have either worked for the industry, like Securities and Exchange Commission chairman Jay Clayton , or have been harsh critics of the agency they've been put in charge of, like the Consumer Financial Protection Bureau's acting director Mick Mulvaney.

They have slowed or halted enforcement actions and rule making and imposed hiring freezes , limiting their ability to pursue fraud. On the international level, the United States has withdrawn from some of its most important alliances, weakening relationships with countries like Canada, the UK and Germany that would become essential if a new crisis were to arise. Related: 10 years after Lehman, Mark Carney says another crisis could happen.

buzozyqykagi.tk Add to all of this an exuberant market and it again brings big risks, from rising corporate debt to cyber threats that can cripple whole companies in an instant. In combination with weaker tools to address financial failures when they occur, Columbia Law professor Kathryn Judge worries that these industry-friendly regulators again won't take action when they need to. How are we going to deal with that fragility when it becomes manifest?

Activities

A Decade Later: It's been 10 years since the financial crisis rocked America's economy.