Extra Credit, Sunday Edition
Dream of homeownership remains strong despite current recession: Americans: will they never learn?
ABS Issuance: Is going up in the rest of the world as fast as it’s declining in the US.
Wal-Mart Can Do Us Good Taking on Bank of America: David Reilly makes the sensible suggestion that if we want new, well-capitalized banks, then Wal-Mart would be a great place to start.
Ex-IMF Chief Calls For New Global Super-Agency: Camdessus seeks to beef up the IMF.
Who needs a lawyer? A very useful Stanford FAQ from Alex Dalmady.
A think-nugget from Arnold Kling inspires a very long riff: On how banks add value, on the risks that they pose, and on what we might be able to do about it. Steve Waldman then follows up with this:
I don’t think those previous recoveries were real. My view is that the crisis that we’re in now is precisely the same crisis we’ve been in since at least the S&L crisis. We’ve had a cancer, with some superficial remissions, but fundamentally, for the entire period from the 1980s to 2008, our financial system in general and our banks in particular have been broken.
Reprinted from Portfolio.com