{"id":4287,"date":"2008-09-23T09:53:53","date_gmt":"2008-09-23T14:53:53","guid":{"rendered":"http:\/\/karmalised.com\/?p=4287"},"modified":"2008-09-23T10:13:36","modified_gmt":"2008-09-23T15:13:36","slug":"congress-is-on-the-job-run-for-cover","status":"publish","type":"post","link":"http:\/\/karmalised.com\/?p=4287","title":{"rendered":"Congress is on the job?  Run for cover."},"content":{"rendered":"<p><strong>Calling Out the Culprits Who Caused the Crisis<\/strong><br \/>\nBy Eric D. Hovde, <em>Washington Post<\/em>, <a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2008\/09\/19\/AR2008091902808.html\">21 September 2008<\/a><\/p>\n<blockquote><p>Looking for someone to blame for the shambles in U.S. financial markets? As someone who owns both an investment bank and commercial banks, and also runs a hedge fund, I have sat front and center and watched as this mess unfolded. And in my view, there&#8217;s no need to look beyond Wall Street &#8212; and the halls of power in Washington. The former has created the nightmare by chasing obscene profits, and the latter have allowed it to spread by not practicing the oversight that is the federal government&#8217;s responsibility.<\/p><\/blockquote>\n<p><strong>[<a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2008\/09\/19\/AR2008091902808.html\">Read the article<\/a>]<\/strong><\/p>\n<p>Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance at the University of Chicago, believes capitalism can be saved (<a href=\"http:\/\/faculty.chicagogsb.edu\/luigi.zingales\/Why_Paulson_is_wrong.pdf\">.pdf<\/a>).<\/p>\n<blockquote><p>As during the Great Depression and in many debt restructurings, it makes sense in the current contingency to mandate a partial debt forgiveness or a debt-for-equity swap in the financial sector. It has the benefit of being a well-tested strategy in the private sector and it leaves the taxpayers out of the picture. But if it is so simple, why no expert has mentioned it?<\/p><\/blockquote>\n<p><em>Hat tip for both links to <a href=\"http:\/\/www.bookforum.com\/online\/2832\">bookforum.com<\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calling Out the Culprits Who Caused the Crisis By Eric D. Hovde, Washington Post, 21 September 2008 Looking for someone to blame for the shambles in U.S. financial markets? As someone who owns both an investment bank and commercial banks, &hellip; <a href=\"http:\/\/karmalised.com\/?p=4287\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-4287","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pdXTf-179","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/4287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4287"}],"version-history":[{"count":5,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/4287\/revisions"}],"predecessor-version":[{"id":4292,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/4287\/revisions\/4292"}],"wp:attachment":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4287"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}