Tag: bear stearns

Tuesday Evening News Roundup

Tuesday Evening News Roundup Austerity really isn’t working out all that well in Europe. William Black, scholar and economist, takes the Washington Post’s William Samuelson to task for advocating for austerity measures – We have known for over 75 years that the key to recovering from a recession is to follow a counter-cyclical fiscal policy that will reduce unemployment. We have long exhibited the wisdom to adopt automatic stabilizers that increase government services and decrease taxes when a recession strikes. What would have happened if Obama had adopted austerity as Berlin imposed austerity on the European periphery? It would have prevented

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Friday Morning News Roundup

If you read just a little bit about the Great Recession, then you know that whenever one of the big Wall Street firms was in trouble, Bear Stearns, Lehman Brothers and even Morgan Stanley, they all at one time or another called Warren Buffett for an emergency loan. So it is interesting that Bank of America just got an infusion of $5 billion from Warren Buffett. Bank of America is having trouble fending off lawsuits over its Countrywide acquisition. It appears that several parties believe that countrywide acted in a fraudulent manner and continue to sue countrywide for large sums of money,

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Repo Madness

I’ve been furiously reading about the economic meltdown. There are so many factors and so many people involved. The system is so complex. For those of us who never studied economics, this has been an eye-opening experience. I foolishly thought that huge Wall Street firms had some amount of cash on hand. This cash would then be used to fund the trades of that firm and its clients. Well, this just proves that I’m old and misinformed. That is not how it’s done. The repo market, repurchase transaction, grew up in the late 80s and early 90s. These amount to short-term

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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