New Orleans Angelo Mozilo help found Countrywide and ran it for years until dumping it off to Bank America. Many of the subprime and ARM products were toxic and account part of the collapse of the real estate markets and banking empires all around the Great Recession. The SEC trumped a settlement with Mozilo in …
Category: Financial Justice
Elite Panic and the Tea Party
New Orleans In an excellent book on community building in the wake of disasters of historic proportion, A Paradise Built in Hell, Rebecca Solnit raises a number of insightful points about what she refers to as “elite panic.” In post-Katrina New Orleans we saw this all the time, the predictions of dire consequences and the …
Laundry List for new Consumer Bureau
New Orleans After much sound and fury the Obama Administration seems to have slipped Professor Elizabeth Warren in through the side door of the White House to setup the new Consumer Financial Protection Bureau. It’s all confusing since the Bureau is squeezed between the Federal Reserve and Treasury Departments, and Warren herself has been snuck …