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    <description>recent bookmarks from cshalizi</description>
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	<rdf:li rdf:resource="http://www.archive.org/stream/otherpeoplesmone00bran/otherpeoplesmone00bran_djvu.txt"/>
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	<rdf:li rdf:resource="http://blogs.ft.com/maverecon/2009/05/derivatives-and-attempted-state-capture-in-kazakhstan/"/>
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  </channel><item rdf:about="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2820176">
    <title>The Finance Franchise by Robert C. Hockett, Saule T. Omarova :: SSRN</title>
    <dc:date>2016-11-14T21:05:44+00:00</dc:date>
    <link>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2820176</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” than it is pre-accumulated or scarce. 
"This Article challenges the outdated narrative of finance as intermediated scarce private capital and maps the basic structure and dynamics of the financial system as it actually operates. We begin by developing a three-part taxonomy of ways to model financial flows – what we call the “credit-intermediation,” “credit-multiplication,” and “credit-generation” models of finance. We show that only the last model captures the core dynamic of a complex modern financial system, and that the ultimate source of credit-generation in any such system is the sovereign public, acting primarily through its central bank and treasury. We then trace the operation of this dynamic throughout the financial system, from the banking sector, through the capital and “shadow banking” markets, all the way out to the “disruptive” frontier of peer-to-peer digital finance.
"What emerges from this retracing of the financial system’s operative logic is a comprehensive view of modern finance as a public-private franchise arrangement. On this view, the sovereign public acts effectively as franchisor, licensing private financial institutions to earn rents as franchisees in dispensing a vital public resource: the public’s monetized full faith and credit. We conclude the Article by drawing out some of the potentially transformative analytic and normative implications of a paradigmatic shift from the orthodox theory of financial intermediation to the franchise view of finance."]]></description>
<dc:subject>to:NB finance money banking economics color_me_skeptical</dc:subject>
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<dc:identifier>https://pinboard.in/u:cshalizi/b:44a614154929/</dc:identifier>
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<item rdf:about="http://bankunderground.co.uk/2016/02/16/when-banks-say-no/">
    <title>When banks say ‘No’: how the credit crunch lowered UK productivity | Bank Underground</title>
    <dc:date>2016-02-16T22:42:50+00:00</dc:date>
    <link>http://bankunderground.co.uk/2016/02/16/when-banks-say-no/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Possible problem set?  --- No, because I can't find the replication data.
]]></description>
<dc:subject>banking economics financial_crisis_of_2007-- regression track_down_references via:?</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bd8ba9adfb1c/</dc:identifier>
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<item rdf:about="http://www.hup.harvard.edu/catalog.php?isbn=9780674286061">
    <title>How the Other Half Banks — Mehrsa Baradaran | Harvard University Press</title>
    <dc:date>2015-08-13T17:51:55+00:00</dc:date>
    <link>http://www.hup.harvard.edu/catalog.php?isbn=9780674286061</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The United States has two separate banking systems today—one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities—all thanks to deregulation that began in the 1970s and continues decades later.
"In an age of corporate megabanks with trillions of dollars in assets, it is easy to forget that America’s banking system was originally created as a public service. Banks have always relied on credit from the federal government, provided on favorable terms so that they could issue low-interest loans. But as banks grew in size and political influence, they shed their social contract with the American people, demanding to be treated as a private industry free from any public-serving responsibility. They abandoned less profitable, low-income customers in favor of wealthier clients and high-yield investments. Fringe lenders stepped in to fill the void. This two-tier banking system has become even more unequal since the 2008 financial crisis.
"Baradaran proposes a solution: reenlisting the U.S. Post Office in its historic function of providing bank services. The post office played an important but largely forgotten role in the creation of American democracy, and it could be deployed again to level the field of financial opportunity."]]></description>
<dc:subject>to:NB books:noted banking class_struggles_in_america inequality economics</dc:subject>
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<dc:identifier>https://pinboard.in/u:cshalizi/b:bd2d2977d23c/</dc:identifier>
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    <title>Bitcoin’s financial network is doomed - The Washington Post</title>
    <dc:date>2014-12-17T03:18:10+00:00</dc:date>
    <link>http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/12/16/bitcoins-financial-network-is-doomed/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics finance banking bitcoin institutions have_read kith_and_kin farrell.henry money regulation blogged</dc:subject>
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    <title>Inside the New York Fed: Secret Recordings and a Culture Clash - ProPublica</title>
    <dc:date>2014-09-30T14:33:07+00:00</dc:date>
    <link>http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>banking our_decrepit_institutions finance regulatory_capture to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:eeead6dfd28c/</dc:identifier>
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<item rdf:about="http://mobile.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html?_r=1&amp;referrer=">
    <title>When She Talks, Banks Shudder - NYTimes.com</title>
    <dc:date>2014-08-10T18:06:12+00:00</dc:date>
    <link>http://mobile.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html?_r=1&amp;referrer=</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics banking economic_policy finance have_read via:? track_down_references</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
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    <title>The Real Reason the Poor Go Without Bank Accounts - Lisa J. Servon - The Atlantic Cities</title>
    <dc:date>2013-09-25T17:52:26+00:00</dc:date>
    <link>http://www.theatlanticcities.com/jobs-and-economy/2013/09/why-poor-choose-go-without-bank-accounts/6783/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Shorter: banks are run by impersonal assholes; exploitation is facilitated by establishing warm fuzzies.]]></description>
<dc:subject>sociology banking class_struggles_in_america economics</dc:subject>
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<dc:identifier>https://pinboard.in/u:cshalizi/b:bee73967c03a/</dc:identifier>
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<item rdf:about="https://medium.com/money-banking/2b5ef79482cb">
    <title>The Bitcoin Bubble and the Future of Currency — Money &amp; Banking — Medium</title>
    <dc:date>2013-04-07T23:43:53+00:00</dc:date>
    <link>https://medium.com/money-banking/2b5ef79482cb</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>money banking economics bitcoin salmon.felix</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9834923c802d/</dc:identifier>
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<item rdf:about="http://press.princeton.edu/titles/9929.html">
    <title>Admati, A. and Hellwig, M.: The Bankers' New Clothes: What's Wrong with Banking and What to Do about It.</title>
    <dc:date>2013-01-01T23:34:15+00:00</dc:date>
    <link>http://press.princeton.edu/titles/9929.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.
"Admati and Hellwig argue we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. They show that banks are as fragile as they are not because they must be, but because they want to be--and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned.
"Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers' New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately."]]></description>
<dc:subject>books:noted banking financial_crisis_of_2007-- economic_policy economics in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:42def5fb9ce4/</dc:identifier>
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<item rdf:about="http://www.nytimes.com/2012/01/04/opinion/bring-back-boring-banks.html">
    <title>Bring Back Boring Banks - NYTimes.com</title>
    <dc:date>2012-01-05T18:07:01+00:00</dc:date>
    <link>http://www.nytimes.com/2012/01/04/opinion/bring-back-boring-banks.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[I'm reading his book, and finding it surprisingly agreeable.]]></description>
<dc:subject>finance banking financial_crisis_of_2007-- economic_policy regulation bhide.amar via:mathbabe</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:eb666e19dcb8/</dc:identifier>
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<item rdf:about="http://www.wired.com/magazine/2011/11/mf_bitcoin/all/1">
    <title>The Rise and Fall of Bitcoin</title>
    <dc:date>2011-11-27T16:04:47+00:00</dc:date>
    <link>http://www.wired.com/magazine/2011/11/mf_bitcoin/all/1</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Interesting as a case study in economic sociology, though none of the participants seem to be equipped to recognize this.
(Predictably, the comments section is full of hurt bitcoin boosters.)]]></description>
<dc:subject>money networked_life economics financial_speculation trust banking via:kjhealy</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2d3345a4e8d9/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:money"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_speculation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:trust"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:kjhealy"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.princeton.edu/titles/9213.html">
    <title>Strang, D.: Learning by Example: Imitation and Innovation at a Global Bank.</title>
    <dc:date>2011-07-12T16:24:17+00:00</dc:date>
    <link>http://press.princeton.edu/titles/9213.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>books:noted diffusion_of_innovations organizations banking re:critique_of_diffusion</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:dfffb8dbdbef/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:diffusion_of_innovations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:organizations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:critique_of_diffusion"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.princeton.edu/titles/9219.html">
    <title>Grossman, R.S.: Unsettled Account: The Evolution of Banking in the Industrialized World since 1800.</title>
    <dc:date>2011-07-12T16:22:18+00:00</dc:date>
    <link>http://press.princeton.edu/titles/9219.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>books:noted finance banking economic_history</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c185ea890759/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://yglesias.thinkprogress.org/2011/01/a-public-option-for-banking/">
    <title>Yglesias » A Public Option for Banking</title>
    <dc:date>2011-01-16T20:39:34+00:00</dc:date>
    <link>http://yglesias.thinkprogress.org/2011/01/a-public-option-for-banking/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["But of course the most straightforward way to provide banking services to poor people is to just provide the service—create a public option for small-scale depository banking. Since postal services generally already have widespread retail operations, this is often done in collaboration with the post office and is known as “postal banking.” But in an electronic age, you don’t really need physical banks at all. Everyone could just be given an account with a $5,000 maximum on a Treasury Department computer and they could mail you an ATM card with your draft registration card when you turn 18. The accounts could pay 0 interest and wouldn’t need to offer any services beyond basic “money goes in, money goes out” and nobody would have to be “unbanked.” It would cost the government some money to administer such a system, but it would also amount to the government getting interest free loans from Treasury Bank customers so if people actually used it it would be a wash." Or: banking as utility.
]]></description>
<dc:subject>banking obvious_good_ideas yglesias.matthew</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:cd29046ea753/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:obvious_good_ideas"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:yglesias.matthew"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.princeton.edu/titles/9298.html">
    <title>Mehrling, P.: The New Lombard Street: How the Fed Became the Dealer of Last Resort.</title>
    <dc:date>2010-12-10T03:40:17+00:00</dc:date>
    <link>http://press.princeton.edu/titles/9298.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>books:noted banking finance regulation economic_policy financial_crisis_of_2007--</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:8295ecc1964c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.powells.com/biblio?isbn=978-0-19-975607-0">
    <title>A Call for Judgment: Sensible Finance for a Dynamic Economy by Amar Bhide - Powell's Books</title>
    <dc:date>2010-10-27T22:42:01+00:00</dc:date>
    <link>http://www.powells.com/biblio?isbn=978-0-19-975607-0</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Bhide warns us that modern finance is on a collision course with the true heart of capitalism: innovation and entrepreneurship. Deepening this disconnect is the growing complexity of banks, which habitually fail to hold bankers accountable for their mistakes, while blatantly subverting the tough banking rules established in the 1930s. As Bhide makes clear, the erosion of these rules displaced traditional relationship-based lending in favor of liquid, anonymous securities, which ultimately succeeded in depriving large banks (and other publicly traded companies) of oversight by investors with first-hand knowledge of the business or its managers. Identifying this lack of monitoring as a fatal flaw that destabilized the economy and helped trigger the financial crisis, Bhide pushes for tough, straightforward limits on the activities of commercial banks and financial instruments such as money market funds."

ETA: review: http://bactra.org/reviews/bhide-contra-finance.html]]></description>
<dc:subject>regulation banking securitization political_economy financial_crisis_of_2007-- books:recommended</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:cdde4dc84db9/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:securitization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:recommended"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.bankofengland.co.uk/publications/speeches/2010/speech433.pdf">
    <title>The $100 Billion dollar question</title>
    <dc:date>2010-06-07T01:40:09+00:00</dc:date>
    <link>http://www.bankofengland.co.uk/publications/speeches/2010/speech433.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[UK's chief bank regulator: "The banking industry is ... a pollutant. Systemic risk is a noxious by-product. Banking benefits those producing and consuming financial services – the private benefits for bank employees, depositors, borrowers and investors. But it also risks endangering innocent bystanders within the wider economy – the social costs to the general public from banking crises."
]]></description>
<dc:subject>to_read banking regulation financial_crisis_of_2007--</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:333d8a2591ae/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.thenation.com/doc/20100517/hayes">
    <title>Goners</title>
    <dc:date>2010-04-30T17:06:26+00:00</dc:date>
    <link>http://www.thenation.com/doc/20100517/hayes</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[It is good to hang a banker from the lamp-posts in lower Manhattan from time to time, to encourage the others.
]]></description>
<dc:subject>ill_be_gone_youll_be_gone financial_speculation mortgage_crisis fraud banking finance hayes.chris</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:34634c52ccb6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:ill_be_gone_youll_be_gone"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_speculation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:hayes.chris"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nybooks.com/articles/archives/2010/apr/19/our-giant-banking-crisis/?pagination=false">
    <title>Our Giant Banking Crisis—What to Expect | The New York Review of Books</title>
    <dc:date>2010-04-26T23:54:24+00:00</dc:date>
    <link>http://www.nybooks.com/articles/archives/2010/apr/19/our-giant-banking-crisis/?pagination=false</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["In that sense, this time really is different: while the first great global financial crisis was followed by major reforms, it’s not clear that anything comparable will happen after the second. And history tells us what will happen if those reforms don’t take place. There will be a resurgence of financial folly, which always flourishes given a chance. And the consequence of that folly will be more and quite possibly worse crises in the years to come."  --- I wonder, does Krugman read Ken MacLeod?  If not, someone should send him a copy of The Fall Revolution.
]]></description>
<dc:subject>banking financial_crisis_of_2007-- economic_history book_reviews economic_policy economics krugman.paul market_bubbles the_continuing_crises wells.robin</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fb1ed7a8b254/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:book_reviews"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:krugman.paul"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_bubbles"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_continuing_crises"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:wells.robin"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://rortybomb.wordpress.com/2010/04/19/franchise-value-of-banks-and-the-effects-of-deregulation/">
    <title>Franchise Value of Banks and The Effects of Deregulation. « Rortybomb</title>
    <dc:date>2010-04-20T12:41:52+00:00</dc:date>
    <link>http://rortybomb.wordpress.com/2010/04/19/franchise-value-of-banks-and-the-effects-of-deregulation/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[As every school-child knows, firms in a competitive market earn no profit over their cost of capital (and paying for their employees' time, including the entrepreneurs' if any).  Deregulation of banking and finance had many effects, but creating a competitive environment was very evidently not one of them.
]]></description>
<dc:subject>finance banking regulation to:blog</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:199d4c943a4b/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://motherjones.com/kevin-drum/2010/03/quote-day-overdraft-follies">
    <title>Quote of the Day: Overdraft Follies | Mother Jones</title>
    <dc:date>2010-03-05T20:19:04+00:00</dc:date>
    <link>http://motherjones.com/kevin-drum/2010/03/quote-day-overdraft-follies</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>moral_depravity banking</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:e58d26a83346/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:moral_depravity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://rortybomb.wordpress.com/2010/02/09/some-random-thoughts-on-fdic-insurances-in-the-debates/">
    <title>Some Random Thoughts on FDIC Insurances in the Debates « Rortybomb</title>
    <dc:date>2010-02-11T06:19:37+00:00</dc:date>
    <link>http://rortybomb.wordpress.com/2010/02/09/some-random-thoughts-on-fdic-insurances-in-the-debates/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["So there are a lot of people out there who think that we need to kill the moral hazard of having your savings account insured. Grandma has $12,000 in her savings account, and doesn’t worry about whether or not the bank is solvent – so let’s force her to worry by removing the FDIC protection. This worrying will result in her providing discipline to her bank on their risk. ... How will grandma know what to do? ...  I know the simple way you do it, some techniques that I’ve had some training in: You place out the payment structures using monte-carlo simulations with lognormal random walks; you take a metric of correlation in the market, perhaps in a gaussian copula structure and use that to run correlations at each step between the instruments; you take the distribution you generate and apply a “value-at-risk” logic to it, looking at some piece of the tail distribution.
... a 16-year old who wants to open a savings account for his part-time job will need to know these techniques..."
]]></description>
<dc:subject>utter_stupidity banking regulation finance running_dogs_of_reaction evisceration</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:89aead3c26dc/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:utter_stupidity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:running_dogs_of_reaction"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:evisceration"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.utexas.edu/utpress/books/blabes.html">
    <title>Black, The Best Way to Rob a Bank Is to Own One, University of Texas Press</title>
    <dc:date>2009-09-26T13:57:49+00:00</dc:date>
    <link>http://www.utexas.edu/utpress/books/blabes.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>books:noted finance banking fraud corruption savings_and_loan_disaster</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bdb9395f5425/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:savings_and_loan_disaster"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.ssc.wisc.edu/econ/archive/wp2008-03.pdf">
    <title>Competitive lending with partial knowledge of loan repayment</title>
    <dc:date>2009-06-28T02:22:11+00:00</dc:date>
    <link>http://www.ssc.wisc.edu/econ/archive/wp2008-03.pdf</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>banking risk_assessment credit risk_vs_uncertainty to:NB brock.william_a. manski.charles_f.</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ec2ab48d689e/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:risk_assessment"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:risk_vs_uncertainty"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:brock.william_a."/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:manski.charles_f."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.voxeu.org/index.php?q=node/3287">
    <title>Securitisation undermined financial stability | vox - Research-based policy analysis and commentary from leading economists</title>
    <dc:date>2009-06-17T00:59:42+00:00</dc:date>
    <link>http://www.voxeu.org/index.php?q=node/3287</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Claim: banks used securitization (specifically, CDOs) to increase their leverage --- making a larger volume of loans on the same base of equity.  Banks largely ended up buying the securities of other banks.  Not 100% sure the incentives work out the right way here for buying banks; should try reading Shin's actual paper (linked at end) with pen in hand.
]]></description>
<dc:subject>economics leverage banking securitization financial_crisis_of_2007-- via:krugman shin.hyun-song</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:93bac39239bd/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:leverage"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:securitization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:krugman"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:shin.hyun-song"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.archive.org/stream/otherpeoplesmone00bran/otherpeoplesmone00bran_djvu.txt">
    <title>Full text of &quot;Other people's money, and how the bankers use it&quot;</title>
    <dc:date>2009-06-15T18:28:33+00:00</dc:date>
    <link>http://www.archive.org/stream/otherpeoplesmone00bran/otherpeoplesmone00bran_djvu.txt</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>via:slaniel banking economic_policy economic_history credit progressive_forces brandeis.louis</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bf2633411e88/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:slaniel"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:progressive_forces"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:brandeis.louis"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://hdtd.typepad.com/hdtd/2007/09/north-of-south-.html">
    <title>Halfway down the Danube: North of south, or the economic consequences of Elliott Abrams</title>
    <dc:date>2009-05-27T04:41:39+00:00</dc:date>
    <link>http://hdtd.typepad.com/hdtd/2007/09/north-of-south-.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>panama economics banking money economic_policy american_hegemony yu.carlos noriega.manuel abrams.elliott</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ef3ba6fae58f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:panama"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:money"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:american_hegemony"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:yu.carlos"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:noriega.manuel"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:abrams.elliott"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://blogs.ft.com/maverecon/2009/05/derivatives-and-attempted-state-capture-in-kazakhstan/">
    <title>FT.com | Willem Buiter's Maverecon | Derivatives and attempted state capture in Kazakhstan</title>
    <dc:date>2009-05-06T14:27:37+00:00</dc:date>
    <link>http://blogs.ft.com/maverecon/2009/05/derivatives-and-attempted-state-capture-in-kazakhstan/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Credit default swaps as an instrument of state capture.  (In the immortal words of Patrick Nielsen Hayden, "I have personally felt like I was living in a Ken MacLeod future since sometime not long after 9/11, and I wish he'd CUT IT OUT.")
]]></description>
<dc:subject>credit_derivatives kazakhstan central_asia banking political_economy j_p_morgan financial_crisis_of_2007-- buiter.willem</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:11892a28c08d/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_derivatives"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:kazakhstan"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:central_asia"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:j_p_morgan"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:buiter.willem"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.ft.com/cms/s/2/51f425ac-351e-11de-940a-00144feabdc0.html">
    <title>FT.com / Weekend / Reportage - Genesis of the debt disaster</title>
    <dc:date>2009-05-03T00:35:13+00:00</dc:date>
    <link>http://www.ft.com/cms/s/2/51f425ac-351e-11de-940a-00144feabdc0.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>financial_crisis_of_2007-- mortgage_crisis credit_derivatives finance banking j_p_morgan tett.gillian via:jbdelong</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:aaccc552c645/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_derivatives"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:j_p_morgan"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:tett.gillian"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:jbdelong"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street">
    <title>How the Nation’s Only State-Owned Bank Became the Envy of Wall Street | Mother Jones</title>
    <dc:date>2009-04-28T02:46:57+00:00</dc:date>
    <link>http://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[I think I can be pretty confident in stating that absolutely nobody on Wall St. envies this bank.  (For instance, no one in my 46-929 class would dream of taking a job there.)  Which doesn't mean it's a bad idea; quite the contrary...
]]></description>
<dc:subject>banking market_socialism north_dakota via:emersonj</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fafff39e7065/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_socialism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:north_dakota"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:emersonj"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.peri.umass.edu/236/hash/a6bb82bb34/publication/260/">
    <title>PERI - Political Economy Research Institute: : If Financial Market Competition is so Intense, Why are Financial Firm Profits so High? Reflections on the Current ‘Golden Age’ of Finance (Crotty)</title>
    <dc:date>2009-04-05T14:38:32+00:00</dc:date>
    <link>http://www.peri.umass.edu/236/hash/a6bb82bb34/publication/260/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["In 1997 former Federal Reserve Board Chairman Paul Volcker posed a question about the commercial banking system he said he could not answer. The industry was under more intense competitive pressure than at any time in living memory, Volcker noted, “yet at the same time the industry never has been so profitable.” .. the seemingly strange coexistence of intense competition and historically high profit rates in commercial banking [is] Volcker’s Paradox. He extends the paradox to all important financial institutions and discusses four developments that together help resolve it: rapid growth in the demand for financial products and services in the past quarter century; rising concentration in most major financial industries; increased risk-taking among all the major financial market actors that has raised average profit rates; and rapid financial innovation in over-the-counter derivatives that allows giant banks to create and trade complex products with high profit margins."
]]></description>
<dc:subject>financial_markets financial_speculation banking imperfect_competition economics have_read crotty.james</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:422aa23690b8/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_speculation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:crotty.james"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=785364">
    <title>SSRN-How Much do Banks use Credit Derivatives to Reduce Risk? by Bernadette Alcamo Minton, Rene Stulz, Rohan Williamson</title>
    <dc:date>2009-04-05T14:36:50+00:00</dc:date>
    <link>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=785364</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess of one billion dollars. ... we find that in 2003 only 19 large banks out of 345 use credit derivatives. Though few banks use credit derivatives, the assets of these banks [were] on average two thirds of the assets of bank holding companies [in the sample]. Few banks are net buyers of credit protection and disclose using credit derivatives to hedge loans. Banks are more likely to be [net] buyers if they engage in asset securitization, originate foreign loans, and have lower capital ratios. The likelihood of a bank being a net protection buyer is positively related to the percentage of commercial and industrial loans in a bank's loan portfolio and negatively or not related to other types of bank loans. The use of credit derivatives by banks is limited because adverse selection and moral hazard problems make the market for credit derivatives illiquid for the typical credit exposures of banks."
]]></description>
<dc:subject>financial_markets banking credit_derivatives have_read</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:40187946c1e9/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_derivatives"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_151-200/WP180.pdf">
    <title>Structural Causes of the Global Financial Crisis: A Critical Assessment of the &quot;New Financial Architecture&quot;</title>
    <dc:date>2009-04-01T02:27:06+00:00</dc:date>
    <link>http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_151-200/WP180.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Shorter Crotty: there was no good reason to expect a minimally regulated financial sector to stably and efficiently allocate risk and capital, and it didn't.
]]></description>
<dc:subject>finance mortgage_crisis financial_crisis_of_2007-- political_economy banking crotty.james</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:88db1b71dbf5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:crotty.james"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.versobooks.com/FTP/Jump_You_Fuckers_2_3.pdf">
    <title>Jump! You Fuckers (Dan Hind)</title>
    <dc:date>2009-03-21T16:10:11+00:00</dc:date>
    <link>http://www.versobooks.com/FTP/Jump_You_Fuckers_2_3.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Origins of the present troubles.  --- Somewhat surprisingly, I mostly agree with this.
]]></description>
<dc:subject>whats_gone_wrong_with_america political_economy financial_crisis_of_2007-- globalization inequality banking class_struggles_in_america running_dogs_of_reaction via:ken_macleod hind.dan nixon.richard_m.</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:8d97def80d21/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:whats_gone_wrong_with_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:globalization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:running_dogs_of_reaction"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:ken_macleod"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:hind.dan"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:nixon.richard_m."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.motherjones.com/politics/2009/03/real-capitalists-nationalize?page=2">
    <title>Real Capitalists Nationalize | Mother Jones</title>
    <dc:date>2009-03-16T22:40:03+00:00</dc:date>
    <link>http://www.motherjones.com/politics/2009/03/real-capitalists-nationalize?page=2</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Kevin Drum's "bank nationalization 101".
]]></description>
<dc:subject>credit_collapse banking economic_policy drum.kevin</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:b675106bdce0/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_collapse"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:drum.kevin"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://yglesias.thinkprogress.org/archives/2009/03/its_not_the_assets_that_make_the_bad_bank_bad.php">
    <title>Matthew Yglesias » It’s Not the Assets That Make The Bad Bank Bad</title>
    <dc:date>2009-03-10T21:08:17+00:00</dc:date>
    <link>http://yglesias.thinkprogress.org/archives/2009/03/its_not_the_assets_that_make_the_bad_bank_bad.php</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Citi’s problem isn’t that it has toxic assets, it’s that it made loans backed with toxic assets. You don’t rescue banks by “tak[ing] distressed assets off the balance sheet of Citigroup or other troubled financial institutions.” The problem isn’t the assets, it’s the debts. You can deal with the problem by giving the banks vast sums of money in exchange for their toxic assets but in this case what’s solved the problem isn’t that the assets came off the balance sheet, it’s that the money you gave them got on the balance sheet."  (My romans.)
]]></description>
<dc:subject>banking mortgage_crisis yglesias.matthew financial_crisis_of_2007--</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d3cd004f6573/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:yglesias.matthew"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nytimes.com/2009/02/21/nyregion/21scam.html">
    <title>Nigerian Accused in Scheme to Swindle Citibank - NYTimes.com</title>
    <dc:date>2009-03-01T17:17:17+00:00</dc:date>
    <link>http://www.nytimes.com/2009/02/21/nyregion/21scam.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[in which Citibank gets taken for $27 million.
]]></description>
<dc:subject>funny:malicious funny:laughing_instead_of_screaming fraud citibank banking via:making_light</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9d3d8e7298ff/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:funny:malicious"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:funny:laughing_instead_of_screaming"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:citibank"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:making_light"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nytimes.com/2009/02/19/business/worldbusiness/19ubs.html">
    <title>The Swiss Bank UBS Is Set to Open Its Secret Files - NYTimes.com</title>
    <dc:date>2009-02-19T16:55:56+00:00</dc:date>
    <link>http://www.nytimes.com/2009/02/19/business/worldbusiness/19ubs.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[The end of Swiss banking as we knew it.
]]></description>
<dc:subject>corruption taxes tax_evasion banking ubs via:klk</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d74ddaba25e5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:taxes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:tax_evasion"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:ubs"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:klk"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://tpmmuckraker.talkingpointsmemo.com/2009/02/how_theresa_hatt_caused_the_financial_crisis.php">
    <title>TPMMuckraker | Talking Points Memo | How Theresa Hatt Caused The Financial Crisis</title>
    <dc:date>2009-02-07T12:59:58+00:00</dc:date>
    <link>http://tpmmuckraker.talkingpointsmemo.com/2009/02/how_theresa_hatt_caused_the_financial_crisis.php</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>fraud corruption banking our_decrepit_institutions bank_of_america credit_cards via:making_light</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9672cd2c7d26/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bank_of_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_cards"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:making_light"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://arxiv.org/abs/0901.2384">
    <title>[0901.2384] An Analysis of the Japanese Credit Network</title>
    <dc:date>2009-01-19T20:06:40+00:00</dc:date>
    <link>http://arxiv.org/abs/0901.2384</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["An analysis of the Japanese credit market in 2004 between banks and quoted firms is done in this paper using the tools of the networks theory. It can be pointed out that: (i) a backbone of the credit channel emerges, where some links play a crucial role; (ii) big banks privilege long-term contracts; the "minimal spanning trees" (iii) disclose a highly hierarchical backbone, where the central positions are occupied by the largest banks, and emphasize (iv) a strong geographical characterization, while (v) the clusters of firms do not have specific common properties. Moreover, (vi) while larger firms have multiple lending in large, (vii) the demand for credit (long vs. short term debt and multi-credit lines) of firms with similar sizes is very heterogeneous."   --- Something's funny here: why doesn't it cite Stiglitz's work on banking and credit rationing?
]]></description>
<dc:subject>to_read networks credit banking finance to:NB stiglitz.joseph</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:87fb69576b98/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:stiglitz.joseph"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.voxeu.org/index.php?q=node/2784">
    <title>Fixing the crisis: Two systemic problems |</title>
    <dc:date>2009-01-13T21:12:25+00:00</dc:date>
    <link>http://www.voxeu.org/index.php?q=node/2784</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics finance banking leverage financial_markets mortgage_crisis via:? leijonhufvud.axel</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:3a5f1e8b28a2/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:leverage"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:leijonhufvud.axel"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.slate.com/id/2204583/pagenum/all/">
    <title>How the subprime good guys give home loans to poor people, strengthen communities, and still make a profit. - By Daniel Gross - Slate Magazine</title>
    <dc:date>2008-11-16T04:36:11+00:00</dc:date>
    <link>http://www.slate.com/id/2204583/pagenum/all/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>banking mortgage_crisis credit_unions risk_assessment gross.daniel</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4833f6875c1c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:credit_unions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:risk_assessment"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:gross.daniel"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.lrb.co.uk/v30/n18/mack01_.html">
    <title>LRB · Donald MacKenzie: What’s in a Number?</title>
    <dc:date>2008-09-25T16:05:27+00:00</dc:date>
    <link>http://www.lrb.co.uk/v30/n18/mack01_.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[MacKenzie explains LIBOR, and the social processes behind it.
]]></description>
<dc:subject>mackenzie.donald finance financial_markets libor banking risk_assessment popular_social_science</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:31d258b8ce1c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mackenzie.donald"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:libor"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:risk_assessment"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:popular_social_science"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.voxeu.org/index.php?q=node/1102">
    <title>The inappropriateness of financial regulation | vox - Research-based policy analysis and commentary from leading economists</title>
    <dc:date>2008-05-03T16:39:23+00:00</dc:date>
    <link>http://www.voxeu.org/index.php?q=node/1102</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[To think through.
]]></description>
<dc:subject>regulation banking economics herding financialization risk_assessment via:? presaud.avinash</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:489d6bcd088e/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:herding"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:risk_assessment"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:presaud.avinash"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.ft.com/cms/s/0/18895dea-be06-11dc-8bc9-0000779fd2ac.html">
    <title>Raghuram Rajan - Bankers’ pay is deeply flawed</title>
    <dc:date>2008-01-27T15:46:18+00:00</dc:date>
    <link>http://www.ft.com/cms/s/0/18895dea-be06-11dc-8bc9-0000779fd2ac.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Proposal: Escrow bonuses for excess returns until it's clear that they have, in fact, materialized.  Cf. Young and Foster's bit about how to look like a wizard fund-manager.
]]></description>
<dc:subject>banking financial_speculation rajan.raghuram mechanism_design</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7e2fe8e007f3/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_speculation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:rajan.raghuram"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mechanism_design"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.ft.com/cms/s/0/73a891b4-c38d-11dc-b083-0000779fd2ac.html">
    <title>FT.com / Columnists / Martin Wolf - Regulators should intervene in bankers’ pay</title>
    <dc:date>2008-01-25T13:51:16+00:00</dc:date>
    <link>http://www.ft.com/cms/s/0/73a891b4-c38d-11dc-b083-0000779fd2ac.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Cf. my "modest proposal for the reform of corporate governance" from a few years ago
]]></description>
<dc:subject>financial_speculation banking regulation corporate_governance wolf.martin via:jbdelong institutions</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d640013ff66a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_speculation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporate_governance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:wolf.martin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:jbdelong"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:institutions"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://calculatedrisk.blogspot.com/2007/11/fitch-opens-loan-files-results-not.html">
    <title>Calculated Risk: Fitch Opens Loan Files: Results Not Pretty</title>
    <dc:date>2007-12-01T05:47:59+00:00</dc:date>
    <link>http://calculatedrisk.blogspot.com/2007/11/fitch-opens-loan-files-results-not.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Just how screwy have mortgages become?
]]></description>
<dc:subject>fraud banking FICO securitization</dc:subject>
<dc:identifier>https://pinboard.in/u:cshalizi/b:023735f1cb0c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:FICO"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:securitization"/>
</rdf:Bag></taxo:topics>
</item>
</rdf:RDF>