Top 10 articles on the Financial crisis

From David Finbarr. Here are the top 3 that are a must read:

1)  The Financialization of America
A broad overview of how 1) insanely profitable Wall St. became in the
past two decades and 2)  this profitability was due to implicit
government subsidization of risk.  This includes the “too big to fail
policy” and the “Greenspan put”.

2) How regulation breeds complex financial products and Why Lax Regulation Did Not Cause the Crisis
by Mindles Dreck.  The author works in the investment banking
industry.  He relates how the industry had actually seen a dramatic
increase in regulation as a result of Enron and the Patriot Act.  But
the effect of regulation was not to make finance less risky, but rather
regulations encouraged the creation of more complex financial products
that outsmarted the regulators and gamed the system.

3) How the Fed lowered the reserve ratio and caused a decade of inflation and asset booms
– In 1995 the Federal reserve created special exemptions allowing banks
to keep 0% reserves in many cases.  This lead to an explosion of the
broad money supply, and successive bubbles in the stock market and
housing market.

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