Sunday, October 5, 2008

Two great conversations on the current economic crisis

The following two conversations discuss the current economic crisis and compare to the S&L crisis in the 80's. Very insightful. Isaac was head of the FDIC during the S&L crisis and he says that no one contacted him to discuss the current situation. Astounding!

Wallison Says `Fair Value' Accounting a Cause of Crisis
Sept. 25 (Bloomberg) -- Peter Wallison, a fellow at the American Enterprise Institute, talks with Bloomberg's Tom Keene about the outlook for the proposed $700 billion bailout of financial institutions, the role accounting rules played in the credit crisis and the risks facing financial markets and the economy.
Isaac Doubts Bailout Plan Will Work in Current Form
Sept. 25 (Bloomberg) -- William Isaac, former chairman of the Federal Deposit Insurance Corp., talks with Bloomberg's Tom Keene from Sarasota, Florida, about the U.S. financial crisis, fair-value accounting rules and the government's proposed $700 bailout of financial institutions.

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