Historical Perspectives

New Paper: Consumer Protection After the Global Financial Crisis

02/13/19

Historian Ed Balleisen and I have just posted a paper of interest to Credit Slips readers who are interested in consumer protection, financial crises, and inputs into post-crisis policymaking more generally. I will let the abstract speak for itself:

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Congolese Elections and the Opportunity for the International Community to do the Right Thing

12/31/18

The Congo held elections yesterday; elections that the ruling party has kept finding excuses to postpone over the past two years.  International pressure though, forced them to be held (although in an incomplete fashion).  Now, the question is whether the vote counts will be done with some modicum or propriety and whether the current kleptocrats will find some way to hold on to power in this resource rich nation with a tragic history.  The latest reports are telling us that there is already chaos and that the internet has been shut down (from the Wa

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Almost Citizens -- by Sam Erman

12/15/18

For those of you, who like me have been following the Puerto Rican debt drama, this wonderful new book by Sam Erman of USC might be of interest.  There are many wonderful and insightful stories in this book that I was altogether unaware of, despite having spent a lot of time reading about Puerto Rico's bizarre constitutional status.  Ultimately though, the most intriguing and insightful aspect of the book, to me, was the connection that Sam draws between the strange "foreign in a domestic sense" status of Puerto Rico and the events surrounding Recon

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Reflections on the foreclosure crisis 10th anniversary

12/03/18

Before it was the global financial crisis, we called it the subprime crisis. The slow, painful recovery, and the ever-widening income and wealth inequality, are the results of policy choices made before and after the crisis. Before 2007, legislators and regulators cheered on risky subprime mortgage lending as the "democratization of credit." High-rate, high-fee mortgages transferred income massively from working- and middle-class buyers and owners of homes to securities investors.

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Trump socialism and housing finance

10/15/18

Various tax law scholars have commented on the tax fraud allegations in the recent New York Times story. Equally important is the story's reminder that our housing finance system, and the real estate fortunes it has spawned, have depended for nearly a century on the largess of government.

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World Bank Group's Proposals on Small Business Insolvency

10/09/18

At long last, the World Bank Group's insolvency and debt resolution team has finally released to the public its report on the treatment of the insolvency of micro-, small-, and medium-sized enterprises,

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Orwellian Debt Collection in China

03/29/18

Trying to get a handle on the potential for a workable personal bankruptcy procedure in China, I've repeatedly encountered evidence that the most important element might be lacking: attitude. Successful personal insolvency systems around the world differ in design and operation, but the system architects and operators generally share a sense that default is an inevitable aspect of consumer/entrepreneurial risk, and mitigating the long-term effects of such defaults is good for debtors, creditors, and society.

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More on Madden

08/28/17

I have a more refined piece on the problems with the Madden fix bills in the American Banker.  See here for my previous thoughts. 

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Guess Who's Supporting Predatory Lending?

08/10/17

Guess who’s sponsoring legislation to facilitate predatory lending? It’s not just the usual suspects from the GOP, but it looks like a number of centrist “New Democrats” are signing up to help predatory financial institutions evade consumer protections. 

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