“The basic task performed by the credit rating agencies was to strip derivatives of their individuality. Whether it was David Bowie pioneering securities derived from the perpetual value his music had created or a 30-year conventional mortgage, once a credit… — Danielle DiMartino Booth Copy Share Image
“Gambling has been fed by knowledge that, if disaster struck, someone else—borrowers, investors, taxpayers—would end up bearing at least some of the losses,” wrote… — Danielle DiMartino Booth Copy Share Image
“I preferred Warren Buffett’s definition: “It’s like most trends—at the beginning it’s driven by fundamentals; in the end, by speculation. It’s just like the… — Danielle DiMartino Booth Copy Share Image
“The Federal Reserve has always advertised itself as being above politics, impervious to outside influence. This is, of course, nonsense. The chairman is appointed… — Danielle DiMartino Booth Copy Share Image
“The transformation of my role at the bank began on February 7, 2007, when HSBC Holdings announced that its bad debts for the previous… — Danielle DiMartino Booth Copy Share Image
“Called before Congress during the ongoing implosion of Wall Street in October 2008, Greenspan, his upper lip visibly quivering, admitted that he was shocked… — Danielle DiMartino Booth Copy Share Image
“As a reminder, among other things, the FOMC sets the fed funds interest rate, the rate at which commercial banks lend reserve balances to… — Danielle DiMartino Booth Copy Share Image
“With interest rates on CDs near zero, the average boomer household would need $10.6 million in principal to safely earn $15,930 in interest, the… — Danielle DiMartino Booth Copy Share Image
“At Bernanke’s bidding, the Board of Governors held an emergency telephone conference on Friday, March 14, at 5 A.M. and voted to authorize the… — Danielle DiMartino Booth Copy Share Image
“Usually an upbeat affair, the BCA conference in 2006 proved disturbing. Harvard professor Niall Ferguson asked a strange question: Why hadn’t the recent assassination… — Danielle DiMartino Booth Copy Share Image
“I worked for one of those who pushed back against the majority. He was the lone member of the FOMC who voted against the… — Danielle DiMartino Booth Copy Share Image
“The Economist wrote that the Fed was “taking the unprecedented (and, some say, disturbing) step of financing up to $30 billion of Bear’s weakest… — Danielle DiMartino Booth Copy Share Image
“The big surprise: in his dissertation Greenspan addressed housing bubbles. “There is no perpetual motion machine which generates an ever-rising path for the prices… — Danielle DiMartino Booth Copy Share Image
