Sep 24, 2010
Organizing for America: "This is health reform"
http://my.barackobama.com/page/community/post/ericasagrans/gGMzNC
Andy Stern Sees the Light on Overseas Profits - The labor icon now supports reducing the double taxation of foreign-earned corporate income
http://online.wsj.com/article/SB10001424052748703989304575504042729688942.html
White House Blog - The Congressional Republicans' Pledge: What if the Rubber Hit the Road?
http://www.whitehouse.gov/blog/2010/09/23/congressional-republicans-pledge-what-if-rubber-hit-road
Iran's Defecting Diplomats - Signs that the Green movement is alive, even within the government
http://online.wsj.com/article/SB10001424052748703440604575495750611730106.html
The United States in UN Peacekeeping: Strengthening UN Peacekeeping and Conflict Prevention Efforts
http://www.state.gov/r/pa/prs/ps/2010/09/147828.htm
Fannie Mae Motors - GM lobbies the government that owns it
http://online.wsj.com/article/SB10001424052748703860104575508051998518526.html
2010 FSI Survey on the Implementation of the New Capital Adequacy Framework
http://www.bis.org/fsi/fsipapers09.htm
The GOP Agenda - Weaknesses aside, Republicans give voters a clear choice
http://online.wsj.com/article/SB10001424052748703384204575509812090777570.html
Remarks by President Obama and Premier Wen Jiabao of China before Bilateral Meeting
http://www.whitehouse.gov/the-press-office/2010/09/23/remarks-president-obama-and-premier-wen-jiabao-china-bilateral-meeting
Inside the Republican Money Machine - This year GOP backers have come close to matching spending by independent Democratic groups
http://online.wsj.com/article/SB10001424052748704129204575505563870827420.html
International Alliance Launched to Support Country-Led Progress in Reproductive, Maternal and Newborn Health
http://www.usaid.gov/press/releases/2010/pr100922.html
Campaign Finance Reform: A Libertarian Primer
http://www.cato.org/pub_display.php?pub_id=11176
USAID and the President's Global Development Policy
http://www.usaid.gov/unga/ppd.html
How the Woodward saga could make for a Greek tragedy in the White House
http://shadow.foreignpolicy.com/posts/2010/09/22/how_the_woodward_saga_could_make_for_a_greek_tragedy_in_the_white_house
hi, can you provide references for that part of your post? Stiglitz [2] is very adamant that this is a red herring.
I know that AEI's Peter J. Wallison has persuasively shown arguments putting guilt on the GSEs, the CRA and lawmakers and the Executive [3], but I'd like to see analyses a bit less political and clearly academic about the subject, replying to Stiglitz's comments and his references:
Those that want to believe in the market have struggled to find someone else to whom blame can be shifted. One often heard candidates are government efforts to encourage lending to minorities and underserved communities through the Community Reinvestment Act (CRA) requirements and to increase home ownership through Fannie Mae and Freddie Mac. Default rates on CRA lending are actually lower than on other categories of lending, and CRA lending is just too small, in any case, to have accounted for the magnitude of the problem.14
His reference #14 is a note:
See Canner and Bhutta (2008) and Kroszner (2008).
Those references, in turn, are [4] and [5]. Both Stiglitz's comments and his references are preivous to July 2009, that is a bit old.
References
[1] Asli Demirgüç-Kunt: "Life After the Crisis: Where do we go from here?", Sep 17, 2010, http://blogs.worldbank.org/allaboutfinance/life-after-the-crisis-where-do-we-go-from-here
[2] Joseph Stiglitz: Interpreting the causes of the great recession of 2008. Lecture prepared for the Eighth BIS Annual Conference, Basel, 25–26 June 2009.
[3] Peter Wallison: "The True Origins of This Financial Crisis", in "Getting the Story Right: The True Origin of the Financial Crisis", AEI Online, Feb 2009, http://www.aei.org/issue/100012
[4] Canner, G. and N. Bhutta, “Staff Analysis of the Relationship between the CRA and the Subprime Crisis,” memorandum, Board of Governors of the Federal Reserve System, November 21, 2008.
[5] Kroszner, R.S., “The Community Reinvestment Act and the Recent Mortgage Crisis,” speech at Confronting Concentrated Poverty Policy Forum, Board of Governors of the Federal Reserve System, Washington, D.C., December 3, 2008.