Thanks Gene. Levy has a bunch of his papers up.
I downloaded three or four of them.
Eugene Coyle wrote:
Max,
I tried to send a response a little while ago but it is in the ether but
not on Pen-l. Here is a recreation:
I found this paper helpful.
*Lessons from the Subprime Meltdown*
*by*
*L. Randall Wray**
*Senior Scholar, The Levy Economics Institute, and*
*Professor, University of Missouri—Kansas City*
*December 2007*
*
*
*
*ABSTRACT*
*This paper uses Hyman P. Minsky’s approach to analyze the current
international*
*financial crisis that was initiated by problems in the U.S. real estate
market. In a 1987*
*manuscript, Minsky had already recognized the importance of the trend
toward*
*securitization of home mortgages. This paper identifies the causes and
consequences of*
*the financial innovations that created the real estate boom and bust.
It examines the role*
*played by each of the key players—including brokers, appraisers,
borrowers, securitizers,*
*insurers, and regulators—in creating the crisis. Finally, it proposes
short-run solutions to*
*the current crisis, as well as longer-run policy to prevent “it” (a
debt deflation) from*
*happening again.*
*Keywords: Hyman Minsky; Financial Instability; Mortgage-backed
Securities; Subprime*
*Mortgages*
*JEL Classifications: E12, E32, E44, E58, E63*
*
*
*Full at www.levy.org/pubs/wp_522.pdf
<http://www.levy.org/pubs/wp_522.pdf>*
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On Jan 30, 2008, at 5:47 PM, Max B. Sawicky wrote:
Maybe it's time to read Minsky.
To nobody in particular, any suggestions on that front?
By these rate cuts at a time of high and rising inflation the fed is
sending a four word message: ITS TIME TO PANIC.
