December, 2008

Warped Perspective

by Casey B. Mulligan
The Conversation
December 16th, 2008

Professor Black claims that “Rome is burning,” which I take to mean that we are in the midst of an economic disaster, and claims that I ignore it because of a theoretical bias. 2008 has been a disaster for Wall Street.  A couple of years of steeply rising oil prices has been bad for the [...]

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Does Moral Hazard from the Safety Net Help to Explain Deceptive Accounting?

by Lawrence H. White
The Conversation
December 15th, 2008

William K. Black’s interesting contributions to this symposium, and in particular his drawing parallels to the S&L fiasco of the 1980s, prompt me to wonder what role financial safety nets, like the deposit insurance that fostered the S&L fiasco, have played in fostering the current crisis. Professor Black focuses on the growth of deceptive (or [...]

Read: Does Moral Hazard from the Safety Net Help to Explain Deceptive Accounting?