The Tendency to Overestimate What Others Will Pay
The Journal of Consumer Research recently published a study called "Overestimating Others' Willingness to Pay" which outlines the "overvaluing bias": the tendency to overvalue what another person would...
View ArticleFallout From JPMorgan Chase $2 Billion Loss
The fallout from JPMorgan Chase’s incredible $2 billion trading loss is officially underway. Three high-ranking officials with direct connections to the bank’s high-cost trade blunder are reportedly...
View ArticleThe Crash of 2016: Thom Hartmann on the Future of the U.S. Economy
Did we learn from the financial crisis? Thom Hartmann, host of “The Thom Hartmann Program," doesn't think so. Hartmann is the author of a new book titled, “The Crash of 2016: The Plot to Destroy...
View ArticleA European Perspective on the Recession & Recovery
Have American financial regulators and investors really learned from the mistakes that set off the financial crisis five years ago? And what lessons—or warnings—should U.S. leaders take from the...
View ArticleHere's Why Only One Top Banker is in Jail for the Financial Crisis
On May 25, 2006, a Houston jury convicted former Enron CEO Jeffrey Skilling and founder Kenneth Lay of fraud, conspiracy, and other crimes related to the energy company's collapse in November 2001.As...
View ArticleCredit Suisse Pleads Guilty in $2.6 Billion Criminal Case
For the first time in two decades, a major bank has pleaded guilty to criminal charges.Agreeing to pay $2.6 billion in penalties, Credit Suisse admitted to helping wealthy Americans evade their taxes...
View ArticleCourtroom Drama: Former AIG Exec Challenges Legality of Bailout
A real life courtroom drama is playing out week. Six years after the government bailed out the nation's largest banks, a trial challenging the legal justification for the bailout is finally underway....
View ArticleAG Schneiderman Promises Swift Action From New Financial Regulation Group
Recap from It's a Free Country.Welcome to Politics Bites, where every afternoon at It's A Free Country, we bring you the unmissable quotes from the morning's political conversations on WNYC. Today on...
View ArticleTreasury Launches Sale of $6B of AIG Stock
The Treasury Department is launching a sale of $6 billion of the $41.8 billion in common stock it holds in insurance giant American International Group Inc., which received the biggest bailout of the...
View ArticlePaul Krugman
Nobel Prize–winning economist Paul Krugman looks at the economic slump and discusses ways he thinks we can lift ourselves out of it. In End This Depression Now! he argues that a quick, strong recovery...
View ArticleJohn Lanchester on His Novel Capital
John Lanchester talks about Capital, his sweeping new social novel set in London at the height of the financial crisis in 2008. The economic shift plays out among the residents of Pepys Road, London—a...
View ArticleWhite Collar Criminals
Susan Will, assistant professor of sociology at John Jay College of Criminal Justice and a co-editor of the new book How They Got Away With It: White Collar Criminals and the Financial Meltdown, and...
View ArticleAlan Blinder on Financial Crisis, the Response, and the Work Ahead
Alan Blinder, Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, explains how the worst economic crisis in postwar American history happened,...
View ArticleRatings Agencies 'Key' to Mortgage Crisis Meltdown
Standard and Poor’s is the first rating agency to face civil fraud charges from the federal government. The Justice Department filed a civil complaint against the company on Monday. It’s the first...
View ArticleThree Central Bankers and a World on Fire
Economics reporter Neil Irwin discusses how, how the leaders of the world’s three most important central banks—Ben Bernanke of the U.S. Federal Reserve, Mervyn King of the Bank of England, and...
View ArticleMatt Taibbi on the Last Mystery of the Financial Crisis
Rolling Stone Contributing Editor Matt Taibbi discusses what new documents reveal about the role that the rating agencies played in the 2008 financial meltdown. His latest article is "The Last Mystery...
View ArticleThe End of the American Dream?
Benjamin Wallace-Wells, New York Magazinestaff writer, talks about the economist who thinks there might not be a full recovery from the 2008 financial crisis and that the American Dream's time has passed.
View ArticleFormer Goldman Trader Found Liable for Misleading Investors in Mortgage Deal
The SEC secured a courtroom win against an employee of a Wall Street bank at the center of the financial collapse. A jury Thursday found former Goldman Sachs trader Fabrice Tourre, the self-proclaimed...
View ArticleMcKinsey and Capitalism; Joe Berlinger on Hank Paulson; Jonathan Lethem on...
Financial journalist Duff McDonald explains how the consulting firm McKinsey & Company has shaped American business since 1926. Filmmaker Joe Berlinger on his new documentary about how former...
View ArticleLehman's Bankruptcy, Financial Crisis: Who's to Blame? Are We Safer?
Five years ago Sunday, Lehman Brothers filed for bankruptcy and set off the financial crisis that threatened the entire global financial system and plunged the nation further into recession, one it's...
View ArticleFive Years Later: The 2008 Financial Crisis
Five years ago today, Lehman Brothers was in the midst of a multi-billion-dollar collapse, and the world was coming to grips with the new normal of the Great Recession. Sheila Bair, former FDIC...
View ArticleThe Beat Goes on for Band of Ex Lehman Employees
When Lehman Brothers, imploded five years ago, thousands of brokers, analysts, and office staff were scattered on the winds of the Great Recession. Today Lehman is no more, but an electric blues band...
View ArticleJPMorgan Could Pay $11 Billion To Settle Government Probes
JPMorgan is reportedly in discussions to settle scores of government investigations with a settlement estimated at $11 billion.That's more than what Google earned last year and more than two and a half...
View ArticleWho's Getting Helped in the J.P. Morgan Settlement?
J.P. Morgan Chase has reached a settlement of $13 billion stemming from the financial crash, with $4 billion going to homeowners. What comes next? Ask Felix Salmon, finance blogger at Reuters.
View ArticleMy Turn: Timothy Geithner's Take on the Financial Crisis
Timothy Geithner releases his insider account of what happened during the financial crisis next week. Stress Testdetails what he did to save the U.S. economy while he was President of the New York...
View ArticleWhat's Inside the Secret Fed Tapes
This American Life and ProPublica teamed up to tell the story of what's on the secret recordings from the New York Federal Reserve made in the wake of the financial crisis. Jake Bernstein, business...
View ArticleLehman Brothers Didn't Have to Go Bankrupt
New reporting by The New York Times suggests that the U.S. government could have kept Lehman Brothers out of bankruptcy six years ago. The Lehman bankruptcy marked the moment when a rocky, unstable...
View ArticleCrash Course: What We Should Have Learned from the Financial Crisis
Martin Wolf, associate editor and chief economics commentator at the Financial Times, focuses on what the financial crisis should teach us about modern economies. He explains why he thinks the...
View ArticleThe CEOs Who Stayed On After The Financial Crisis
Most of the CEOs who led Wall Street to the brink of collapse in 2008—like Bear Stearns’ Jimmy Cayne, Lehman Brothers’ Dick Fuld, and Merrill Lynch’s Stan O’Neal and John Thain—got huge payouts as...
View ArticleLook Who's Talking! Wall Street Reflects on the Financial Crisis
More than six years after the financial crisis, Wall Street CEOs are reflecting on what happened.But only some of them.In his latest article for Vanity Fair, William D. Cohan reports on where the...
View ArticleHow the Financial Sector Lost Sight of Its Primary Purpose
John Kay critiques the Western finance culture and function. In Other People’s Money: The Real Business of Finance, he argues that the finance sector is too large and attracts too many of the smartest...
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Adam McKay on “The Big Short”
Adam McKay has made his mark on comedy many times over. In his 20s, he helped start the improv comedy powerhouse Upright Citizens Brigade. Then he became a writer (and, later, head writer) for...
View ArticleBrian Lehrer Weekend: Michael Moore, Adam McKay, and Muslim Women on...
Three of our favorite segments from the week, in case you missed them.Michael Moore (First) | Adam McKay (Starts at 14:20) | Muslim Women on Islamophobia (Starts at 31:34)If you don't subscribe to the...
View ArticleAdam McKay Wants to Make Informative Pop Culture
"What would happen if our pop culture actually gave us real information?"That's what filmmaker Adam McKay says inspired his latest film "The Big Short," based on Michael Lewis' book about the 2008...
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News Wrap: Goldman Sachs to pay $5.1 billion over mortgage practices
Watch Video | Listen to the AudioJUDY WOODRUFF: Good evening. I’m Judy Woodruff. Gwen Ifill is away.On the “NewsHour” tonight: Gunfire and explosions hit the Indonesian capital of Jakarta, leaving at...
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Former Goldman exec wants to downsize big banks
Watch Video | Listen to the AudioGWEN IFILL: Now to another reignited debate, this one about the role and size of the country’s big banks, Wall Street, and accountability.It’s been playing out...
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Barney Frank takes on Bernie Sanders and the ‘too big to fail’ argument
Watch Video | Listen to the AudioJUDY WOODRUFF: Now our conversation series on another economic issue that’s been a major theme on the campaign trail this year: Are some banks still too big to fail,...
View Article30 Issues | Barney Frank (of Dodd-Frank) Explains Why Sanders' Plan Won't Work
To wrap up Week 1 of our #30Issues in 30 Weeks series, Barney Frank, a former U.S. Congressman (D-MA) and the author of Frank: A Life in Politics from the Great Society to Same-Sex Marriage (Farrar,...
View ArticleBrian Lehrer Weekend: James Brown’s Legacy, A Poetry Assignment, A History of...
A few of our favorite segments from the week, in case you missed them.James Brown’s Legacy (First) | A Poetry Assignment (Starts at 13:50) | A History of Big Banks (Starts at 29:40)If you don't...
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30 Issues | Week 1 Recap: Breaking Up the Big Banks
One week down, 29 to go!The Brian Lehrer Show is counting down to Election Day with #30Issues in 30 Weeks, a week-by-week exploration of important topics that are shaping your candidates and your...
View ArticleInside Europe's Financial Crisis with Greece's Former Finance Minister, Chuck...
Yanis Varoufakis explains the Europe's Financial Crisis, and details how the United States can help. Tap dancer Michelle Dorrance, a MacArthur Foundation "Genius" Fellow, on the world premiere of “ETM:...
View ArticleGovernment's Role in the Rise of the Financial Sector
WNYC is looking at the role of finance in the United States' economy.While it may be easy criticize bankers, policy decisions made by elected officials and government regulators have also played a role...
View ArticleDonald Trump Told Paying Students the Housing Bubble Didn't Exist
Just as the global housing market was approaching peak prices in 2005, Donald Trump was focused on opening his Trump University online educational venture for business.One of the signature courses was...
View ArticleJoseph Stiglitz Asks, 'Can the Euro be Saved?'
Nobel Prize-winning economist Joseph Stiglitz argues that Europe’s financial crisis has been the direct result of adopting the euro in his latest book, The Euro: How a Common Currency Threatens the...
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After populist campaign, Trump assembles economic team of elites
Watch Video | Listen to the AudioJUDY WOODRUFF: Well, as we’ve been reporting, the president-elect began fleshing out his economic team today by announcing his choices to run the Departments of...
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Should the government label companies as ‘too big to fail’? MetLife asks...
A statue stands atop Grand Central Station in front of the MetLife building in New York. MetLife on Monday asked a federal appeals court to put on hold a ruling on whether the government can tag the...
View ArticleChinatown vs. the Government
Thomas Sung was inspired by “It’s a Wonderful Life” to establish the Abacus bank in New York’s Chinatown as a place for immigrants to get loans. But after the 2008 financial meltdown, Manhattan...
View ArticlePatrick Radden Keefe and Sheelah Kolhatkar on Prosecuting Financial Crimes
Jesse Eisinger’s book “The Chickenshit Club” asks why the Justice Department fails to prosecute financial executives for criminal business dealings. The staff writer Patrick Radden Keefe, who has...
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This innovation could lead to the next financial crisis
Traders work on the floor of the New York Stock Exchange (NYSE) in New York on October 4, 2017. Photo by REUTERS/Brendan McDermidHistory might not repeat itself, but it does rhyme. Robert Z. Aliber, an...
View ArticlePanic In The Markets: Lessons From the 1987 Stock Market Crash
Click on the 'Listen' button above to hear this interview. Thirty years ago today, on October 19th, 1987, the stock market dropped a whopping 22.6 percent. “Black Monday” as it’s come to be known sent...
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