Articles, Research, Timeline, and Other Links

• September 2013 The Financial Crisis Five Years Later RESPONSE, REFORM, AND PROGRESS from U.S. Department of the Treasury - "The crisis was caused by many factors. Among them were an unsustainable housing boom fueled in part by the easy availability of mortgages, financial institutions taking on too much risk, and the rapid growth of the nation’s financial system with regulations that were designed for a different era."
• 9/25/2013 - Was This Whistle-Blower Muzzled? Statement by Phil Angelides and Finance Panel Didn’t Cave in the NYT (10/4/2013)
• 9/22/2013 - Was This Whistle-Blower Muzzled? by William Cohan (New York Times Opinion). Previously regarding Richard Bowen (who has since tweeted "I was muzzled") and his warnings within Citigroup-
  • Meet a Citigroup Whistleblower: Richard M. Bowen III in the WSJ (4/7/2010)
  • The Man Who Tried To Blow The Whistle At Citi in Forbes (4/07/2010)
  • Prosecuting Wall Street (12/4/2011) on CBS' 60 Minutes
  • The Untouchables (PBS) Frontline and Blowing the Whistle by Azmat Khan
• 9/13/2013 - Barney Frank, Douglas Holtz-Eakin, and Bill Thomas Look Back at Financial Crisis (90 minute video)
• 9/13/2013 - Observations on the Financial Crisis by Keith Hennessey and Edward P. Lazear
• September 2013 - Assessing the Costs and Consequences of the 2007–09 Financial Crisis and Its Aftermath by David Luttrell, Tyler Atkinson and Harvey Rosenblum (Dallas Fed) (prior How Bad Was It?)
• 8/24/2013 - The crisis is over. The challenges for central bankers are only beginning by Neil Irwin
• 1/18/2013 - Fed Slow to Grasp Crisis in 2007 as Yellen Sounded Alarm (Bloomberg)
• 1/16/2013 - Ending 'Too Big to Fail': A Proposal for Reform Before It's Too Late Richard Fisher Speech
• 11/8/2012 - Obama and the Road Ahead: The Rolling Stone Interview - "there is not evidence that having Glass-Steagall in place would somehow change the dynamic. Lehman Brothers wasn't a commercial bank, it was an investment bank. AIG wasn't an FDIC-insured bank, it was an insurance institution. So the problem in today's financial sector can't be solved simply by reimposing models that were created­ in the 1930s." Matt Taibbi's response.
• 9/12/2012 - The Cost of the Crisis Caused by Wall Street = No Less Than $12.8 Trillian Dollars from Better Markets.
• 8/9/2012 - Unhappy birthday (Economist)
• 6/20/2012 - Dr. Michael Burry at UCLA Economics Commencement 2012 (21 minute video)
• 3/2/2012 - Financial Crisis Amnesia by Tim Geithner (WSJ)
• 3/1/2012 - Will Wall Street Ever Face Justice? by Phil Angelides (NYT)
• 1/4/2012 - The U.S. Housing Market: Current Conditions and Policy Considerations from the Federal Reserve - 1/10/2012 WSJ opinion
• 12/16/2011 - SEC charges former Fannie Mae & Freddie Mac Execs with Securities Fraud
  • 12/19/2011 - An Inconvenient Truth from Joe Nocera - "The reality is that Fannie and Freddie followed the private sector off the cliff instead of the other way around . . . I now concede that [Wallison] is half-right." Wallison reply (12/20/2011). Nocera's The Big Lie (12/23/2011).
  • 12/20/2011 - The Financial Crisis on Trial by Peter J. Wallison. Previously (8/6/2011) Wallison argued "Angelides cites the old saw that Fannie and Freddie followed Wall Street into low quality mortgage lending, not the other way around. This is nothing but an urban myth, and is thoroughly disproved not only by Reckless Endangerment, but by the facts in my dissent."
  • 12/21/2011 - Unmasking the Real Culprits of the Housing Collapse by Paul Sperry (Survey) in Frontpage Magazine
  • 12/22/2011 - What Fannie and Freddie Knew (WSJ Editorial) "The SEC's case should embarrass Congress's Financial Crisis Inquiry Commission." "Far from being peripheral to the housing crisis, the SEC lawsuit shows that Fan and Fred were at the very heart of it." No Lie — Credit Crisis Was Fault Of Gov't, Not Business (previous IBD Editorial 11/15/2011) "The historical record is clear that the government redirected credit toward risky political mortgages. And the government was the buyer or backer of most of the bad loans. The facts are indisputable, but much of the material has never been shown, thanks to a cover-up orchestrated by the White House, Congress and the media."
  • 12/23/2011 - The Big Lie Grows by Michael Hirsh (Survey) "Were Fannie and Freddie corrupt? Of course. I wrote that more than three years ago, as did many others. But to argue that they were prime movers in this crisis is to argue that the moon is made of green cheese rather than rock and dust."
  • 12/27/2011 - Fannie Mae Was Closely Examined by Phil Angelides
  • 12/27/2011 - Whatever the Role of Fannie and Freddie in the Financial Crisis, They Need to Go by Mark A. Calabria - Contra to Joe’s false claim that “Fannie and Freddie got into subprime mortgages, with great trepidation, only in 2005 and 2006,” the companies were both clear before then that they were involved in subprime.
  • 12/27/2011 - Why the Left Is Losing the Argument over the Financial Crisis by Peter J. Wallison and Edward Pinto (Survey)
  • 12/28/2011 - The Fannie and Freddie Hate Storm: A dubious prosecution but it helps set the record straight by Holman Jenkins, Jr. (WSJ)
  • 12/29/2011 - Bill Black provides "yet another view" in Fannie and Freddie Fantasies and says using the term The Big Lie "is unduly harsh."
  • 12/31/2011 - Suit Points to Fannie, Freddie by Gene Epstein in Barron's
  • 1/18/2012 - Financial Crisis Narrative Flunks Reality Check: Jonathan Weil by Jonathan Weil at Bloomberg - "Let’s just stipulate that Fannie and Freddie were a cause of the crisis, even a big one, and leave it at that. The crucial discussion our leaders need to be having now is how to end them."
  • 1/25/2012 - Faith-based economic theory by Bethany McLean
  • (dated 12/16/2011 but assumed to be written before the SEC charges were announced) For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis By David Min (with post SEC charge reply from Wallison)
• 12/6/2011 - Financial Crimes Bedevil Prosecutors from the WSJ.
• 12/5/2011 - “Flip This House”: Investor Speculation and the Housing Bubble (report) by Andrew Haughwout, Donghoon Lee, Joseph Tracy, and Wilbert van der Klaauw at the New York Fed.
• 12/4/2011 - Prosecuting Wall Street (Part 2) on 60 minutes.
• 11/25/2011 - The Failure to Forecast the Great Recession by Simon Potter at the New York Fed.
• 11/24/2011 - In Aftermath of Financial Crisis, Who's Being Held Responsible? from PBS.
• 10/27/2011 - The Mortgage Crisis: Some Inside Views by Charles Calomiris (which references 8/1/2010 - The Failure of Models that Predict Failure: Distance, Incentives and Defaults by Uday Rajan, Amit Seru, and Vikrant Vig)
• 10/20/2011 - Blame the Fed for the Financial Crisis by Ron Paul
• 8/2/2011 - The Second Great Contraction by Kenneth Rogoff
• 7/20/2011 - Risk Takers "The Big Short's" Michael Burry on Bloomberg via Zerohedge
• 7/13/2011- Examination Of Attacks Against The FCIC from Democratic Staff of the U.S. House of Representatives
• Too Big To Fail Graphic (June 2011)
• May 2011- The True Story of the Financial Crisis by Peter J. Wallison in The American Spectator (alternative opinions 7/12/2011 Blaming Fannie for Crash Gives Banks Free Pass by William D. Cohan, 5/19/2011 - Financial Crisis: Assertions About Role of Fannie and Freddie Need Checking and 7/14/2011 comments by Mike Konczal and 2/8/2011 - Faulty Conclusions Based on Shoddy Foundations by David Min)
• 5/12/2011 - No Jail for Economic Crisis May Mean No Crime by Roger Lowenstein (alternative opinion 5/26/2011 - The People vs. Goldman Sachs by Matt Taibbi from Rolling Stone)
• 5/5/2011 - Top Five Reasons that MBS Lawsuits Are Just Beginning by Isaac Gradman (Survey)
• 4/21/2011 - Michael Steinhardt’s Testimony Before The FCIC via ValueWalk
• 4/21/2011 - Government Mortgage Guarantees Are Unnecessary by Peter J. Wallison
• 4/19/2011 - Jury convicts exec in $3B mortgage fraud case
• 4/13/2011 - Wall Street and The Financial Crisis: Anatomy of a Financial Collapse from Senators Carl Levin and Tom Coburn, MD.
• 4/5/2011 - Michael Burry on the financial crisis (video) courtesy of Vanderbilt University.
• 3/11/2011 - Lifting the Veil (90 minute documentary)
• 3/9/2011 - Crisis Management and Resolution: Early Lessons from the Financial Crisis from the IMF
• March 2011 - Surveying the Aftermath of the Storm: Changes in Family Finances from 2007 to 2009 from the Federal Reserve (38 pages)
• 2/23/2011 - Financial Reform: Post Crisis? from the Federal Reserve Bank of Kansas City
• 2/22/2011 - Will the Financial Crisis Have a Lasting Effect on Unemployment? from the Federal Reserve Bank of San Francisco
• 2/16/2011 - How Goldman Killed A.I.G. by William Cohan
• 2/15/2011 - A Way Forward for the Mortgage Market by Peter J. Wallison
• 2/15/2011 - Fannie and Freddie aren't going anywhere by Bethany McLean
• 2/14/2011 - The End of Fannie Mae in the WSJ
• 2/11/2011 - Fannie and Freddie: The Saga in Charts by Matt Phillips in the WSJ
• 2/10/2011 - Financial Crisis Inquiry Commission Releases Additional Material and Concludes Work
• February 2011 - Reforming America's Housing Finance Market: A Report to Congress
• 2/6/2011 - Housing Bubbles Are Few and Far Between by Robert Shiller
• 2/4/2011 - Crisis Commission Did Its Job Thoroughly and Fairly from Phil Angelides in the WSJ
• 1/28/2011 - Culprits From Beltway Casting: The financial inquiry commission lets a crisis go to waste in the WSJ
• 1/27/2011 - The Financial Crisis Inquiry Commission (Stanford Back-up Site) issued it's Final Report (back-up).
  • Dissenting Views By Keith Hennessey, Douglas Holtz-Eakin, and Bill Thomas
  • Dissenting Views By Peter J. Wallison
  • Additional Information on the FCIC Report
• 1/10/2011 - IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in 2004–07 - "The IMF’s ability to correctly identify the mounting risks was hindered by a high degree of groupthink, intellectual capture, a general mindset that a major financial crisis in large advanced economies was unlikely, and inadequate analytical approaches."
• 1/7/2011 - Thoughts on Inequality and the Financial Crisis by Daron Acemoglu
• January 2011 - UK: The Future of Banking Commission (84 pages)
• 12/29/2010 - Faces of the Home-Foreclosure Crisis from the WSJ
• 12/15/2010 - Republican Commissioners on the FCIC Financial Crisis Primer
  • NYTimes FCIC index including commentary by Joe Nocera and Paul Krugman (12/17/2010)
  • Salvage the Financial Crisis Commission With a Document Dump (12/16/2010)
  • 10 Questions for GOP Members of Financial Crisis Inquiry by Barry Ritholtz (12/16/2010)
  • Take a Load Off Fannie by Bethany McLean and The Financial Crisis Reading List in Slate (12/16/2010)
• 12/7/2010 - Gold trades above $1432 per ounce
• 11/18/2010 - Nouriel Roubini Talks, People Listen by Larry Swedroe
• 11/4/2010 - Government Housing Policies in the Lead-up to the Financial Crisis: A Forensic Study (or here) by Edward Pinto (Survey)
• 11/2/2010 - Paul Krugman: We're Now in a Depression from Eric Tyson
• 9/30/2010 - The Slump Goes On: Why? by Paul Krugman and Robin Wells
• 9/28/2010 - The UBS Crisis in Historical Perspective: Expert Opinion - "In retrospect, it may be observed that the UBS case fits perfectly into a pattern that has repeated itself again and again in the past. In reality, the biggest losers in a financial crisis usually are not those who have exposed themselves to major risks with their eyes wide open, but rather the ones who believed having their affairs well under control."
• 9/19/2010 - Many Are the Errors by Raghuram Rajan
• 9/18/2010 - The biggest winners from the crisis from Marketwatch
• 9/10/2010 - Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash by Kristopher Gerardi, Christopher Foote, and Paul Willen
• 9/2/2010 - Can You Profit From Nassim Taleb's Black Swans? from Eric Tyson
• September 2010 - Effects of the Financial Crisis and Great Recession on American Households from Michael Hurd and Susann Rohwedder
• 8/26/2010 - Why Did the Crisis of 2008 Happen? by Nassim Nicholas Taleb
• 8/1/2010 - The Failure of Models that Predict Failure: Distance, Incentives and Defaults by Uday Rajan, Amit Seru, and Vikrant Vig)
• July 2010 - THE Future of finance from the London School of Economics and Political Science
• 6/30/2010 - Best books about the housing crash and financial meltdown from SacBee
• 5/18/2010 - Schiff..."I Don't Think I've Been Wrong on Anything" from Eric Tyson
• 4/27/2010 - Greece's credit rating downgraded to junk
• 4/26/2010 - Meet the Real Villain of the Financial Crisis by Bethany McLean in the NYTimes
• 4/16/2010 - A Wall Street Invention Let the Crisis Mutate by Joe Nocera in the NYTimes
• 4/15/2010 - The Crisis by Alan Greenspan
• 4/9/2010 - Causes of the Financial Crisis by Mark Jickling
• 4/5/2010 Wall Street's Naked Swindle by Matt Taibbi in RollingStone
• 4/3/2010 - I Saw the Crisis Coming. Why Didn’t the Fed? by Michael Burry in the NY Times
• Spring 2010 - The Crisis by Alan Greenspan (Brookings Institute)
• 3/30/2010 - The $100 billion question by Andrew Haldane
• 3/25/2010 - Debunking Michael Lewis' The Big Short in the Huffington Post
• 3/15/2010 - Triggers of the Financial Crisis (or here) by Edward Pinto (Survey)
• 3/4/2010 - Financial Crisis Books Beat Up Usual Suspects in Forbes
• 3/2/2010 - Supply Elasticity and the Housing Cycle of the 2000s by Thomas Davidoff
• 2/14/2010 - The Best Books on the Financial Crisis from Seeking Alpha
• 1/29/2010 - Who to Blame for the Financial Crisis by Mortimer Zuckerman
• January 2010 - The Bank Job by Bethany McLean in Vanity Fair
• January 2010 - Report to Congress on the Root Causes of the Foreclosure Crisis from the U.S. Department of Housing and Urban Development
• 12/16/2009 - Insights into the Global Financial Crisis from The Research Foundation of CFA Institute (includes articles from many prominent professionals)
• 12/9/2009 - Lewie Ranieri wants to fix the mortgage mess from Fortune - "I wasn't out to invent the biggest floating craps game of all time, but that's what happened."
• 11/12/2009 - The 2008-2009 Financial Crisis: Risk Model Transparency and Incentives (working paper) by Terry Marsh and Paul Pfleiderer from Quantal
• 11/5/2009 - The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned? by Ray Ball
• 9/21/2009 - Eight Days by James Stewart in the New Yorker
• 8/18/2009 - The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market (Fed) by Daniel Covitz, Nellie Liang, and Gustavo Suarez
• 7/31/2009 - The Perfect Financial Storm Fallacy by Vincent Reinhart in The American
• 7/17/2009 - The Most Misunderstood Man in America: Joseph Stiglitz predicted the global financial meltdown. So why can't he get any respect here at home? by Michael Hirsh
• 7/9/2009 - Vampire Squid by Matt Taibbi in RollingStone
• 7/2/2009 - Hearings That Aren’t Just Theater by Joe Nocera in the NY Times
• 6/16/2009 - "No One Saw This Coming": Understanding Financial Crisis Through Accounting Models by Dirk Bezemer
• 5/30/2009 - The Global Credit Crisis, and Policy Response by Perry Mehrling
• 5/16/2009 - Understanding the Subprime Financial Crisis by Steven Schwarcz
• 5/9/2009 - Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007 by Gary Gorton
• May 2009 - Causes of the crisis: Key Lessons G20 Workshop on the Global Economy
• 3/29/2009 - My Manhattan Project: How I helped build the bomb that blew up Wall Street by Michael Osinski in New York Magazine
• 3/9/2009 - DJIA closes at 6547 (short-term market bottom - S&P500 676)
• March 2009 - The Turner Review: a regulatory response to the global banking crisis (UK: Financial Services Authority) 126 pages
• 1/29/2010 - Who to Blame for the Financial Crisis by Mortimer Zuckerman in USNews
• 1/27/2009 - Iceland government coalition collapses
• 1/26/2009 - Twenty-five people at the heart of the meltdown from the Guardian - Lewis Ranieri, The "godfather" of mortgage finance did warn in 2006 of the risks from the breakneck growth of mortgage securitisation.
• 1/12/2009 - Caught in the Housing Crash: Model Failure or Management Failure? by Gunter Loffler
• 1/9/2009 - The One Who Saw It Coming (Shiller) by Zachary Karabell in Newsweek
• 1/7/2009 - The Man Who Made Too Much from Portfolio.com
• 1/4/2009 - Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs by Steven Schwarcz
• 1/3/2009 - The End of the Financial World as We Know It by Michael Lewis and David Einhorn in the NY Times
• 12/22/2008 - They Called It Right by Elizabeth Ody in Kiplingers
• 12/17/2008 - Deciphering the Credit Crunch 2007–2008 by Markus Brunnermeier
• 12/19/2008 - The Aftermath of Financial Crises by Carmen Reinhart and Kenneth Rogoff
• 12/12/2008 - The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis by Atif Mian and Amir Sufi
• 11/18/2008 - How Did We Get into This Financial Mess? by Lawrence White
• 11/13/2008 - Hedge Funds, Systemic Risk, and the Financial Crisis of 2007-2008 by Andrew Lo
• 11/4/2008 - An Analysis of the Financial Crisis of 2008: Causes and Solutions by Austin Murphy
• 10/24/2008 - Nouriel Roubini Was Wrong, Again, and Again and Again... from Eric Tyson
• 10/5/2008 - The Financial Crisis of 2008: What needs to happen after TARP by Campbell Harvey
• 10/1/2008 - Who Caused the Economic Crisis? by FactCheck.org
• 9/30/2008 - The Subprime Panic by Gary Gorton
• 9/29/2008 - Wachovia enters crisis takeover talks with Citigroup (purchased in early October by Wells Fargo). DJIA closes at 10,365.45, down –777.68 (–6.98%) largest point loss of all time
• 9/27/2008 - Those Other Guys on the Street by Andrew Ross Sorkin in the NYTimes
• 9/26/2008 - The Public Deserves a Better Deal by John Paulson in the WSJ
• 9/25/2008 - Washington Mutual declares bankruptcy and it's assets are sold to JP Morgan Chase
• 9/17/2008 - U.S. Federal Reserve loans AIG $85 billion
• 9/16/2008 - Ratings agencies downgrade AIG
• 9/15/2008 - Lehman Brothers fails to find a buyer and files for bankruptcy (the largest bankruptcy in U.S. history) and Bank of America announces a $50 billion purchase of Merrill Lynch.
• 9/7/2008 - U.S. government seizes control of Fannie Mae and Freddie Mac
• 9/5/2008 - Making Sense of the Subprime Crisis by Kristopher Gerardi, Andreas Lehnert, Shane Sherlund, and Paul Willen
• 8/22/2008 - Anatomy of a Train Wreck: Causes of the Mortgage Meltdown by Stan Liebowitz
• 8/15/2008 - Dr. Doom by Stephen Mihm in the NYTimes
• 7/11/2008 - Regulators seize IndyMac Bank (the largest thrift ever to fail in the US). Barrel of oil hits a record price of $147.50.
• 5/27/2008 - Bubbles by Markus Brunnermeier (in The New Palgrave Dictionary of Economics)
• 4/27/2008 - Triple-A Failure by Roger Lowenstein in NYTimes Magazine
• 4/22/2008 - The Subprime Mortgage Market Collapse: A Primer on the Causes and Possible Solutions by Ronald Utt
• 4/18/2008 Shareholder Report on UBS's Write-Downs (50 pages)
• 4/16/2008 - Wall Street Winners Get Billion-Dollar Paydays in the NYTimes
• April 2008 - This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises by Carmen Reinhart and Kenneth Rogoff
• 3/16/2008 - JP Morgan Pays $2 a Share for Bear Stearns (later increased to $10 - was $172 two months earlier)
• 1/5/2008 - Hedging Their Way to Billions in the NYTimes
• 10/31/2007 - Is Citigroup's Dividend Safe? Downgrading Stock Due to Capital Concerns by Meredith Whitney
• 10/29/2007 - A miracle is needed to avoid recession (Roubini) by Sam Jones in the FinancialTimes
• 10/9/2007 - Dow Jones Industrial Average (DJIA) closes at 14164 (highest ever)
• 9/18/2007 - The Depression of 2008 by Fred Foldvary (Survey)
• 9/18/2007 - U.S. Federal Reserve makes its first in a series of interest rate cuts
• 9/13/2007 - IMF Seminar: Featured Speaker: Nouriel Roubini
• September 2007 - Deeper in Debt: Australia’s Addiction to Borrowed Money by Steve Keen via the Centre for Policy Development (Survey)
• 7/9/2007 - Excellent timing: Face to Face with John Paulson from P&I
• 6/20/2007 - More From the Milky Way: Bear Stearn’s Tangled Web By Russ Winter
• 6/9/2007 - Did Greenspan Add to Subprime Woes? Gramlich Says Ex-Colleague Blocked Crackdown On Predatory Lenders Despite Growing Concerns by Greg Ip in the WSJ
• 5/14/2007 - Where Did the Risk Go? How Misapplied Bond Ratings Cause Mortgage Backed Securities and Collateralized Debt Obligation Market Disruptions by Joseph R. Mason and Joshua Rosner - "The feared outcome is nothing less than a 21st century bank run"
• 4/2/2007 - New Century files for bankruptcy
• 3/16/2007 - The Great Unraveling by Stephen Roach
• 3/9/2007 - Winners Amid Gloom and Doom from the NY Times
• 2/7/2007 - HSBC announces it will see larger than anticipated losses from rising defaults of subprime mortgages, which is considered by some to be the start of the crisis.
• 1/1/2007 - Bubble, Bubble, Toil, and Trouble by Cabray Haines and Richard Rosen
• 4Q 2006 - Debt and Lending: A Cri De Coeur by Wynne Godley and Gennaro Zezza
• 9/7/2006 - International Monetary Fund Discussion with Nouriel Roubini via EconomicPredictions.org
• 9/1/2006 - House Prices in America: Valuation Update for the 2nd Quarter of 2006 from Global Insight
• 8/21/2006 - The No-Money-Down Disaster from Barrons
• 7/5/2006 - Surviving a Real-Estate Slowdown - WSJ asks Kenneth Heebner "How is the housing market?" Mr. Heebner: A significant decline in prices is coming. A huge buildup of inventories is taking place, and then we're going to see a major [retrenchment] in hot markets in California, Arizona, Florida and up the East Coast. These markets could fall 50% from their peaks.
• 7/1/2006 - Financial Stability Report - Bank of England
• 6/13/2006 - Housing bubble correction could be severe from US News & World Report
• 5/5/2006 - Buffett: Real estate slowdown ahead by Jason Zweig
• May 2006 - The new road to serfdom: An illustrated guide to the coming real estate collapse by Michael Hudson in Harper’s Magazine
• 3/30/2006 - Bubble, Bubble, Where’s the Housing Bubble? by Margaret Hwang Smith and Gary Smith
• 3/10/2006 - The Dynamics of House Prices - International Evidence (or here) by Jens Kjaer Sorensen
• 9/1/2005 - Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions by Charles Himmelberg, Christopher Mayer, and Todd Sinai
• 9/1/2005 - Has Financial Development Made the World Riskier? by Raghuram Rajan
• 8/27/2005 - US heading for house price crash, Greenspan tells buyers
• 8/25/2005 - Getting real about the real estate bubble
• 8/8/2005 - That Hissing Sound by Paul Krugman in the NYTimes
• 8/2/2005 - California’s Real Estate Bubble by Fred Foldvary (Survey)
• 6/22/2005 - Housing Bubble -- or Bunk? from BusinessWeek
• 6/20/2005 - The Bubble's New Home from Barron's (or here)
• 6/16/2005 - House prices After the fall from the Economist
• 4/20/2005 - Will the walls come falling down? from the Economist
• 3/21/2005 - Rising Risks in Housing Markets (memorandum to the National Risk Committee of the FDIC by Chief Economist Richard A. Brown
• 10/3/2004 - A Coming Nightmare of Homeownership? By Grethchen Morgenson
• 10/1/2004 - House Prices and Fundamental Value by John Krainer and Chishen Wei
• September 2004 - The Global House Price Boom from the International Monetary Fund
• 8/16/2004 - Bush's House of Cards by Dean Baker (Survey)
• 7/27/2004 - The bubble question: How will rising interest rates affect housing prices?
• 7/19/2004 - Is A Housing Bubble About To Burst? from BusinessWeek
• 6/27/2004 - Saving, Asset-Price Inflation, and Debt-Induced Deflation by Michael Hudson
• 1/22/2004 - Financial Stability Oversight, Past & Present (Speech) by Sir Andrew Large
• 2004 - Are Home Prices the Next “Bubble”? by Jonathan McCarthy and Richard Peach
• 12/18/2003 - Who to Blame When the Next Bubble Bursts by Dean Baker - "it looks like Greenspan is now actively promoting the world's second-biggest bubble: the housing market." (Survey)
• July 2003 - Interview with John Paulson from HedgeFundNews.com
• 5/29/2003 - House of cards from the Economist
• 2003 - Is There a Bubble in the Housing Market? by Karl Case and Robert Shiller
• 11/11/2002 - The Next Crash by John Cassidy in the New Yorker
• 11/6/2002 - The Run-up in Home Prices: A Bubble by Dean Baker (or here or here) (Survey)
• 6/1/2002 - Bubble Trouble? Your Home Has a P/E Ratio Too by Edward Leamer
• 10/1/2001 - Comparing Wealth Effects: The Stock Market Versus the Housing Market by Case, Shiller, and Quigley
• 6/29/2001 - Housing In the New Millennium: A Home Without Equity Is Just a Rental With Debt by Joshua Rosner (or via scribd)
• October 1997 - The Business Cycle in the American Journal of Economics and Sociology by Fred Foldvary - "the next major bust, 18 years after the 1990 downturn, will be around 2008". (Survey)
• 3/17/1994 - Policy Statement on Discrimination in Lending from the Office of Thrift Supervision - referenced by Paul Sperry (Survey) in Smoking-Gun Document Ties Policy To Housing Crisis in Investors Business Daily (10/31/2011)
• January 1991 - The Risk of Economic Crisis. See chapter 2 by Hyman Minsky - The Financial Instability Hypothesis: A Clarification Macroeconomic Consequences of Financial Crises (also includes articles by Lawrence Summers, Paul Samuelson, William Poole, and Paul Volcker).

• Council on Foreign Relations Crisis Timeline (interactive)
• The Global Economic & Financial Crisis: A Timeline (50 pages)
• StLoiusFed Timeline
• Timeline of Relevant Events (IMF)
• Crisis Congressional Hearings and Reports from U of Maine
• Clarke and Dawe's World Collapse Explained and How does the financial system work

Gary Karz, CFA
Host of InvestorHome
Founder, Proficient Investment Management, LLC

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