Ben Carson, in testimony for his Senate confirmation Thursday, said onerous housing rules caused inequality because "the wealthy have their pick of loans" while "those without credit are locked out." Where have we heard this before? In 2002, George Bush said, "We can put light where there's...

There are a lot of theories being floated on how to effect financial system stability. Most involve separating money from finance. Reverence for money or cash is evident in the Chicago School of economics and neoliberalism, where value theory is based on price. It also underlies theories that equate banks...

Credit to Pascal Bouvier for highlighting this piece by Annamaria  Andriotis, published 7/26/16 in the WSJ, on the re-emergence of near prime. To paraphrase her gist: Subprime consumer lending has re-emerged, with a new name to conceal the risk. But her gist doesn't jibe with the facts. Near prime, Alt-A are well established consumer ABS terms of art. Near prime dates back to the early 1990s,...