The Big Lie referred to here is that Bill Clinton, Barney Frank, Nancy Pelosi, and Democrats in toto forced the banking industry through regulatory requirements to make home loans to people who were without the means to pay back the loans. The borrowers are viewed as opportunistic scam artists worthy of disdain for jumping on the asset inflation train. Then in 2007 these miscreants chose to begin not paying their mortgages, and so initiated the near collapse of the western world’s financial system.
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In this story line the financial industry was an innocent bystander, even while growing larger as a percentage of GDP over the period than ever before in American history, with the associated stories of outsized renumeration, and advantaged tax rate.
So this is my collection of readings on the subject. Not all my readings on the subject. Just the ones that I appreciate. And so far, this is why I agree that it is in fact a Big Lie.
- Bailout Nation, by Barry Ritholtz, published in 2009, now available in paperback
- Washington Post, November 5, 2011, Barry Ritholtz
What caused the financial crisis? The Big Lie goes viral.
- Washington Post, November 19, 2011, Barry Ritholtz
Examining the big lie: How the facts of the economic crisis stack up
- The Big Story, November 20th, 2011, Barry Ritholtz
Charts for the “Facts of the Economic Crisis” Column
- The New York Times, December 19, 2011, Joe Nocera
An Inconvenient Truth
- Bloomberg, Dec 21, 2011, David J. Lynch
Romney, Gingrich Ignore Culprits in Financial Crisis Blame
- Bloomberg, December 21, 2011, Ryan Chittum
Bloomberg Takes on the Big Lie of the Crisis
- The New York Times, December 23, 2011, Joe Nocera
The Big Lie
- Project Syndicate, December 23, 2011, Simon Johnson
Break Up the Banks – It makes no sense to keep bailing out bankers while demanding austerity for everyone else.
- The Big Story, December 24th, 2011, Barry Ritholtz
NYTimes Takes on “The Big Lie”
- The Daily Beast, Dec 26, 2011, Michael Thomas
The Big Lie
- The Big Story, December 27th, 2011, Barry Ritholtz
IBD: That Damn Ritholtz is a Member of the Media Elite!
- And a summary of all the relevant financial information in audio, video, and written form:
The Baseline Scenario, Simon Johnson
Financial Crisis for Beginners