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Archive for December 28th, 2008

Hyman Minsky was Right

I enjoy reading about how non-mainstream economists were right about the financial system. After reading Minsky in political economy, it was hard for me to see how anyone could disagree with his financial instability hypothesis. Via Economist’s View, this post at CityEconomist offers a nice summary of Minsky’s work, and how his thought is now as influential as ever. One line sums Minsky up best:

If Hy had been listened to more than he was in a deregulatory environment, we would have seen less permissiveness – Ninja mortgages, lax SEC oversight, highly leveraged instruments and institutions, Treasury deficits – during the credit runup.

Yet another “if only” for the heterodoxically inclined to think about. Full text is below the fold. (more…)

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Capitalism in Crisis: John Bellamy Foster on the Financial Crisis

…and The Onion article he cites.

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