… For the Puritan, a contemner of the vain shows of sacramentalism, mundane toil becomes itself a kind of sacrament. … - Tawney24

 

Welcome to Igor’s Dungeon … comments can be submitted here.

 

The Housing Doom Transcripts
Index and Guide

Links to the Doom transcripts, and into their sections.

Table of Contents

απολογία :  Our hope in providing these unauthorized transcripts is to help give some multimedia sites the web-searchable exposure they deserve. As well, we’d like to think we can enhance the user experience for certain key seminars by enabling direct access to their various parts and, in some cases, inserting cues for slide decks to better join up graphics with the authors’ voice-over commentary.

Transcript News

  • 20 Nov 2009 - conversion of III.A to IV.C; VI.B to VI.C now (hopefully) complete.  Subprime VI.D now under construction.
  • 19 Nov 2009 - The list of AEI Subprime Seminar transcripts is now presented in date order, and then in the context of other relevant AEI seminars that might one day receive transcripts.  HEADS UP: two of the transcripts will as a result get their designations changed.  the present sub III.A will become sub IV.C, and the present sub VI.B will become VI.C.
  • 16 Nov 2009 - Sub VI complete annotated transcript posted. Working version retained here.
  • 15 Nov 2009 - Sub III.B complete annotated transcript posted. Working version retained here.
  • 11 Nov 2009 - Sub III.B, Panel discussion coded; Q&A coded. The November 12, 2009 AEI event "Is It Possible to Reprivatize the U.S. Financial System?"26 has been designated Sub VI.D (was VI.C)
  • 08 Nov 2009 - Sub III.B, Reinhart presentation coded.
  • 07 Nov 2009 - Sub VI Q&A preview posted; sub III.B, Lachman presentation coded, Makin presentation coded, Meltzer presentation coded.
  • 06 Nov 2009 - Sub VI, Q&A captured.
  • 03 Nov 2009 - Sub VI, Panel discussion preview posted.
  • 02 Nov 2009 - Sub VI, Lachman presentation preview posted.
  • 01 Nov 2009 - Sub VI, Lachman presentation captured, Panel discussion captured.
  • 31 Oct 2009 - Sub VI, Makin presentation captured and preview posted.
  • 30 Oct 2009 - Sub VI, Roubini presentation captured and preview posted.
  • 29 Oct 2009 - Sub VI, Whelan presentation preview posted.
  • 28 Oct 2009 - Sub VI, Zimmerman presentation captured and preview posted; Whalen presentation captured.
  • 27 Oct 2009 - Sub VI, Pollock intro preview posted.
  • 26 Oct 2009 - Sub VI, Pollock intro captured.
  • 25 Oct 2009 - Sub VI.C (was VI.B), Ubide response preview posted, Panel I discussion coded. Subprime VI, now under construction.
  • 24 Oct 2009 - Sub VI.C (was VI.B), Ubide response coded.
  • 22 Oct 2009 - Sub VI.C (was VI.B), Whalen response preview posted. Sub VI event scheduled to happen this afternoon at AEI HQ in DC :)
  • 21 Oct 2009 - Sub VI.C (was VI.B), Ip response preview posted; Whalen response coded.
  • 20 Oct 2009 - Sub VI.C (was VI.B), Ip response coded.
  • 18 Oct 2009 - Sub VI.C (was VI.B), Reinhart intro coded, Reinhart Panel I presentation coded and preview of this posted.
  • 16 Oct 2009 - Misc E, the CBC Current segment, has been withdrawn.  AEI’s Oct 9, 2009 event "No Way Out: Government Response to the Financial Crisis"23 has been designated sub VI.C (was VI.B), and there’s a transcript under construction.
  • 10 Oct 2009 - The Google cache technique no longer seems to be working for selected legacy transcripts, and the new-format AEI transcript links still appear to be broken.  On the other hand, Sub VI22 looks to be coming after all with the original all star cast, including Roubini, doing a wrap on the crisis :)
  • 29 Sep 2009 - Sent a query for clarification about why AEI turned off the interns’ file.  Nothing definitive back yet.
  • 28 Sep 2009 - Posted the list of AEI Interns’ Transcripts in date order in this post. Later updated with the news that all the links now appear to be disabled, and later still updated with the information that some of the URLs are still available from Google search caches (with very brief instructions on how to get stuff using the cache).  Interesting developments ;)
  • 27 Sep 2009 - The AEI Interns’ Transcripts section of this Guide is now complete and organized in date order.  The initial pass in old-style AEI event number order is preserved here.
  • 23 Sep 2009 - Stumbled on the official AEI transcripts for sub III.B and sub sub 0.A. They are located in a rather odd place.  Started an AEI Interns’ Transcripts section of the Guide to document links to others.  Doesn’t appear to be anything for it other than walking up and down the possible old-style event numbers and just taking out all the transcripts we find.  We can pick out the ones that are significant to subprime origins, etc. later.
  • 23 Sep 2009 - in sub III.B, Hassett presentation now coded. Des seems to think that Charlie and Kevin didn’t want us to see his slides.  We’ll be taking a look soon enough.
  • 21 Sep 2009 - in sub III.B, Calomiris presentation now coded (sorry about the sketchy figure cues)
  • 20 Sep 2009 - in sub III.B, Wallison intro now coded
  • 19 Sep 2009 - Sub III.B, now under construction
  • 19 Sep 2009 - Improvements to sub V.A are now complete.  The "V.A" links for participants and questioners are now live.
  • 18 Sep 2009 - The April 28, 2008 AEI seminar "What Lies Beyond the Credit Crunch? Part II"21 has been designated "sub III.B".  Of course the ordering within a 6 month period depends on when I get to them, and not their chronological order.
  • 18 Sep 2009 - I no longer expect a "sub VI" seminar per se, and have therefore designated section VI in the list as a general "Subprime Crisis Aftermath" placeholder.  The upcoming 22 Sep ‘09 seminar’s designation has thus been changed from "V.B" to "VI.A".
  • 18 Sep 2009 - Improvements to sub V now complete.  The "V" links for participants and questioners are now live. Started improvements for sub V.A
  • 18 Sep 2009 - Readers who would like an alternative opinion to the long-time GSE critics like Wallison, Ely and Makin featured here should read this very well written technical polemic.20
  • 15 Sep 2009 - Started building an improved version of sub V here.
  • 13 Sep 2009 - sub IV.C (was III.A) is complete and has been posted here.  The build page has been retained here.  The links to parts will be re-organized sometime tomorrow.
  • 12 Sep 2009 - in sub IV.C (was III.A), the Reinhart presentation has been coded.  What remains now to be coded there is the panel responses followed by the Q&A.
  • 11 Sep 2009 - In sub IV.C (was III.A), the Lachman presentation and the Makin presentation have been coded.
  • 09 Sep 2009 - Part 2 of today’s CBC The Current has been designated "misc E"
  • 09 Sep 2009 - In sub IV.C (was III.A), the Calomiris presentation and the Hassett presentation have been coded.
  • 08 Sep 2009 - In sub IV.C (was III.A), the Wallison Intro has been coded.  Because a Page article can’t accept comments, we’ve created an open thread to discuss the Guide under this post.  The AEI seminar "The Global Financial Crisis: A Plan for Regulatory Reform"19 is scheduled for 2 weeks from today and has been designated "sub V.B"
  • 07 Sep 2009 - An under-construction transcript for sub IV.C (was III.A) has been started.  Transcription of the Peter Wallison introduction will be starting in due course.
  • 07 Sep 2009 - Found and documented 4 old miscellaneous Doom transcripts There are likely a couple more hiding in dark corners of the Castle.  Misc A was our only foray into the scarier floors of AEI.
  • 06 Sep 2009 - Created this guide and documented the existing AEI subprime transcripts.  To date there are 4 fully annotated ones and 2 other transcripts that are not yet fully annotated.  Transcripts subprime I, subprime II, subprime III and subprime IV are fully annotated and have now been fully documented in the Guide.  Transcript subprime V needs to be consolidated into one post and a Table of Contents with anchor links created. Transcript subprime V.A just requires the Table of Contents and the anchor links.  The lack of anchor links in these transcripts is why there aren’t links for "V" and "V.A" event codes for AEI subprime Participants and Questioners yet.  Transcripts subprime 0.Z (was O.A) and IV.C (was III.A) have not been started.  Subprime VI is theoretical.  AEI has not yet announced a date for their 6th seminar in the main series.

American Enterprise Institute Subprime Seminars

Analysis of the financial crisis by AEI’s economic and financial pundits consists generally of two waves. Their Housing GSEs Project contains much background leading up to the crisis. Following their key March 28, 2007 seminar, they refocused on "The Cascading Financial Crisis". AEI’s coverage of the crisis is anchored by their semi-annual series of subprime seminars, the events numbered I, II, III, … in the list below.  Other seminars relating to the crisis are placed in the context of these key ones (more or less in chronological order).

Online resources at the AEI are very extensive. What follows is a tiny proportion of their seminars for which Doom already has, or hopes someday to develop, supplementary annotated transcripts.

THE SUB LIST …

  • 28 MAR 2007: transcript I for "Mortgage Credit and Subprime Lending: Implications of a Deflating Bubble"1
  • 11 OCT 2007: transcript II for "The Financial and Political Risks"2
  • 12 MAR 2008: transcript III for "What Next?"3
  • 28 APR 2008: transcript III.B for "What Lies Beyond the Credit Crunch? Part II"21
  • 02 OCT 2008: transcript IV.C for "What Lies Beyond the Credit Crunch? Part III"8
  • 30 OCT 2008: transcript IV for "Where Is the Bottom?"4
  • 17 MAR 2009: transcript V for "Forecast and Policy Recommendations for the Next Six Months"5
  • 26 MAR 2009: transcript V.A for "Can Elements of the Danish Mortgage System Fix Mortgage Securitization in the United States?"6
  • 09 OCT 2009: [IN PROGRESS] under construction transcript VI.C for "No Way Out: Government Response to the Financial Crisis"23
  • 22 OCT 2009: transcript VI for "The Lessons of the Bubble and Crisis"22
  • 12 NOV 2009: [IN PROGRESS] under construction transcript VI.D for "Is It Possible to Reprivatize the U.S. Financial System?"26

THE SUB LIST IN CONTEXT …

  1. Subprime Crisis Origins
    1. 22 JUL 2003 "The Fall of the Dollar and the Global Economy"27 -
    2. 03 SEP 2003 "Can Nonfinancial Indicators Succeed Where GAAP Fails?"28 -
    3. 08 OCT 2003 "The Profitability of New York Stock Exchange Specialists"29 -
    4. 10 OCT 2003 "Economic Policy and the 2004 Election Debate"30 -
    5. 21 OCT 2003 "What Do Institutional Investors Want in a Securities Trading System?"31 -
    6. 27 OCT 2003 "Proposals for the Privatization of the Housing GSEs"32 -
    7. 21 JAN 2004: "What’s Right and What’s Wrong with Corporate Finance Governance in the U.S. Today?"33 -
    8. 04 FEB 2004: "Plan for the Privatization of the Housing GSEs III"34 -
    9. 06 FEB 2004: "Government Policy and Financial Market Stability: The Case of Fannie Mae" 35 -
    10. 18 MAR 2004: "The Privatization of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks: Why and How"36 -
    11. 23 MAR 2004: "Does the United States Really Have the Best Housing-Finance System in the World?"37 -
    12. 05 APR 2004: "Do We Understand Fannie Mae’s Accounting?"38 -
    13. 05 MAY 2004: "Sarbanes-Oxley: A Review"39 -
    14. 10 JUN 2004: "Market Shock and Trading Efficiency: A Comparison of Electronic and Nonelectronic Markets"40 -
    15. 08 JUL 2004: "Does Federal Government Debt Affect Interest Rates?"41 -
    16. 09 SEP 2004: "How NASDAQ’s Electronic Market Works: A Live Demonstration"42 -
    17. 13 SEP 2004: "HUD’s Affordable Housing Regulations Serving Two Masters Redux"43 -
    18. 04 OCT 2004: "Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks — Book Forum"44 -
    19. 13 OCT 2004: "Comparing the NYSE, NASDAQ, and the ECNs for Market Quality, Market Depth, and Price Discovery"45 -
    20. 28 OCT 2004: "Understanding OFHEO’s Report on Fannie Mae"46 -
    21. 04 NOV 2004: "Policy Challenges of Global Payment Imbalances"47 -
    22. 02 DEC 2004: "Domestic Effects of Foreign Direct Investment — With a Keynote Address by N. Gregory Mankiw, Chairman of the Council of Economic Advisers"48 -
    23. 20 DEC 2004: "Bullish on Bush: How George Bush’s Ownership Society Will Make America Stronger"49 -
    24. 10 JAN 2005: "China and the Global Economic Recovery — With Speeches by Anne Krueger of the IMF and Randal Quarles of the U.S. Treasury"50 -
    25. 11 JAN 2005: "The SEC’s Regulation NMS"51 -
    26. 03 FEB 2005 "Receivership Powers: What Are They and Should Fannie and Freddie’s Regulator Have Them?"7 -
    27. 11 MAR 2005: "The Future for Investors"52 -
    28. 26 APR 2005: "Should Fannie Mae’s and Freddie Mac’s Mortgage and MBS Portfolios Be Capped, Reduced or Eliminated?"53 -
    29. 30 JUN 2005: "Everything You Wanted to Know about HR 1461 But Were Afraid to Ask"54 -
    30. 12 JUL 2005: "Skills, Ownership, and Economic Security — An address by Ben S. Bernanke, chairman of the President’s Council of Economic Advisers"55 -
    31. 26 JUL 2005: "Demystifying Hedge Funds"56 -
    32. 13 SEP 2005: "Will Portfolio Limitations for Fannie Mae and Freddie Mac Adversely Affect Residential Finance?"57 -
    33. 22 SEP 2005: "How Regulators Can Be Misled By Simplistic Theory"58 -
    34. 27 SEP 2005: "HR 2990: Improving the Credit Rating Industry "59 -
    35. 22 NOV 2005: "Inflation Targeting at Bernanke’s Fed?"60 -
    36. 05 DEC 2005: "What Does the Public Know about Economic Policy?"61 -
    37. 09 JAN 2006: "The Moral Consequences of Economic Growth"62 -
    38. 24 JAN 2006: "What Will Greenspan’s Departure Mean?"63 -
    39. 02 FEB 2006: "The IMF’s Role in Foreign Exchange Surveillance: Tim Adams, Under Secretary for International Affairs, U.S. Treasury"64 -
    40. 13 MAR 2006: "Sarbanes-Oxley: What Have We Learned?"65 -
    41. 06 APR 2006: "Data Pricing and Dissemination in a Competitive Securities Market"66 -
    42. 30 MAY 2006: "The SEC’s Interactive Data Revolution: Improved Disclosure for Investors, Less Expensive Reporting for Companies — Featuring Remarks by SEC Chairman Christopher Cox"67 -
    43. 18 JUL 2006: "Corporate Cash Balances and Economic Activity: With an Address by Governor Kevin M. Warsh of the Federal Reserve"68 -
    44. 13 SEP 2006: "Breakfast with Jim Lockhart and Senator Chuck Hagel"69 -
    45. 14 NOV 2006: "Perspectives on the Basel II Capital Adequacy Framework"70 -
    46. 28 NOV 2006: "Watters v. Wachovia Bank: The Roberts Court Weighs In on Preemption"71 -
    47. 29 NOV 2006: "Credit Unions in the Broader Financial System"72 -
    48. 11 DEC 2006: "Tax Havens and Foreign Direct Investment: AEI—INTERNATIONAL TAX POLICY FORUM SEMINAR; With a Keynote Address by Congressman Bill Thomas (R-Calif.), Chairman of the House Ways and Means Committee"73 -
    49. 09 JAN 07: "Global Financial Warriors: The Untold Story of International Finance in the Post 9-11 World"74 -
  2. 28 MAR 2007 "Mortgage Credit and Subprime Lending: Implications of a Deflating Bubble"1 - full Doom annotated transcript :)
    1. 29 MAR 2007: "How Does the United Kingdom’s Financial Services Authority Work?"75 -
    2. 11 APR 2007: "The Federal Home Loan Banks and State and Local Revenue Bonds"76 -
    3. 20 APR 2007: "Is Excessive Regulation and Litigation Eroding U.S. Financial Competitiveness? With an Address by SEC Commissioner Paul S. Atkins, The Brookings Institution"77 -
    4. 04 MAY 2007: "Markets vs. Government"78 -
    5. 15 MAY 2007: "The Role of Competition Analysis in Regulatory Decisions"79 -
    6. 30 MAY 2007: "The Privatization of Sallie Mae and Its Consequences"80 -
    7. 12 JUN 2007: "Has the Pursuit of ‘Independence’ in Corporate Governance Become Exaggerated?"81 -
    8. 14 JUN 2007: "Financial Literacy and Planning: Implications for Retirement Wellbeing"82 -
    9. 15 JUN 2007: "Improving Mortgage Disclosure: With a Keynote Address by Congressman Patrick McHenry (R-N.C.), House Financial Services Committee"83 -
    10. 18 JUN 2007: "Is Sarbanes-Oxley Impairing Corporate Risk-Taking?"84 -
  3. 11 OCT 2007: "The Financial and Political Risks"2 - full Doom annotated transcript :)
    1. 28 SEP 2007: "Is Sarbanes-Oxley Impairing Corporate Risk-Taking? (Continued)"85 -
    2. 18 OCT 2007: "Municipal Bonds, State Income Taxes, and Interstate Commerce: Davis v. Kentucky Department of Revenue"86 -
    3. 15 NOV 2007: "Is the Rating Agency System Broken or Fine?"87 -
    4. 12 DEC 2007: "A Lunch Address by James Lockhart, Director of the Office of Federal Housing Enterprise Oversight"88 -
    5.  17 DEC 2007: "What Lies Beyond the Credit Crunch? Five AEI Economists Assess the Present and the Future of the Financial Markets"89 -
    6. 28 JAN 2008: "Reforming the Regulation of Financial Services: A Luncheon Address by Steve Bartlett"90 -
    7. 14 FEB 2008: "The Second Report of the Committee on Capital Markets Regulation"91 -
    8. 25 FEB 2008: "Do Sovereign Wealth Funds Pose a Risk to the United States?"92 -
  4. 12 MAR 2008: "What Next?"3 - full Doom annotated transcript :)
    1. 08 APR 2008: "What Is Fair Value Accounting and Why Are People Concerned about It?"93 -
    2. 28 APR 2008: "What Lies Beyond the Credit Crunch? Part II"21 - full Doom annotated transcript NEW (11/15 ‘09) *** :) ***
    3. 16 JUN 2008: "Is the Federal Reserve on the Right Track?"94 -
    4. 17 JUN 2008: "Has the Effect of Foreclosures on Housing Prices Been Overstated?"95 -
    5. 24 JUN 2008: "How to Improve the Credit Rating Agency Sector"96 -
    6. 21 JUL 2008: "Will the Global Economy Turn Down?"97 -
  5. 30 OCT 2008: "Where Is the Bottom?"4 - full Doom annotated transcript :)
    1. 09 SEP 2008: "The Largest Municipal Bankruptcy Ever? Jefferson County and Municipal Finance in the Wake of the Bubble"98 -
    2. 19 SEP 2008: "Can Covered Bonds Compete with Fannie and Freddie?"99 -
    3. 02 OCT 2008: "What Lies Beyond the Credit Crunch? Part III"8 - full Doom annotated transcript :)
    4. 08 OCT 2008: "The Theory and Practice of Bailouts"100 -
    5. 06 NOV 2008: "Mr. Market Miscalculates"101 -
    6. 16 JAN 2009: "How Serious Is the Mortgage Problem That Will Confront President Obama?"102 -
    7. 23 JAN 2009: "Is Deregulation a Cause of the Financial Crisis?"103 -
    8. 28 JAN 2009: "Bust, Bankruptcy, Bailouts: What Should We Do Now?"104 -
    9. 20 FEB 2009: "Rethinking Global Institutions: Do We Have the International Tools to Fight the Global Economic Crisis?"105 -
    10. 23 FEB 2009: "Everything You Wanted to Know about Credit Default Swaps"106 -
  6. 17 MAR 2009: "Forecast and Policy Recommendations for the Next Six Months"5 - full Doom annotated transcript :)
    1. 26 MAR 2009: "Can Elements of the Danish Mortgage System Fix Mortgage Securitization in the United States?"6 - full Doom annotated transcript :)
    2. 21 APR 2009: "Can the IMF Really Save the World? With a Keynote Address by John Lipsky, First Deputy Managing Director of the IMF"107 -
    3. 30 APR 2009: "Do Insurers Need a Systemic Regulator?"108 -
    4. 05 MAY 2009: "Do Money Market Funds Have a Future in the New Financial System?"109 -
    5. 06 MAY 2009: "Retirement Finance in the Wake of the Bubble and Longer-Term Implications"110 -
    6. 15 MAY 2009: "The Impact of Deregulation and Financial Innovation on Homebuyers"111 -
    7. 03 JUN 2009: "Addressing Systemic Risk: With a Keynote Presentation by Alan Greenspan"112 -
    8. 04 AUG 2009: "Morality and Free Markets"113 -
  7. 22 OCT 2009: "The Lessons of the Bubble and Crisis"22 - full Doom annotated transcript NEW (11/16 ‘09) *** :) ***
    1. 08 SEP 2009: "Sarbanes-Oxley and the Financial Crisis"114 -
    2. 22 SEP 2009: "The Global Financial Crisis: A Plan for Regulatory Reform"19 -
    3. 09 OCT 2009: "No Way Out: Government Response to the Financial Crisis"23 - Doom transcript under construction ** IN ;) PROGRESS **
    4. 12 NOV 2009: "Is It Possible to Reprivatize the U.S. Financial System?"26 - Doom transcript under construction ** IN ;) PROGRESS **
    5. 18 NOV 2009: "Will There Be a Consumer Financial Protection Agency?"115 -
  8. 01 MAR 2010 - 31 AUG 2010 — reserved
    1. reserved
  9. 01 SEP 2010 - 28 FEB 2011 — reserved
    1. reserved

Sub Participants

Sub Questioners

AEI Interns’ Transcripts

This one’s a bit weird.  The AEI event sites with official transcripts all seem to point at broken links.  However, an "interns" corner of AEI has hundreds of legacy transcripts.  Below are good links to about 573 that Doom was able to mine from the site from 23-26 September 2009.  I think we found most of them.

Our first quick-and-dirty sweep through the interns’ tree was in old-style event number order and, for what it’s worth, is preserved here.  The following is in date order and represents about a decade’s worth of very hard work by the transcribers, and considerable investment by the Institute and its donors.

Unfortunately, almost as soon as the full list was posted the URLs on the AEI site became unavailable.  However, as documented in the update section of this post, there remains (for a while — 9/29 ‘09) a way to recover most of the individual transcripts from Google search cache.

UPDATE (10/9 ‘08): The Google caches now appear to have been exhausted.  We’re left with just the 573 titles now until AEI’s webmaster gets around to fixing the official links.

Miscellaneous Transcripts

From time to time Doom has created transcripts for other audio / video resources on the web.

THE MISC LIST …

  1. 26 JUN 2007 book17 promotion "Can We Afford the Military We Need?"18 - transcript part I, transcript part II
  2. 16 MAY 2008 "Algorithmic Trading Podcast Special Edition - Low Latency (featuring Thomas Chippas, Deutsche Bank)"15 - transcript
  3. 27 NOV 2008 "CBC World Report 8AM" - partial transcript
  4. 27 APR 2009 book16 promotion: "CBC The Current — Part 3: Goldman Sachs" - transcript

Misc Participants

Misc Questioners

Notes and References

[1]: "Mortgage Credit and Subprime Lending: Implications of a Deflating Bubble", AEI event homepage, March 28, 2007.

[2]: "The Deflating Mortgage and Housing Bubble, Part II: The Financial and Political Risks", AEI event homepage, October 11, 2007.

[3]: "The Deflating Mortgage and Housing Bubble, Part III: What Next?", AEI event homepage, March 12, 2008.

[4]: "The Deflating Mortgage and Housing Bubble, Part IV: Where Is the Bottom?", AEI event homepage, October 30, 2008.

[5]: "The Deflating Bubble, Part V: Forecast and Policy Recommendations for the Next Six Months", AEI event homepage, March 17, 2009.

[6]: "Can Elements of the Danish Mortgage System Fix Mortgage Securitization in the United States?", AEI event homepage, March 26, 2009.

[7]: "Receivership Powers: What Are They and Should Fannie and Freddie’s Regulator Have Them?", AEI event homepage, February 3, 2005.

[8]: "What Lies Beyond the Credit Crunch? Part III", AEI event homepage, October 2, 2008.

[9]: "RECENT REORGANIZATION AT THE CHICAGO FHLB" (PDF - scroll down), The Balance Sheet (Chicago FHLB), Summer, 2003.

“Functional organization is the key phrase,” said Alex J. Pollock, President and CEO of the Chicago FHLB. “All the operations areas of the Bank are now under one group, all the marketing areas under one group, etc. This allows a logical approach to our organization.”

A new Operations Group was created and will be headed by Kenneth L. Gould. Operations will have the following divisions: MPF Operations, headed by Frank D. Whelan; Information Systems, headed by Gerald L. McKinney; Transactions Processing, headed by Richard M. Vitellaro; Quality Control, headed by Thomas C. Maag; and a newly-created Procedures and Methods Department.

[10]: "GSE Nation: Interview with Robert Feinberg", The Institutional Risk Analyst, March 17, 2008.

[11]: "Interview with Jerry Idaszak", Small Business Advocate, August 10, 2005.

[12]: "Behind the Integral Systems Feud: Bonnie Wachtel Stuck Her Neck Out in a Very Public Way", by Dina ElBoghdady, Washington Post, January 16, 2006.

[13]: "Putting-Out Production in Modena" (chapter), by Mark Lazerson, in Explorations in Economic Sociology (Google Book preview), ed. Richard Swedberg, 1993.

[14]: "Mr. Smyth and Mr. Ruby Go to Washington", by Lia Oppedisano, Harvard Law School Bulletin, June 10, 2009.

[15]: "ATP Special Edition - Low Latency (featuring Thomas Chippas, Deutsche Bank)", The Algorithmic Trading Podcast, May 16, 2008.

[16]: "Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill)" (Google book preview), by David Cay Johnson, Portfolio, 2007.

[17]: "The Price of Liberty: Paying for America’s Wars", by Robert D. Hormats, Time Books, May 1, 2007.

[18]: "Can We Afford the Military We Need?", AEI event homepage, June 26, 2007.

[19]: "The Global Financial Crisis: A Plan for Regulatory Reform", AEI event homepage, September 22, 2009.

[20]: "VIEWPOINT: The Wrong Way to Think About the Fate of the GSEs", by Linda Lowell, HousingWire, September 17, 2009.

[21]: "What Lies Beyond the Credit Crunch? Part II", AEI event homepage, April 28, 2009.

[22]: "The Deflating Bubble, Part VI: The Lessons of the Bubble and Crisis", AEI event homepage, October 22, 2009.

[23]: "No Way Out: Government Response to the Financial Crisis", AEI event homepage, October 9, 2009.

[24]: Religion and the Rise of Capitalism, by R. H. Tawney. (1926)

[25]: "Frank unveils plan to deal with too-big-to-fail banks: Banks, shareholders, bondholders would pay for their own bailout", by Ronald D. Orol, MarketWatch, October 27, 2009.

(caption beneath video)

Rapid reform unlikely

Brian Gardner, analyst at Keefe, Bruyette & Woods, talks to MarketWatch’s Stacey Delo about Rep. Barney Frank’s plan to regulate banks that are deemed "too big to fail" and whether such legislation would really be effective.

[26]: "Is It Possible to Reprivatize the U.S. Financial System?", AEI event homepage, November 12, 2009.

[27]: "The Fall of the Dollar and the Global Economy", AEI event homepage, July 22, 2003.

[28]: "Can Nonfinancial Indicators Succeed Where GAAP Fails?", AEI event homepage, September 3, 2003.

[29]: "The Profitability of New York Stock Exchange Specialists", AEI event homepage, October 8, 2003.

[30]: "Economic Policy and the 2004 Election Debate", AEI event homepage, October 10, 2003.

[31]: "What Do Institutional Investors Want in a Securities Trading System?", AEI event homepage, October 21, 2003.

[32]: "Proposals for the Privatization of the Housing GSEs", AEI event homepage, October 27, 2003.

[33]: "What’s Right and What’s Wrong with Corporate Finance Governance in the U.S. Today?", AEI event homepage, January 21, 2004.

[34]: "Plan for the Privatization of the Housing GSEs III", AEI event homepage, February 4, 2004.

[35]: "Government Policy and Financial Market Stability: The Case of Fannie Mae", AEI event homepage, February 6, 2004.

[36]: "The Privatization of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks: Why and How", AEI event homepage, March 18, 2004.

[37]: "Does the United States Really Have the Best Housing-Finance System in the World?", AEI event homepage, March 23, 2004.

[38]: "Do We Understand Fannie Mae’s Accounting?", AEI event homepage, April 5, 2004.

[39]: "Sarbanes-Oxley: A Review", AEI event homepage, May 5, 2004.

[40]: "Market Shock and Trading Efficiency: A Comparison of Electronic and Nonelectronic Markets", AEI event homepage, June 10, 2004.

[41]: "Does Federal Government Debt Affect Interest Rates?", AEI event homepage, July 8, 2004.

[42]: "How NASDAQ’s Electronic Market Works: A Live Demonstration", AEI event homepage, September 9, 2004.

[43]: "HUD’s Affordable Housing Regulations Serving Two Masters Redux", AEI event homepage, September 13, 2004.

[44]: "Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks — Book Forum", AEI event homepage, October 4, 2004.

[45]: "Comparing the NYSE, NASDAQ, and the ECNs for Market Quality, Market Depth, and Price Discovery", AEI event homepage, October 13, 2004.

[46]: "Understanding OFHEO’s Report on Fannie Mae", AEI event homepage, October 28, 2004.

[47]: "Policy Challenges of Global Payment Imbalances", AEI event homepage, November 4, 2004.

[48]: "Domestic Effects of Foreign Direct Investment — With a Keynote Address by N. Gregory Mankiw, Chairman of the Council of Economic Advisers", AEI event homepage, December 2, 2004.

[49]: "Bullish on Bush: How George Bush’s Ownership Society Will Make America Stronger", AEI event homepage, December 20, 2004.

[50]: "China and the Global Economic Recovery — With Speeches by Anne Krueger of the IMF and Randal Quarles of the U.S. Treasury", AEI event homepage, January 10, 2005.

[51]: "The SEC’s Regulation NMS", AEI event homepage, January 11, 2005.

[52]: "The Future for Investors", AEI event homepage, March 11, 2005.

[53]: "Should Fannie Mae’s and Freddie Mac’s Mortgage and MBS Portfolios Be Capped, Reduced or Eliminated?", AEI event homepage, April 26, 2005.

[54]: "Everything You Wanted to Know about HR 1461 But Were Afraid to Ask", AEI event homepage, June 30, 2005.

[55]: "Skills, Ownership, and Economic Security — An address by Ben S. Bernanke, chairman of the President’s Council of Economic Advisers", AEI event homepage, July 12, 2005.

[56]: "Demystifying Hedge Funds", AEI event homepage, July 26, 2005.

[57]: "Will Portfolio Limitations for Fannie Mae and Freddie Mac Adversely Affect Residential Finance?", AEI event homepage, September 13, 2005.

[58]: "How Regulators Can Be Misled By Simplistic Theory", AEI event homepage, September 22, 2005.

[59]: "HR 2990: Improving the Credit Rating Industry ", AEI event homepage, September 27, 2005.

[60]: "Inflation Targeting at Bernanke’s Fed?", AEI event homepage, November 22, 2005.

[61]: "What Does the Public Know about Economic Policy?", AEI event homepage, December 5, 2005.

[62]: "The Moral Consequences of Economic Growth", AEI event homepage, January 9, 2006.

[63]: "What Will Greenspan’s Departure Mean?", AEI event homepage, January 24, 2006.

[64]: "The IMF’s Role in Foreign Exchange Surveillance: Tim Adams, Under Secretary for International Affairs, U.S. Treasury", AEI event homepage, February 2, 2006.

[65]: "Sarbanes-Oxley: What Have We Learned?", AEI event homepage, March 13, 2006.

[66]: "Data Pricing and Dissemination in a Competitive Securities Market", AEI event homepage, April 6, 2006.

[67]: "The SEC’s Interactive Data Revolution: Improved Disclosure for Investors, Less Expensive Reporting for Companies — Featuring Remarks by SEC Chairman Christopher Cox", AEI event homepage, May 30, 2006.

[68]: "Corporate Cash Balances and Economic Activity: With an Address by Governor Kevin M. Warsh of the Federal Reserve", AEI event homepage, July 18, 2006.

[69]: "Breakfast with Jim Lockhart and Senator Chuck Hagel", AEI event homepage, September 13, 2006 .

[70]: "Perspectives on the Basel II Capital Adequacy Framework", AEI event homepage, November 14, 2006.

[71]: "Watters v. Wachovia Bank: The Roberts Court Weighs In on Preemption", AEI event homepage, November 28, 2006.

[72]: "Credit Unions in the Broader Financial System", AEI event homepage, November 29, 2006.

[73]: "Tax Havens and Foreign Direct Investment: AEI—INTERNATIONAL TAX POLICY FORUM SEMINAR; With a Keynote Address by Congressman Bill Thomas (R-Calif.), Chairman of the House Ways and Means Committee", AEI event homepage, December 11, 2006.

[74]: "Global Financial Warriors: The Untold Story of International Finance in the Post 9-11 World", AEI event homepage, January 9, 2007.

[75]: "How Does the United Kingdom’s Financial Services Authority Work?", AEI event homepage, March 29, 2007.

[76]: "The Federal Home Loan Banks and State and Local Revenue Bonds", AEI event homepage, April 11, 2007.

[77]: "Is Excessive Regulation and Litigation Eroding U.S. Financial Competitiveness? With an Address by SEC Commissioner Paul S. Atkins, The Brookings Institution", AEI event homepage, April 20, 2007.

[78]: "Markets vs. Government", AEI event homepage, May 4, 2007.

[79]: "The Role of Competition Analysis in Regulatory Decisions", AEI event homepage, May 15, 2007.

[80]: "The Privatization of Sallie Mae and Its Consequences", AEI event homepage, May 30, 2007.

[81]: "Has the Pursuit of ‘Independence’ in Corporate Governance Become Exaggerated?", AEI event homepage, June 12, 2007.

[82]: "Financial Literacy and Planning: Implications for Retirement Wellbeing", AEI event homepage, June 14, 2007.

[83]: "Improving Mortgage Disclosure: With a Keynote Address by Congressman Patrick McHenry (R-N.C.), House Financial Services Committee", AEI event homepage, June 15, 2007.

[84]: "Is Sarbanes-Oxley Impairing Corporate Risk-Taking?", AEI event homepage, June 18, 2007.

[85]: "Is Sarbanes-Oxley Impairing Corporate Risk-Taking? (Continued)", AEI event homepage, September 28, 2007.

[86]: "Municipal Bonds, State Income Taxes, and Interstate Commerce: Davis v. Kentucky Department of Revenue", AEI event homepage, October 18, 2007.

[87]: "Is the Rating Agency System Broken or Fine?", AEI event homepage, November 15, 2007.

[88]: "A Lunch Address by James Lockhart, Director of the Office of Federal Housing Enterprise Oversight", AEI event homepage, December 12, 2007.

[89]: "What Lies Beyond the Credit Crunch? Five AEI Economists Assess the Present and the Future of the Financial Markets", AEI event homepage, December 17, 2007.

[90]: "Reforming the Regulation of Financial Services: A Luncheon Address by Steve Bartlett", AEI event homepage, January 28, 2008.

[91]: "The Second Report of the Committee on Capital Markets Regulation", AEI event homepage, February 14, 2008.

[92]: "Do Sovereign Wealth Funds Pose a Risk to the United States?", AEI event homepage, February 25, 2008.

[93]: "What Is Fair Value Accounting and Why Are People Concerned about It?", AEI event homepage, April 8, 2008.

[94]: "Is the Federal Reserve on the Right Track?", AEI event homepage, June 16, 2008.

[95]: "Has the Effect of Foreclosures on Housing Prices Been Overstated?", AEI event homepage, June 17, 2008.

[96]: "How to Improve the Credit Rating Agency Sector", AEI event homepage, June 24, 2008.

[97]: "Will the Global Economy Turn Down?", AEI event homepage, July 21, 2008.

[98]: "The Largest Municipal Bankruptcy Ever? Jefferson County and Municipal Finance in the Wake of the Bubble", AEI event homepage, September 9, 2008.

[99]: "Can Covered Bonds Compete with Fannie and Freddie?", AEI event homepage, September 19, 2008.

[100]: "The Theory and Practice of Bailouts", AEI event homepage, October 8, 2008.

[101]: "Mr. Market Miscalculates", AEI event homepage, November 6, 2008.

[102]: "How Serious Is the Mortgage Problem That Will Confront President Obama?", AEI event homepage, January 16, 2009.

[103]: "Is Deregulation a Cause of the Financial Crisis?", AEI event homepage, January 23, 2009.

[104]: "Bust, Bankruptcy, Bailouts: What Should We Do Now?", AEI event homepage, January 28, 2009.

[105]: "Rethinking Global Institutions: Do We Have the International Tools to Fight the Global Economic Crisis?", AEI event homepage, February 20, 2009.

[106]: "Everything You Wanted to Know about Credit Default Swaps", AEI event homepage, February 23, 2009.

[107]: "Can the IMF Really Save the World? With a Keynote Address by John Lipsky, First Deputy Managing Director of the IMF", AEI event homepage, April 21, 2009.

[108]: "Do Insurers Need a Systemic Regulator?", AEI event homepage, April 30, 2009.

[109]: "Do Money Market Funds Have a Future in the New Financial System?", AEI event homepage, May 5, 2009.

[110]: "Retirement Finance in the Wake of the Bubble and Longer-Term Implications", AEI event homepage, May 6, 2009.

[111]: "The Impact of Deregulation and Financial Innovation on Homebuyers", AEI event homepage, May 15, 2009.

[112]: "Addressing Systemic Risk: With a Keynote Presentation by Alan Greenspan", AEI event homepage, June 3, 2009.

[113]: "Morality and Free Markets", AEI event homepage, August 4, 2009.

[114]: "Sarbanes-Oxley and the Financial Crisis", AEI event homepage, September 8, 2009.

[115]: "Will There Be a Consumer Financial Protection Agency?", AEI event homepage, November 18, 2009.