Our financial system and economy are in a mess thanks largely to failed government policies and a dysfunctional regulatory system.  Senseless Panic offers a common sense path to recovery.

“We cannot solve problems with the same thinking we used when we created them.”

– Albert Einstein

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in leading business publications
Don’t Forget the 1980’s by Alex J. Pollock

It should be a deeply sobering thought for Americans that the U.S. housing finance sector has collapsed twice in the last three decades. Of course, we know that there was the painful shriveling of the huge U.S. housing and mortgage bubble of the 2000s, but only twenty years before there was the mass failure of […]

Posted: Feb 27, 2015
About that $191B Profit from the GSEs By Erika Morphy published in the GlobeSt.com, February 18, 2015

WASHINGTON, DC—Last week when the White House released its budget for fiscal year 2016, it included one eyebrow-raising line item: it assumed that Fannie Mae and Freddie Mac could return $191.2 billion in profits to the US Treasury over the next decade if they continue operating under federal conservatorship. The item gave the commercial real […]

Posted: Feb 18, 2015
After the Housing Crisis, a Cash Flood and Silence By Gretchen Morgenson published in the New York Times, February 17, 2015

On Aug. 17, 2012, the federal government began expropriating all the earnings of Fannie Mae and Freddie Mac, the mortgage finance giants that succumbed to the 2008 crisis. Now the government is taking extraordinary measures to keep secret the deliberations surrounding that action. What exactly is it trying to hide? That is the question being […]

Posted: Feb 17, 2015
REGULATION OF SHADOW BANKING TAKES A DARK TURN A ‘chain’ of routine securities transactions, the Fed suggests, can transform a non-systemic firm into a systemic firm By Peter J. Wallison

Feb. 9, 2015 Recent statements by senior Federal Reserve officials show that the agency is stepping up efforts to investigate and ultimately regulate what they call the “shadow-banking system.” As the regulators define that term, it is nothing less than capital and securities markets—the industries principally responsible for the growth of the U.S. economy over […]

Posted: Feb 12, 2015
THE BIG LIE: 5.6% UNEMPLOYMENT By Jim Clifton, CEO of Gallup

Here’s something that many Americans – including some of the smartest and most educated among us – don’t know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading. Right now, we’re hearing much celebrating from the media, the White House and Wall Street about how unemployment is “down” to […]

Posted: Feb 6, 2015
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articles by William Isaac

It’s an honor to deliver this keynote address at the annual meeting of the Consumer Financial Services Association. CFSA members are important providers of consumer credit, particularly payday loans to lower and middle income borrowers. These have been difficult times for many of you, particularly in light of what has been at times a hostile […]

Posted: Mar 6, 2015
Operation Choke Point Won’t Go Away Quietly by William M. Isaac published by American Banker on February 19, 2015

The Justice Department program Operation Choke Point set a dangerous precedent by pushing banks to sever relationships with lawful businesses. Now the Federal Deposit Insurance Corp. is taking important steps to undo the damage — but some people apparently haven’t gotten the memo. The FDIC issued a financial institutions letter in late January encouraging banks […]

Posted: Feb 27, 2015
Don’t Like An Industry? Send a Message to Its Bankers By William Isaac Published by Wall Street Journal, November 21, 2014

The Justice Department touts its Operation Choke Point as a good-faith effort to crack down on illegal businesses, weed out fraud and protect consumers. None of these claims is true. It is becoming clear that the real goal of the program announced last year—or at the very least a desired collateral benefit—is to target entire […]

Posted: Nov 26, 2014
Sound Financial Regulation Essential to Sustainable Economic Growth By William M. Isaac

[The following article was published November 10, 2014 by the SEACEN Financial Stability Journal, a quarterly journal published by The South East Asian Central Banks Research and Training Centre.] I have traveled to Asia many times over the past thirty years, and it is my sense that policy makers in Asia tend to look to […]

Posted: Nov 11, 2014
How Operation Choke Point Hurts the Unbanked by William M. Isaac published by American Banker on November 4, 2014

In any line of business, there are some good operators and some who refuse to play by the rules. The same holds true among payday lenders, check cashers and other alternative financial service providers. It’s clear that we must protect consumers from those who seek to take unfair advantage. Regulators and law enforcement agencies need […]

Posted: Nov 5, 2014
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