For decades, William Isaac’s insights on the U.S. financial system have been featured in leading news publications. Now, you can browse them all in one location.

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After Obama’s Budget, Republicans Need a New Strategy (by David Malpass)

After Obama’s Budget, Republicans Need a New Strategy (by David Malpass)

February 17, 2011

David Malpass, former Assistant Secretary of the Treasury, continue to write some of the best material I have seen on the U.S. fiscal crisis. With David’s permission I am including his February 16, 2011 piece for the Wall Street Journal on my website. I encourage you to read it.

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Mark To Market Sanity

Mark To Market Sanity

January 27, 2011

By Bob McTeer, Former President, Federal Reserve Bank of Dallas

In 2008 and 2009 I probably blogged more than anything else about needlessly destroying bank capital with a strict application of mark to market accounting. The frozen market for mortgage back securities was triggering massive write-downs, i.e. destroying capital, even while the underlying mortgages were still performing. Probably my most effective, or least ineffective, post was a piece of satire called “My Mark to Market Nightmare.”

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Reaching the Limit of Washington’s Debt Expansion

Reaching the Limit of Washington’s Debt Expansion

January 27, 2011

David Malpass, former Assistant Secretary of the Treasury under President Reagan, issued the following bulletin on the Congressional Budget Office’s newly issued budget outlook.  Every American should be deeply concerned about the latest CBO deficit projections using optimistic assumptions.  President Obama’s proposal in his State of the Union message to cut $400 billion from the federal deficit over the next decade amounts to no more than a rounding error in the massive deficits facing our country.

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News Release: ABA WELCOMES FASB REVERSAL ON FAIR VALUE EXPANSION

News Release: ABA WELCOMES FASB REVERSAL ON FAIR VALUE EXPANSION

January 26, 2011

Mark-to-market accounting — a failed policy that was terminated by the Roosevelt Administration in 1938 because it was inhibiting bank lending — was revived by the Securities and Exchange Commission and the Financial Accounting Standards Board in the 1990s over strong objections from the Fed, FDIC and Treasury.

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Debt Limit Opportunities: Use Debt Ceiling to Force Change

Debt Limit Opportunities: Use Debt Ceiling to Force Change

January 16, 2011

By David Malpass

The article below by David Malpass, former Deputy Assistant Secretary of the Treasury under President Reagan, suggests a way to bring fiscal sanity to the federal government, using an increase to the debt ceiling as leverage to affect permanent fiscal discipline. The article appeared in the Washington Times on January 14, 2011. It is so good I got permission from David to put it on my website.

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