From Vanity Fair, questioning C.E.O. Lloyd Blankfein, C.O.O. Gary Cohn, and C.F.O. David Viniar, Bethany McLean explores how Goldman Sachs navigated the collapse of September 2008, why it has already set aside $16.7 billion for compensation this year, and which lines it’s accused of crossing. The new AIG report reveals how the Treasury secretary — and U.S. taxpayers — were fleeced by Wall Street banks. Arnold Kling on the root of the financial crisis: A dearth of knowledge at the nexus of decisions. Martha Coakley and Elizabeth Warren on the right way to regulate: Why we badly need a federal agency that protects consumers. Thomas Frank on how we hear much less nonsense about the wisdom of markets these days. New consensus sees stimulus package as worthy step. How to do a second stimulus: Another vast, sprawling package, including every spending measure anybody ever thought of, is out of the question. Fed up with federalism: How America's commitment to states' rights is undermining our economic recovery. Going beyond short-term fixes: We need massive, permanent federal investment in infrastructure and public services, not symbolism like a new WPA. John Judis on the case for deficit spending: How the Obama administration is misreading the recession. Give us fiscal austerity, but not quite yet. William Greider on how deficit spending is a cure for our troubles, not the cause — if Obama reduces the red ink, the Great Recession could be born again. Hey Obama, here are 9 big ideas to beat unemployment. So much gasbaggery, so little time: Why Obama is obsessed with summits.
