L. Randall Wray

Affiliation: University of Missouri

L. Randall Wray, Ph.D. is Professor of Economics at the University of Missouri-Kansas City, Research Director with the Center for Full Employment and Price Stability and Senior Research Scholar at The Levy Economics Institute.

His research expertise is in: financial instability, macroeconomics, and full employment policy.

Visit: L. Randall Wray's Page

L. Randall Wray's Latest Articles | 64

Bank of America (BAC) Fined Another $16 Billion for Fraud

Aug 7, 2014| 

Bank of America (BAC) just agreed to pay another $16 Billion fine for one of its frauds—selling trashy securities to its investors. Another day, another fraud... Read »

The Continuing Saga of Bankster Fraud

Jul 19, 2014| 

Here’s another story in the continuing saga of Bankster fraud. As I’ve argued since 2008, it is likely that all—or nearly all–of the residential mortgage... Read »

Forget Taxes for Redistribution: What to do about Inequality

May 20, 2014| 

America has discovered inequality. But, as Jared Bernstein says, dealing with that will be expensive. He comes up with a nice wish list of policies to help the poor: What... Read »

Robin Hood Rides to the Rescue

Mar 4, 2014| 

Memo to Obama: Don’t tie progressive spending policy to progressive tax policy. Each can stand on its own. Reported today in the Washington Post: Obama proposes... Read »

What If China Dumps US Treasury Bonds?

Nov 13, 2013| 

Our deficit hysterians love to raise the specter of China. Supposedly Uncle Sam is at the mercy of the Chinese, who have a stranglehold on the supply of dollars... Read »

A Plan for All the Detroits Out There

Jul 24, 2013| 

Should the federal government bailout Detroit?  That’s the question everyone is debating.  We think the discussion should be expanded well beyond this narrow... Read »

How’s that Euro Thingy Working Out?

May 1, 2013| 

European integration was a grand plan, perhaps driven by lofty motives. I don’t take a position on that since I’m not European. But as we have argued from the... Read »

Nostradamus and the Euro

Jul 30, 2012| 

Let’s end the debate about who was first to predict the Euro disaster: Nostradamus. When I was in high school we discovered Nostradamus while goofing around in... Read »

It Takes Real Skill to Lose $2 Billion

Sep 18, 2011| 

Sometimes you come across a story that really warms the cockles of your heart. I am talking, of course, about the report on UBS’s star trader, Kweku M. Adoboli... Read »

Should European Nations Repudiate the Debt?

Jun 13, 2011| 

It is becoming increasingly clear that the global economy (at least in the West) is heading for a steep downturn. Almost all the US data coming out in recent days... Read »

Should Irish Voters Follow the Example Set by Icelandic Voters?

May 5, 2011| 

Voters in Iceland have rejected their government’s attempt to foist on them the costs of bailing out foreign creditors. Iceland’s oversized big banks had made... Read »

The S&P Downgrade: Much Ado about Nothing Because a Sovereign Government Cannot go Bankrupt

Apr 23, 2011| 

The claims about “unsustainable deficits” gained new urgency this week as S&P warned that it was downgrading US federal government debt from stable to ... Read »

Modern Budget Cutting Hooverians Want a Return to the 1930s

Apr 6, 2011| 

In a Wall Street Journal article this week three Hoover Institute economists (Gary Becker, George Schultz and John Taylor) endorsed Republican efforts to make large... Read »

The Perfect Fiscal Storm: Causes, Consequences, Solutions

Apr 1, 2011| 

Approximately a decade ago I wrote a paper with a similar title, announcing that forces were aligned to produce the perfect fiscal storm. What I was talking about... Read »

Pressures on the Paradigm: The Fall of the New Monetary Consensus

Jan 10, 2011| 1

The following is a paper given at the ASSA conference in Denver this past week for a panel organized by James Galbraith, titled Pressures on the Paradigm, sponsored... Read »

Liberals Need Not Fear Obama’s Tax Deal: Why a Payroll Tax Holiday Actually Helps Support Tomorrow’s Retirees

Dec 13, 2010| 1

The commentary in the aftermath of President Obama’s announced tax deal with the GOP has been both predictable and, for the most part, misconceived. Leaving... Read »

Boehner Gets One Right: Fire Obama’s Economics Team

Aug 25, 2010| 2

In a surprising turn of events, Representative Boehner finally got something right: Obama’s entire economics team has got to go. Many have already jumped ship,... Read »

The Wingnuts Go After Fannie and Freddie

Aug 19, 2010| 2

In recent weeks the wingnut right wing ideologues have made a lot of headway in their goal of gutting Social Security. Well-funded by hedge fund manager Pete Peterson... Read »

Memo to Dodd: Elizabeth Warren is Worth the Fight

Aug 9, 2010| 

Outgoing Senator Dodd just weighed in on the possibility that Elizabeth Warren might get the top spot heading the new Bureau of Consumer Financial Protection at... Read »

May the Biggest Loser Win: Euroland’s Race to the Bottom

Jul 27, 2010| 2

As part of the EU/IMF plan to resolve Greece’s debt crisis and to make its economy more competitive, the government announced a couple of weeks ago plans... Read »

Goldman Vampire Squid Gets Bitch Slapped: JP Morgan Bitch Slaps the Dow; and Geithner Tries to Bitch Slap Elizabeth Warren

Jul 16, 2010| 1

Ok here were three pieces of news today. First, Goldman Sachs was fined $550 Million for duping customers. We do not need to recap the charges in detail. Goldman... Read »

Goldman Sachs Vampire Squid Gets Handcuffed

Apr 17, 2010| 1

In a startling turn of events, the SEC announced a civil fraud lawsuit against Goldman Sachs. (GS) I use the word startling because a) the SEC has done virtually... Read »

The Chinese Are Coming! The Chinese Are Coming! Oh My!

Mar 28, 2010| 

One of the scare tactics in the toolbox of the deficit hawks is the argument that Chinese ownership of U.S. government bonds is dangerous, economically and politically.... Read »

Tell Your Representative to Leave Social Security Alone

Mar 26, 2010| 2

Ok, here is the dumbest headline the NYTimes has run in recent days: Social Security Payouts to Exceed Revenue This Year By MARY WILLIAMS WALSH The system is expected... Read »

Health Insurance “Reform”: Is a Bad Bill Better than Nothing?

Mar 25, 2010| 4

Many who supported health care reform are celebrating passage of the Health Insurers Bail Out Bill (HIBOB) and the argument that something–no matter how fundamentally... Read »

Neoliberal Deficit Hysteria Strikes Again

Mar 22, 2010| 3

ADVICE TO PRESIDENT OBAMA AND PRIME MINISTER BROWN: Tell the IMF, the European Commission, and the Ratings Agencies to Take a Hike. In recent days, articles in Der... Read »

Health Care Reform: A Bailout for Insurers and Cuts to Medicare

Mar 18, 2010| 

It is beginning to look like Congress is going to vote to pass health care legislation on Sunday. According to the NYTimes, Democrats are practically celebrating... Read »

Did Geithner Help Lehman Hide Accounting Tricks?

Mar 15, 2010| 

Just when you thought that nothing could stink more than Timothy Geithner’s handling of the AIG bailout, a new report details how Geithner’s New York... Read »

What Caused the Budget Deficit? Not What You Think!

Feb 25, 2010| 

Despite all the conservative uproar against Obama’s stimulus plan, the largest portion of the increase in the deficit has come from automatic stabilizers and not... Read »

Worst Revelation Yet in the On-going Goldman-AIG-NYFed Scandal

Feb 23, 2010| 

Richard Teitelbaum reported today that Timothy Geitner’s New York Fed hid the smoking gun that proves Goldman played the key role in bringing down AIG. The... Read »

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