Articles

  • 2 weeks ago | susanpcrawford.substack.com | Susan Crawford

    We are living in a sliver of time in which long-term risks are climbing as short-term boosterism flares unconstrained. Yesterday, stock market investors shrugged off the idea that America might not be a great investment, seeing Moody's downgrade last week as a dip-buying opportunity: more than $4 billion flowed into US stocks by midday, setting an all-time record.

  • 2 weeks ago | susanpcrawford.substack.com | Susan Crawford

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  • 1 month ago | susanpcrawford.substack.com | Susan Crawford

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  • 1 month ago | susanpcrawford.substack.com | Susan Crawford

    Go see "Drop Dead City," a terrific documentary about the near-bankruptcy of New York City in 1974-75. What led to the city's fiscal collapse? The unexamined creation of a mountain of risk in which everyone involved—banks, local government, investors—found it convenient to believe that the next guy would handle things. Smart politicians knew there had been a longtime deferral of fiscal reality, but the money kept flowing. Until suddenly it didn't. Willful blindness is the first chapter in this story.

  • 1 month ago | susanpcrawford.substack.com | Susan Crawford

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