You can find more of his views on financial scandals at The Keiser Report.

Europe and the US are hopelessly over-indebted. The crisis that started in the US real estate sector in 2007 has devastated state finances on both sides of the Atlantic and is threatening to wreck the euro and trigger a second global downturn. The world lacks the political leadership needed to end the turmoil.

Read the full article here.

He is chairman and founder of Atalanta Sosnoff Capital, LLC, a private investment management company with $11 billion in assets under management.

Interesting highlights:

Washington’s debt ceiling fixation seems analogous to Mao’s Great Leap Forward disaster.

The GDP slowdown during the first half year caught all the economists, including Bernanke, with their pants down.

Although our monetary mavens talk about it sub silento in the capital, the big break from our low interest rates holding down debt service costs can’t last forever.

What gnaws at me is the Federal Reserve Board surely has run out of bells and whistles for economic stimulus

The country remains yield starved so treasuries aren’t the answer.

Read the full article ‘This Is The Way The World Ends‘.

Research Question:

• Who are the top winners and losers of the financial crisis? Top Investors, economists, intellectuals, government officials, think tanks, and universities that lost or won because of the crisis

Research Findings:

We identified several winners and losers in different categories, including the following:

1. Economists, Policy Makers and Intellectuals
2. Investors and Money Managers
3. Investment Banks and Financial Firms
4. Universities and Academia
5. Economic Think Tanks

Economists, Policy Makers and Intellectuals

Top Losers

The list of the top experts whose intellectual abilities and credibility are put to question are Nobel Laureates like Harry Markowitz, Merton Miller and William Sharpe. Their work on portfolio theory underestimates equities risk in their asset pricing model. The economists from the Bush Administration including, Alan Greenspan, Ben Bernanke, Chuck Blahous, Pierce Scranton, Edward Lazear, and Henry Paulson. This group missed the crisis despite several warnings over the years.

On July 7, 2009, Cullen Roche, an opinion leader on Seeking Alpha, wrote: Ben Bernanke has no formal banking background and has never worked at an investment bank. He is a lifelong academic yet he is selected to run the most important branch of the global economy. That makes very little sense to me. This is not to say that he isn’t a phenomenally intelligent person, but if I am going to choose someone to fly my next flight he/she better have some hours in the cockpit rather than just thousands of hours reading the manual. – (Source: Seeking Alpha)

On October 3, 2010, Charles Ferguson, wrote in the Chronicle of Higher Education: “(Larry) Summers is unique but not alone. By now we are all familiar with the role of lobbying and campaign contributions, and with the revolving door between industry and government. What few Americans realize is that the revolving door is now a three-way intersection. Summers’s career is the result of an extraordinary and underappreciated scandal in American society: the convergence of academic economics, Wall Street, and political power. – (Source: The Chronicle Review)

Top Winners

Every decade or so, a few geniuses are discovered. For years they work hard trying to solve incredibly complex problems, they labor in relative obscurity until they achieve great results. At first they are ignored, dismissed or ridiculed by their peers, later they are recognized for their exceptional abilities and achievements. These exceptional experts saw what most of the world failed to see.

To be accurate in our research and to avoid offering these experts unsubstantiated titles, we looked up the definition of a genius. “A genius is someone embodying exceptional intellectual ability, creativity, or originality, typically to a degree that is associated with the achievement of unprecedented insight”.

In an article on Seeking Alpha (July 7, 2009), Cullen Roche, an opinion leader, asks “Why did economist fail to predict the crisis?” He writes: In hindsight, it seems like the crisis was so obvious… it’s still astounding that we can count the “experts” who actually predicted the crisis on two hands. And many are even skeptical of this small sampling of prescient economists and analysts. Statistically speaking you could easily make the argument that most of these “experts” who got it right were anomalies or lucky” Source: Seeking Alpha

In an interview (Dated Jan 9, 2009) with the Associated Press’s  Vice President Cheney repeatedly insisted that no one anticipated the looming U.S. financial crisis. “I don’t think anybody saw it coming,” he said.
REICHMANN: But why, why didn’t you see such a huge downfall in the economy coming?
CHENEY: I suppose because nobody anywhere was smart enough to figure that out.

Warren Buffett said no one should be punished for missing a bubble that the entire U.S. — himself included — failed to see (Source: Jessica Dye Forbes Magazine )

The list of top economists, experts and intellectuals who gained more respect and are recognized for their genius in  predicting the economic crisis include Dean Baker, Med Jones, Nouriel Roubini, and Peter Schiff.

Although Dean Baker was the first to warn about the crisis, and Med Jones had the most accurate predictions, they both were covered far less by the media.

Other winners who saw the some of the dangers of the financial sectors and warned about them include:

Brooksley Born who called for regulating derivatives and was fiercely opposed by Larry Summers and Robert Rubin  (Source: PBS Frontline )

Raghuram Rajan, former chief economist of IMF. In September of 2005 he presented a paper titled “Has the Financial Development Made the World Riskier? He focused on financial compensation incentive structures allowing bankers to take very high risks to profit in the short term while not penalizing them for losses in the long term, thus leading to imbalance in investment risk/reward decisions and putting the world at risk. (Source: NBER)

Robert Gnaizda, the cofounder of the Greenlining Institute – A public policy, research, and consumer advocacy organization, warned Ben Bernanke and Alan Greenspan subprime mortgages several times (Source: NY Times)

Bill Ackman Hedge Fund Manager of Pershing Square Capital Management warned about the subprime mortgage sector in May of 2007 in a presentation titled who is holding the back (Source: MarketWatch)

Robert Prechter A stock market analyst and forecaster warned about the housing bubble and its impact on the banking sector (Source: Fox News)

Nassim Taleb was also credited by many with predicting the crisis and had regular appearances on TV and major conferences like World Economic Forum in Davos.  However, our research finds that his Black Swan theory is not about the prediction of this financial crisis and the ensuing economic crisis. On the contrary, his early statements on the crisis states that no one could have predicted the crisis. The Black Swan book is more of a risk management theory explaining how unpredictable catastrophic events can impact the financial markets. We found no specific warning from him about subprime mortgages, housing bubbles and the ensuing financial market crash. Nassim Taleb books became best sellers as a result of the financial crisis. To his credit, he is correct in his criticism of the theoretical financial risks models that were flawed (in using mean variance to price risks), yet those theories won Nobel Prize in Economics and as a result many hedge funds on Wall Street used them to price their risky assets. Although he was wrongly credited with the prediction of this crisis,  this does not take away from the brilliance of his intellect and the quality of the book that he wrote.

Investors and Money Managers

Top Losers

Harvard Management Co., which runs the world’s largest endowment fund (Manages the funds of Harvard University) lost more than $10 Billion in 2008 because of the crisis (Source:Business Week). Many of Wall Street investment professional and US economist are Harvard educated. Losing so much money hurt the academic reputation of economic and investment education of the school.

The top investors who lost credibility and money because of the crisis include Warren Buffett and Len Blavatnik (Investments managed by JP Morgan), and David Tepper of Appaloosa Management

Even more surprisingly, Billionaire investor and Berkshire Hathaway Inc. CEO Warren Buffett defended credit rating agencies’ performance prior to the 2008 economic collapse, saying that no one should be punished for missing a bubble that the entire U.S. — himself included — failed to see. If the rating agencies did their job, investors would have not mispriced their assets and the financial market could have avoided the collapse. Buffett, whose investment vehicle Berkshire Hathaway is the single largest shareholder of Moody’s Corp. with a 13 percent stake, delivered his remarks sitting side-by-side with Moody’s CEO and Chairman Raymond W. McDaniel. (Source: Jessica Dye Forbes Magazine )

Mr. Buffett testified that he did not know all that much about the credit rating market, even though the holding company he controls, Berkshire Hathaway, is the largest shareholder in Moody’s Investors Service. “I’ve never been to Moody’s,” he said at a hearing of the Financial Crisis Inquiry Commission, which is investigating the causes of the global crisis that led to the government bailout of big banks. “I don’t even know where they’re located. I just know that their business model is extraordinary.”  – (Source: New York Times Report)

One must wonder how Buffett and his team invested so much money without adequate due diligence. This is not a minor mistake. This is a multibillion dollar mistake.

Top Winners

Top Investors who won money because of the crisis are John Paulson, Philip Falcone, Kyle Bass, and Jeff Greene

Wall Street Firms

Top Losers

The top loser is Lehman Brothers and its CEO Richard S. Fuld, Jr. – It was the only major bank that was not bailed out by the Fed. Other top losing financial services companies, include AIG, Fannie Mae and Freddie Mac, New Century Financial, DR Horton and Countrywide Financial, Bear Stearns, UBS AG Swiss bank, IndyMac, Washington Mutual, and Merrill Lynch

The Chief Economists of the biggest financial institutions including Morgan Stanley, Goldman Sacks, JP Morgan, Barclays’ Bank, Bank of America and other major financial institutions and investment firms. Many of them are ranked as top economists by the Wall Street Journal, which is a case in point about the credibility of the Wall Street Media and their role as a promotional and advertising platform than financial journalism

Top Winners

Top investment bank John Mack, CEO of Morgan Stanley — See NY Sun

For Top money managers who lost or won in 2008 because of the crisis (directly or indirectly) — See Hedgeable

More research to be done in this category

Universities and Academia

Top Losers

Ivy League Universities: Harvard, MIT, Yale, Wharton, and Northwestern

On November 22, 2010, in an article on Huffington Post, Brian Ross, wrote an ironic article on how poisonous “Ivy” League graduates made the global financial system and the global economy sick with ”toxic” banking assets. He blames Ivy League presidents, CEOs, compensations, and their policies (Source: Huffington Post)

He is right in saying that Ivy League Schools flooded Wall Street and top government jobs with their financial graduates and economists (See Guardian UK). However the article is not entirely fair and generalizes the blame by using guilt by association. On the other hand, his questioning of the fascination with brand name educational institutions rather than focusing on the individual abilities of the job candidate is a valid point.

These institutions, along with their economics and financial departments lost credibility as thought leaders and their abilities to produce top economic and financial talents.

It also is ironic that Harvard University, the top brand in business and financial education and its president, Larry Summers, who is the US Top Economic Advisor to the Obama Administration during the crisis, lost more than $10 Billion in 2008 because of the crisis (Source: Business Week).

Top Winners

Our research shows that only two research institutions predicted the economic crisis caused by the housing bubble; they are CEPR (See Dean Bakers Predictions) and International Institute of Management (See Med Jones Predictions)

Economic Think Tanks

Top Losers

Think Tanks that totally missed the crisis:

Brookings, American Enterprise Institute, Center for Economic Policy Analysis, Institute for International Economics, American Enterprise Institute, Brookings Institution, Cambridge Energy Research Associates, Cato Institute, Center for Economic Policy Analysis, Century Foundation, Committee for Economic Development, Economic Policy Institute, Economic Research Council (London), Employment Policy Foundation, Economic Strategy Institute, Heritage Foundation, Institute for International Economics, Jerome Levy Economics Institute, Joint Center for Political and Economic Studies, Kiel Institute of World Economics, National Bureau of Economic Research, National Center for Public Policy Research, Progressive Policy Institute Rochester,  Center for Economic Research, Theoretical Research Institute United for a Fair Economy, Urban Institute, and Washington Institute for Policy Studies

Top Losers

Wall Street Economists

Stephen Stanley, RBS Securities; Nigel Gault and Brian Bethune, IHS Global Insight; Maury Harris, UBS; Neal Soss, Credit Suisse; Spencer Staples, EconAlpha; John Silvia, Wells Fargo; David Greenlaw, Morgan Stanley; Michael Feroli, JP Morgan; Dean Maki, Barclays Capital; Jan Hatzius, Goldman Sachs; Thomas Lam, United Overseas Bank; Kurt Karl, Swiss Re; Richard Berner, Morgan Stanley; Daniel North, Euler Hermes; Brain Fabbri, BNP Paribas;

Top Winners

Center for Economic and Policy Research CEPR (See Dean Bakers Predictions)
International Institute of Management (See Med Jones Predictions)
The Greenlining Institute who warned Ben Bernanke and Alan Greenspan subprime mortgages (Source: NY Times)

All three think tanks warned about the housing bubble and its impact on the economy. They are smaller in size and less prestigious, yet they were right while top think tanks were wrong.

Other research questions and findings

1. Why did the world’s top economists fail to predict the financial crisis? (Others who missed the crisis, include government leaders, award-winning scientists, market analysts and investors). Was the crisis predictable or was it a Black Swan (unpredictable) event? Are government policy makers competent enough to manage the nation’s financial freedom and security? Are economists and their policies helping or hurting our economic growth? Do we need to re-define the education of economic science and the role that economists play in our financial markets, government policies and business regulations?
2. Who is to blame for the financial crisis? Who contributed to the creation of the crisis? Can they be held responsible for their actions or inactions? Was there a conspiracy by some Wall Street executives and government officials? Do investors have legal cause to seek compensation for damages caused by Wall Street firms?
3. Who predicted the financial crisis and the ensuing economic crisis? Is there a documented evidence supporting their claims? Were those who warned about the crisis lucky or did they have a clear logic behind their predictions? Can we use their knowledge to predict future crises? What are their future predictions? How do their predictions compare with each other? Where do the experts agree and where do they disagree? How accurate are their economic predictions? Can they be relied on for investment decisions?
4. Who are the top winners and losers of the financial crisis? Top Investors, economists, intellectuals, government officials, think tanks, and universities that lost or won because of the crisis.
5. What are the lessons we can learn to avoid future crises? What the the economic policy lessons? What are the investor’s lessons? Do we need more or less financial regulations?

Who are we?

Wall Street Economists Institute is a new startup non-profit project. The website developed and managed by two research students studying in the field economics and financial journalism. We are disillusioned by our professors and the academic curriculum at our universities. We believe that independent students can conducted better research than most academic institutions. Many research professors have gotten lazy and some of them steal the ideas of hardworking research students and adapt them as their own work or publish books containing the work of their students without referencing them. We do not want to demonize any particular professor or university, we just want to conduct better research and publish the results for public awareness.

Who can participate in this project?

Anyone can contribute to the project – students and professionals alike. Our intention is to make this website an open research forum for financial journalists, economists, investors, analysts, experts, investment advisors and researchers. If we like the quality of your contribution, we will include your contribution and credit you for it. If you are interested in becoming a regular contributor or an editor, please send us links to your online bio and sample writings (blogs, articles, etc). We are also looking for a webmaster to help us with wiki setup and management.

Find out more about EconomicPredictions at http://www.economicpredictions.org

Market Plunge Baffles Wall Street

http://online.wsj.com/article/SB10001424052748704370704575228664083620340.html

Market Drop Fueled by a Crisis, Anxiety and an Error

http://www.nytimes.com/2010/05/07/business/economy/07norris.html

Forbes: Greek Woes Or Trader’s Mistake? Take Your Pick
http://blogs.forbes.com/streettalk/2010/05/06/greek woes or traders mistake take your pick/

Eight Things the Plunge Means for Your Money

http://online.wsj.com/article/SB10001424052748703686304575228704252831856.html

BLOGOSPHERE COMMENTS ON THE 2:45pm FINANCIAL MARKET CRASH in May 2010

Stockmarket crash of 998 points – Procter and Gamble down over 30 at one point in late-trading

http://www.subprimeblogger.com/2010/05/06/stock-market-crash-of-998-points-procter-and-gamble-down-over-30-at-one-point-in-late-trading/

Remaining Problems That Could Cause A Second Stock Market Crash in 2010-2011

http://www.getmoneyenergy.com/2009/11/remaining-problems-could-cause-second-stock-market-crash-2010-2011/

Dow Jones Industrial Average | Stock Market Crash By Trading Error?

http://www.busybuzzblogging.com/2762/dow-jones-industrial-average-stock-market-crash-by-trading-error/

The Web Struggling To Keep Up With The Stock Market Crash/Bounce

http://techcrunch.com/2010/05/06/stock-market-crash-web/

Where Things Stand

http://www.bespokeinvest.com/thinkbig/2010/5/6/where-things-stand.html

DEEPER INSIGHTS INTO THE 6th MAY MARKET CRASH

May 6, 2010 Recap: The Day the Market Broke

http://tradermike.net/2010/05/may-6-2010-recap-the-day-the-market-broke/

8 Theories For Why The Stock Market Plunged Almost 1000 Points In A Matter Of Minutes On May 6th

http://www.benzinga.com/266954/8-theories-for-why-the-stock-market-plunged-almost-1000-points-in-a-matter-of-minutes-on-may-

You Don’t See That Every Day: 6 Minutes of Insanity

http://www.smbtraining.com/blog/you-dont-see-that-every-day-6-minutes-of-insanity

What Caused the Crash Today?

http://pragcap.com/what-caused-the-crash-today

Does Anyone Want to Defend the Decision to Cancel Trades?

http://fridayinvegas.blogspot.com/2010/05/does-anyone-want-to-defend-decision-to.html

Algorithmic Trading and Price Volatility

http://rajivsethi.blogspot.com/2010/05/algorithmic-trading-and-price.html

How a Typo Crashed the Market

http://www.thedailybeast.com/blogs-and-stories/2010-05-07/how-a-typo-crashed-the-market/

Forget The “Trading Error” — Today’s Sharp Pullback In Stocks Is Hardly A Surprise

http://www.businessinsider.com/henry-blodget-dont-miss-forest-for-trees-trading-error-or-no-market-closed-down-350-2010-5

Dissecting the Crash by ZeroHedge
http://www.zerohedge.com/article/dissecting crash

7 Facts Nobody Wants to Hear About the Market Plunge by Steve Place
http://www.investingwithoptions.com/2010/05/06/7 facts noone wants to hear about the market plunge/

-998.50. If You Like Roller Coasters, You’ll Enjoy This
http://seekingalpha.com/article/203631 998 50 if you like roller coasters you ll enjoy this?source=hp_wc

OTHER INTERESTING LINKS

Can the government control a stock market crash?

http://money.howstuffworks.com/government-control-stock-market-crash.htm

I suvived the crash of 2:45pm TShirt from StockTwits
http://www.zazzle.com/i_survived_the_crash_tshirt 235723238369605089

The Market Plunge and Liquidity in the Start Up Business
http://seekingalpha.com/article/203665 the market plunge and liquidity in the start up business

Keep up to date with developments in the Greek economy and Europe in these Top 10 websites and articles featuring The 2010 Financial Crisis in Greece and Europe:

(1) Greek Financial Crisis – the latest news from the Telegraph

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7518858/Greek-financial-crisis-the-latest.html

(2) Q&A on the Greek Financial Crisis by the TimesOnline

http://www.timesonline.co.uk/tol/news/world/europe/article7021276.ece

(3) The Guardian – Greece’s financial crisis puts the future of the euro in question

http://www.guardian.co.uk/business/2010/feb/07/greece-fiscal-crisis-european-union-euro

(4)  Greece’s financial crisis explained by CNN

http://edition.cnn.com/2010/BUSINESS/02/10/greek.debt.qanda/index.html

(5)  It’s Not About Greece Anymore by The New York Times

http://economix.blogs.nytimes.com/2010/05/06/its-not-about-greece-anymore/

(6)  Rewriting a Greek Tragedy at NewsWeek

http://www.newsweek.com/id/236579

(7)  Greece Debt Crisis by The Financial Times

http://www.ft.com/greece

(8) The Greek Financial Crisis explained by the BBC

http://news.bbc.co.uk/newsbeat/hi/front_page/newsid_10100000/newsid_10100200/10100201.stm

(9) WashingtonPost – Greece’s economic crisis could signal trouble for its neighbors
http://www.washingtonpost.com/wp dyn/content/article/2010/02/09/AR2010020903946.html

(10) Channel4 – Why we should fear the Greek financial crisis

http://blogs.channel4.com/snowblog/2010/04/28/why-we-should-fear-the-greek-financial-crisis/

More:

The Economy of Greece from Wikipedia

http://en.wikipedia.org/wiki/Economy_of_Greece

As we approach the end of 2009, sentiment is definitely not as jittery compared to 12 months ago. However, the are a number of important issues that need to be resolved in order to create a sustainable recovery.

Here are some of the problems that must be addressed to bring and end to the US financial and mortgage crisis:

1. Housing inventory: The United States has an historically large number of vacant homes. Of the houses built in the past decade, almost one in ten is currently empty. Then we have the “shadow inventory” of around 600,000 new or foreclosed properties that the construction companies, banks and lenders are keeping out of the market in an attempt to stop prices sinking further. Add to that all the homes that are likely to be foreclosed on over the next two or three years (three million is an often-quoted number) and you can see how the supply glut will keep a lid on property prices.
2. Mortgage resets: While most subprime home loans have already reset to higher payments, resulting in a wave of defaults and foreclosures, the real problem will come when a slew of option ARM mortgages reset at 40-80% higher levels in 2010-2012. Around 80% of option ARM holders pay only the minimum every month, so their debts have been increasing while their home values have been falling. There are an estimated $500 billion in option ARM loans outstanding around the country, with California’s one million or so accounting for 60% of the total value. When the payments on these loans jump, many people will default and risk foreclosure, which in turn will keep prices down.
3. Foreclosures: As at mid-2009, a quarter of all home loans in the U.S. were already under water, and industry pundits say that half will be in the red by early 2011. The number of delinquent borrowers is increasing fast, and is set to snowball over the next few years as more homeowners find they can’t afford to pay the mortgage. Only a small percentage of delinquent borrowers have so far had their loan terms modified, and many of these have simply defaulted again. Foreclosures haven’t kept pace with defaults either, meaning that there is a big backlog of pre-foreclosure properties. Unless a speedy solution to the problem can be found, the market will be flooded with foreclosed homes.
4. FHA mortgages: Since 2007, an increasing number of new home loans have
   been FHA-issued. The FHA (Federal Housing Authority), which provides home loans
   with low down payments to qualified low-income, high-risk buyers, accounted for
   close to 40% of new mortgages at the end of 2008.The risk is that this fount of
   liquidity for the real estate market would dry up if the FHA were to impose
   stricter conditions on buyers or lower its lending limits. Many of the
   properties currently being bought with FHA mortgages are foreclosures. The
   buyers typically have few assets and are particularly vulnerable to economic
   shocks such as job loss or an interest rate increase, so it’s safe to bet that
   quite a lot of these homes will be back on the market as foreclosures before too
   long.
5. End of the $8,000 first-time home buyers’ tax credit: A recent study by J.D. Power and Associates found that first-time buyers made up 56% of the market in the first half of 2009, compared with 44% in the first half of 2008. Many of them were enticed to enter the housing market by the federal government’s $8,000 first-time homebuyer credit, which, unlike in previous years, doesn’t need to be repaid. We still don’t know whether the government will extend the program after it expires on November 30, 2009, or if it will roll out a new first-time buyers’ scheme next year.
6. Employment and earnings: Hundreds of thousands of jobs are being lost every month in the United States, and the unemployment rate is the highest since 1983. Those regions where job losses have been particularly severe – such as the former manufacturing powerhouses of Ohio, Michigan and Indiana – have some of the lowest house prices. The fact that average earnings for Americans who are working are almost 5% lower than a year ago is another blow to consumer spending power, and is also weighing on home values.
7. Fear and uncertainty: In the current climate of recession, rising unemployment and billion-dollar bailouts, people are tending to be more conservative with their spending and taking on fewer large debts. Many prospective homebuyers are delaying their purchasing plans and staying in their old homes or even saving money by renting while the market stabilizes. With interest rates at an all-time low, people are also concerned that they will go up soon, which would add to the cost of owning a home.
8. Consumer credit ratings down: Millions of Americans have had their credit scores slashed, are drowning in debt and don’t have the cash for a down payment on a house. At the same time, lenders are tightening up their approval conditions and often turning down applicants with less than perfect credit. This is making it harder to buy property and many homes are going unsold.
9. Baby boomers will sell to fund their retirement: Of the 77 million Americans who were born between 1946 and 1964, a third have no retirement savings. The oldest baby boomers are now 63 years old. For many boomers, the only asset they have is the equity in their homes, which they will have to sell in order to live. This will unleash a steady stream of properties onto the market and help prevent prices from recovering.

The Obama administration may have implemented commendable policies to put us on the right track to recovery, but the truth is, this is a huge problem that requires a lot to contain it, and it will be some time before the US financial crisis is over.

(Please feel free to share any good resources you’ve come across in the comments section below.)

1. In depth coverage of Global financial crisis from the Financial Times (FT)
2. John Taylor on the Financial Crisis (John Taylor)
3. How the financial crisis has killed the governance reform agenda
4. The World Health Organisation’s (WHO) View on the Financial Crisis (WHO)
5. Global Financial Crisis Overview & Consequences (Global Issues)
6. The Implications of the Global Financial Crisis for Low-Income Countries (IMF)
7. America in financial crisis from MSNMoney (MSN Money Central)
8. Latest Financial Crisis, Banking crisis and Credit Crunch news (Daily Telegraph)
9. Yahoo Financial Crisis News and Headlines (Yahoo)
10. The Guardian’s View on the Financial Crisis (The Guardian)
11. The Global Financial Crisis by the IFAC (IFAC)
12. Financial crisis may have been good for the climate (New Scientist)
13. Europe’s Response to the Financial Crisis (Europa.eu)
14. Financial Crisis and Recession
15. IFC’s Response to the Financial Crisis (IFC)
16. The First Global Financial Crisis of the 21st Century
17. Colorado State University Guide to the global financial crisis (Colorado State University)
18. AOL Money & Finance Financial Crisis Guide (AOL)
19. The Financial Crisis of 2007-2009: Causes and Remedies
20. Financial Crisis in Wikipedia Free Encyclopedia (Wikipedia)
21. 2007-2009 Financial Crisis (Wikipedia)
22. The World Bank’s View on the Financial Crisis (World Bank)
23. The IMF’s View on the Financial Crisis (IMF)
24. A Plan for Addressing the Financial Crisis by Lucian Bebchuk
25. Iceland Financial Crisis from the Icelandic Government Information Center (Iceland)

Update: The Economic Predictions Project (http://www.economicpredictions.org) is another good source of research on the financial crisis.