We Are Fifteen Years Old

We Are Fifteen Years Old 1

Thanks so much for your readership and support! We would not still be here if it were not for how much interest and input we’ve gotten, even from the very early days of this site. A tech friend, Ed Wright, encouraged me to start up a blog (he wanted one as a toy) and it seemed then, in the winter of 2006, that there might be enough to say to sustain one, given the too-obvious signs of serious trouble in the credit markets that were barely getting any attention in the financial press.We Are Fifteen Years Old 2

Right after we launched, we would look daily at our tiny number of page views. Mark Thoma both linked to us and encouraged us to soldier on, saying that it wasn’t long before his site, Economist’s View, was getting more page views in an hour than it had gotten in an entire day.

We’d set traffic targets for six, twelve, eighteen and twenty-four months where we needed to be to justify continuing to publish. It looked like we were well short at six months when the Bear Stearns subprime hedge funds obligingly blew up, one of the events that signaled the start of the first of four acute phases of the financial crisis, the last being the Lehman failure, followed shortly by the collapse of AIG and the near meltdown of the global financial system. Early promoters of our work included Felix Salmon, Nouriel Roubini, Barry Ritholtz, Ed Harrison, Tanta, Jane Hamsher, and yes, Paul Krugman.

And a special thanks to CalPERS, which was the subject of our very first post, Fools and Their Money (Hedge Fund Edition), and has proved to be long form shaggy dog story.

As much as the events that produced the financial were proof of how misguided financial services industry deregulation had been, particularly of derivatives, it also generated a vibrant econoblogosphere. Sadly, independent commentary is a pale shadow of what it once was; one of the few voices still active from that era is the consistently insightful Steve Waldman.

Matt Stoller found us during that era and posted here for many years, and also not only told us to have fundraisers but also gave considerable advice as to how to do it. Lambert and I joke that we’ve known each other from time immemorial; neither of us recalls exactly how and when he started letting us use his work from Corrente and over time migrated his writing to Naked Capitalism. Stoller was also responsible for organizing a listserv that became a critically important locus for anti-foreclosure activism. Securitization maven and Naked Capitalism writer Thomas Adams played a critical role in educating foreclosure defense attorneys, staffers of attorneys general, influential investors, and law professors like Adam Levitin and Katie Porter about the nitty-gritty of pooling and servicing agreements, CDOs, and servicing practices.

In the interest of not trying reader patience, we are skipping over quite a few of the formative episodes of our history, such as political economist Tom Ferguson’s considerable help with ECONNED and regular input since then; young economists we were fortunate enough to showcase and have since then established independent reputations, like Philip Pilkington and Nathan Tankus; Richard Smith and Andrew Dittmer, who were both indispensable during the writing of ECONNED and each provided many important posts; advice from financial services industry experts and sometimes guest posters like Satyajit Das and Marshall Auerback, and on the IT technology side, Clive; the industry insiders that helped educate us about the inner workings of private equity; and much more recently, our Brexit and Covid brain trusts. We are also glad to have Nick Corbishley join us and expand our financial services and European/Latin American reporting.

It’s also been a complex process to find qualified tech experts who will work on a comparatively small site, so we are very grateful to have Keith Friedman and Dave Jagoda on our team.

And last but the antithesis of least is our very loyal, always insightful and outspoken commentariat. Jerri-Lynn as well as guest writers like Michael Hudson, John Siman, Thomas Neuburger, and Michael Olenick, say that the reason they like publishing at Naked Capitalism is the thoughtful, well-informed, and occasionally a little too candid reader thoughts and reactions. So many have provided such important input on so many topics, from electrical grids to nitty gritty local politics in the US and around the world to weapons systems to the merits of various translations of seminal works to beer making that we are daunted by the prospect of giving adequate thanks for so much input. And that’s before also expressing gratitude to those of who are able and inclined to give financial support, send us links, and evangelize friends and colleagues about our work.

Now back to the grindstone! And best wishes for the holidays and 2022!

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