Nobel Prize-winning economist Joseph Stiglitz says the US has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers.

"In the US and many other countries, the too-big-to-fail banks have become even bigger," Stiglitz said in an interview overnight in Paris. "The problems are worse than they were in 2007 before the crisis."

Food for thought from an article by Damon Young, an Australian philosopher.  "Buying a home isn't necessarily touched by reverie - it's matter-of-fact, dull and sometimes brutal. Is this as good as our dreams get? Is this what we must settle for?"

Dirk J Bezemer from Groningen University has presented a paper on Understanding Financial Crisis Through Accounting Models.

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not.