Post Tagged with: "credit crisis"
Eight thoughts at the end of a tumultuous Week
This has been an extremely tumultuous week throughout the capital and commodity markets. August itself has been a cruel month. The German stock market has lost around a quarter of its value. A marked slow down in the US and Europe in Q2 has given rise double dip fears in the former and compounding difficulty achieving deficit targets. There are a number of take-aways for investors from this week’s developments
ABC Rear Vision: The US Economy post the 2008 Crash
The ABC Radio National program Rear Vision is a current affairs program that presents “contemporary events and people in their historical context”. I was recently interviewed by Rear Vision for a retrospective on the crisis, entitled “Here we go again: A look at the US economy post the 2008 GFC crash” which debated why the crisis is still with us today
On private debt
Households are in far worse shape now than in the 1930s, with a peak debt level that is two and a half times as high as it was in 1930. That’s why the crisis now is manifesting itself in stagnant consumer demand. It doesn’t involve the same plunge into deflation as the Great Depression, but it does imply a more drawn out deleveraging, because it’s much harder for households to reduce debt than it is for businesses
Emerging economies have not decoupled
The global crisis of 2008-09 hit emerging markets nearly as hard as it hit rich countries, which is welcome news compared to previous crises in which emerging markets often suffered much more than developed economies. This column explores emerging economies’ growth dynamics since the crisis
Full Text: G7 Finance Ministers’ and Central Bank Governors Statement on Financial Markets
This statement was issued to demonstrate coordinated global support in view of recent market turmoil
How credit crisis revealed weakness in US approach to epidemic of fraud
This column addresses the high price paid by the President’s Council of Economic Advisors’ failure to read Akerlof & Romer
The Sovereign Debt Crisis and Currency Sovereignty
This post is a prelude to a BBC interview on the sovereign debt crisis. I am not going to answer financial Armageddon questions about “what oif it all goes pear-shaped” here because to understand where things are headed you need to know how we got here and why. So I want to present the most important issues in the sovereign debt crisis in the US and Europe
No Crisis Here
I decided to look at what President Bush’s Council of Economic Advisors (CEA) were saying in their annual reports for 2005-2007 about the massive real estate bubble, epidemic of accounting control fraud and mortgage fraud, the resultant rapidly developing financial crisis, and the great increase in economic inequality. Here’s what I found on these topics
Do economic crises lead to policy reform?
If economic crises make the short-run pains of reforms easier to bear, then crises could yield considerable long-run benefits. But this column argues that the recent global financial crisis has been wasted thus far. It suggests that it is political crises – and not economic turmoil – that actually bring about reforms
This is why Sheila Bair blames Bernanke for the credit crisis
Yesterday, Sheila Bair wrote an unusual Op-Ed in the Washington Post in that it was penned just after departing a high-ranking government position and it was also highly critical of the government’s policy responses. The obvious conclusion must be that Sheila Bair blames Geithner, Paulson and Bernanke for the credit crisis. Below is a collection of video clips of Ben Bernanke in his own words demonstrating why
Sheila Bair blames Geithner, Paulson and Bernanke for the credit crisis
Bair is too diplomatic to name names. But she is as blunt and direct as you can be without doing so. While no names were named it is abundantly clear from the Nocera piece at whom she points a disapproving finger: Paulson, Summers, Geithner, Bernanke, Greenspan
Plus ça change – LDC edition
This blurb from Paul Krugman and Robin Wells’ review of Jeff Madrick’s book on the credit crisis sums up why the busts keep getting bigger