Understanding the financial crisis
Need help understanding the financial crisis? Lisa Altieri has researched and written an excellent explanation of the crisis, available for download below.
The document offers a detailed explanation of the behaviors and circumstances that led to our current economic situation, with a goal of making an understanding of the crisis accessible to as many people as possible. As new information about the crisis is continually emerging, any feedback or input is welcome.
Click here to get the file.
Incredibly great paper Lisa
Lisa, this is an incredibly great piece of work you've done. I left my graduate study of economics in the mid 80s and for many years had not been able to bring myself to read about economics. In the past year I've wanted to understand the crises and have read econ again, but am often frustrated because I'm never able to get a complete handle on things. This provides that handle. Thanks very much. Dave Joki
its matter
well now a days financial crises are on peak but still we are going through a same circumstances...well i think there should be a solution of reservation in different countries according to their currency rate.like now a days laptops are circulate in economy like a mosqito in room :P
nice pots
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Very Detailed
Very detailed and comprehensive. I would also add in the UpTic rule which was driven as a primary incentive in 1929 that caused the great crash. When bear traders rally around stocks causing them to fall it was seen as a profit motive of these bear traders and when coupled with lack of regulation was rampant. In 1934 Senator Rockefeller announced the UpTic rule which regulated the bear traders. It is complicated and you can Google it and Google bear traders to understand it. Bush in one of his last efforts repealed the UpTic rule. Shortly thereafter Lehman Brothers collapsed and AIG happened. I have cause the BP stock to go down in twitters justifiably asking people to bear trade BP stock. It is not all just me but shows the power of rumor and speculation on those who have to manage stock funds. Couple that with the speculation you have shown in such a comprehensive writing, and you have the powder keg of failure in our system.
I would call for right now 2 to 4 dollar per gallon on all fuels. I would put that money into hi speed rail projects across the USA and use a program like the CCC as was formed under Roosevelt and put America to work building this long term project. We couple poor counties with poor education possibilities with rich counties with a plethora of education, the divergence of rich to poor goes down. This is why Europe is gentle in its economic declines. Because access is cheap and available to most.
Deal with regulating the banks and the whole of the financial sector including replacing the UpTic rule at the SEC, we might crawl our way out of this mess. I doubt we will do any of that because for the most part government wants people comfortable, fat, and dumb. The Costco/Wal-Mart big box model.