Talk:Crash of 2008

This article, if written really well so that it is comprehensive yet comprehensible to the educated layman, could create a big boost for CZ. Martin Baldwin-Edwards 10:15, 30 September 2008 (CDT)

That is the combination that I am attempting, but I am finding it difficult. It has ocuurred to me that it would be more manageable if it embodied a rather broad account of the subprime crisis, leaving the detail for a separate article. It would be a great help if someone could tackle that article. - Nick Gardner 11:51, 30 September 2008 (CDT)

A good deal of further evidence bearing on the latter paragraphs of this article is likely to become available in the course of the next three months, so I suggest that their present content be regarded as no more than a stopgap. But I do need comments on the remainder, particularly as regards its clarity. Nick Gardner 10:19, 4 October 2008 (CDT)

To my mind, this is looking really good. I find no problems with clarity, but we need some non-economists to express judgement on that.Martin Baldwin-Edwards 06:13, 5 October 2008 (CDT)

article title and redirects

I don't think the article's title is particularly intuitive, but I won't suggest changing it. I'm too lazy to do it myself, but I think that a *ton* of redirects should be created, for instance "Financial crisis" FC of 2008, 2008 Credit crisis, CC of 2008, etc. etc. Hayford Peirce 11:54, 5 October 2008 (CDT)

Yes, the title is the least good thing about this article! Probably it would be better as Financial crisis of 2008, for popular consumption (the public was completely unaware of it before 2008). Anyway, I leave the choice of title to its main author. Moving these things is a big pain, too :-( Martin Baldwin-Edwards 12:39, 5 October 2008 (CDT)

It was a temporary expedient, and I agree that it will have to be changed, but I would suggest that it is too soon to do so. I am not confident that the measures so far proposed will put an end to the crisis, so I think we should at least wait until it is clear whether it is going to spill over into 2009. In the meantime redirects as suggested by Hayford seem a good idea. Any volunteers? - Nick Gardner 15:39, 5 October 2008 (CDT)

I think that if the title had 2008 in it somewhere that would suffice to lead people to it no matter how many years it lasts or when it started. Sort of like "Crash of '29" could easily be stretched to account for the next 10 years. But, of course, there's no sense in making a lot of redirects right now unless we know what the final title is. (Although I *guess* redirects are *supposed* to be changed when articles are Moved....) Hayford Peirce 17:00, 5 October 2008 (CDT).

I have been waiting for a colloquial term for the crisis to emerge. I think it now has. I should like to change the title to "Crash of 2008". If that is agreed, I should be grateful if someone could attend to the mechanics of the change. (I propose also to set up and develop a matching "Crash of 1929" page). Nick Gardner 08:49, 12 October 2008 (UTC)

The scope of the article

I think the article as it stands "fills in all the boxes" but needs some immediate tidying-up followed by possibly a great deal of updating. I should be grateful for help with all of that, but what I need most of all is advice on the scope of the article. There is an immense amount of information available which I have not included for fear of overburdening our readers. Should I have gone into more detail or should I have left out more of it? Nick Gardner 11:24, 6 October 2008 (CDT)

If you'll forgive me, I felt that it not fleshed out. It might be that you're presuming knowledge and therefore giving a sketch of the crisis, assuming that our brains can fill in the blanks. Mine can't. If you had to totally explain to a teenager what was happening, what would you say? So I think my answer to your question is that it needs more, but more simply stated. Maybe a tutorial is needed here. Aleta Curry 21:30, 6 October 2008 (CDT)

Many thanks Aleta. I have shifted the definitions to the glossary subpage that you set up (I had no idea that there could be such a thing as a glossary subpage. How can one find out about such things?) I will try to do some fleshing out as soon as I can spare the time - which is mostly absorbed in trying to keep with developments. I have done what I can with the Related Articles subpage, but the article has a meagre parentage and only two offsprings. I should explain that I have no background in modern financial matters, and those that have have so far been silent. Until I started on this article, the subject was probably as confusing to me as it is to you. I am afraid there is little prospect of a tutorials subpage unless a modern financial economist comes forward Nick Gardner 03:06, 7 October 2008 (CDT)

afterthought: some examples of statements that you find obscure would be most helpful. Nick Gardner 03:43, 7 October 2008 (CDT)

if you want my advice as a "non-expert" and apparently you do....

The first thing I'd do would be to scrap the introductory paragraph 100%. No one in a general audience is going to read beyond the first 15 words or so. This sort of lede may be fine for the academic world but outside of that it's not going to fly.

I'm a writer: you don't *tell* the readers what you're going to write -- you go ahead and write it!

When the first paragraph disappears, I'll actually start reading the article and maybe offer some more (quite possibly unwanted advice).... Hayford Peirce 20:18, 6 October 2008 (CDT)

Okay, Hayford, you're right, but guess which one of the seven dwarves you're reminding me of? (and why is this blithering thing telling me that 'dwarves' is wrong? Isn't dwarves the plural of dwarf?) So, anyway, Nick, I chopped out the first bit and started my own outline. I don't expect that to stand, I'm just trying to sketch out some of the things I think are needed. Hope I'm being helpful. Aleta Curry 21:35, 6 October 2008 (CDT)

I forgot this bit: I think you need to move the Glossary to its own separate subpage. Related articles is pretty vital here and I think you need to show the relationship between parent topics, related topics and subtopics on it.

Aleta Curry 21:46, 6 October 2008 (CDT)

Actually, they are "dwarfs" :-) Anyway, I think it is good that we have some collaboration on important articles -- and if there are any inaccuracies resulting from non-expert changes, some expert can correct these. We really do need to make this article accessible to as many people as possible. Martin Baldwin-Edwards 22:04, 6 October 2008 (CDT)

I went and looked it up and it's 'dwarfs' or 'dwarves'. I'm not mad, after all. Aleta Curry 23:57, 6 October 2008 (CDT)

Why are we having dwarves in an economic article? What happened to the Gnomes of Zurich? Howard C. Berkowitz 00:04, 7 October 2008 (CDT)

Do you mean the "Dwarfs of Canberra", Howard? The Gnomes are all bankrupt, now. Martin Baldwin-Edwards 05:09, 7 October 2008 (CDT)

Ugh! Am I ever gonna live this one down? Aleta Curry 21:59, 7 October 2008 (CDT)

Well, let's see, Aleta. It couldn't possibly be Grouchy, because that is totally alien to my personality. Dopey is possible, I suppose, but in that case I probably wouldn't be here at CZ in the first place. Sleepy? That's sure true a lot of the time! I forget the other four, but was one of them called "He Who Drinks Too Many Martinis and/or Other Spirituous Liquors While On-line"? Hayford Peirce 22:13, 6 October 2008 (CDT)

Yeah--don't you remember "Tipsy"??? hahahahahahahahahahahahaha And by the way, it was Grumpy Oh, what the hey--in deference to your drink-mixing abilities, I'll just call you "Doc"! Aleta Curry 23:57, 6 October 2008 (CDT)

Thank you all for your help. In response I have abbreviated the opening statement and removed the background paragraph, and I am working on a brief definitional statement under the heading of "the crisis". Unfortunately the timeline also demands attention, so it may be delayed. Nick Gardner 02:44, 7 October 2008 (CDT)

I have just finished the first round of the planned tidying-up of the text. I am now hoping for specific examples of lack of clarity from our "educated laymen", and specific examples of excessive glibness from our "finance nerds". Nick Gardner 06:46, 7 October 2008 (CDT)

Hayford - Not that it matters - and I do not wish to give offence by altering your alterations - but I think you might take my word for it that "houseowners", not "homeowners", is colloquial in British English, and "organisations" is the correct spelling over here. We're funny that way! Nick Gardner 13:38, 7 October 2008 (CDT)

Sorry, I hadn't checked to see in which English the article was being written. I see now that it's BE -- I'll change things back. Hayford Peirce 13:47, 7 October 2008 (CDT)

I think that I disagree with removing the verb "promises" from the intro. The indications are, at this time, that the course of the crisis will be very severe: this is not a prediction, but a statement of how the situation looks now. Replacing this with "may" seems to me to be just avoiding the issue, implying a random outcome. I think that the structural indications are so serious, that we can reasonably expect a global depression -- even if it turns out to be not quite as bad as the 1930s. Martin Baldwin-Edwards 14:14, 7 October 2008 (CDT)

I strongly disagree. The original statement "promises", ie, "just about guarantees" that things will be as bad as the Great Depression -- which lasted, you will recall, at least in the States, until the start of WWII! (When the wartime economy ended it.) That's what, 10, 11, 12 years, however you want to count it. CZ could have mud all over its face if it "promises" that we are NOW in the start of a 12-year Second Great Depression. Or so I feel. Hayford Peirce 14:32, 7 October 2008 (CDT)

Isn't there some confusion here between the 1929 financial crisis and the more persistent depression that followed it? Nick Gardner 14:54, 7 October 2008 (CDT)

I suppose that's possible. I have just reread the original sentence, "The current financial crisis promises to be as severe as the one that started in 1929." By using the word "start", that seems to me to mean the entire Great Depression. If you didn't mean that, then why don't we say, as a compromise, "The current financial crisis is already nearly as severe as that of 1929, which was the beginning of the Great Depression." On page one of the NYT Business section today, in the second paragraph of the article called "Hedge Fund Finds Itself On Defense", by Louise Story, the first sentence is: "But it can be tough for a boy wonder to grow up -- particularly in the midst of the gravest financial crisis since the Depression." So I'm not disputing that it's grave: I'm just wondering about the precise nuances that should be struck in the lede. Hayford Peirce 15:32, 7 October 2008 (CDT)

How about "The current financial crisis promises to be nearly as severe as that of 1929, which was the forerunner of the Great Depression." ? Nick Gardner 15:58, 7 October 2008 (CDT)

That would be perfect, I think. Do you want to call it the Crash of '29? Hayford Peirce 16:44, 7 October 2008 (CDT)

Yes, it is a good idea to make a clear distinction between predicting the severity of the financial crisis (which is almost upon us) and the duration of any subsequent depression. The 1930s Great Depression was largely extended by poor policy, which we hope will not happen now; but the severity of the financial crisis is comparable with that of 1929. Martin Baldwin-Edwards 19:10, 7 October 2008 (CDT)

Since we all seem to be agreed, I have altered the text accordingly. Nick Gardner 01:28, 8 October 2008 (CDT)

What a difference a day makes!

Wow! I can understand the opening of this, now! So I guess it takes a girl to BE BOLD? (snicker, snicker). Well done, lads! Aleta Curry 21:57, 7 October 2008 (CDT)