User:Nick Gardner /Sandbox: Difference between revisions

Revision as of 14:20, 20 April 2010

Links for Great Recession/Diagnosis and Remedies

economics

(Testimony of Dr. Alan Greenspan before the Committee of Government Oversight and Reform October 23, 2008[3])

Krugman

on why ^[2]

By PAUL KRUGMAN Published: September 2, 2009

Flanders

new clothes [4]

A busted flush? [5]

NYT on debate[6]

Debate Transcript ^[3]

Tett

Mckenzie on Tett [7]

(Source: Martin Wolf: Fixing Global Finance, page 11, Yale University Press, 2009. )

↑ The Economic Crisis and the Crisis in Economics, INET Inaugural Conference @ King’s College April 8-11, 2010 Institute for New Economic Thinking[1]
↑ Paul Krugman: How Did Economists Get It So Wrong?, New York Times, 2 September 2009
↑ [2]

Skeleton

Diagnosis > remedies

Failure > conduct / institutions / understanding

Conduct > politics / conduct of monetary policy / regulators / bankers / credit rating agencies / economists

Institutions > monetary policy / regulation /

Understanding > financial economics /economic philosophy

@@ Line 3: / Line 3: @@
 '''economics'''
-We are buying a lot of housing at rising prices, but home ownership has become a vehicle for borrowing as much as a source of financial security. As a nation we are consuming and investing about 6 percent more than we are producing.....what holds it all together is a massive and growing flow of capital from abroa...this seemingly comfortable pattern can't go on indefinitely...
-I don't know whether change will come with a bang or a whimper, whether sooner or later. But as things stand, it is more likely than not that it will be financial crises rather than policy foresight that will force the change.
-<ref>[http://www.washingtonpost.com/wp-dyn/articles/A38725-2005Apr8.html Paul A. Volcker: ''An Economy On Thin Ice'', Washington Post, April 10, 2005]</ref>
@@ Line 12: / Line 9: @@
-House prices have risen by nearly 25 percent over the past two years. Although
-speculative activity has increased in some areas, at a national level these price increases
-largely reflect strong economic fundamentals, including robust growth in jobs and
-incomes, low mortgage rates, steady rates of household formation, and factors that limit
-the expansion of housing supply in some areas. House prices are unlikely to continue
-rising at current rates.
-<ref>[http://www.house.gov/jec/hearings/testimony/109/10-20-05bernanke.pdf Ben Bernanke: ''The Economic Outlook'', Testimony before the Joint Economic Committee, October 20, 2005]<ref>