This is a long article, but it puts together a pretty "concise" background of the current economic crisis. Worth a look if you have some time.
http://www.vanityfair.com/politics/feat ... ntPage=all
economic history
Moderator: Available
-
Bill Glasheen
- Posts: 17299
- Joined: Thu Mar 11, 1999 6:01 am
- Location: Richmond, VA --- Louisville, KY
Pretty simple if you ask me.The proximate cause of the economic uncertainty of 2008 was financial: to be precise, a crunch in the credit markets triggered by mounting defaults on a hitherto obscure species of housing loan known euphemistically as “subprime mortgages.”
The problem here is that the guilty parties aren't going to be the ones blamed for the current crisis.
- Bill
If people have a REALLY long time to read they can consider checking out
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
which basically is a long explanation of how these crises always seem explainable in retrospect but not while they are happening, and people who don't plan for random events can get creamed when they occur. My two issues with the book: the author has a grating style at times and more importantly, he skips the step of explaining how he views himself as secured against random events. He just tells us traders are stupid and he is not. The larger point for me is that it's easy to come to an explanation and find fault after the housing bubble bursts or after 9/11, etc--much harder to find their essays on the risk of those events before they occurred.
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
which basically is a long explanation of how these crises always seem explainable in retrospect but not while they are happening, and people who don't plan for random events can get creamed when they occur. My two issues with the book: the author has a grating style at times and more importantly, he skips the step of explaining how he views himself as secured against random events. He just tells us traders are stupid and he is not. The larger point for me is that it's easy to come to an explanation and find fault after the housing bubble bursts or after 9/11, etc--much harder to find their essays on the risk of those events before they occurred.
--Ian
-
Bill Glasheen
- Posts: 17299
- Joined: Thu Mar 11, 1999 6:01 am
- Location: Richmond, VA --- Louisville, KY
-
Bill Glasheen
- Posts: 17299
- Joined: Thu Mar 11, 1999 6:01 am
- Location: Richmond, VA --- Louisville, KY
walmart ,,,,another reason why the US dollar is losing value every day,,,dont even get me started 
from what i understand this economic crash happened 6 times prior to WW2 , each time banks tried rolling motages onto wall street and each time they got pressure to ease regulations and each time the economy crashed i heard this is where the term " history repeats itself for those that do not learn"
from what i understand this economic crash happened 6 times prior to WW2 , each time banks tried rolling motages onto wall street and each time they got pressure to ease regulations and each time the economy crashed i heard this is where the term " history repeats itself for those that do not learn"
