Thursday, January 07, 2010

Understanding the crisis

As the months are going by, we're slowly building a better picture of what went wrong and why. If you want to only spend two hours on figuring out the financial crisis, then listen to this interview with Charles Calomiris, and read this interview with Raghuram Rajan.

1 comment:

  1. Fantastic interview with RR. Thanks!

    There's atleast one smart economist in the house who makes sense to the layman (me). Especially like these two comments:

    "This is where I think the most damaging statement the Fed could have made was the famous Greenspan doctrine: “We can’t stop the bubble on the way up, but we can pick up the pieces on the way down.” That to my mind made the situation completely asymmetric."

    "Monetary economists thought credit growth was not an issue that they should be thinking about."

    The cataract surgery comments quite possibly might have been related to the Aravind eye care network:
    TED Talk

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