All Posts Tagged With: "credit crunch"
Financial Fiasco: How America’s Infatuation with Homeownership and Easy Money Created the Economic Crisis
Free-market greed stands accused of undermining the world financial system, but that is a mistaken analysis, writes Johan Norberg. The Swedish author made famous by his book In Defence of Global Capitalism is back to provide an explanation for the current financial crisis. Many factors led to the global financial fiasco, Norberg writes, including a [...]
20May2010 | Waldemar Ingdahl | 20 comments | ContinuedThe Return of Depression Economics and the Crisis of 2008
Reading The Return of Depression Economics, I have to admit I was surprised. Paul Krugman, 2008 Nobel Prize winner in economics and New York Times columnist, isn’t as feisty and partisan in the book as he is in his column. Moreover, he presents some useful information about the many economic collapses that have occurred in [...]
18Nov2009 | William L. Anderson | 14 comments | ContinuedBad Regulation Drives Out Good
In 1969 economist Harold Demsetz identified a flaw in much public policy analysis, the “Nirvana Fallacy”: “The view that now pervades much public policy economics implicitly presents the relevant choice as between an ideal norm and an existing ‘imperfect’ institutional arrangement. This nirvana approach differs considerably from a comparative institution approach in which the relevant choice [...]
17Jun2009 | Sheldon Richman | 0 comments | ContinuedSo Where's the Credit Crunch?
President Obama “summoned” (the news media’s word) a dozen big bank CEOs to the White House for discussions about the economic crisis. At at brief news conference afterward, the CEOs were asked if they would change their banks’ behavior just because Obama asked them to lend more. The head of PNC Bank said he and [...]
27Mar2009 | Sheldon Richman | 0 comments | ContinuedRobert Higgs Told Us So!
According to Reuters: The credit crunch is not nearly as severe as the U.S. authorities appear to believe and public data actually suggest world credit markets are functioning remarkably well, a report released on Thursday says.As a result, governments are pumping masses of public money into the economy across the world because of the difficulties [...]
12Dec2008 | Sheldon Richman | 0 comments | ContinuedSins of the Past
Our friend and summer lecturer Steve Horwitz has some wise words at “The Austrian Economists” blog. Read it all, but here’s his summation: We really are living out the extended negative unintended consequences of the Great Depression. If so, it only goes to show how important it is for us not to do what precisely [...]
29Nov2008 | Sheldon Richman | 0 comments | ContinuedThe Sky's the Limit
From the New York Times: The federal government unveiled $800 billion in new loans and debt purchases on Tuesday, hoping another infusion of cash can help unfreeze troubled credit markets and make borrowing easier for homebuyers, small businesses and students.The Federal Reserve said that it would buy up to $600 billion in mortgage-backed assets from [...]
25Nov2008 | Sheldon Richman | 0 comments | ContinuedWhat Consumer Credit Crunch?
Treasury Secretary Henry Paulson now says the government must directly stimulate the consumer-credit market with the $700 billion that Congress gave him. He says that market is at a stand-still. Really?Here’s what Time magazine reported Sunday: [I]ndustry watchers say credit card and auto lending has actually held up quite well despite the credit crunch. According [...]
16Nov2008 | Sheldon Richman | 2 comments | ContinuedThe Recurring Crisis
Recently the governor of the Bank of England announced that the “nice” times had come to an end. (In the Bank’s lexicon, NICE = “Non-Inflationary Constant Expansion”). This news will not come as any shock to the many Americans who have had their homes repossessed recently, but it does appear to have startled many of [...]
1Jul2008 | Stephen Davies | 0 comments | Continued-
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