On the financial crisis & economic policy - Introduction
The financial meltdown of 2007 to 2009 was surely a great spectacle. Mighty names toppled like that statue of Saddam Hussein. Lehman Brothers, with a history spanning a century-and-a-half, just disappeared. Bear Stearns and even Merrill Lynch–the same Merrill Lynch that had taught generations...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
MIT Press
2010
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| Online Access: | http://hdl.handle.net/1721.1/60335 https://orcid.org/0000-0002-3134-3896 |
| _version_ | 1826195951883124736 |
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| author | Solow, Robert M. Friedman, Benjamin H. |
| author2 | Massachusetts Institute of Technology. Department of Economics |
| author_facet | Massachusetts Institute of Technology. Department of Economics Solow, Robert M. Friedman, Benjamin H. |
| author_sort | Solow, Robert M. |
| collection | MIT |
| description | The financial meltdown of 2007 to 2009
was surely a great spectacle. Mighty
names toppled like that statue of Saddam
Hussein. Lehman Brothers, with a history
spanning a century-and-a-half, just disappeared.
Bear Stearns and even Merrill
Lynch–the same Merrill Lynch that had
taught generations of small investors to
be “bullish on America”–were sold off
at discounts suitable for used furniture.
AIG was rescued in the nick of time, but
only with $182 billion of U.S. government
assistance. Trillions of dollars of investors’
wealth simply evaporated. One
could think, “Oh, well, easy come, easy
go.” But still, trillions of dollars? It was a
spectacle all right, but why did it really
matter to the rest of us, who count ourselves
merely as citizens of the republic? |
| first_indexed | 2024-09-23T10:18:25Z |
| format | Article |
| id | mit-1721.1/60335 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T10:18:25Z |
| publishDate | 2010 |
| publisher | MIT Press |
| record_format | dspace |
| spelling | mit-1721.1/603352022-09-30T20:17:36Z On the financial crisis & economic policy - Introduction Solow, Robert M. Friedman, Benjamin H. Massachusetts Institute of Technology. Department of Economics Solow, Robert M. Solow, Robert M. Friedman, Benjamin H. The financial meltdown of 2007 to 2009 was surely a great spectacle. Mighty names toppled like that statue of Saddam Hussein. Lehman Brothers, with a history spanning a century-and-a-half, just disappeared. Bear Stearns and even Merrill Lynch–the same Merrill Lynch that had taught generations of small investors to be “bullish on America”–were sold off at discounts suitable for used furniture. AIG was rescued in the nick of time, but only with $182 billion of U.S. government assistance. Trillions of dollars of investors’ wealth simply evaporated. One could think, “Oh, well, easy come, easy go.” But still, trillions of dollars? It was a spectacle all right, but why did it really matter to the rest of us, who count ourselves merely as citizens of the republic? 2010-12-21T16:23:04Z 2010-12-21T16:23:04Z 2010-10 Article http://purl.org/eprint/type/JournalArticle 0011-5266 1548-6192 http://hdl.handle.net/1721.1/60335 Friedman, Benjamin M., and Robert M. Solow. “On the financial crisis & economic policy - Introduction.” Daedalus 139.4 (2010): 5-8. © 2010 American Academy of Arts & Sciences. https://orcid.org/0000-0002-3134-3896 en_US http://dx.doi.org/10.1162/DAED_e_00037 Daedalus Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf MIT Press MIT Press |
| spellingShingle | Solow, Robert M. Friedman, Benjamin H. On the financial crisis & economic policy - Introduction |
| title | On the financial crisis & economic policy - Introduction |
| title_full | On the financial crisis & economic policy - Introduction |
| title_fullStr | On the financial crisis & economic policy - Introduction |
| title_full_unstemmed | On the financial crisis & economic policy - Introduction |
| title_short | On the financial crisis & economic policy - Introduction |
| title_sort | on the financial crisis economic policy introduction |
| url | http://hdl.handle.net/1721.1/60335 https://orcid.org/0000-0002-3134-3896 |
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