From The Economist: “In all sorts of ways, the liberal meritocracy is closed and self-sustaining.
Peter J. Wallison | AEI event
Today at AEI, expert panelists will outline the principal reasons that have been advanced as causes of the financial 2008 crisis. They will discuss how conceptions about the causes of the crisis influenced the reforms that were ultimately adopted and whether these reforms have been or will be effective. Tune in for a special lunchtime discussion with House Committee on Financial Services Chairman Jeb Hensarling (R-TX).
Public opinion 10 years after the financial crash
Karlyn Bowman | American Enterprise Institute
Using survey data collected before the 2008 financial crisis, Karlyn Bowman shows that Americans have long had doubts about Wall Street, banks, and financial institutions. The 2008 crash profoundly affected people’s views of Wall Street, the economy, and their family’s prospects. For example, in a November 2009 Gallup poll, the view that it was a good time to find a quality job dropped to its lowest level ever, 8 percent. There has been a small recovery in the major confidence-in-institutions indicators, and most Americans do not feel the economic system is more secure today than it was before the financial crisis.
Government ignorance is no excuse for another dreadful financial crisis
Peter J. Wallison | The Hill
In light of the 10-year anniversary of the 2008 financial crash, Peter Wallison assesses the current state of the economy. He argues that without a halt in current government housing policies, there is likely to be another financial crisis, again caused by a government-dominated housing finance system. The system is functioning in substantially the way it functioned before the crisis. Wallison identifies rising housing prices and notes that of particular concern is that the highest rate of increase is occurring for the lowest price homes, exactly the opposite of what a sensible housing policy would produce.
quoting Raghuram Rajan via The Navhind Times
Ten years ago, on September 15, 2008, Lehman Brothers filed for chapter 11 bankruptcy. The mayhem that followed led to the worst global financial crisis after the Great Depression. Like the latter, the 2008 financial crisis has been a matter of much discussion – from Congressional testimonies to saucy Hollywood productions leave alone the academic garbage that it generated.