The 2008 Financial Crisis - Why and How it Happened
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- This fascinating discussion was held on Thursday 9th May from 17:30 -19:00 BST. This lecture was part of the series on the 2008 Financial Crash and the Crisis in Neoliberal Economics.
The first of two lectures, this discussion will look at the 2008 financial crisis and will seek to dispel a number of myths that have spread about the crisis since. It will examine the deep roots of the crisis in the neoliberal economic model, the nature of how the crisis emerged and unfolded, and the core character of the policy response of the countries at its centre.
The lecture will be presented by Professor Damon Silvers, Visiting Professor of Practice at UCL IIPP and Former Deputy Chair of the US Congressional Oversight Panel for Troubled Asset Relief Program.
One of the most lucid and comprehensive breakdowns of the crisis I've encountered. Thanks for posting.
So many quotable lines. My favourite
“you couldn’t do law enforcement because if you did law enforcement you would jeopardise public confidence in the banks.”
That’s how no one went to jail. Not because crimes weren’t committed but because of fear of bank failure.
10/10. Great lecture
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
As a resident of the UK, I can tell you that the taxes on ordinary people is not low and we are being screwed big time. The taxes on the extremely rich might not be with tax advice and loop holes to avoid the taxes ordinary citizens pay.
Gordon Brown favoured “light touch” regulation of the banks. The run on Northern Rock was the first since the Victorian era. 125% loans. What could go wrong?
"Self evident ", implied in self-defining, and know how you are your Self by Observation. It's always NOW everywhere-when in the modulation pulse-evolution management mechanism of Logarithmic Time Duration Timing.., less mysterious when you are prepared to see precisely what is under inaccurate labeling, in Actuality.
That's the defining message of this talk. Thank you.
Can’t wait for part 2!
2:09 Lecture start
02:00:21 lecture end!
01:06:09 some other stuff
01:45:55 the word wobble!
Excellent. Congratulations. Thank you for sharing. 👏
I started my first semester in September 2008 as a community college transfer student to state university. I didn't know anything about politics or economics, I was an English major, but I happened to be taking a political science course to fill a requirement. I remember another student who knew a lot about mortgages arguing with the professor, telling her she didn't know what she was talking about. It was a heated time, and keep in mind this came at the end of 8 years of Bush, who was hated passionately, and the utopian wishing for an Obama administration. Two years later in 2010 I graduated with a BA in English. What a decade the next ten years would be for me, economically and politically. This decade after 2008 defined me and many like me, thanks for the great lecture.
Pretty much no economists back then and still very few now actually know how anything in banking and the economy works. Your colleague that argued the professor was probably correct.
#10 interesting overview of financial banks. I wonder if November elections results will follow similar patterns or lead to financial crisis.
N the first will be last..
N the last will be first..
Yeah so you saying that it failed 2008 and after 16 years only you got here?
95% of Chinese expressed satisfaction with their government while only 35% Americans expressed satisfaction with their government in Harvard and Gallup polls
He lost me at how the bankers abused minorities
People with bad credit pay higher rates period, he's obviously never put his own money up
He also seemed to leave out how the democratic congress threatened banks for years to make these loans to minority neighborhoods
Mortgage failures in the US were steady for 80 years until Congress forced banks to make loans to people who had terrible credit
Unsurprisingly those people with bad credit failed on their payments
I agree, the introduction of this fake racist narrative stopped me watching this
80 years? That is total BS. You don't even get from 1929 to 2009 that way. Never mind the savings & loan crisis. On top of that, you'll find more middle class houseflippers than mexican strawberry pickers among the contents of bad MBS from the first two subprime waves in the 1994-2008 period.
One cause of the crisis is the Bush admin equating triple-A rated MBS with Fannie and Freddie MBS. That's the moment big banks get permission to repackage the radioactive credit risk that they did. But the banks have succeeded in drawing the wool over the eyes of people like you, by pretending democrats and affordable housing goals were the root, instead of their own apathic risk management.
Anyone ever seen a banker do what Congress wanted? Me neither. Not until after the crisis. That's when you start engineering bullshit about minorities to deflect
blame.
Exactly, one of the reason why the banks started lending to people to bad credit was due to the government badgering them to start loaning subprime and lowering requirements. The banks have no motivation to abuse "minorities" specifically, if they are able to make money on them, but if they largely lose out on defaulted loans by groups with poor credit histories, then they will be less likely to loan these groups money.
😷☕🇺🇸
Greed.
biggest theft in history = lol