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2009 | nr 3 | 1-5
Tytuł artykułu

United States and Global Financial Crisis

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EN
The first conclusion is that may be things did not get bad enough because we do not see the obvious and sensible things being done. The most important in the face of the financial crisis is to clean the books of the banks to reduce the risk and raise the level of trust within the global banking (and, more widely, financial) sector. And, yet, more is being said and done about politically palatable measures such as, e.g., helping those who (not unexpectedly!) face problems with paying their mortgage installments. The second conclusion is more pessimistic. Perhaps, things got bad enough, but the beliefs and, accordingly, expectations have changed and our societies and polities are psychologically unable to do the most obvious and sensible things. For example, to accept the inevitability of downturns and often absolute output decline, that is recessions. If the latter conclusion is true, then the only thing to do is to hope that the change in question is reversible. (fragment of text)
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1-5
Opis fizyczny
Twórcy
autor
  • Tischner School of European Studies; WestLB Bank Polska
Bibliografia
  • Barro, R., 2002, Nothing Is Sacred. Economic Ideas for the New Millenium, The MIT Press: Cambridge, Mass.
  • Stiglitz, J., Orszag, J.M., and P.R. Orszag, Implications of the New Fannie Mae and Freddie Mac Risk-based Capital Standard, Fannie Mae Papers, Vol. I, Issue 2, March.
  • Wallison, P.J., and Ch.W. Calomiris, 2008, The Last Trillion Dollar Commitmnt: The Destruction of Fannie Mae and Freddie Mac, Financial Services Outlook, American Enterprise Institute, September.
  • Winiecki, J., 1999, So Much for Interventionist Utopias, Wall Street Journal, March 10.
  • Winiecki, J., 2008, Gasoline Excise Tax Issue: Therapeutic Policies vs. Populist Policies, Monthly Economic Review, June.
Typ dokumentu
Bibliografia
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bwmeta1.element.ekon-element-000171314489
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