Tuesday May 05, 2009
This Is Primarily a Crisis of Globalization
Hakim El Karaoui
Marianne2
The source of the crisis is stagnation in domestic demand.
Conventional wisdom today ascribes the 2008 crisis to a financial crisis caused, on the one hand, by the crisis in the American real estate market, especially that of the least-solvent households ("subprime"), and, on the other hand, by the excesses of eager and greedy financiers against a background of populist slogans such as "everyone a homeowner!"
As for the crisis' aggravation in 2009, that's supposedly due to the diffusion of the financial crisis into the "real economy," a truly odd expression if you think about it.
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Posted in: by bubblejam at 07:18 PM | Comments (0) | Email This Entry