by Basak Kus* It has now been almost two decades since the 2007-10 financial crisis shattered the exuberance that surrounded American capitalism in the 1990s. The immediate issues the crisis posed—negative growth rates, rising unemployment, and falling stock prices—were addressed long ago. Crises like the Great Recession, however, are more than temporary setbacks; they necessitate […]
financial crisis
The lockdowns and the stimulus required to keep the economy alive helped drive inflation. Then the Fed jacked up interest rates. And all hell broke loose. On Friday March 10th, 2023, Silicon Valley Bank (SVB) died of Covid. Alright, it’s a little more complicated than that, but Covid lockdowns followed by massive government stimulus were a critical – and massively under-acknowledged – factor in propelling the bank’s demise. At the heart of the crisis is the gigantic pile of low-interest […]
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In March 2020, the Trudeau government launched a new version of the Insured Mortgage Purchase Program (IMPP). According to CMHC’s website: “Under this program, the government will purchase up to $50 billion of insured mortgage pools through CMHC.” Here are 10 things to know: 1. Canada Mortgage and Housing Corporation (CMHC) is a federally-owned crown corporation. Many of us know [...]
On November 4, 2008, Queen Elizabeth visited the London School of Economics for the opening of a new building. While there she was given an explanation on the origins and effects of the global financial crisis. At the end of briefing the Queen asked only one question: “Why did nobody notice it?” Professor of Economics […]