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http://hdl.handle.net/10419/56996
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| Title: | | Lessons we should have learned from the global financial crisis but didn't  |
| Authors: | | Wray, L. Randall |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working paper, Levy Economics Institute 681 |
| Abstract: | | In this paper, I first quickly recount the causes and consequences of the global financial crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, I argue that the financial system was already so fragile that just about anything could have caused the collapse. I then move on to an assessment of the lessons we should have learned. Briefly, these include: (a) the GFC was not a liquidity crisis, (b) underwriting matters, (c) unregulated and unsupervised financial institutions naturally evolve into control frauds, and (d) the worst part is the cover-up of the crimes. I argue that we cannot resolve the crisis until we begin going after the fraud. Finally, I outline an agenda for reform, along the lines suggested by the work of Hyman P. Minsky. |
| Subjects: | | global financial crisis subprime crisis Hyman P. Minsky Galbraith and the Great Crash control fraud underwriting deregulation financial reform |
| JEL: | | E3 E11 E12 E32 E44 G01 G21 G38 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Levy Economics Institute of Bard College
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