Financial Crisis News
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Readers Question. I have recently been trying to better understand the financial crisis and it has been very useful, however I am curious to your own opinions, as the articles are very neutral. Where possible, I try to avoid preconceived ideology / expectations.
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(KEVIN LAMARQUE - REUTERS) Christina Romer had traveled to Chicago to perform an unpleasant task: she needed to scare her new boss. David Axelrod, Barack Obama’s top political adviser, had been very clear about that. He thought the president-elect needed to know exactly what he would be walking into when he took the oath of office in January. But it fell to Romer to deliver the bad news. So Romer, a preternaturally cheerful economist whose expertise on the Great Depression made her an obvious choice to head the Council of Economic Advisers, gathered her tables and her charts and, on a snowy day in mid-December, sat down to explain to the next President of the United States of America exactly what sort of mess he was inheriting.
Okay, look… this article is long, I know. Ezra Klein’s article in the Washington Post was also long. The thing is, if you’ve been wondering why the administration has made the decisions it has, why they didn’t do more to address the housing markets, or to create jobs, things like that… well, then this provides real answers to those questions. If you really don’t have time to read it, I would suggest that you at least read Sec.