Financial Briefs

Breaking financial news from Wall Street to Main Street

Anatomy Of The Financial Crisis

Posted by financialbriefs on September 25, 2008

Getting out of our current financial mess requires understanding how we got into it in the first place. The dominant explanation, voiced by figures as diverse as Thomas Friedman and John McCain, is that the fundamental cause was greed and corruption on Wall Street. Though not one to deny the existence of base motives in the institutional investor community, I would insist that the crisis has roots in key policy decisions stretching back over more than three decades.

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