The Return of Depression Economics and the Crisis of 2008

The Return of Depression Economics and the Crisis of 2008

Book - 2009
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In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and pointed out that those crises were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression were making a comeback. In the years that followed, as Wall Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America: when the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises and a replay of the 1930s seems all too possible.In this new, greatly updated edition of The Return of Depression Economics, Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken to contain the crisis, and turn around a world economy sliding into a deep recession. Brilliantly crafted in Krugman's trademark style--lucid, lively, and supremely informed--this new edition of The Return of Depression Economics will become an instant cornerstone of the debate over how to respond to the crisis.
Publisher: New York : W.W. Norton, c2009
Edition: Updated ed.. --
ISBN: 9780393071016
Characteristics: 191 p. : ill


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Apr 13, 2014

A problem I had with this book, as I've had many problems with Krugman, who I differ with on many things, [unlike him, I am an authentic liberal and progressive] is Krugman's sentiment, mirrored in the description: [in quotes] Krugman shows how the failure of regulation to keep pace[end of quote]. Legislation was passed at the federal level [Private Securities Litigation Reform Act of 1995] and at the state level [witness Chris Christie as a lobbyist working to excluded securities fraud from New Jersey's crimes legislation] to allow this to happen. Alan Greenspan's Federal Reserve rates corresponded exactly to the housing bubble, so banks could sell endless amounts of debt and financial instruments based upon that debt. All the pseudo economists supported this [exceptions: Michael Hudson and Michael Perelman]. All the government stimulus, which we now know much of went overseas, and all those green jobs have since been offshored, means nothing unless it is directed towards, and focused upon, the American worker.

Sep 05, 2011

Easy read of the history of economic crises and the failure of establishment economists to foresee the seemingly obvious. The author points out the failure of establishment economists to predict crisis is rooted in their assumptions about "free markets". The author was awarded a nobel prize in economics. Precedes the also excellent book by Nouriel Roubini appropriately titled - Crisis Economics. Watch out Milton Friedman. It looks like you are toast.

Jun 26, 2010

easy read, an update of his 1999 book (about the Asian crisis), he likes more government stimulus spending and regulation, but it now looks like Europe has discovered the limits of deficit spending

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