How We Got the Crash Wrong

Cohan, William D.
June 2012
Atlantic;Jun2012, Vol. 309 Issue 5, p36
The article discusses the causes of the 2008 financial crisis in the U.S., focusing on explanations that identify the cause to be excessive leverage on the part of U.S. securities industry as well as the role of incentives in the industry. Topics include 2004 policy changes of the U.S. Securities and Exchange Commission which focused on leveraging risk, economists Joseph Stiglitz, Alan Blinder, and the press's focus on leverage as the cause, and the role of incentives.


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