John B. Taylor:
"... My research shows that government actions and interventions -- not any inherent failure or instability of the private economy -- caused, prolonged and dramatically worsened the crisis.
The classic explanation of financial crises is that they are caused by excesses -- frequently monetary excesses -- which lead to a boom and an inevitable bust. This crisis was no different: A housing boom followed by a bust led to defaults, the implosion of mortgages and mortgage-related securities at financial institutions, and resulting financial turmoil.
Monetary excesses were the main cause of the boom..." --
http://online.wsj.com/article/SB123414310280561945.html
Background analysis: http://www.stanford.edu/~johntayl/FCPR.pdf
Nenhum comentário:
Postar um comentário