The Real Cause of the Financial Meltdown
By Bruce Yandle
Accounting standards, credit ratings, and credit-default swaps were created to help facilitate financial transactions by fostering trust. In the run-up to the credit-market freeze of 2008 those assurance mechanisms collapsed under the weight of political and regulatory pressures to aggressively expand homeownership and other policies.
|Other Independent Review articles by Bruce Yandle|
|Summer 2020||The Next Fifty Years: Optimistic or Pessimistic?|
|Spring 2020||Narrative Economics:How Stories Go Viral and Drive Major Economic Events|
|Winter 2019/20||The Green New Deal:Why Fossil Fuel Civilization Will Collapse by 2028 and the Bold Economic Plan to Save Life on Earth|
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