Friday, May 15, 2009

explain the financial crisis and recession in ten minutes

TO BE FILED: From the NY Times:

December 26, 2008, 11:57 am

Origins of the Economic Crisis? In One Chart!

Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth at Harvard Kennedy School’s Belfer Center, noted:

Every two years, Harvard Kennedy School hosts the newly elected Members of Congress for a three-day “briefing” on a wide variety of topics. We had an excellent turnout of forty this week, new congresspeople from both parties. I participated in a panel titled “Understanding the Economic Crisis,” along with Greg Mankiw, Elizabeth Warren and Robert Lawrence (on video).

Trying to explain the financial crisis and recession in ten minutes, even to the extent any of us understands it, was a tall order. But I tried to cram it all into a single slide. Here it is.


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