Nice reading -- Diamond and Kashyap on the Recent Financial Upheavals - Freakonomics - Opinion - New York Times Blog

[David Farber <dave () farber net>]

http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/?em


September 18, 2008,  10:04 am
By STEVEN D. LEVITT

As an economist, I am supposed to have something intelligent to say  
about the current financial crisis. To be honest, however, I haven’t  
got the foggiest idea what this all means. So I did what I always do  
when something related to banking arises: I knocked on the doors of my  
colleagues Doug Diamond and Anil Kashyap, and asked them for the  
answers. What they told me was so interesting and insightful that I  
begged them to write their explanations down for a broader audience.  
They were kind enough to take the time to do so. In what follows, they  
discuss what has happened in the financial sector in the last few  
days, why it happened, and what it means for everyday people.

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