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Unraveling the Financial Crisis of 2008

Published online by Cambridge University Press:  02 April 2009

Michael Comiskey  and
Pawan Madhogarhia
Michael Comiskey
Affiliation:
Pennsylvania State University
Pawan Madhogarhia
Affiliation:
Pennsylvania State University
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Extract

In the fall of 2008, the world economy experienced a “once-in-a-century credit tsunami” (Greenspan 2008, 1). Centered in the market for homes and mortgages, the mechanisms that unleashed this financial tidal wave are many and complex. Indeed, an inadequate grasp of modern finance on the part of “the most sophisticated investors” and regulators “in the world” was itself a contributing factor (Greenspan 2008, 3).

Type
In Focus: Our Political and Financial Crisis of 2008
Information
PS: Political Science & Politics , Volume 42 , Issue 2 , April 2009 , pp. 271 - 275
Copyright
Copyright © The American Political Science Association 2009

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