Blame Washington More Than Wall Street for the Financial Crisis
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The 2008 financial crisis threw the U.S. economy into recession, devastated its housing and stock markets, and lost 5.5 million American jobs. While Wall Street created destabilizing structured securities and investment banking firms over-leveraged their often illiquid assets, the Fed supplied far too much credit and Washington failed to provide the regulation and oversight that would have prevented crisis. Who’s to blame?
Lloyd R. Cohen
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- Professor of Law at George Mason University
More from Lloyd R. CohenAmy L. Friedman
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- M.D., Director of Transplantation and Professor of Surgery at SUNY Upstate Medical University
More from Amy L. FriedmanSally Satel
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- M.D., Resident Scholar at AEI and a Psychiatrist at the Oasis Clinic in Washington, D.C.
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James F. Childress
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- Hollingsworth Professor of Ethics at the University of Virginia
More from James F. ChildressFrancis L. Delmonico
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- M.D., Professor of Surgery at Harvard Medical School and Director of Medical Affairs of The Transplantation Society (TTS)
More from Francis L. DelmonicoDavid Rothman
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- Bernard Schoenberg Professor of Social Medicine and Director of the Center on Medicine as a Profession at Columbia
Origins of The Financial Crisis
NYT Crisis & Stimulus Summaries
Government
Individuals to Blame
Recession
Reporters
Regulation
Housing Policy
Wall Street
Solutions