What is Good for Banks is not Good for the Economy, Harvard Economics Review, October 2015.
Economists and analysts of the 2007-2009 financial meltdown usually take the domestic housing and securities markets as the point of departure in their prognoses of the crisis. While refusing to look beyond the apparent roots of the malaise, they continue to begrudge the decline in housing prices as the bedrock of the financial crunch. And, that, of course, makes perfect sense. With a housing bubble bursting by the end of 2006 that forced the prices […]