A Quote by Rahm Emanuel
There was no blueprint or how-to manual for fixing a global financial meltdown, an auto crisis, two wars and a great recession, all at the same time.
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The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
There is no question that the recovery from the global recession triggered by the 2008 financial crisis has been unusually lengthy and anemic.
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
Detroit's financial challenges - the decline of the American auto industry, the impact of the global economic recession, declining population, and an erosion of the municipal tax base - are key to understanding what led this great city to an inability to provide basic city services or to carry out the normal functions of a municipality.
So, for example, a country was into recession right after I was sworn in, a dot-com bust had taken place. Then the attacks of September the 11th, and then of course the great financial meltdown in the - the fundamental question facing any presidency is how do you deal with the hand you’re dealt?
So, for example, a country was into recession right after I was sworn in, a dot-com bust had taken place. Then the attacks of September the 11th, and then of course the great financial meltdown in the -the fundamental question facing any presidency is how do you deal with the hand you're dealt?
China's accumulation of reserves is a result of the IMF's mismanagement of the Asian financial crisis a decade or so ago. If countries know they can't rely on the IMF to help them, their best defense is their own reserve cushion. In a time of spreading global recession, too much emphasis on savings in surplus countries like China can impede prospects for global growth.
In other words: we can fight pollution and poverty at the same time, with the same method. We can beat global warming and the global recession at the same time, with the same method. We can do this by putting people to work re-powering America with clean energy.
Beside the two wars he inherited in Iraq and Afghanistan, and promised to end, a financial crisis at home had pushed the United States to the brink of another Great Depression. When we spoke with the new president in March of 2009, the economy was losing 800,000 jobs a month, the government was throwing hundreds of billions of dollars at failing banks, and the auto industry was on the verge of collapse. Politically pummeled from all sides, Obama did his best to keep a sense of humor.
The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
We have been dealt a very weak hand by the financial market meltdown, bailouts, and recession. We can't act like it's a strong one.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
It's just very hard to teach a class of students about what has happened in the Global Financial Crisis, how we ended up there and how we got to where we are today, without having some basic, non-trivial understanding of the financial sector, credit, and the banking system.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.
Too often, as a global community of humanitarians, we meet the needs of the same families, the same individuals, the same communities crisis after crisis, when we are focused on meeting crisis needs but not on building resilience.
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