Friday December 4 | Lessons of the Financial Crisis

December 4, 2008 at 12:29 pm | Posted in Coming Up | 3 Comments

With the economy bumping along rocky roads in uncharted territory, work has already begun on how to keep us from going down this treacherous path again. In other words, What are we learning? Join guest host Chris Clackum for a lesson.

Dr. William Van Lear – Economics Professor, Belmont Abbey College

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  1. We are cynical, and rightly so. Credit default swaps! I find it hard to believe AIG was the only insurance company dealing with these. Does the Professor know if any other insurance companies were involved in CDSs? Thank you.

  2. I heard a guest say that rating agencies “were DUPED BY THE complexity” if credit default swaps.

    Excuse me, but what is the job of ratings agencies?

    If a student fails to do his homework, will the teacher think he was “duped” into failing to complete an assignment?

    The ratings agencies simply shirked their fiduciary duty.

    Greed, lies, and deception are at the heart of this, and making excuses for them is contributing to the whole sorry mess.

    America has been screwed by the financial industry, the medical/drug industry, big energy, and a political process that allows legalized bribery. Congress has not done it’s job properly for more than a decade.

  3. I feel Dr Van Lear is wrong concerning debt. There is good debt and bad debt. Good debt is buying a home you can afford when you are young and not having a mortgage when you retire. Bad debt is having to declare bankruptcy when one spouse loses their job for a month and they are in their forties. As one caller asked “Why are old line business having to borrow for payroll and normal operating expenses.”
    Yes the economy would take a hit but this spend until it hurts is wrong. A strong economy is one based on manufacturing not moving money from one account to another.
    The infrastructure stimulus package Congress is much smarter than the money giveaway earlier this year. Most of that money went to China by way of Walmart. How did that help our economy the money was also borrowed from China.
    Does no one remember what made the US a economic power house? We made things and had money to loan others countries. Now China makes everything we use and has the hoard of money.

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