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Desc:This is VERY dense econ stuff, for those who get a kick out of those challenges.
Category:Business, Educational
Tags:Bubbles, economics, OWS, crash Jacques de Larosiere
Submitted:baleen
Date:11/15/11
Views:1772
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Comment count is 4
baleen - 2011-11-15
Jacques de Larosière de Champfeu (born November 2, 1929, Paris) is a French civil servant. He is the Chairman of the Strategic Committee of the French Treasury and Advisor to BNP Paribas, became President of the London-based European Bank for Reconstruction and Development in September 1993 in the wake of the scandals that led to the departure of the EBRD's first president, Jacques Attali. He left this position in 1998 after restoring the bank's reputation and credibility. Following the financial crisis, Jacques de Larosière wrote a report to the European Commission, advocating the creation of a “European Systemic Risk Council” to assess information about financial stability.[1]

Prior to his EBRD service, Mr de Larosière was an able and tough-minded Managing Director of the International Monetary Fund (IMF) from June 17, 1978 to January 15, 1987, and Governor of the Banque de France from 1987 to 1993. In 1992, he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

Jacques de Larosière is a graduate of the Institut d'Etudes Politiques de Paris, and École Nationale d'Administration.
craptacular - 2011-11-15
This is really nothing new. Alan Greenspan reduced the interest rate to roughly 1% after 9/11 and held it there for many years for the invasion of Iraq to assist the economy. Then he ratcheted it back up to 5% over a year and held it there until it fell to 0.25% in '07. The pursuit of speculation by private firms went way up during the millennium as a cheap source of profit, fueled by the low interest rate and peeling back of regulations.

Greenspan is largely to blame here. He saw all the warning signs of credit growth and decided to ignore them for economic growth purposes. Remember his "irrational exuberance" bit?

Baleen you should check out "The Great Financial Crisis" by John Bellamy Foster and Fred Magdoff. It's about 150 pages, a quick read, and all about financialization of capital and explosion of speculation by companies that shouldn't be into it. (http://amzn.com/1583671846)
baleen - 2011-11-15
Thank you, I will check it out.

He goes into a lot more detail than the simple Blame the Fed shpiel.
cognitivedissonance - 2011-11-15
The lenders are inscrupulous, the Fed (and counterparts) is too academic/politicized to address actual immoral practices, creating an eternal feedback loop. Got it.
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