Is the banking industry responsible for the present (worldwide) economic crisis Essay

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The housing bubble which ended in 2007, the financial crisis of 2008, and the general economic downturn which began after December 2007 (the peak identified by the NBER), Have multiple causes. Much criticism has been directed at (among others) the practices of the banking industry and at the policies of the Federal Reserve.

Using the DEAN BAKER BOOK, “PLUNDER AND BLUNDER”, AND RELEVANT CHAPTERS FROM THE MICHAEL E. KRAFT AND SCOTT R. FURLONG BOOK, “ PUBLIC POLICY third edition,” AND (IF YOU LIKE) THE RELEVANT CQ RESEARCHER REPORTS ON THE CRISES AVAILABLE THROUGH http://www.scu.edu/library/ UNDER DATABASES (SEE ESPECIALLY “FINANCIAL BAILOUT,” OCTOBER 24, 2008; “FINANCIAL CRISIS,” MAY 9, 2008; “MORTGAGE CRISIS,” NOVEMBER 2, 2007; “CONSUMER DEBT,” MARCH 2, 2007; AND “THE FEDERAL RESERVE,” SEPTEMBER 1, 2000), EVALUATE THESE CRITICISMS. To What Extent (if any) is the Banking Industry Responsible for the Present (worldwide) economic crisis? To what extent (if any) is the U.S. Federal Reserve responsible for the present crisis? If you think either of these bear responsibility, what do you think should be done (or has already been done) to avoid a repeat in the next business cycle, or in fifteen or twenty years?

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