Crisis Economics by Nouriel Roubini Book Review

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These funds are now removed from the banking system. Keep in mind that banks use every dollar on deposit to create many more dollars worth of loans, the hit to the banking system and by extension, to the money supply is something approaching 25 to 30 billion dollars. This was a global phenomenon, as the crisis arises interest rates are slashed. So hence, by 2008-2009 the Federal Reserve, Bank of England to many others have pushed interest rates close to zero. He also explains how major players like Mr. Bernake and the Treasury Secretary Henry Paulson affected the crisis and how the steps and how they have left their mark on this financial crisis.

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He also contends that all crisis have an ebb and flow in their severity and rarely hit once and subside. He vilifies our toxic waste method of having recourse to non-recourse government loans and in the event this go awry the investors can simply walk away unscathed while taxpayers shoulder the fiscal burden. He also warns us of radical remedies and the future consequences. By imposing regulations on banks and other firms that played a role in the precipitating the recent crisis we become adept not just at controlling the rises of other crises but also making sure that the execution of financial regulation and supervision must be better….....

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