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Originally Posted by flying ^
DISCARD whatever you think you knew about or who caused the the Great '08 Financial Crisis !
This revolutionary finding from a respected institute will leave you... breathless
There can only be one to blame...
http://www.cnbc.com/id/48814165 |
That is .... simplistic is a nice way to say it. Its almost like saying the person who invented money caused the crisis. In a real textured world with multiple vectors - there's a fair pile of greed that swirled together to cause the storm and it is still centered on bankers and speculators in Wall Street and other markets.
I think the comments on the article are useful reading and another minus 50 points for the news reporter not linking to the article. In fact, I found 7 or 8 articles that were just rehacks of this article - none pointed to the study.
The author is Heleen Mees, assistant professor of economics at Tilburg University.
Here is an actual link to the study's summary:
http://www.erim.eur.nl/ERIM/events/E...?event_id=2729
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This dissertation includes five academic papers that – one way or the other – all relate to China. The first paper delivers proof for the central thesis of this thesis, which is that China’s boom caused the 2008 financial crisis and ensuing recession. As much as I hoped from the outset to find evidence that China’s leadership purposely flooded global financial markets with cheap money, I have concluded on the basis of my research that the Chinese have more prosaic reasons to save more than half of their national income, and hold it overwhelmingly in the form of bank deposits, driving down global interest rates. The second paper explains why Chinese households save about 30 percent of household income. The third paper shows that individuals in China are susceptible to money illusion, albeit to a lesser extent than their American counterparts. On the basis of financial markets’ response to Chinese GDP figures we have found no evidence, in paper 4, that China’s National Bureau of Statistics ‘cooks the books.’ Last and also least, in paper 5 we show that China’s Q2, Q3 and Q4 GDP numbers are rather predictable because quarterly GDP is reported cumulatively.
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The CNBC reporter wrote a sensationalistic piece.. imagine. The author of the study herself was *HOPING* to find tinfoil hat manipulation by the Chinese ... but instead found that "o gods how evil" the Chinese people are better about saving money. That money gave banks more money to lend and Wall Streeters more money to package ... and here we are back at the banksters and Wall Street who had manipulated the laws to deregulate themselves from oversight.