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Date: 2024-07-15 Page is: DBtxt001.php txt00000311

2008 Economic Crisis
Niall Ferguson: The Financial Crisis -1/6

VIDEO

Niall Ferguson - renowned professor of History and Business Administration at Harvard, Senior Research Fellow at Oxford and the Hoover Institute, and author of 'The Ascent of Money: A Financial History of the World' - provides a riveting historical perspective on the financial crisis.

He discusses at length:
(a) the historically bumpy evolution of the financial system via periodic crisis;
(b) the boom-bust cycle of assets prices due to never changing human psyche;
(c) the severity of the current financial crisis on account of excessive risks undertaken by investors;
(d) the poor appreciation of risk in modern financial services industry due to general ignorance of financial history and reliance on limited duration mathematical models;
(e) the origins of the sub-prime crisis, including the political dogma of increasing housing ownership rates and the moral hazard introduced by securitization process;
(f) the susceptibility of insurance industry to financial crisis on account of entry into credit default swaps (CDS) market;
(g) the fallacy of Greenspan Fed's doctrine of focusing on consumer prices and ignoring asset prices; and
(h) the role of 1997-98 Asian financial crisis in facilitating massive capital infusions into the United States over the last decade.

In addition, he delves into:
(i) the unique China-America relationship that enabled US consumer to engage in profligate spending as well as speculation on housing prices; and
(j) the long-term impact on US power and dollar's strength in light of the massive funding needs of the US to fix the financial system and revive its economy.

This interview was recorded in October 2008.

Niall Ferguson: The Financial Crisis -1/6



The text being discussed is available at http://youtu.be/nUCbQhzYkpI
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