Written by John Lounsbury
This week our documentary is composed of three short videos covering a total time span of less than 19 minutes. The speaker in all three is L. Randall Wray. The subject of this video “collage” is the mismanagement of the Great Financial Crisis of 2008 and the resulting consequences.
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Here is a 3-statement summary from a 30,000 foot view of the terrain which Prof. Wray explores in some detail:
- Classical economic principles were violated.
- Financial criminals were not prosecuted.
- The financial system was not reformed allowing the perpetuation of zombie firms and their criminal activites.
From Wikipedia:
Larry Randall Wray (born June 19, 1953) is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.[2] Previously, he was a professor at the University of Missouri – Kansas City in Kansas City, Missouri, USA.
A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He is a prominent proponent of Modern Monetary Theory in macroeconomics.[4]
The three video clips are:
- How The Fed Mishandled The 2008 Financial Crisis
- Did The Bankers Learn Anything From 2008? Crime Pays.
- L. Randall Wray: Another Crash Is Coming
Sources:
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