Financial crises repeat in all market economies throughout their histories. But, if understood they can be prevented. The after-effects of the recent financial crisis will affect us for years to come. What happened? Gary B. Gorton '73 will help us explore this question.
This question, though the most basic and fundamental of all, seems very difficult for most people to answer. They can point to the effects of the crisis, namely the failures of some large firms and the rescues of others. People can point to the amounts of money invested by the government in keeping some firms running. But they can’t explain what actually happened, what caused these firms to get into trouble. Where and how were losses actually realized? What actually happened? If we can’t answer this question, we are doomed to repeat history.
Reception immediately following the lecture. Sponsored by the economics department's Oberlin Financial Lecture Series.
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