Financial Markets (ECON 252) In the second of his two lectures in honor of Arthur Okun, Professor Summers points out that real interest rates have been very low in the current subprime crisis. This indicates that the shock to the economy was more a financial breakdown shock than a disinflation shock. But financial breakdown shocks are not necessarily very harmful to the economy, so long as financial intermediation capital is not destroyed. In a financial crisis like the present one …

This video was created by the US Government Accountability Office (GA0) and can be accessed at: www.gao.gov It is my understanding that works done by employees of the US Government, working in their official capacity, cannot be copyrighted. I have uploaded this video because I think it is an important message that more people need to hear.

This video was created by the US Government Accountability Office (GA0) and can be accessed at: www.gao.gov It is my understanding that works done by employees of the US Government, working in their official capacity, cannot be copyrighted. I have uploaded this video because I think it is an important message that more people need to hear.