The U.S. suffered through three major financial crises during the past 40 years (1972-74, the 1980s and 2007-09).
For many, those drastic steps create personal financial crises from which they cannot recover.
While there he helped craft the government's response to various global financial crises at the time.
It is here we can begin to see some links between the environmental and financial crises.
His vast experience of monetary-policy decisions and financial crises would be invaluable in troubled times.
Historically financial crises brink about recessions that are deeper and longer lasting than the normal business-cycle recessions.
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If he has stocks, they too will likely be sold off in the financial crises to come.
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How should it react to financial crises, and what should its role be in the poorest countries?
George Cooper is the author of The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy.
Bond investors complain that they already suffer in financial crises because the prices of their assets plummet.
Economic strain and personal financial crises have been well documented as precipitating events in individual deaths by suicide.
And it is true that, historically at least, after financial crises the recessions are deeper, longer, more prolonged.
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On the contrary, it is perfectly possible for monetary unions to survive financial crises and public sector defaults.
Research by economists at the IMF suggests that income inequality slows growth, causes financial crises and weakens demand.
Financial crises are always about the way people do business, and not just the deals they have struck.
Disagreements on this issue lead to the biggest unanswered question: how should future financial crises be dealt with?
By many accounts, they live in an Earthly greenzone, sometimes above the law, almost always above financial crises.
The United States has clearly not escaped the historical pattern of long and slow recoveries after financial crises.
"This is probably one of the most serious financial crises that we've had since the Great Depression, " Carter said.
Yet this does not herald a broad-based agreement on how to involve the private sector in resolving financial crises.
But ten years ago it was at the centre of emerging-market financial crises, acting as the world's financial fireman.
Team Obama has since adjusted its view, and now cites research showing that sluggish recoveries typically follow financial crises.
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And historically, after financial crises, recessions are deeper and they last longer than after the usual business cycle recessions.
In such a case, treating financial crises as once-in-a-century black swans may not quite capture the whole of the picture.
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The history of banking and finance provides many examples of financial crises, but these lessons of history are easily forgotten.
His firm, which has a large financial division, was among those bailed out using TARP money during the financial crises.
Still, deep financial crises in the past have mostly been country-specific or regional, allowing countries to export their way out.
So the rule that the deeper the recession the stronger the recovery continues to prevail, even during so-called financial crises.
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Financial crises and the economic challenges that follow in their wake do indeed bear some resemblances from era to era.
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Innovations in finance have led to more and deeper financial crises, with the current crisis the worst since the Great Depression.
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