[经济学]16 Renewal of the debate some parting Thought.pdfVIP

“The Economic Way of Thinking” 12th Edition Chapter 16 Renewal of the debate: some parting thought 学习目的 •回顾近期金融危机与政府的角色 1 Chapter Outline The Great Financial Crisis of 2008…and Beyond But first: The SL Crisis of the 1980s The subprime Mortgage Crisis Profit, Loss, and Bailout: Can a Government Agency Be a Good Entrepreneur? What Economists Know and the Limitations of Economics Beyond Mere Economics 2 Introduction Civilization depends largely on how well societies work What does the economic way of thinking reveal about the workings of society? Is there anything of importance that it conceals? 3 The Great Financial Crisis of 2008 …and Beyond By the late summer of 2008, financial institutions faltered and clearly plunged Americans into a financial crisis Henry Paulson, Secretary of the US treasury, proposed the suspension of the rule of law and appealed to untrammeled （不受阻碍 的）power with regard to the Treasury’s own operations. 4 The Great Financial Crisis of 2008 …and Beyond American federal government agencies, including the US treasury and the Federal Reserve, have committed over $1trillion （万亿）in bailout （紧急援 助）and appropriation （拨付）policies―$85 billion going to AIG alone Hundreds of billions more are geared to mortgage- backed securities brokers and loan guarantors Freddie Mac and Fannie Mae 5 The Great Financial Crisis of 200