Dating the timeline of financial bubbles during the subprime crisis

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Expansion and collapse are two key features of a financial asset bubble.Bubble expansion may be modeled using a mildly explosive process.In 1945, Greenspan attended New York University, where he earned a B. degree in economics summa cum laude in 1948 since it was removed at Greenspan's request in 1987, when he became Chairman of the Federal Reserve Board.In April 2008, however, Barron's obtained a copy and notes that it includes "a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble".Second, we propose a new reverse sample use of the PSY procedure for detecting crises and estimating the date of market recovery.

dating the timeline of financial bubbles during the subprime crisis-20

The easy-money policies of the Fed during Greenspan's tenure have been suggested by some to be a leading cause of the dotcom bubble and subprime mortgage crisis, which occurred within a year of his departure from the Fed, and have, said the Wall Street Journal, "tarnished his reputation." Among his bandmates in the Woody Herman band was Leonard Garment, Richard Nixon's Special Counsel.After nine years of near uninterrupted stock market gains, new opinions are being offered to explain why the stock market will be bathed in sunshine indefinitely.For example, the late-1990s term Goldilocks is again being used to describe why the slow growth, low unemployment, economy is good for stocks.The current narrative weaves an expectation that manufacturing industry will return to the USA complete with all the 1962-vintage societal benefits of great-paying blue collar jobs, plus an orgy of infrastructure-building.I think both ideas are flawed, even allowing for good intentions.

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