While the current global credit crisis may not match the Great Depression in terms of lost well-being (yet), it is certainly unprecedented in its scope and in the complete shut off of credit markets worldwide. I am no expert, but the first source below from This American Life will get you up to speed on the housing burst. The second source below is a weekly course on the Global Crisis by Dr. Simon Johnson, the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management (see his bio here).
Start with this one-hour episode from This American Life entitled The Giant Pool of Money by host Ira Glass and guests Alex Blumberg and Adam Davidson. This episode covers the global capital market and its involvement in the housing crisis. The housing crisis was one of the first steps in producing our current global credit crisis.
Next, catch up with MIT’s Global Crisis class which will cover weekly happenings in the financial market as well as relevant economic theory. Daily updates and materials are available on Simon Johnson’s blog, The Baseline Scenario (which I highly recommend even if you don’t watch the course). Links to previous classes including notes and videos can be found below, although the easiest way would be to go through the last 2 months of blog entries. Next class is Dec 2 (class #5 I think).
- Course Summary – http://baselinescenario.com/2008/10/28/mit-global-crisis-class-outline/
- Oct 29 – http://baselinescenario.com/2008/10/29/mit-class-1-on-global-crisis/
- Nov 6 – http://baselinescenario.com/2008/11/06/downloadable-mit-class-on-the-global-crisis/
- Nov 17 – http://baselinescenario.com/2008/11/17/mit-global-crisis-class-tuesday-november-18th/
- Nov 18 (notes only, video was posted on Nov 17) – http://baselinescenario.com/2008/11/18/session-outline-mit-global-crisis-class-at-4pm-today/
- Nov 21 – http://baselinescenario.com/2008/11/21/video-of-tuesdays-mit-class/
Next post will be on virtual assistants.