History 1807 Lecture 2: Introduction to the Course
9 Jul 2016
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Office hours: tues: 11:30-1:30pm in lawson hall 2218-- on course outline (owl) What was the cause of the financial crisis in 2008?--- test question. No super specific details-- more larger forces. Austerity: economics thrift imposed as government policy, with restricted access to or availability of consumer goods. Conventional wisdom since 2008- debts must be paid, spending must be stopped? Taxes are bad and should be reduced (60s -) Banking crisis in wall street produced this conventional wisdom. Traditional theory- free trade is good, taxes are bad. He"s self-financed because he can back himself (wealthy don"t have to pay taxes) Germany bailing out greece on the conditions of cutting welfare, privatizing institutions. Greece must pay back german bond holders in germany who had previously invested in greece. You lend as much as they expect you to pay back. Greece accuses germany knowing that they would go bankrupt and saw it coming for years.
