MIT Economist: Foreigners Caused America’s Financial Crisis
Submitted by HPI on Sat, 03/06/2010 - 22:05
The head of the MIT economics department, Ricardo Caballero, calls attention to the part foreigners played in the current economic mess. Not that American bankers and regulators didn’t play their own prominent parts, but he says there is too much focus on Wall Streeters and not enough on the global imbalances that are largely to blame.
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Time.com
Blame China, Saudi Arabia and, yes, Canada.
Much of the fault of the financial crisis has been heaped on Wall Streeters, unscrupulous mortgage lenders and weak regulators. But in a new research paper, economist Ricardo Caballero says there is another major group of contributors to America's monetary mess who are not getting the blame they deserve: foreigners.
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