SATURDAY, FEBRUARY 26, 2011
Speech: The U.S. Financial Crisis: Causes and Consequences
Many politicians have blamed business for the current recession, leading to additional measures by the U.S. government to regulate the market. Some critics argue that the Federal Reserve's missteps in managing the monetary system created an economic bubble. That bubble pervaded the real estate market in part through relaxed lending standards promulgated by the government-sponsored enterprises Freddie Mac and Fannie Mae. When the bubble inevitably deflated, the crisis spread to the general economy, resulting in high unemployment and negative or slow economic growth. But will the measures the government took to stem the crisis and regulate the market reduce economic growth in the long term? John Allison will outline the fundamental economic and philosophical solutions to these problems in his presentation.
- Mr. John Allison, Former Chairman and CEO, BB&T Corporation
- Introduction: Mr. Howard Husock, Vice President for Policy Research, Manhattan Institute
University of Virginia School of Law