Graves: Bring out your collateral
With the collapse of Lehman and the Federal Reserve’s impending bailout of AIG, popular media and, in turn, students at Yale have begun to realize the gravity of our nation’s financial situation. Unlike past recessions, present economic woes were not engendered by declining demand. Rather, a most virulent contagion has struck the very core of our financial system.
Most Yale macroeconomics courses train students in the rudiments of fiscal and monetary policy. Professors offer explanations of rate cuts by the Federal Reserve as well as changes in fiscal policy by the federal...
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