The Financial Crisis of 2008.IC - MIT Sloan School of ...

This case was prepared by Cate Reavis under the supervision of Deputy Dean JoAnne Yates. Copyright 2009, Massachusetts Institute of Technology. This work is licensed under the Creative Commons Attribution-Noncommercial-No Derivative Works Unported License. To view a copy of this license visit or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California 94105, USA. 09-093 Rev. march 16, 2012 The Global Financial Crisis of 2008 : The Role of Greed, Fear, and Oligarchs Cate Reavis Free enterprise is always the right answer. The problem with it is that it ignores the human element. It does not take into account the complexities of human Andrew W. Lo, Professor of Finance, MIT Sloan School of Management; Director, MIT Laboratory of Financial Engineering The problem in the Financial sector today is not that a given firm might have enough market share to influence prices; it is that one firm or a small set of interconnected firms, by failing, can bring down the Simon Johnson, Professor of Entrepreneurship, MIT Sloan School of Management; Former Chief Economist, International Monetary Fund On October 9, 2007, the Dow Jones Industrial Average set a record by closing at 14,047.

THE GLOBAL FINANCIAL CRISIS OF 2008: THE ROLE OF GREED, FEAR, AND OLIGARCHS Cate Reavis Rev. March 16, 2012 4 Figure 1 Growth of U.S. Housing Prices versus Household Income, 1991–2007 Income-10 Source: S&P/Case-Shiller National Home Price Indices; U.S. Census Bureau. By 2006, it was evident that the housing bubble was starting to burst.

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