Word: crisises
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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...
"There is no doubt that the pressure on the U.S. financial system [that led to the financial crisis] came from abroad," says Caballero, who is the head of MIT's economics department. "Foreign investors created a demand for assets that was difficult for the U.S. financial sector to produce. All...
Caballero, who is from Chile, is not absolving American bankers and regulators. But he says investigators and lawmakers who are looking into the financial crisis are spending too much time grilling Wall Streeters and not enough time looking into the global imbalances that are largely to blame. "What worries me...
The investigation cleared President Alvaro Colom and his accused accomplices of any involvement. "This was the most serious crisis of my political career," Colom tells TIME. "Fortunately, I'm patient. My government has emerged strengthened."
Given the stakes in the diplomatic spat, Ayalon's defiance potentially carried a high cost. But it took a behind-the-scenes intervention of the proverbial grownup in the Israeli establishment - President Shimon Peres, who served for decades as Israel's key diplomat - to orchestrate a climbdown. Peres called Prime...