Economist Says Current Financial Crisis Is First And Foremost A Crisis Of Confidence

Thursday, September 25, 2008 - 20:28 in Psychology & Sociology

The current financial crisis is first and foremost a crisis of confidence. The tip of the iceberg may be the subprime mortgage crisis and its immediate aftermath, but the roots of the crisis have to do with unsustainable dual deficits (fiscal and trade) that have resulted in gargantuan levels of US debt, both private and public.

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