Adam Smith published his “Wealth of nations” which coincided with the American Declaration of Independence in 1776. His work introduced a formula for…
October 4, 2020
Econ w11 PT 2
October 4, 2020
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In a speech in late 2011, President Obama argued that: “Probably the single greatest cause of the financial crisis and this brutal recession has been…

In a speech in late 2011, President Obama argued that: “Probably the single greatest cause of the financial crisis and this brutal recession has been the housing bubble that burst four years ago”. What did President Obama mean by the “housing bubble”? How can a housing bubble bring on a recession?

 

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