The Current Macroeconomic Situation, June 10, 2008: The Last Financial Crisis of the Nineteenth Century

The Situation: June 2008 The Last Financial Crisis of the Nineteenth Century J. Bradford DeLong U.C. Berkeley and NBER [email_address]

Sunday’s Macroeconomic News ,[object Object],[object Object],[object Object],[object Object]

Monday’s Macroeconomic News ,[object Object],[object Object],[object Object]

Inflation since 1964 ,[object Object],[object Object],[object Object],[object Object]

1844: The Renewal of the Bank of England Charter ,[object Object],[object Object],[object Object],[object Object]

Karl Marx’s Critique ,[object Object],[object Object],[object Object]

Andrew Mellon Agreed with Karl Marx ,[object Object],[object Object],[object Object],[object Object],[object Object]

After the Depression, Hoover Did Not Like Mellon Much ,[object Object]

Implications: What the Fed and Treasury Are Doing ,[object Object],[object Object],[object Object],[object Object]

Why the Liquidity Tsunami? ,[object Object],[object Object],[object Object],[object Object]

Additional Headwinds: Oil ,[object Object],[object Object],[object Object],[object Object]

Additional Headwinds: Oil and the Trade Balance ,[object Object],[object Object],[object Object],[object Object]

We Are Not Through with This Dollar Cycle ,[object Object],[object Object],[object Object],[object Object]

We Are Not Through with This Housing-Price Decline ,[object Object],[object Object],[object Object]

Macroeconomic Outlook for Equities ,[object Object],[object Object],[object Object],[object Object],[object Object]

What Does This Mean for Asset Prices and Returns? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Current Macroeconomic Situation, June 10, 2008: The Last Financial Crisis of the Nineteenth Century

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The Current Macroeconomic Situation, June 10, 2008: The Last Financial Crisis of the Nineteenth Century