Tag Archive for Grossman

The Recession and Banking Crisis: We’ve Been Here, Dozens of Times

Richard Grossman, professor of economics. (Photo by Bill Burkhart)

So much has been written about the recession that befell the country in the late summer of 2008. It was “unprecedented;” it “caught experts by surprise;” “virtually no one saw it coming.”

After all, a recession triggered by a major segment of the economy that was vulnerable to speculation, occurring during a time of high government deficits, cuts in interest rates, and tax reductions combined with dramatic increases in federal spending? When has that happened before?

“Dozens of times, if not more, during the last one hundred and fifty years or so,” says Richard Grossman, professor of economics, economic historian and author of the new book Unsettled Account: The Evolution of Banking in the Industrialized World Since 1800 (Princeton University Press).

“The collapse we just

Grossman Author of Banking Evolution Book

Richard Grossman, professor of economics, is the author of the book, Unsettled Account: The Evolution of Banking in the Industrialized World since 1800, published by Princeton University Press in June 2010. The 400-page book provides a comparative history of banking focusing on four types of events that have been central to the lifecycle of banking systems: crises, bailouts, mergers and regulatory reform.

Grossman Presents Great Depression Economics Paper in London

Richard Grossman, professor of economics, presented a paper, co-authored with Chris Meissner (University of California at Davis), titled, “International Aspects of the Great Depression,” at a conference on Lessons from the 1930s Great Depression for the Making of Economic Policy, hosted by the British Academy in London on April 16-17.  Grossman also served as a discussant for a paper on “The Political Lessons of Depression-Era Banking Reform.” Conference papers are available online.

Grossman Speaks on Recession to Fox Business Radio

Richard Grossman, chair of the Economics Department and professor of economics,  appeared on Fox Business Radio on May 22, 2009. In the news segment, Grossman speaks on the historical recession and offers his views on how the country got to this point, how we will emerge from the problem and where are the opportunities.

Grossman Quoted in Dow Jones Newswire

Richard Grossman, chair and professor of economics, was quoted in “Narrow Spreads Strangling Triple-A Appeal,” by Steven D. Jones, Dow Jones Newswire “In the Money” column, March 19, 2009.

Grossman also gave radio interviews on the Treasury rescue plan on March 23 to WFLA (Tampa, FL),  KFAQ (Tulsa, OK), KVI (Seattle, WA), KTRH (Houston, TX), and KOGO San Diego, CA.

Grossman On Economic Turning Points, Stress Tests

Richard Grossman, chair and professor of economics, was quoted in an article titled “The Turning Point” about the Lehman failure at Thedeal.com (carried by Reuters).

In addition, Grossman gave interviews on banking system “stress tests” and the prospects for government ownership on WOOD (Grand Rapids, Mich.), WJNO (West Palm Beach, Fla.), WHAS (Louisville, Ky.), WFLA (Tampa, Fla.), XM Satellite Radio, KOGO (San Diego, Calif.), WILM (Wilmington, De.), WSYR (Syracuse, N.Y.), KVI (Seattle, Wash.), and WGST (Atlanta, Ga.).