The Role of Bank Managers in the World Financial Crisis

The Role of Bank Managers in the World Financial Crisis

In the havoc of the world financial crisis various explanations are provided in an attempt to try to curb it and avoid similar crises in the future. The crisis is now global but it started from the US and some economists search for the reasons in the US economy. To them the main reason for the crisis lies in the dramatic structural adjustments the US economy is undergoing and the spectacular shifts in the US real sector. In the last several years just on the eve of the crisis the US has exported an enormous number of jobs to countries like China and India without accommodating further for that loss of jobs. Without protectionist measures many sectors in the US economy have faced a decline which has further led to the impossibility of those employed in them to serve their credits and mortgages. The result has been their massive defaults and the follow-up wave of bank runs....