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EC4024 Lecture 7 Crises
Last Time
Structure of Markets
• Admin: PS1 Up, Due Mar 6th
• Tutorials OK?
• Times in Labs
• Business Cycles & Finance
• Financial Fragility
• Data
Ireland’s Macroeconomy
Too Many of These
Lead to This
US Case
Read: Robert Shiller, The Subprime Solution
Some examples of CEO salaries in the US in 2006 may give some context:
Bear Stearns: $34 million for CEO James Cayne,
Lehman Brothers: $27 million for CEO Richard Fuld,
Citigroup: $25 million for CEO Charles Prince.,
Countrywide Financial: $43 million for CEO Angelo Mozilo.
Irish Case
Next TimeWhere did Ireland go
wrong?