The Great Recession

E Ray Canterbery

Chapter 6 in The Rise and Fall of Global Austerity, 2015, pp 93-119 from World Scientific Publishing Co. Pte. Ltd.

Abstract: If the financial crisis of 2008–2009 produced a king of Wall Street, it would most likely be Jamie Dimon, CEO of JPMorgan Chase. ( Lloyd Blankfein of Goldman Sachs would the other likely contender, as the prince in waiting.) JPMorgan Chase had over $2 trillion in assets, not counting positions recorded off its balance sheet, such as derivatives; it had $155 billion in balance sheet equity; and it earned $4.1 billion in operating profits in the second quarter of 2009. In comparison, the 1985 Salomon Brothers, after converting to 2009 dollars, only had $122 billion in assets, $5 billion in equity, and $2 billion in operating profits for an entire year. Goldman Sachs had $890 billion in assets.

Keywords: Austerity; Expansionary Austerity; Housing Bubble; Global Great Recession; Austerity Lobby; Monetary Policy; Fiscal Policy; Incomes Policy; Full Employment; Public Debt; Austerity in Europe; Domestic Inequality; Global Inequality; Economic Growth; Post Keynsesians; John Maynard Keynes; Michal Kalecki; Piero Sraffa; Hyman Minsky; Vita Theory; Trickle-Down Economics; Keynesians; Trickle-Up Economics; Keynesian Economics; Trends in Suicide Rates; Health and The Economy; Alan Greenspan; Ben Benanke; Janet Yellen; Federal Reserve Board; European Central Bank; The Euro (search for similar items in EconPapers)
Date: 2015
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