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Unformatted text preview: ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the US government via a financial bailout under the leadership of George H.W. Bush. The second is the last 36 months this economy has experienced. The bank crisis during this period between 2007 until today the banks has almost stop extending credit and increased their reserve ratio immensely, hence the extreme drop in the velocity of money....
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This note was uploaded on 10/21/2010 for the course ECON 1530 taught by Professor Blumberg during the Spring '10 term at Harvard.
- Spring '10