Politics and Public Policy in the United States

CONTENTS OF CURRICULUM UNIT 20.03.01

  1. Unit Guide
  1. Introduction
  2. Rationale
  3. Content Objectives
  4. Content Background
  5. Teaching Strategies
  6. Classroom Activities
  7. Resources
  8. Appendix on Implementing District Standards
  9. Notes

It’s the Economy, Stupid: Lessons in Economics, Banking, and Personal Finance from the Financial Crisis of 2008

Alexander de Arana

Published September 2020

Tools for this Unit:

Notes

1 John Goddard and John O.S. Wilson, Banking: A Very Short Introduction, Very Short Introduction (Oxford: Oxford University Press, 2016), 12.

2 Goddard and Wilson, 19.

3 Alan S. Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead (New York: Penguin Books, 2014), 5-6.

4 Goddard and Wilson, Banking: A Very Short Introduction, 55.

5 Goddard and Wilson, 63.

6 Adam Hayes, “Target Rate Definition,” Investopedia, 2019.

7 Goddard and Wilson, Banking: A Very Short Introduction, 60.

8 Ian Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath,” YaleCourses, 2019, https://www.youtube.com/watch?v=5v1EtiEuSEY&t=7s.

9 Michael Lewis, The Big Short: Inside the Doomsday Machine (New York: W. W. Norton & Compnay, 2011), 26.

10 Lewis, 51.

11 Lewis, 96.

12 Lewis, 66.

13 Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath.”

14 Lewis, The Big Short: Inside the Doomsday Machine, 99.

15 Andrew Metrick and Timothy Geithner, “The Global Financial Crisis” (Yale University, 2020).

16 Adam Tooze, Crashed: How a Decade of Financial Crises Changed the World (New York: Penguin Books, 2019), 38.

17 Tooze, 75.

18 Metrick and Geithner, “The Global Financial Crisis.”

19 Metrick and Geithner.

20 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 118.

21 Metrick and Geithner, “The Global Financial Crisis.”

22 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 224.

23 Metrick and Geithner, “The Global Financial Crisis.”

24 Metrick and Geithner.

25 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 119-120.

26 Blinder, 122.

27 Blinder, 123.

28 Metrick and Geithner, “The Global Financial Crisis.”

29 Goddard and Wilson, Banking: A Very Short Introduction, 69.

30 Metrick and Geithner, “The Global Financial Crisis.”

31 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 205.

32 Blinder, 206.

33 Blinder, 188.

34 Blinder, 234.

35 “The Financial Crisis in Response Charts” (Washington, DC,: US Department of the Treasury, 2012).

36 “The Financial Crisis in Response Charts.”

37 Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath.”

38Skylar Olsen, “A House Divided - How Race Colors the Path to Homeownership,” Zillow, Inc., 2014.

39 The United States Department of Justice, “Justice Department Reaches Settlement with Wells Fargo Resulting in More Than $175 Million in Relief for Homeowners to Resolve Fair Lending Claims,” 2012.

40 Ana Kent, Lowell Ricketts, and Roy Boshara. “What Wealth Inequality in America Looks Like: Key Facts & Figures,” Federal Reserve Bank of St. Louis, 2019.

41 “The Financial Crisis in Response Charts.”

42 Tooze, Crashed: How a Decade of Financial Crises Changed the World, 374.

43 Andrew Ross Sorkin, Too Big to Fail: The Inside Story to How Wall Street and Washington Fought to Save the Financial System—and Themselves (New York: Penguin Books, 2018), 297.

44 Sorkin, 298.

45 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 181.

46 Andrew Ross Sorkin, Too Big to Fail: The Inside Story to How Wall Street and Washington Fought to Save the Financial System—and Themselves, .515.

47 Sorkin, 517.

48 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 181.

49 Jacob Clifford and Adriene Hill, “The 2008 Financial Crisis: Crash Course Economics #12,” Crash Course, 2015.

50 Michael J. Graetz and Ian Shapiro, The Wolf at the Door: The Menace of Economic Insecurity and How to Fight It (Boston: Harvard University Press, 2020), 74.

51 John C. Coffee Jr., “The Political Economy of Dodd-Frank: Why Financial Reform Tends to Be Frustrated and Systemic Risk Perpetuated,” Cornell Law Review, 2012.

52 Ron Suskind, Confidence Men: Wall Street, Washington, and the Education of a President (New York: Harper Perennial, 2011), 234.

53 Suskind, 440.

54 Suskind, 345.

55 Suskind, 440.

56 Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath.”

57 Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, 307-309.

58 Suskind, 5.

59 Ian Shapiro, “Three Views of Regulation,” n.d.

60 Ian Shapiro, “Three Views of Regulation,” n.d.

61 Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath.”

62 Ian Shapiro, “Lecture 21: Backlash - 2016 and Beyond,” YaleCourses, 2019, https://www.youtube.com/watch?v=-5QM1DBSRLw&list=PLh9mgdi4rNeyViG2ar68jkgEi4y6doNZy&index=22&t=3s.

63 Shapiro.

64Eric Whiteside, “What Is the 50/30/20 Budget Rule?,” Investopedia, 2020, https://www.investopedia.com/ask/answers/022916/what-502030-budget-rule.asp#:~:text=Senator Elizabeth Warren popularized the,socking away 20%25 to savings.

65 Whiteside.

66 Charles D. Ellis, Winning the Loser’s Game: Timeless Strategies for Successful Investing (New York: McGraw-Hill, 2002), 30-31.

67 Shapiro, “Lecture 20: Fallout: The Housing Crisis and Its Aftermath.”

68 Shapiro.

69 “The Financial Crisis in Response Charts.”

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