Thursday, October 08, 2009


In your opinion, what caused the financial crisis? Or should I say, who caused the financial crisis? Was it credit swaps, bundled mortgages, derivatives, under-capitalization of banks or all of the above? Was it Alan Greenspan who allowed the economy to heat up, grow too fast and sanctioned an unregulated, shadow economy to thrive and crash? Or does Ben Bernanke partially get the blame? More likely, does a poorly run SEC or inattentive Federal Reserve take responsibility?

Well, what or who is responsible can now be debated on a new site dubbed “Recessipedia” – launched by the Museum of American Finance (New York City), a Makovsky client, who we worked closely with to develop the site and get attention for it.

Recessipedia” is like wikipedia but with a few twists. Like Wikipedia, anyone can add or edit an article. More than 150 have been posted so far. Unlike Wikipedia, personal viewpoints are welcome, as well as the points of view of the companies involved in what we’re increasingly calling the Great Recession. Traders, investors, government officials and members of the general public are all welcome to contribute their piece of the puzzle. Ultimately, we hope a definitive chronology of events can be assembled and future generations can avoid the mistakes of the past.

In a Wall Street Journal blog post by Peter McKay, Professor Robert E. Wright of Augustana College , one of “Recessipedia’s” editors, says he’s hoping that “consensus on a single version of events will emerge out of the give and take ultimately enhancing the public record.” You can join the crowd and add to its wisdom by starting here.

Technorati Tags: financial crisis, Alan Greenspan, Ben Bernanke, Recessipedia, Federal Reserve, Wall Street Journal, public relations, Museum of American Finance, Wikipedia,Peter McKay, Professor Robert Wright, public relations, business, Makovsky


Anonymous Hannah said...

Recessipedia sounds like an interesting concept, which seems a good opportunity for those to voice their opinions or for people to learn more about the economic events that have occurred from a different source. While it would also seem beneficial to create a chronology of the events I wonder if people will really learn from their mistakes, or if they do will that be enough? The main idea I seemed to learn in economics is that no matter how hard we try to theorize and plan the economy cannot be completely controlled; time and time again hindsight is 20/20. Maybe the biggest lesson to learn would be that we shouldn’t rely on a few people who are supposed experts to be able to run our economic plans blindly until we are down enough to notice.

Sunday, October 11, 2009 11:27:00 PM  

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