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THE FRESH PRINCE OF WALL STREET: An Educational Rap By: Josh Lacey and Maria Vietz

THE FRESH PRINCE OF WALL STREET: An Educational Rap By: Josh Lacey and Maria Vietz. What were the roles of individuals and ideas in the financial crisis?.

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THE FRESH PRINCE OF WALL STREET: An Educational Rap By: Josh Lacey and Maria Vietz

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  1. THE FRESH PRINCE OF WALL STREET: An Educational Rap By: Josh Lacey and Maria Vietz

  2. What were the roles of individuals and ideas in the financial crisis? • We plan to present,in a FUN and INNOVATIVE format, a 3-minute model to show how people and their ideas shaped the 2008 Financial Crisis • By presenting a complex idea so simply, we hope to make these important ideas understandable for all.

  3. IDEAS • Animal Spirits (Akerlof and Shiller):The economy is guided by five elements of human psychology • Confidence • Fairness • Corruption • Thinking in stories • “Money illusion”

  4. IDEAS • The economics profession is flawed due to its control by the powerful (Häring and Douglas) • “Zombie ideas” (Quiggin)- many economic ideas have outlived their usefulness (e.g. MBS, austerity)

  5. INDIVIDUALS • Central bankers as alchemists or sorcerer’s apprentices? (Neil Irwin) • What did Wall Street bankers and policymakers do while the music was playing, and how did they react after the music stopped? (Alan Blinder)

  6. INDIVIDUALS • The Bankers’ New Clothes by Admati & Hellwig • As with the emperor the fable, no one was willing to question or regulate powerful bankers • Necessary reforms: • Reducing complexity • Increasing regulation • More capitalization

  7. And that’s a RAP.

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