Alan Blinder, in his book, “After The Music Stopped: The Financial Crisis, The Response, and the Work Ahead”, describes the financial crisis of 2007/2008 as a “Perfect Storm”.In your own words, what do you feel were the biggest contributors to the financial crisis of 2007/2008? Who is to “blame”? Dr. Blinder then goes on to explain the many ways in which the Federal Reserve Bank intervened in the financial markets – oftentimes defending the Federal Reserve Bank’s controversial actions. Which of the Fed’s actions do you support? Why? Which of the Fed’s actions do you believe went too far? Why? Be sure to distinguish between the actions of the Federal Reserve Bank (monetary policy) and those of Congress (fiscal policy). Lastly, what lessons have we learned from the 2007/2008 financial crisis? How were these lessons applied to the steep economic contraction caused by Covid-19? Do you feel confident that the U.S. government has done enough to prevent similar financial crises in the future? Why or why not? Be sure to defend your position thoroughly, giving several, specific examples from the assigned reading. Feel free to use other sources of information if it adds credibility to the body of evidence for the position you are trying to defend. Be sure to properly cite your sources. Your essay should be no less than two, type-written pages (normal margins, 1.5 spacing, and 12-point font), but no more than four, type-written pages.

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