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The View from the Rear View Mirror: A ‘Ten Years After’ Critique

Summary:
CEPR’s senior economist Dean Baker argues in The Housing Bubble and the Great Recession: Ten Years Later that the Lehman event marks the peak of a recession caused by the collapse of the housing bubble. The media’s attention on the failure of Lehman Brothers as the driver of the recession to the exclusion of the ...

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CEPR’s senior economist Dean Baker argues in The Housing Bubble and the Great Recession: Ten Years Later that the Lehman event marks the peak of a recession caused by the collapse of the housing bubble. The media’s attention on the failure of Lehman Brothers as the driver of the recession to the exclusion of the bursting housing bubble reveals the class conflict apparent in how the Great Recession was, and still is, reported.

While the fear generated by politicians and media was able to get enough support for saving the financial industry, the country was left to deal with the painful fallout from a collapsed housing bubble. Millions lost their homes and jobs. Even a decade later, by some measures, most notably prime-age employment rates, the labor market has still not recovered.

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