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less well-known study from the Cleveland Federal Reserve Bank. That study, by Michael Bordo and
Joseph Haubrich, found that financial crises in the United States often have been followed ... from the long series of financial busts from 1880 to the 1920s.
In fact, Bordo and Haubrich note that the three major U.S. financial crises since the 1920s ... notably slow recoveries. Moreover, as Ezra Klein reported
in The Post this month, Bordo believes that the slow pace of the current recovery reflects not the
president's policies
https://www.justice.gov/epstein/files/DataSet%209/EFTA01117070.pdf
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created, seen by some as indispensable to the Euro's future (see Bordo 2011); and how much austerity
countries like Spain can take. As this is a road less traveled ... Sources include: "Does the euro need a fiscal union? Some lessonsfrom history", Bordo, Jonung and Markiewicz, Apr 2011
The material contained herein is intended as a generalmarket commentary. Opinions expressedherein
https://www.justice.gov/epstein/files/DataSet%209/EFTA01176566.pdf
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Rise and Fall of the Commercial Paper Market, 1900-1929," in
Michael Bordo and Richard Sylla (eds), Anglo-American Financial Systems, New York: Irwin,
pp.219-260.
Yam, Joseph (2010), "Off-Shore
https://www.justice.gov/epstein/files/DataSet%209/EFTA01130078.pdf