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Anatomy of a Financial Crisis - Part 3

Thursday, October 30, 2008

Anatomy of a Financial Crisis - Part 3 - Consumers - LM

Consumers

The NBR series Anatomy of a Financial Crisis dissects the roles Wall Street, Washington, and Main Street played in creating the crisis. In this report, NBR correspondent Suzanne Pratt explains why consumers deserve some of the blame for causing the financial meltdown.

Click to Read Transcript.

Discuss this series on XChange - The NBR Blog.

Want more Anatomy of a Financial Crisis?

Table: Household Savings Rate

The household rate of savings in the U.S. as compared to four other countries. Source: OECD.

Household Savings Rate (2007)
U.S.
0.7%
Japan
3%
Germany
10%
France
13%
China
24%

External Links/Articles*

  • Federal Reserve
    The Federal Reserve is the U.S. central bank. This links the Fed's latest "Consumer Credit" statistical release. This release offers data on consumer credit in August 2008.
  • San Francisco Fed
    The Federal Reserve Bank of San Francisco is part of the U.S. central banking system. This links to a March 2002 report published by the bank titled, "What's Behind the Low U.S. Personal Saving Rate?"
  • St. Louis Fed (PDF Document)
    The Federal Reserve Bank of St. Louis is part of the U.S. central banking system. This links to a paper published in the November/December edition of the bank's Review. The paper is titled, "The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle?"
  • The Unofficial Paul Krugman Archive
    Paul Krugman is the Nobel Prize winning economist interviewed in Suzanne Pratt's report. While this archive of his columns and other work is "unofficial," he does recommend readers who want to review more of his work visit it.
  • U.S. Office of the Comptroller of the Currency (OCC) (PDF Document)
    The OCC is part of the Treasury Department. This links to a special study published in the March 2005 edition of the OCC's Quarterly Journal. The study is titled, "Rising Household Debt: A Long-Run View."

    • *Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.
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