What Went Wrong in Banking and Can We Fix It?

Former JPMorgan Chase Global Chief Economist and Ph.D. in Economics

During the Global Financial Crisis (GFC) from 2007 to 2009, many analysts blamed the banks for underwriting imprudent mortgage loans that had little chance of ever being repaid.  Some believed that if housing prices kept rising, individuals could sell those houses at a higher price and repay those risky loans.  Individuals would make money, and banks wo…