Word: crisises
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The run on FDIC funds is raising questions about how well the agency has contained the costs of the credit crisis. Bank failures are not of the FDIC's making: the Federal Reserve failed to rein in mortgage-lending, while regulatory agencies like the Office of Thrift Supervision allowed banks...
See TIME's special report on the Georgia-Russian crisis.
See pictures of the global financial crisis.
For the past couple of years, though, economics hasn't been fun. It's been scary. The quirky topics in which Levitt specializes have been pushed aside by the big questions of how to halt a financial crisis and fix an ailing global economy. Macroeconomics has overwhelmed microeconomics. Not that...
Levitt likes his timing, since he sees macro as something of a dead end. "The problems of the macroeconomy are just so hard and the degree of complexity so immense that it's almost hopeless to think that we would have really good models of those systems," he says, chatting...