The 2008 global financial crisis changed the course of history, and unfortunately, it's a bit of history that might repeat itself soon.
On Wednesday, this topic will be examined by a trio of University of Chicago Booth Professors at a session entitled "From Wall Street to Main Street: A Decade After the Global Financial Crisis."
The event is currently sold out, but there is potential availability on a first-come, first-served basis on the day of the event: Wednesday, January 17th at the Sheraton Grand Chicago (301 N. Water St.) You can join U of C Booth professors Austan D. Goolsbee, Randall S. Kroszner, and Raghuram G. Rajan in the Chicago Ballroom.
The trio will look back at the 2008 global financial crisis, review what we've learned since, and also discuss the possibility of it happening again. The event, moderated by CNBC Chief International Correspondent Michelle Caruso-Cabrera, will run from 1245-2pm, and includes Q&A.
Lunch will be served at noon.
A decade later, the 2008 global financial crisis has never truly left the American public consciousness. It was perfectly chronicled in the must-see 2010 documentary "Inside Job," directed by Charles Ferguson and narrated by Matt Damon. It was conveyed by Hollywood via the Academy Award winning 2015 film "The Big Short," which was based on Michael Lewis' best-seller.
Could we see a similar catastrophe in 2018? Well, the boom always comes before the bust and the stock market is certainly feeling some irrational exuberance right now.
The Dow Jones closed at 25,803.19 on Friday, a record high. The Dow has set 92 new record closing highs since the 2016 presidential election.
The Dow set six closing records through the first 12 days of 2018, as investors are confident that Donald Trump's anathema for all things regulation will induce more exceeding business friendly legislation. Right now, the zeitgeist mirrors a 1999 book entitled "Dow 36,000."
Of course, that book was written well before the dot com bubble burst, the housing market collapsed, 9/11 occurred and the 2008 global financial crisis had taken place.
History has shown us that astronomical bull markets always prelude a catastrophic crash.
From the Dutch tulip fever of the 17th century to the South Sea Bubble of the 19th century to the panics and crises of the Gilded Age to 1929 and the Great Depression that followed, it's a cycle that's persisted. It's never a question of if, but only when. Cowboy capitalism, runaway capitalism, whatever you want to call it, always comes with a price, and sooner or later, it will be time to pay the check.
Who better to examine this topic of the 2008 global financial crisis than instructors at one of the world's finest business schools.
Goolsbee and Krosnzer are professors of economics, while Rajan is an instructor in finance.
The institution gave us the Chicago school of economics, a neoclassical ideology of economic thought associated with the work of the faculty at U of Chicago, some of whom have constructed and popularized its principles.
Also, the Sheraton Grand is establishing itself as one of the premier, if not the top notch convention space in the city.
The facility just hosted the 33rd annual Cubs Convention this past weekend, which drew over 10,000 as well as the 2017 National Investment Center for Seniors Housing & Care (NIC) Fall Conference, which featured a debate between Newt Gingrich and Larry Summers.
Paul M. Banks runs The Sports Bank.net and TheBank.News, which is partnered with News Now. Banks, a former writer for the Washington Times, NBC Chicago.com and Chicago Tribune.com, currently contributes regularly to WGN CLTV and the Tribune corporation blogging community Chicago Now.
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