/  35
 
!!
!"#"$%&!"$'$("')&*'+,-./0&12-&34)-&45&6((47$.'8")".9&3-%":-/&
&&*-);"$&<=&>78$"(, 
&
?$";-+/".9&45&@-A&B':C/2"+-&:D78$"(,ED78$"(,=$-. &
&
&F)-'/-&D4&$4.&(".-&A".247.&-#C+-//-D&C-+:"//"4$&45&.2-&'7.24+
&&
&F+-/-$.-D&'.&.2-&GH
.2
&6$$7')&*--."$%&45&.2-&*"DA-/.&F4)"."(')&I("-$(-&6//4("'."4$J&12-&F'):-+&B47/-J&K2"('%4&LMJ&*'9&NNONPJ&NQRQ&
 
Dubnick, Fixing Financial Markets, 17 April 2010
2!
 
!"#"$%&!"$'$("')&*'+,-./0&12-&34)-&45&6((47$.'8")".9&3-%":-/&
*-);"$&<=&>78$"(,&?$";-+/".9&45&@-A&B':C/2"+-
&
!"#$#%&'(
3#!#4/15!,6!'671!#"4,!4!$455-,8!19$65*71!#6!56'1!,1:5!56*7.1!#6!/,6:!#"4#!:1!471!1,8481)!-,!4,!1.6,6'-.!.7-5-5!+451)!6,!:"4#!'4,;!+1<-1=1!#6!+1!4!'4(67!>4-<*71!6>!+6#"!)6'15#-.!4,)!8<6+4<!>-,4,.-4<!'47/1#50!?67!)615!4,;6,1!714)-,8!#"-5!$4$17!4#!#"1!#-'1!6>!-#5!$7151,#4#-6,!@'-)AB$7-<C!DE2EF!"4=1!#6!+1!

$71=1,#!@67!4#!<145#!'-,-'-G1F!4!71.*771,.10!H"1!56A.4<<1)!I714#!J1.155-6,!6>!DEEK!.6,#-,*15!#6!7-$$<1!#"76*8"!#"1!:67<)!1.6,6';!)1

4.#-,8!45!4!.6,#-,*6*5!71'-,)17!#"4#!56'1#"-,8!'*5#!+1!)6,1!#6!)14<!:-#"!#"1!.6,)-#-6,5!#"4#!+76*8"#!-#!4+6*#0!3,!#"1!L,-#1)!M#4#15!:1!471!-,!#"1!'-)5#!6>!4!'4(67!$*5"!#6!"4=1!N6,87155!4)6$#!$76$654<5!>67!71>67'!#"4#!"4=1!+11,!6,!#"1!#4+<1!-,!56'1!>67'!>67!,147<;!#:6!;14750!H"-5!$4$17!-5!#"1!51.6,)!-#174#-6,!6>!4!:67/!-,-#-4<<;!)1=1<6$1)!-,!715$6,51!#6!4!

!#6!4$$<;!:"4#!:1!/,6:!4+6*#!4..6*,#4+-<-#;!#6!#"1!$76+<1'!6>!71>67'-,8!>-,4,.-4<!'47/1#5!@511!O*+,-./!DE2EF0!P"-<1!#"1!."4<<1,817!"4)!-,!'-,)!4!'671!$74.#-.4<!715$6,51C!:"4#!1'1781)!-5!4,!6,86-,8!1>>67#!#6!71>74'1!4,)!71#"-,/!#"1!>-,4,.-4<!.7-5-5!45!4!$76+<1'!6>!86=17,4,.10!!!H"-5!$4$17!-5C!-,!1>>1.#C!=175-6,!D0E!6>!#"4#!-,-#-4<!1>>67#0!!!

.*771,#!71>67'!481,)4!-,!P45"-,8#6,C!Q6,)6,!4,)!1<51:"171C!3!478*1!>67!4,!4$$764."!#"4#!8615!+1;6,)!'171!#-,/17-,8!:-#"!#74)-#-6,4<!718*<4#67;!'1."4,-5'5!4,)!-,5#14)!>6.*515!6,!#"1!,11)!#6!71>67'!#"1!

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

!6>!>-,4,.-4<!'47/1#!86=17,4,.10!
 
Dubnick, Fixing Financial Markets, 17 April 2010
D!
 
)*+,#-(./01/+%(/+(21'(344#&+2*5/$/26(72"'*-(

!!"#$%#$&'()*(+*,-$
L,)17!6$#-'4<!.6,)-#-6,5C!)1=1<6$-,8!<6,8A#17'!4,)!4$$76$7-4#1!56<*#-6,5!>67!#"1!.*771,#!>-,4,.-4<!.7-5-5!71R*-715!4!#"676*8"!455155'1,#!6>!#"1!$76+<1'5!#"4#!81,174#1)!#"1!5-#*4#-6,0!I-=1,!#"1!.6'$<19-#;!6>!)6'15#-.!4,)!8<6+4<!>-,4,.-4<!'47/1#5C!1=1,!#"1!'65#!/,6:<1)814+<1!'-,)5!6>!#"1!174!>-,)!#"1!4,4<;#-.!."4<<1,81!)4*,#-,80
2
!3,!<-1*!6>!56'1!.6,51,5*5!67!.71)-+<1!$474)-8'4#-.!>74'-,8!6>!#"1!.7-5-5C!

D
!!H"*5C!4<#"6*8"!6,1!:6*<)!"6$1!>67!4!'671!74#-6,4<!4$$764."!#6!)15-8,-,8!$6<-.-15!#"4#!'-8"#!$71=1,#!4,;!>*#*71!71.*771,.1!6>!#"1!.*771,#!$76+<1'5C!:1!471!.*771,#<;!1,8481)!-,!'*<#-$<1!X+<4'1!84'15X!#"4#!:-<<!-,=47-4+<;!-,><*1,.1!#"1!5"4$1!6>!86=17,'1,#!718*<4#-6,!6>!>-,4,.-4<!'47/1#5!>67!#"1!>6715114+<1!>*#*710!V1;6,)!#"1!:1<<!5#*)-1)!);,4'-.5!6>!$6<-#-.4<!+<4'1!4=6-)4,.1C
Y
!)7-=-,8!#"1!1'1781,.1!6>!X+<4'1!84'15X!)*7-,8!#-'15!6>!.7-5-5!-5!#"1!$7155*71!6,!$6<-.;'4/175!45!#"1;!4##1'$#!#6!>-<<!#"1!84$!.714#1)!+;!-8,674,.1!67!*,.17#4-,#;!4+6*#!#"1!$76+<1'4#-.!5-#*4#-6,!#"1;!471!>4.-,80
Z
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`!O767!2^aEC!2^a2F0!!b67!5#*)1,#5!6>!#"1!$6<-.;!)15-8,!$76.155C!#"1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1 Economists and other analysts were similarly perplexed during the initial stages of the Great Depression. Keynes drew so muchattention because his perspective seemed to fill a void created by the failure of extant theories and models (Minsky 1976).2 On the nature and dynamics of problem definition, see Dery 1984; Hoppe 2002; Rochefort & Cobb 1994.3 For example, see Hood 2002; Weimer 2006; Ellis 1994; McGraw 1990 and 1991.4 Studies of the blame game and similar concepts (e.g., hindsight causal analysis, attribution, issue responsibility) include Iyengar 1991; Strange and Leung 1999; Knobloch-Westerwick and Taylor 2008. Also see Kysar and McGarity 2006.

Share & Embed

More from this user

Add a Comment

Characters: ...