Oil price surge was key in 2007 downturn, Alan Reynolds argues

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Ivan Andriyenko

7 hours ago

Oil price surge was key in 2007 downturn, Alan Reynolds argues — Oil price spike overlooked in recession

Alan Reynolds challenges the Wall Street Journal editorial "The Myth of the Maestro" for attributing the recession that began in December 2007 mainly to a past house-price boom and later investment bank failures.

He contends that a critical factor was a significant spike in oil prices, which the editorial overlooks.

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Reynolds has discussed his decades of experience in economic analysis and policy dating back to 1971. He has previously argued that higher taxes do not lead to increased national savings in published commentary. These prior positions inform his current critiques of economic interpretations.

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