1<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> 2<html xmlns="http://www.w3.org/1999/xhtml"> 3<head> 4<meta http-equiv="Content-Type" content="text/html; charset=utf-8" /> 5<title>Financial Trust Index</title> 6</head> 7<link rel="stylesheet" href="styles.css" /> 8<body topmargin="0"> 9 10<table width="940" border="0" align="center" cellpadding="0" cellspacing="0" bgcolor="#FFFFFF"> 11 <tr> 12 <td colspan="2"><img src="images/header.jpg" width="940" height="100" border="0" usemap="#Map" /></td> 13 </tr> 14 <tr> 15 <td width="204" valign="top" style="border-right-color:#666666; border-right-style:solid; border-right-width:thin;"><table align="right" width="195" border="0" cellspacing="0" cellpadding="6"> 16 <tr> 17 <td class="nav"><a href="about.htm">About</a></td> 18 </tr> 19 <tr> 20 <td class="nav"><a href="results.htm">The Results</a><br /> 21 <a href="resultswave28.htm" class="subnav">Wave 28</a><br /> 22 <a href="resultswave27.htm" class="subnav">Wave 27</a><br /> 23 <a href="resultswave26.htm" class="subnav">Wave 26</a><br /> 24 <a href="resultswave25.htm" class="subnav">Wave 25</a><br /> 25 <a href="resultswave24.htm" class="subnav">Wave 24</a><br /> 26 <a href="resultswave23.htm" class="subnav">Wave 23</a><br /> 27 <a href="resultswave22.htm" class="subnav">Wave 22</a><br /> 28 <a href="resultswave21.htm" class="subnav">Wave 21</a><br /> 29 <a href="wavehistory01.htm" class="subnav">Waves 11-20</a><br /> 30 <a href="wavehistory.htm" class="subnav">Waves 1-10</a><br /></td> 31 </tr> 32 <tr> 33 <td class="nav"><a href="workingpapers.htm">Working Paper Series</a></td> 34 </tr> 35 <tr> 36 <td class="nav"><a href="relatedresearch.htm">Related Research</a></td> 37 </tr> 38 <tr> 39 <td class="nav"><a href="authors.htm">Authors</a></td> 40 </tr> 41 <tr> 42 <td class="nav"><a href="sponsors.htm">Sponsors</a></td> 43 </tr> 44 <tr> 45 <td class="nav"><a href="faq.htm">FAQ</a></td> 46 </tr> 47 <tr> 48 <td class="nav"><a href="contact.htm">Contact</a></td> 49 </tr> 50 <tr> 51 <td class="nav"><a href="pressroom.htm">Press Room</a></td> 52 </tr> 53 <tr> 54 <td> </td> 55 </tr> 56 <tr> 57 <td> </td> 58 </tr> 59 <tr> 60 <td> </td> 61 </tr> 62 <tr> 63 <td> </td> 64 </tr> 65 </table></td> 66 <td width="736" valign="top"><table width="735" border="0" cellspacing="0" cellpadding="0"> 67 <tr> 68 <td> </td> 69 <td valign="top"> </td> 70 <td> </td> 71 </tr> 72 <tr> 73 <td width="20"><p> </p> 74 <p> </p> 75 <p> </p> 76 <p> </p> 77 <p> </p></td> 78 <td width="715" valign="top"><span class="pageheader">The Results</span> 79 <p>What happened to the U.S. economy? Two years ago, we were in the middle of an economic boom. Banks were eager to lend even at the cost of forgoing important covenants, and corporate America (and the entire world) was producing at full steam, so much so that commodities prices were rising in anticipation of a future scarcity. </p> 80 <p> Neoclassical economic models cannot explain the deep recession we are quickly sliding into. There was no apparent shock to productivity nor a clear slowdown in innovation. The government has kept taxes low. The Federal Reserve has kept interest rates low and cut them even further. Yet, everyone agrees that this crisis originated in the financial system. </p> 81 <p> Why? Because something important was destroyed in the last few months. It is an asset crucial to production, even if it is not made of bricks and mortar. This asset is <strong>TRUST</strong>. </p> 82 <p> While trust is fundamental to all trade and investment, it is particularly important in financial markets, where people depart with their money in exchange for promises. </p> 83 <p> To study how recent events have undermined Americansâ trust in the stock markets and institutions in general, we have launched the Chicago Booth/Kellogg School Financial Trust Index. </p> 84 <p> </p></td> 85 <td width="20"> </td> 86 </tr> 87 <tr> 88 <td> </td> 89 <td> </td> 90 <td> </td> 91 </tr> 92 <tr> 93 <td> </td> 94 <td> </td> 95 <td> </td> 96 </tr> 97 </table></td> 98 </tr> 99 100 <tr> 101 <td colspan="2"><img src="images/gray-bar-footer.gif" width="940" height="7" /></td> 102 </tr> 103</table> 104<br /> 105<center> 106<div class="footer"> 107<br /><span style="font-size:120%;"> 108FINANCIAL TRUST INDEX</span><br /> 109<br /> 110<a href="about.htm">ABOUT</a> | <a href="results.htm">THE RESULTS</a> | <a href="relatedresearch.htm">RELATED RESEARCH</a> | <a href="authors.htm"> AUTHORS</a> | <a href="sponsors.htm">SPONSORS</a> | <a href="faq.htm">FAQ</a> | <a href="contact.htm">CONTACT</a> | <a href="pressroom.htm">PRESS ROOM</a><br /> 111<br /> 112© 2009 The University of Chicago Booth School of Business and Kellogg School of Management <br /> 113</div> 114</center> 115 116<map name="Map" id="Map"> 117 <area shape="rect" coords="9,8,613,86" href="index.htm" /> 118</map>
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