Causes of the European debt crisis historian Robert Skidelsky added that it was indeed excessive lending by banks, not deficit spending that created this crisis. Government's mounting debts are a response to the economic downturn as spending rises and tax revenues fall, not its cause. Either way, high debt levels alone may not explain the crisis. According to The Economist Intelligence Unit, the position of the euro area looked "no worse and in some respects, rather better than that of the US or the UK." The budget deficit for the euro area as a whole (see graph) is much lower and the euro area's government debt/GDP
John Brooks (writer) II and the ill-fated introduction of the most famous failed automotive gambit in history, the Edsel. Brooks also wrote widely on other subjects as well, including the government-guaranteed loans to Chrysler Corporation, the public television show "Wall Street Week" and its creator Louis Rukeyser, an examination of supply-side economics, the banking behemoth Citibank, economist Arthur Laffer and his Laffer curve, the development of New Jersey's Meadowlands, New York City urban planner Robert Moses, and even the Southern grocery store chain Piggly Wiggly. Brooks's writing on finance won him three Gerald Loeb Awards, and moved Harvard economist John Kenneth Galbraith to