Mr. Johnson is an operations director in Wool mart and this interview takes place in his office with the aim of establishing his view of the 2008 economic crisis that badly affected the American economy (Cecchetti, 2008).

I: How are you? Thank you for this opportunity, I hope it does not affect your schedule badly?

Johnson: It does but not that much. (In a lighter tone) You are welcomed if you won’t make a habit of it.

I: Let’s jump right into business.  What do you at a personal level think was the cause of the economic crisis?

Johnson: (Pauses then slightly shifts position).  That is a hard one.  I cannot pinpoint exactly what could have caused the crisis rather I understand it was a complex mix of interrelated events and pinpointing the exact cause is not easy.

I: My point exactly. (Pause) Why is it so hard to pinpoint the exact cause of the economic crisis?

Johnson: (Jokingly).  It could be that there was no exact cause.  Seriously, the modern economy is affected by a large number of factors some of which are beyond the control of the US.  We are not to blame for this; it is just the nature of the economy that makes it dependent on factors that display high levels of dynamism.  On the other hand, the US economy is heavily reliant on variables like crude oil in that an increase in prices of oil which may or may not be within the control of America causes all kinds of problems to the economy.

I: Are you saying that the economic crisis was unavoidable?

Johnson: Not really. But the negative impact it had on America could have been reduced had some economic and social measures been developed to reduce the vulnerability of the American economy to global and local variables.

I: What are these variables you are talking about?

Johnson: (With a light touch). I should school you about the economy (smiles).  The US economy developed due to non-restrictive economic strategies that made it possible for private investors to develop different segments of the economy.  America has the largest number of multinationals whose activities are widely affected by global variables.  Americans spend more money on fuel than they do on food; makes you wonder which one is basic.  The number of cars and the population is comparable and that is why we waste a lot of time staring at each other in midday jams and remember that Osama is still out there and any time he remembers the US the Wall Street is affected and so is the economy.

I: That is a long narration.  To put it plainly, do you think the US economy will ever recover?

Johnson: If it is existent why shouldn’t it?

I: How?

Johnson: The US economy is robust and that is why it has survived the crisis.  However, there is need to change the ideologies that have for a long time defined the American approach to finances.  Policies that define the private sector should be continuously reviewed to address emerging threats, there is no need to spend millions addressing threats through wrong approaches like wars which adversely affect the economy; a majority of Americans are unhealthy though concerned with environmental conservation, development of mass transit systems and some cycling or walking could address these two threats while reducing dependence on oil.

I: Thanks for sparing me some of your time.

Johnson: You’re welcome.

References

Cecchetti, S.G. (2008). Crises and Responses: The Federal Reserve and the Financial Crisis      of 2007-2008. Washington DC, National Bureau of Economic Research.

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