presented is useful to you in your work. community development professionals in our audience may get ideas on how they might deliver their services more effectively. policymakers may look more closely at how workers are affected by their decisions. and researchers may be inspired to begin new lines of inquiry that will shed further light on these important topics. our work at the federal reserve will certainly be enhanced through our continuing exploration of these issues. thank you for taking the time to join us today. 1 the views expressed are my own and not necessarily those of other federal reserve board members or federal open market committee participants. return to text 2 for statistics on education and job effects, see board of governors of the federal reserve system ( 2021 ), report on the economic well - being of u. s. households in 2020 ( washington : board of governors, may ). for more information on students ’ learning losses, see emma dorn, bryan hancock, jimmy sarakatsannis, and ellen viruleg ( 2020 ), “ covid - 19 and learning loss — disparities grow and students need help, ” mckinsey & company, december 8, www. mckinsey. com / industries / public - and - social - sector / our - insights / covid - 19 - andlearning - loss - disparities - grow - and - students - need - help. return to text 3 specifically, 46 percent of workers with at least a bachelor ’ s degree worked entirely from home. nineteen percent of workers with some college, and 10 percent with a high school degree or less, worked entirely from home. see board of governors, report on the economic well - being of u. s. households, in note 2. return to text 4 for statistics on education and job effects, see board of governors, report on the economic well - being of u. s. households, in note 2. for a survey on the effect of the pandemic, see christopher rauh ( 2021 ), “ covid inequality project, ” webpage, sites. google. com / view / covidinequality. for a working paper on the covid - 19 labor market in the united kingdom and germany, see eliza forsythe ( 2021 ), “ current research, ” webpage. return to text 5 for the unemployment rates of black and hispanic workers, see u. s. bureau of labor statistics ( 2021 ), “ civilian labor force participation rate, ” july 2. return to text

many people have entered the stock market in a short time is not entirely a good thing. besides the losses they may incur and thereby run into financial difficulties, there is a risk of the stock market functioning less well because prices bolt from more fundamental levels. an example of this is the it bubble in recent years. the ease with which firms attract capital in an over - valued market leads to misinvestment which, if it becomes too prevalent, can be harmful for society in general when the economy and the stock market both turn downwards. the behaviour of inexperienced investors is thus a general economic issue. the american study argues that firms, banks and analysts had incentives to talk inexperienced people into investing in new enterprises on grounds that were not entirely sound. many new technology companies were not generating a profit and had to rely instead on paying for wages and equipment by issuing shares. for this to be feasible, stock markets need to be high. in this sense there were incentives for managements to trim reports and statements about their firm ’ s future profits. at the same time, analysts and investment banks, with potential earnings from launching share issues, lacked incentives to take a critical look at these reports and statements. inexperienced investors did not get the assistance and support they needed. as a sign of this, the paper mentioned that in summer 2000 professional analysts were summoned to washington for a congressional hearing on their market recommendations. the results showed that in the period before the nasdaq index fell as much as 60 per cent, less than 1 per cent of the recommendations had been to sell. the media subscribed to the exuberant mood with reports of rapidly rising share prices and the notion that quick money could be earned in the so - called new economy became the conventional wisdom. in retrospect we know that while share prices for it and other new companies did rise rapidly for a number of years, they could also fall very quickly. could there be a better illustration of a financial market bubble? here i want to call for studies like those in the united states to throw more light on whether and, if so, to what extent there were also similar tendencies in sweden. for the time being we shall have to make do with occasional observations and more anecdotal information. there is little doubt about the swedish stock market also being feverish in the late 1990s, with many inexperienced newcomers. as far as i know, a good many companies were operating at a loss and issued shares. neither did i detect a massive