After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

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Author: Alan S. Blinder

Publisher: Penguin Group USA

ISBN: 014312448X

Category: Business & Economics

Page: 504

View: 601

Assesses the U.S. financial crisis and its lessons, exploring its contributing factors while revealing its more devastating but lesser-known consequences and outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

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Author: Alan S. Blinder

Publisher: Penguin Press HC

ISBN: 9781594205309

Category: Business & Economics

Page: 476

View: 670

An assessment of the U.S. financial crisis and its lessons explores its complex contributing factors while revealing some of its more devastating consequences, outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

The Financial Crisis, The Response, And The Work Ahead

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Author: Alan S. Blinder

Publisher: Penguin Press HC

ISBN: 9781594205309

Category: Business & Economics

Page: 496

View: 8222

An assessment of the U.S. financial crisis and its lessons explores its complex contributing factors while revealing some of its more devastating consequences, outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

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Author: Alan S. Blinder

Publisher: Penguin

ISBN: 1101605871

Category: Business & Economics

Page: 528

View: 6621

New York Times Bestseller One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Financial Crisis Inquiry Report

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Author: Phil Angelides

Publisher: DIANE Publishing

ISBN: 1437980724

Category:

Page: 633

View: 6773

The Financial Crisis Inquiry Commission was created to "examine the causes of the current financial and economic crisis in the U.S." In this report, the Commission presents the results of its examination and its conclusions as to the causes of the crisis. More than two years after the worst of the financial crisis, our economy continues to experience the aftershocks. Millions of Americans have lost their jobs and their homes, and the economy is still struggling to rebound. This report is intended to provide a historical accounting of what brought our financial system and economy to a precipice and to help policy makers and the public better understand how this calamity came to be. Charts and tables. This is a print on demand report.

Advice and Dissent

Why America Suffers When Economics and Politics Collide

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Author: Alan S. Blinder

Publisher: Basic Books

ISBN: 046509418X

Category: Business & Economics

Page: 368

View: 4863

A bestselling economist tells us what both politicians and economists must learn to fix America's failing economic policies American economic policy ranks as something between bad and disgraceful. As leading economist Alan S. Blinder argues, a crucial cultural divide separates economic and political civilizations. Economists and politicians often talk--and act--at cross purposes: politicians typically seek economists' "advice" only to support preconceived notions, not to learn what economists actually know or believe. Politicians naturally worry about keeping constituents happy and winning elections. Some are devoted to an ideology. Economists sometimes overlook the real human costs of what may seem to be the obviously best policy--to a calculating machine. In Advice and Dissent, Blinder shows how both sides can shrink the yawning gap between good politics and good economics and encourage the hardheaded but softhearted policies our country so desperately needs.

Central Banking in Theory and Practice

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Author: Alan S. Blinder

Publisher: MIT Press

ISBN: 9780262522601

Category: Business & Economics

Page: 92

View: 6107

This book deals with a variety of issues in monetary policy, including the goals of monetary policy, the choice of monetary instrument, the rule-versus-discretion debate, suggested remedies for the alleged problem of inflationary bias, & more.

All the Devils Are Here

The Hidden History of the Financial Crisis

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Author: Bethany McLean,Joe Nocera

Publisher: Penguin

ISBN: 1101551054

Category: Business & Economics

Page: 416

View: 9690

"Hell is empty, and all the devils are here." -Shakespeare, The Tempest As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Among the devils you'll meet in vivid detail: • Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending. • Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices. • Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried. • Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants. • Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line. • Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission. • Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity. • Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

In Fed We Trust

Ben Bernanke's War on the Great Panic

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Author: David Wessel

Publisher: Crown Business

ISBN: 0307459691

Category: Business & Economics

Page: 341

View: 1573

A Pulitzer Prize-winning editor of the Wall Street Journal presents an inside account of the struggle of Federal Chairman Ben Bernanke and his financial team to prevent the current financial crisis from becoming a next Great Depression. Reprint. A best-selling book.

The Federal Reserve and the Financial Crisis

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Author: Ben Bernanke

Publisher: Princeton University Press

ISBN: 0691158738

Category: Business & Economics

Page: 134

View: 9143

Collects a series of lectures the chairman of the U.S. Federal Reserve gave in 2012 about the Federal Reserve and the 2008 financial crisis.

The Shifts and the Shocks

What We've Learned--and Have Still to Learn--from the Financial Crisis

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Author: Martin Wolf

Publisher: Penguin

ISBN: 1101608447

Category: Business & Economics

Page: 528

View: 9495

From the chief economic commentator for the Financial Times—a brilliant tour d’horizon of the new global economy There have been many books that have sought to explain the causes and courses of the financial and economic crisis that began in 2007. The Shifts and the Shocks is not another detailed history of the crisis but is the most persuasive and complete account yet published of what the crisis should teach us about modern economies and econom­ics. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world’s most influential economic com­mentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criti­cism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect. From the Trade Paperback edition.

The End of Wall Street

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Author: Roger Lowenstein

Publisher: Penguin

ISBN: 1101197692

Category: Business & Economics

Page: 384

View: 6761

Watch a Video Watch a video Download the cheat sheet for Roger Lowenstein's The End of Wall Street » The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist. The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages. The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression. Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...

A Just and Generous Nation

Abraham Lincoln and the Fight for American Opportunity

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Author: Harold Holzer,Norton Garfinkle

Publisher: Basic Books

ISBN: 0465073964

Category: Biography & Autobiography

Page: 320

View: 1877

In A Just and Generous Nation, the eminent historian Harold Holzer and the noted economist Norton Garfinkle present a groundbreaking new account of the beliefs that inspired our sixteenth president to go to war when the Southern states seceded from the Union. Rather than a commitment to eradicating slavery or a defense of the Union, they argue, Lincoln’s guiding principle was the defense of equal economic opportunity. Lincoln firmly believed that the government’s primary role was to ensure that all Americans had the opportunity to better their station in life. As president, he worked tirelessly to enshrine this ideal within the federal government. He funded railroads and canals, supported education, and, most importantly, issued the Emancipation Proclamation, which opened the door for former slaves to join white Americans in striving for self-improvement. In our own age of unprecedented inequality, A Just and Generous Nation reestablishes Lincoln’s legacy as the protector not just of personal freedom but of the American dream itself.

The Alchemists

Three Central Bankers and a World on Fire

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Author: Neil Irwin

Publisher: Penguin

ISBN: 0143124994

Category: Business & Economics

Page: 430

View: 2661

Documents the inside story of the world's most powerful central bankers at a pivotal May 2010 meeting in Basel, Switzerland, to explore the efforts of European Central Bank's Jean-Claude Trichet, the Bank of England's Mervyn King and the Federal Reserve's Ben Bernanke in safeguarding the global economy.

Unfinished Business

The Unexplored Causes of the Financial Crisis and the Lessons Yet to Be Learned

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Author: Tamim Bayoumi

Publisher: Yale University Press

ISBN: 0300225636

Category: Business & Economics

Page: 286

View: 8644

A penetrating critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis--with a prescription for preventing another meltdown There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined. Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S. market and financed unsustainable bubbles on both continents. U.S. banks increasingly sold sub-par loans to under-regulated European and U.S. shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. A much-needed, fresh look at the origins of the crisis, Bayoumi's analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.

The Entrepreneurial State

Debunking Public Vs. Private Sector Myths

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Author: Mariana Mazzucato

Publisher: Anthem Press

ISBN: 1783085215

Category:

Page: N.A

View: 8018

Named one of the best books of 2013 by the 'Financial Times', 'Huffington Post' and 'Forbes', this debate-shifting book debunks the myth of the State as a static bureaucratic organization only needed to 'fix' market failures, leaving dynamic entrepreneurship and innovation to the private sector. Case studies ranging from the innovations that make the iPhone so 'smart' to the current developments in clean technology reveal the reality, whereby the private sector only invests after the entrepreneurial State has made the bold, high-risk investments.

Other People's Money

Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made

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Author: Charles V. Bagli

Publisher: Plume Books

ISBN: 0142180718

Category: Business & Economics

Page: 402

View: 5277

Documents how real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investor dollars in a single failed deal and explores how the events surrounding the infamous deal reflected the ongoing real estate crisis.

Bad Pharma

How Drug Companies Mislead Doctors and Harm Patients

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Author: Ben Goldacre

Publisher: Macmillan

ISBN: 0865478066

Category: Business & Economics

Page: 480

View: 9042

Argues that doctors are deliberately misinformed by profit-seeking pharmaceutical companies that casually withhold information about drug efficacy and side effects, explaining the process of pharmaceutical data manipulation and its global consequences. By the best-selling author of Bad Science.

House of Debt

How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

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Author: Atif Mian,Amir Sufi

Publisher: University of Chicago Press

ISBN: 022627750X

Category: Business & Economics

Page: 232

View: 758

The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

The Fed and Lehman Brothers

Setting the Record Straight on a Financial Disaster

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Author: Laurence M. Ball

Publisher: Cambridge University Press

ISBN: 1108369081

Category: Business & Economics

Page: N.A

View: 7498

The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.