Political bubbles financial crises and the failure of American democracy

Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and am...

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Hlavní autoři:	McCarty, Nolan, Poole, Keith T, Rosenthal, Howard
Médium:	E-kniha Kniha
Jazyk:	angličtina
Vydáno:	Princeton Princeton University Press 2013 Princeton Univ. Press
Vydání:	1
Témata:	21st century Activism American Recovery and Reinvestment Act of 2009 Asset Bankruptcy Barack Obama Bear Stearns Ben Bernanke BUSINESS & ECONOMICS / Economics / General Chapter 9 Citigroup Cloture Commercial bank Commodity Futures Trading Commission Credit default swap Crony capitalism Democracy- Jpa- 1kbb- Jphv- Kcp- Kc Dodd–Frank Wall Street Reform and Consumer Protection Act Economic interventionism Economics Economist Employment Enron Fannie Mae Finance Financial crises Financial crises > United States > History > 21st century Financial crisis Financial crisis of 2007–08 Financial innovation Financial institution Financial regulation Financial services Finanzkrise Fiscal conservatism Foreclosure Fraud Freddie Mac General- Political Science George W. Bush Glass–Steagall Legislation Global Financial Crisis, 2008-2009 Global Financial Crisis, 2008-2009 > Political aspects Goldman Sachs Great Recession Henry Paulson History History & Theory History & Theory- Business & Economics Ideology Income Institutionenökonomik Interessenpolitik Interest rate Investor JPMorgan Chase Legislation Legislator Lehman Brothers Lobbying Long-Term Capital Management Merrill Lynch MF Global Mortgage loan Occupy Wall Street Patient Protection and Affordable Care Act Paul Volcker Policy Political aspects Political economy Political Economy- Political Science Political Ideologies POLITICAL SCIENCE POLITICAL SCIENCE / History & Theory POLITICAL SCIENCE / Political ideologies / Democracy POLITICAL SCIENCE / Political Ideologies / General POLITICAL SCIENCE / Political Economy Politician Politics Populism Predatory lending Private sector Provision (accounting) Real estate bubble Recession Staatliche Einflussnahme Tax The Public Interest Too big to fail Troubled Asset Relief Program Unemployment United States USA Voting Wells Fargo Öffentliche Meinung Policy Henry Paulson Interest rate Income Foreclosure Populism Economic interventionism Tax Credit default swap Commercial bank Political economy Mortgage loan Financial crisis Politician Political science Occupy Wall Street Ideology MF Global Asset Legislator Financial innovation Private sector Bankruptcy Patient Protection and Affordable Care Act Lehman Brothers Too big to fail Bear Stearns The Public Interest Activism Wells Fargo Cloture Legislation Long-Term Capital Management Troubled Asset Relief Program Financial crisis of 2007–08 Unemployment Financial services Economist Paul Volcker Fannie Mae Predatory lending Citigroup Financial institution American Recovery and Reinvestment Act of 2009 Real estate bubble Provision (accounting) JPMorgan Chase Freddie Mac Fraud Glass–Steagall Legislation Voting George W. Bush Employment Chapter 9 Finance Merrill Lynch Enron Lobbying Barack Obama Dodd–Frank Wall Street Reform and Consumer Protection Act Ben Bernanke Fiscal conservatism Crony capitalism Politics Financial regulation Investor Goldman Sachs Recession Commodity Futures Trading Commission Great Recession
ISBN:	9780691165721, 0691165726, 9780691145013, 0691145016, 1400846390, 9781400846399
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Popis
Shrnutí:	Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures,Political Bubblesoffers timely lessons that all sectors would do well to heed.
Bibliografie:	Includes indexes Bibliography: p. [305]-326
ISBN:	9780691165721 0691165726 9780691145013 0691145016 1400846390 9781400846399
DOI:	10.1515/9781400846399