Search Results for "after-the-music-stopped-the-financial-crisis-the-response-and-the-work-ahead"

After the Music Stopped

After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

  • Author: Alan S. Blinder
  • Publisher: Penguin Group USA
  • ISBN: 014312448X
  • Category: Business & Economics
  • Page: 504
  • View: 5822
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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

After the Music Stopped

The Financial Crisis, The Response, And The Work Ahead

  • Author: Alan S. Blinder
  • Publisher: Penguin Press HC
  • ISBN: 9781594205309
  • Category: Business & Economics
  • Page: 496
  • View: 7489
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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

After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

  • Author: Alan S. Blinder
  • Publisher: Penguin
  • ISBN: 1101605871
  • Category: Business & Economics
  • Page: 528
  • View: 4938
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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.

Advice and Dissent

Advice and Dissent

Why America Suffers When Economics and Politics Collide

  • Author: Alan S. Blinder
  • Publisher: Basic Books
  • ISBN: 046509418X
  • Category: Business & Economics
  • Page: 368
  • View: 3945
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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.

Financial Crisis Inquiry Report

Financial Crisis Inquiry Report

  • Author: Phil Angelides
  • Publisher: DIANE Publishing
  • ISBN: 1437980724
  • Category:
  • Page: 633
  • View: 7074
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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.

In Fed We Trust

In Fed We Trust

Ben Bernanke's War on the Great Panic

  • Author: David Wessel
  • Publisher: Crown Business
  • ISBN: 0307459691
  • Category: Business & Economics
  • Page: 341
  • View: 384
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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

The Federal Reserve and the Financial Crisis

  • Author: Ben Bernanke
  • Publisher: Princeton University Press
  • ISBN: 0691158738
  • Category: Business & Economics
  • Page: 134
  • View: 3633
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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 Financial Crisis

The Financial Crisis

Who is to Blame?

  • Author: Howard Davies
  • Publisher: John Wiley & Sons
  • ISBN: 0745680771
  • Category: Business & Economics
  • Page: 240
  • View: 1443
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There is still no consensus on who or what caused the financial crisis which engulfed the world, beginning in the summer of 2007. A huge number of suspects have been identified, from greedy investment bankers, through feckless borrowers, dilatory regulators and myopic central bankers to violent video games and high levels of testosterone among the denizens of trading floors. There is not even agreement on whether the crisis shows a need for more government intervention in markets, or less: some maintain that government encouragement of home ownership lay at the heart of the problem in the US, in particular. In The Financial Crisis Howard Davies charts a course through these arguments, and the evidence advanced for each of them. The reader can thereby assess the weight to be attached to each, and the likely effectiveness of the remedies under development.

Central Banking in Theory and Practice

Central Banking in Theory and Practice

  • Author: Alan S. Blinder
  • Publisher: MIT Press
  • ISBN: 9780262522601
  • Category: Business & Economics
  • Page: 92
  • View: 5670
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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.

The End of Wall Street

The End of Wall Street

  • Author: Roger Lowenstein
  • Publisher: Penguin
  • ISBN: 1101197692
  • Category: Business & Economics
  • Page: 384
  • View: 5339
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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...

On the Brink

On the Brink

Inside the Race to Stop the Collapse of the Global Financial System -- With Original New Material on the Five Year Anniversary of the Financial Crisis

  • Author: Henry M. Paulson
  • Publisher: Business Plus
  • ISBN: 1455582476
  • Category: Business & Economics
  • Page: 528
  • View: 4393
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Former Secretary of the Treasury Hank Paulson -- who was at the very epicenter of the crashing financial markets -- provides a startling, first- person account of what really happened during this time of global financial crisis - and this revised edition features fresh and original material from Paulson on the five-year-anniversary of the 2008 financial crisis. From the man who was in the very middle of this perfect economic storm, Paulson puts the reader in the room for all the intense moments as he addressed urgent market conditions, weighed critical decisions, and debated policy and economic considerations with of all the notable players-including the CEOs of top Wall Street firms as well as Ben Bernanke, Timothy Geithner, Sheila Bair, Nancy Pelosi, Barney Frank, presidential candidates Barack Obama and John McCain, and then-President George W. Bush. More than an account about numbers and credit risks gone bad, ON THE BRINK is an extraordinary story about people and politics-all brought together during the world's impending financial Armageddon.

Macroeconomics

Macroeconomics

Institutions, Instability, and the Financial System

  • Author: Wendy Carlin,David W. Soskice
  • Publisher: Oxford University Press, USA
  • ISBN: 0199655790
  • Category: Business & Economics
  • Page: 638
  • View: 1164
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Carlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.

Panic on Wall Street

Panic on Wall Street

A History of America's Financial Disasters

  • Author: Robert Sobel
  • Publisher: Beard Books
  • ISBN: 9781893122468
  • Category: Business & Economics
  • Page: 469
  • View: 8999
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All the Devils Are Here

All the Devils Are Here

The Hidden History of the Financial Crisis

  • Author: Bethany McLean,Joe Nocera
  • Publisher: Penguin
  • ISBN: 1101551054
  • Category: Business & Economics
  • Page: 416
  • View: 2714
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"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.

Stress Test

Stress Test

Reflections on Financial Crises

  • Author: Timothy F. Geithner
  • Publisher: N.A
  • ISBN: 0804138613
  • Category: Biography & Autobiography
  • Page: 580
  • View: 1908
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From the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great Depression.

Unfinished Business

Unfinished Business

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

  • Author: Tamim Bayoumi
  • Publisher: Yale University Press
  • ISBN: 0300225636
  • Category: Business & Economics
  • Page: 286
  • View: 8286
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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 End of Alchemy: Money, Banking, and the Future of the Global Economy

The End of Alchemy: Money, Banking, and the Future of the Global Economy

  • Author: Mervyn King
  • Publisher: W. W. Norton & Company
  • ISBN: 0393247031
  • Category: Business & Economics
  • Page: 368
  • View: 8391
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“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

Angela Merkel

Angela Merkel

A Chancellorship Forged in Crisis

  • Author: Alan Crawford,Tony Czuczka
  • Publisher: John Wiley & Sons
  • ISBN: 1118641094
  • Category: Business & Economics
  • Page: 216
  • View: 4666
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Shortlisted for International Affairs Book of the Year in the Paddy Power Political Book Awards 2014 Angela Merkel was already unique when she became German chancellor: the first female leader of Europe’s biggest economy, the first from former communist East Germany and the first born after World War II. Since 2010, the debt crisis that spread from Greece to the euro region and the world economy has propelled her to center-stage, making Merkel the dominant politician in the struggle to preserve Europe’s economic model and its single currency. Yet the Protestant pastor’s daughter is often viewed as enigmatic and hard-to-predict, a misreading that took hold as she resisted global pressure for grand gestures to counter the crisis. Having turned the fall of the Berlin Wall to her advantage, Merkel is trying to get history on her side again after reaching the fundamental decision to save the euro, the crowning achievement of post-war European unity. Merkel has brought Europe to a crossroads. Germany’s economic might gives her unprecedented power to set the direction for the European Union’s 500 million people. What’s at stake is whether she will persuade them to follow the German lead. Angela Merkel: A Chancellorship Forged in Crisis is the definitive new biography of the world’s most powerful woman. Delving into Merkel’s past, the authors explain the motives behind her drive to remake Europe for the age of globalization, her economic role models and the experiences under communism that color her decisions. For the first time in English, Merkel is fully placed in her European context. Through exclusive interviews with leading policy makers and Merkel confidants, the book reveals the behind-the-scenes drama of the crisis that came to dominate her chancellorship, her prickly relationship with the U.S. and admiration for Eastern Europe. Written by two long-standing Merkel watchers, the book documents how her decisions and vision – both works in progress – are shaping a pivotal moment in European history.

The Alchemists

The Alchemists

Three Central Bankers and a World on Fire

  • Author: Neil Irwin
  • Publisher: Penguin
  • ISBN: 0143124994
  • Category: Business & Economics
  • Page: 430
  • View: 1297
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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.

The Shifts and the Shocks

The Shifts and the Shocks

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

  • Author: Martin Wolf
  • Publisher: Penguin
  • ISBN: 1101608447
  • Category: Business & Economics
  • Page: 528
  • View: 980
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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.