financing failure a century of bailouts

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Financing Failure

Author : Vern McKinley
ISBN : 1598130498
Genre : Business & Economics
File Size : 31. 56 MB
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Probably no issue during the most recent financial crisis aroused more passion than financial institution bailouts. Focusing on the policymaking behind the decisions to bail out these institutions—not just during the most recent crisis, but also throughout history—this account argues that the genesis of financial crisis lies in government policy, whether in the mismanagement of monetary policy during the 1930s or in the extraordinary push of consumers into homeownership leading up to the current crisis. This detailed analysis is an essential read in order to understand why the United States has become so reliant on such interventions.

Too Big To Fail

Author : Financial Management Association International. Meeting
ISBN : 1567206212
Genre : Business & Economics
File Size : 29. 81 MB
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Explores the reasons why some companies or organizations are considered "too big to fail" by their governments, and why others are not.

Transforming The U S Financial System An Equitable And Efficient Structure For The 21st Century

Author : Gary Dymski
ISBN : 9781315484518
Genre : Business & Economics
File Size : 61. 22 MB
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This work challenges the conventional understanding of Hong Kong's political culture as one of indifference. It takes a historical look at political participation in the former colony and includes an in-depth analysis of 13 selected cases.

Fixing Financial Crises In The 21st Century

Author : Andrew Haldane
ISBN : 9781134337163
Genre : Business & Economics
File Size : 53. 51 MB
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Financial crises have dogged the international monetary system over recent years. They have impoverished millions of people around the world, especially within developing countries. And they have called into question the very process of globalization. Yet there remains no intellectual consensus on how best to avert such crises, much less resolve them. Policymakers stand at a cross-roads. This volume summarises and evaluates these issues, drawing on contributions by prominent international experts in the field.

International Economic Law In The 21st Century

Author : Ernst-Ulrich Petersmann
ISBN : 9781847319814
Genre : Law
File Size : 57. 47 MB
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The state-centred 'Westphalian model' of international law has failed to protect human rights and other international public goods effectively. Most international trade, financial and environmental agreements do not even refer to human rights, consumer welfare, democratic citizen participation and transnational rule of law for the benefit of citizens. This book argues that these 'multilevel governance failures' are largely due to inadequate regulation of the 'collective action problems' in the supply of international public goods, such as inadequate legal, judicial and democratic accountability of governments vis-a-vis citizens. Rather than treating citizens as mere objects of intergovernmental economic and environmental regulation and leaving multilevel governance of international public goods to discretionary 'foreign policy', human rights and constitutional democracy call for 'civilizing' and 'constitutionalizing' international economic and environmental cooperation by stronger legal and judicial protection of citizens and their constitutional rights in international economic law. Moreover intergovernmental regulation of transnational cooperation among citizens must be justified by 'principles of justice' and 'multilevel constitutional restraints' protecting rights of citizens and their 'public reason'. The reality of 'constitutional pluralism' requires respecting legitimately diverse conceptions of human rights and democratic constitutionalism. The obvious failures in the governance of interrelated trading, financial and environmental systems must be restrained by cosmopolitan, constitutional conceptions of international law protecting the transnational rule of law and participatory democracy for the benefit of citizens.

From Buildings And Loans To Bail Outs

Author : David L. Mason
ISBN : 1139453807
Genre : History
File Size : 60. 39 MB
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For most Americans, the savings and loan industry is defined by the fraud, ineptitude and failures of the 1980s. However, these events overshadow a long history in which thrifts played a key role in helping thousands of households buy homes. First appearing in the 1830s savings and loans, then known as building and loans, encourage their working-class members to adhere to the principles of thrift and mutual co-operation as a way to achieve the 'American Dream' of home ownership. This book traces the development of this industry from its origins as a movement of a loosely affiliated collection of institutions into a major element of America's financial markets. It also analyses how diverse groups of Americans, including women, ethnic Americans and African Americans, used thrifts to improve their lives and elevate their positions in society. Finally the overall historical perspective sheds new light on the events of the 1980s and analyses the efforts to rehabilitate the industry in the 1990s.

Why Government Can Never Fix A Down Economy

Author : Tom Shipley
ISBN : 9781478718857
Genre : Business & Economics
File Size : 86. 51 MB
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A down economy occurs when too many businesses see incoming orders shrink too much. But always, among the 29 million firms that comprise our marketplace, some businesses will be doing well. In the past, we devised a way to find them, fund them, and begin the healing process. Nobody knows, regardless of studies or the number of degrees held, who those firms or business sectors, in aggregate, are. But our government, invariably, selects some, presents them with tax money as stimulus, and the economy continues to sleep. The money was wasted and no national or market purpose was served. Citizen-households, in dealing with all 29 million businesses, unintentionally are funding those poised for growth -- and at no cost to taxpayers. The private sector has 132 million citizen-households that spend money to buy an infinite variety of products or services, every day, that they need or desire from those businesses. And that money, secondarily, is finding all of the firms peculiarly poised for growth and is feeding them. With time, the market will heal and grow if government does nothing. But government can shorten the period of distress: Remove business-retarding regulations. And it can shorten it much further if the private sector, additionally, is allowed to retain a little more of its tax money -- to further stimulate those poised. To make the nation’s period of economic distress the absolute shortest, the government has to do this: Give all private sector businesses more money (lower tax rates with no time limit), remove any regulatory stumbling blocks to business (for example, let drilling begin on federal land), give the private citizens more money to spend (lower tax rates with no time limit), and stand back. The widespread distribution of funding will find those elements that are poised for growth, and if enough elements are found, the correction will begin - and continue, like the falling of dominoes. Government can’t do anything more. If the market isn’t ready, it may take more time, and permanence of all the actions is required. Today, world-wide, economies are in turmoil; our consumers’ money could find some businesses, poised, that left for foreign shores early on, now ready to return.


Author : Robert Eric Wright
ISBN : 9780231150552
Genre : Business & Economics
File Size : 85. 48 MB
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Today's financial crisis is the result of dismal failures on the part of regulators, market analysts, and corporate executives. Yet the response of the American government has been to bail out the very institutions and individuals that have wrought such havoc upon the nation. Are such massive bailouts really called for? Can they succeed? Robert E. Wright and his colleagues provide an unbiased history of government bailouts and a frank assessment of their effectiveness. Their book recounts colonial America's struggle to rectify the first dangerous real estate bubble and the British government's counterproductive response. It explains how Alexander Hamilton allowed central banks and other lenders to bail out distressed but sound businesses without rewarding or encouraging the risky ones. And it shows how, in the second half of the twentieth century, governments began to bail out distressed companies, industries, and even entire economies in ways that subsidized risk takers while failing to reinvigorate the economy. By peering into the historical uses of public money to save private profit, this volume suggests better ways to control risk in the future. Additional Columbia / SSRC books on the privatization of risk and its implications for Americans: Health at Risk: America's Ailing Health System--and How to Heal ItEdited by Jacob S. Hacker Laid Off, Laid Low: Political and Economic Consequences of Employment InsecurityEdited by Katherine S. Newman Pensions, Social Security, and the Privatization of RiskEdited by Mitchell A. Orenstein

Bailouts Or Bail Ins

Author : Nouriel Roubini, Brad Setser
ISBN : 0881325309
Genre : Business & Economics
File Size : 34. 3 MB
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Roughly once a year, the managing director of the International Monetary Fund, the US treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

When Government Helped

Author : Sheila D. Collins
ISBN : 9780199990719
Genre : Social Science
File Size : 74. 30 MB
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When Government Helped systematically evaluates some parallels between The Great Depression and the 2007-2008 global economic meltdown, not only in terms of their economic causes and consequences, but also in terms of their political and cultural contexts and the environmental crises that afflict both periods. The positive and negative lessons for contemporary policy-making are evaluated by a multidisciplinary team of authors across a range of policy arenas. This book is a unique blend of disciplines that presents a new set of guideposts--some beneficial, some cautionary--for the future.

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