Download or read book 700 Billion Bailout written by Paul Muolo and published by John Wiley & Sons. This book was released on 2008-12-11 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is an analysis of the controversial Emergency Economic Stabilization Act and explains in easy to understand language what the bailout bill means for individuals. $700 Billion Bailout answers questions such as: What does the bill say, exactly? Who is making decisions about how the $700 billion will be spent, and what does it mean now that the government is investing directly in our banks? Who’s footing the bill? What is the impact on homeowners, businesses, retirement, and taxes? Where do I put my money in the meantime? Veteran reporter Paul Muolo shows both the challenges and opportunities of the credit crisis and proposed bailout, including its impact on: Mortgages: While rates may be lower, there will be more fees imposed on mortgages. Lenders will be far more cautious in lending, and people who cannot meet their mortgages are likely to lose these homes. This may create a “contrarian” plays in foreclosures and vacation homes.. Stocks and Other Investments: Is now the time to get into the stock market or is it safer to stick with CDs, bonds, and gold? Taxes: With the tax breaks, there will be less tax revenue leading to a huge shortfall to the government over the next few years. He will offer insight into these areas and many others, including how the structure of the bailout bill allows for unprecedented authority that has altered the financial landscape, perhaps permanently. Will the plan work, and how we can prevent this from happening again remains to be seen, but with $700 Billion Bailout Paul Muolo gives us a critical tool for deciphering perhaps the most sweeping piece of legislation since the Patriot Act.

Download or read book Bailout written by Neil Barofsky and published by Simon and Schuster. This book was released on 2013-02-05 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes a new foreword to the paperback edition.

Download or read book Why Save the Bankers written by Thomas Piketty and published by HMH. This book was released on 2016-04-05 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflections on politics, the economy, and the modern world by the #1 New York Times–bestselling author of Capital in the Twenty-First Century. Thomas Piketty’s work has proved that unfettered markets lead to increasing inequality, and that without meaningful regulation, capitalist economies will concentrate wealth in an ever smaller number of hands, threatening democracy. For years, his newspaper columns have pierced the surface of current events to reveal the economic forces underneath. Why Save the Bankers? collects these columns from the period between the September 2008 collapse of Lehman Brothers and the November 2015 terrorist attacks in Paris. In crystalline prose, Piketty examines a wide range of topics, and along the way he decodes the European Union’s economic troubles, weighs in on oligarchy in the United States, wonders whether debts actually need to be paid back, and discovers surprising lessons about inequality by examining the career of Steve Jobs. Coursing with insight and flashes of wit, these brief essays offer a view of recent history through the eyes of one of the most influential economic thinkers of our time. “Easy to follow for readers without much knowledge of economics, especially when [Piketty] picks apart topics that defy classical economic logic; in this he resembles Paul Krugman, who similarly writes clearly on complex topics . . . Helps make sense of recent financial history.” —Kirkus Reviews “Anyone with an interest in politics, monetary policy, or international diplomacy will get a kick out of Piketty’s clear discussion.” —Shelf Awareness “If you have been influenced by Piketty’s landmark work on inequality, make sure to read this next.” —Naomi Klein, author of The Shock Doctrine and This Changes Everything

Download or read book Bailouts written by Robert Eric Wright and published by Columbia University Press. This book was released on 2010 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Download or read book Wall Street Values written by Michael A. Santoro and published by Cambridge University Press. This book was released on 2012-12-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the economic and moral connections between Wall Street and the overall economy? This book chronicles the transformation of Wall Street's business model from serving clients to proprietary trading and explains how this shift undermined the ethical foundations of the modern financial industry.

Download or read book Crisis and Response written by Federal Deposit Insurance Corporation and published by . This book was released on 2018-03-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Crisis and Response: An FDIC History, 2008¿2013 reviews the experience of the FDIC during a period in which the agency was confronted with two interconnected and overlapping crises¿first, the financial crisis in 2008 and 2009, and second, a banking crisis that began in 2008 and continued until 2013. The history examines the FDIC¿s response, contributes to an understanding of what occurred, and shares lessons from the agency¿s experience.

Download or read book Liquidity Lost written by Paul Langley and published by Oxford University Press, USA. This book was released on 2015 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interventions of crisis management during the 2007 to 2011 financial crisis were not simply responses to a set of given developments in markets, banking or neo-liberal capitalism. Nor can those interventions be adequately explained as the actions of sovereign state officials and institutions. Instead, Langley argues, processes of crisis governance are shown to have established six principal technical problems to be acted upon: liquidity, toxicity, solvency, risk, regulation, and debt and that the governance of these technical problems, is shown to have been strategically assembled in order to secure the continuation of a particular, financialized way of life that depends upon global financial circulations. Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established the six technical problems to be acted upon, but also shared certain proclivities and preferences. Crisis governance assembled discourses and devices of economy in relation with sovereign monetary, fiscal, and regulatory techniques, and elicited an affective atmosphere of confidence. It also sought to secure the financialized way of life which turns on the opportunities ostensibly afforded by uncertain financial circulations, and gave rise to post-crisis technical fixes designed to advance the resilience of banking and the macro-prudential regulation of financial stability. Thus, the consensus that prevails across economics, political economy, and beyond - wherein sovereign state institutions are cast as coming to the rescue of the markets, banking, or neo-liberal capitalism - conceals a great deal more than it reveals about the governance of the global financial crisis.

Download or read book First Responders written by Ben S. Bernanke and published by Yale University Press. This book was released on 2020-02-04 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt: An insider’s view of the U.S. government’s response to the 2007–2009 global financial crisis, as recounted by the people who made the key decisions In 2008, the world’s financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government’s response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities.

Download or read book The Case for Big Government written by Jeff Madrick and published by Princeton University Press. This book was released on 2010-02-08 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political conservatives have long believed that the best government is a small government. But if this were true, noted economist Jeff Madrick argues, the nation would not be experiencing stagnant wages, rising health care costs, increasing unemployment, and concentrations of wealth for a narrow elite. In this perceptive and eye-opening book, Madrick proves that an engaged government--a big government of high taxes and wise regulations--is necessary for the social and economic answers that Americans desperately need in changing times. He shows that the big governments of past eras fostered greatness and prosperity, while weak, laissez-faire governments marked periods of corruption and exploitation. The Case for Big Government considers whether the government can adjust its current policies and set the country right. Madrick explains why politics and economics should go hand in hand; why America benefits when the government actively nourishes economic growth; and why America must reject free market orthodoxy and adopt ambitious government-centered programs. He looks critically at today's politicians--at Republicans seeking to revive nineteenth-century principles, and at Democrats who are abandoning the pioneering efforts of the Great Society. Madrick paints a devastating portrait of the nation's declining social opportunities and how the economy has failed its workers. He looks critically at today's politicians and demonstrates that the government must correct itself to address these serious issues. A practical call to arms, The Case for Big Government asks for innovation, experimentation, and a willingness to fail. The book sets aside ideology and proposes bold steps to ensure the nation's vitality.

Download or read book Chain of Blame written by Paul Muolo and published by John Wiley & Sons. This book was released on 2010-02-02 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated and revised look at the truth behind America's housing and mortgage bubbles In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy. Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened. Discusses the latest revelations in the housing and mortgage crisis, including the SEC's charging of Angelo Mozilo Two well-regarded financial journalists familiar with the events that have taken place chronicle the crisis in detail, showing what happened as well as what lies ahead Discusses how the world's largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess Intriguing and informative, Chain of Blame is a compelling story of greed and avarice, one in which many are responsible, but few are willing to admit their mistakes.

Download or read book Finance Money And Banking written by and published by Routledge. This book was released on 2006-02-01 with total page 6900 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Subprime Nation written by Herman M. Schwartz and published by Cornell University Press. This book was released on 2011-01-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows.As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the American S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions have jeopardized a significant engine of economic growth. Schwartz concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the "local" problem of the housing crisis carries substantial and ongoing risks for U.S. economic health, the continuing primacy of the U.S. dollar in international financial circles, and U.S. hegemony in the world system.

Download or read book TARP and other Bank Bailouts and Bail Ins around the World written by Allen Berger and published by Academic Press. This book was released on 2020-06-09 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street. Presents a well-informed and rich account of bailouts, bail-ins, and other resolution approaches to resolve financially distressed banks. Uses TARP as a key case study of bailouts that has been thoroughly researched. Provides valuable research and policy guidance for dealing with future financial crises.

Download or read book Revolt on Goose Island written by Kari Lydersen and published by Melville House. This book was released on 2014-05-13 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revised and updated, with a new afterword by the author “There is much talk about ‘audacity’ these days, but true chutzpah is when the workers take over the factory and take on the bank. Kari Lydersen’s invaluable account of the Republic sit-down strike is an instruction manual for worker dignity.” —Mike Davis, author of Buda’s Wagon and City of Quartz December 5, 2008: It wasn’t supposed to work like this. Days after getting a $45 billion bailout from the U.S. government, Bank of America shut down a line of credit that kept Chicago’s Republic Windows & Doors factory operating. The bosses, who knew what was coming, had been sneaking machinery out in the middle of the night. They closed the factory and sent the workers home. Then something surprising happened: Republic’s workers occupied the factory and refused to leave. Kari Lydersen, an award-winning reporter, tells the story of the factory takeover, elegantly transforming the workers’ story into a parable of labor activism for the twenty-first century, one that concludes with a surprising and little-reported victory.

Download or read book The New New Deal written by Michael Grunwald and published by Simon and Schuster. This book was released on 2012-08-14 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: A riveting story about change in the Obama era--and an essential handbook forvoters who want the truth about the president, his record, and his enemies by"TIME" senior correspondent Grunwald.

Download or read book It Takes a Pillage written by Nomi Prins and published by SWN Books. This book was released on 2010-12-07 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Nomi knows. Having been at Goldman Sachs, Nomi Prins knows the mind-set, knows how to read spreadsheets, knows the people, and knows Wall Street's games. Nomi knows and now Nomi tells." --Jim Hightower, author of "Swim against the Current" "If you want to understand why Wall Street is disgraced but still calling the shots, you can't do better than the brilliantly written and documented It Takes a Pillage." --Robert Kuttner, author of "Obama's Challenge" After months of various drafts and political infighting, Congress finally passed, and President Obama signed into law, a bill that was supposedly the biggest financial reform bill in decades. The big question is, do the supporters of this bill really believe it will change Wall Street? Or do they simply hope it'll be enough to placate us so the status quo can be validated? Nomi Prins assumes the latter, because they can't be that naive, but time will tell. In "It Takes a Pillage," former Wall Street insider turned muckraking journalist Nomi Prins explains how we are building a new bubble with more leverage, bigger bonuses, rampant speculation and fraud, amid extended unemployment and personal financial decline. The cowering of Washington bureaucrats in the face of the power and influence exerted by the Big Banks threatens the immediate economic well-being of us all. The scariest part is that, for all the trillions that have been spent or remain committed to the bloated stalwarts of Wall Street, our economic system is still in disarray. Average Americans continue to struggle while the banks are once again rolling in outsized profits and obscene bonuses. "It Takes a Pillage" is packed with the information you need to understand the financial crisis and what has followed, and to gain deeper insight into how to fight for real change.

Download or read book Political Bubbles written by Nolan McCarty and published by Princeton University Press. This book was released on 2013-05-21 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Bubbles offers timely lessons that all sectors would do well to heed.