The financial crisis : who is to blame?

The financial crisis : who is to blame? / Howard Davies.

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 vide...

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Bibliographic Details
Main Author: Davies, H. (Howard), 1951-
Format: Book
Language:English
Published: Cambridge, UK ; Malden, MA : Polity Press, 2010.
Subjects:
Global Financial Crisis, 2008-2009.
Subprime mortgage loans > United States.
Bank failures > United States.
Banking law > United States.
Off balance sheet financing > United States.
Intervention (Federal government) > United States.
Credit ratings > United States.
Table of Contents:
  • The big picture : Frankenstein's monster: the end of laissez-faire capitalism ; The rich get richer, the poor borrow ; The savings glut: global imbalances ; Too loose for too long: U.S. monetary policy
  • The trigger : Minsky's moment ; The subprime collapse: a failure of government?
  • The failures of regulation : A capital shortage ; Procyclicality ; The canary in the coal mine: off-balance sheet vehicles ; The taxi at the station: liquidity ; The blind man and the elephant: U.S. regulation ; SEC, RIP? ; Financial weapons of mass destruction: derivatives ; Federal mortgage regulation ; Casino banking: the end of Glass-Steagall ; Too big to fail ; Lighting the touchpaper: light touch regulation ; There were three people in the marriage: UK regulation ; A failure of coordination ; Paradise lost: offshore centres
  • Accountants, auditors and rating agencies : Shoot the messenger: fair value accounting ; Tunnel vision: the auditors ; Conflicts of interest: credit rating agencies
  • Financial firms and markets : Breaking the chain: originate to distribute ; Too complex to trade: derivatives ; Disaster myopia: risk management ; The roach motel: corporate governance ; Blankfein's bonus: pay and incentives ; The vampire squid: fraud ; A plague of locusts: hedge funds ; Short-selling
  • Economics and finance theory: irrational expectations : The death of economics ; Inefficient markets ; An ethics-free zone: business schools
  • Wild cards : The watchdog that didn't bark: the media ; Greed is bad ; Lara Croft: video games ; Hormones
  • And finally : A combustible mixture.

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