Genesis of the financial crisis [electronic resource] / Roderick Macdonald.
Macdonald, Roderick, 1952-
2012
HB3717 2008 .M315 2012eb
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Title Genesis of the financial crisis [electronic resource] / Roderick Macdonald.
Author Macdonald, Roderick, 1952-
ISBN 9781137026897 (electronic bk.)
9780230298538
Imprint Hampshire ; New York : Palgrave Macmillan, 2012.
Language English
Description 1 online resource (xi, 178 p.) : ill.
Call Number HB3717 2008 .M315 2012eb
Dewey Decimal Classification 330.973/0931
Summary "A complete and accessible explanation of the factors contributing to the onset of the 2007 financial and economic crisis. The myriad factors are explained in an orderly way with simple terms. The anticipation (or not) and reception of the crisis by mainstream economists and by Austrian economics leads to reflection on the state of economic theory"-- Provided by publisher.
Much of our current economic malaise began with the financial crisis of 2007-2010. There are many simplistic explanations that are incomplete or simply wrong: the financial crisis was caused by greed, the Republican party, the capitalist system, American consumerism. Many experts have provided insightful explanations from the viewpoint of their specialty (financial instruments, real estate, economics, banking or governance) and many actors have published riveting accounts of key events of the crisis. This book brings all these perspectives together in a short and accessible overview of the factors contributing to the onset of the crisis, and discusses the reaction to the crisis by mainstream and Austrian economists. It provides the reader with an understanding of the root of the financial crisis, taking into account the opinions of leading economists.
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Source of Description Description based on print version record.
Available in Other Form Genesis of the financial crisis.
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Foreword and Acknowledgements
PART I: THE CRISIS OF 2007-2010
The Nature and Effects of the 2007-2010 Crisis and Ways to Resolve It
The Nature of the 2007 Financial Crisis
An Overview of the 'Financial Sector'
Was this a Crisis for Everyone?
Some Effects of the Toxic Assets
First Effect: Difficulties in Routine Economic Transactions
Second Effect: Shrinkage of Habitual Sources of Financing
Third Effect: Deflation
Why we should Care: What Happens if there is No Bailout -the Mainstream View
An Alternative View on the Crisis: Austrian Economics
PART II: THE GENESIS OF THE CRISIS
The Roots of the Crisis
Some Basics About Shelter and Home Ownership
The Historical Context
The Mechanics of the Crisis
Investment Banking and Various Fund Managers
Mortgages and the Hierarchy of Markets: from Construction to Mortgage Backed Securities
Securitization
Imperfections
Three Chronologies and the Genesis of the 2007-2010 Crisis
Overview
Chronology of U.S. Government Interventions in Housing
Spasms in US Housing
The ABCP (Securitization) Bubble that Preceded the 2007 Financial Crisis
Securities
The Ball of Yarn Unravels
Conclusion
PART III: REMEDIES AND REPARTEE
The Crisis Response of the Main Actors: Ben Bernanke and Timothy Geithner
A Survey of Opinions 1 - Saltwater Economists
Saltwater Economist Number One: Paul Krugman
Saltwater Economist Number Two: Joseph Stiglitz
A survey of Opinions 2 - Freshwater Economists and Austrian Economists
Introduction
Freshwater Economist Number One: Luigi Zingales
Freshwater Economist Number Two: John Cochrane
Austrian Economists
Austrian Economists on the Bailout
Peter Schiff on Stimulus
Popular Opinion
Rather than a Conclusion, more Questions
Analysis: What Economists Saw
Action: What Economists Proposed
Bibliography
Index.

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