Meltdown The Financial Crisis Consumer Protection and the Road Forward

Author: Larry Kirsch
Publisher: ABC-CLIO
ISBN: 9781440842436
Release Date: 2017-03-09
Genre: Political Science

Meltdown reveals how the Consumer Financial Protection Bureau was able to curb important unsafe and unfair practices that led to the recent financial crisis. In interviews with key government, industry, and advocacy groups along with deep archival research, Kirsch and Squires show where the CFPB was able to overcome many abusive practices, where it was less able to do so, and why. Presents the first comprehensive examination of the CFPB that identifies its successes during its first five years of operation and addresses the challenges the bureau now faces • Exposes the alarming possibility that as the economy recovers, the Consumer Financial Protection Bureau's efforts to protect consumers could be derailed by political and industry pressure • Offers provisional assessment of the effectiveness of the CFPB and consumer protection regulation • Gives readers unique access to insightful perspectives via on-the-record interviews with a cross-section of stakeholders, ranging from Richard Cordray (director of the CFPB) to public policy leaders, congressional staffers, advocates, scholars, and members of the press • Documents the historical and analytic narrative with more than 40 pages of end notes that will assist scholars, students, and practitioners

The Fight for Fair Housing

Author: Gregory D. Squires
Publisher: Routledge
ISBN: 9781134822874
Release Date: 2017-10-16
Genre: Architecture

The federal Fair Housing Act of 1968 was passed in a time of turmoil, conflict, and often conflagration in cities across the nation. It took the assassination of Dr. Martin Luther King, Jr. to finally secure its passage. The Kerner Commission warned in 1968 that "to continue present policies is to make permanent the division of our country into two societies; one largely Negro and poor, located in the central cities; the other, predominantly white and affluent, located in the suburbs and outlying areas". The Fair Housing Act was passed with a dual mandate: to end discrimination and to dismantle the segregated living patterns that characterized most cities. The Fight for Fair Housing tells us what happened, why, and what remains to be done. Since the passage of the Fair Housing Act, the many forms of housing discrimination and segregation, and associated consequences, have been documented. At the same time, significant progress has been made in counteracting discrimination and promoting integration. Few suburbs today are all white; many people of color are moving to the suburbs; and some white families are moving back to the city. Unfortunately, discrimination and segregation persist. The Fight for Fair Housing brings together the nation’s leading fair housing activists and scholars (many of whom are in both camps) to tell the stories that led to the passage of the Fair Housing Act, its consequences, and the implications of the act going forward. Including an afterword by Walter Mondale, this book is intended for everyone concerned with the future of our cities and equal access for all persons to housing and related opportunities.

The Road from Ruin

Author: Matthew Bishop
Publisher: Crown Pub
ISBN: 9780307464231
Release Date: 2011
Genre: Business & Economics

We Have a World-Class Mess . . . Now What? Amid the carnage of bankruptcies, soaring unemployment, and millions of families losing their homes during the financial crisis of 2007-2009 lay the bloody corpse of a set of ideas that had underpinned the economics of the previous thirty years. A system that had been delivering unprecedented prosperity on a global scale suddenly teetered on the verge of collapse. Capitalism was seemingly exposed as a house of cards. The blame game became a new national pastime as doomsayers predicted the end of America's leadership of the world economy. We're at a crossroads, and decisions about how to reshape a discredited capitalism will profoundly affect whether the coming years will be ones of depression, stagnation, or renewed prosperity. Instant analysis since the collapse of the financial system in the fall of 2008 has produced no end of ideas about what to do--ranging from those of free market ideologues (let the market do its work and damn the consequences) to extreme government interventionists determined to keep the animal spirits of capitalism penned up. But if there is anything worse than toxic financial assets it is toxic ideas. We need to reject the old orthodoxies and conventional wisdoms. Matthew Bishop and Michael Green take a step back and analyze what can be learned from financial crises of the past--from the Tulip Craze of the seventeenth century through the Great Depression of the 1930s, Japan's Great Deflation, and the Long-Term Capital debacle of the 1990s to the unprecedented interventions of the government during the past year--to set the agenda for a reformed twenty-first-century capitalism. The result is an enlightening perspective on what set us on the road to ruin, as well as road signs to guide us back to prosperity. --Why bubbles are the consequence of financial innovations that generate economic breakthroughs, but why it would be wrong to abandon these inventions of the financial engineers. The Road from Ruin explains how stifling innovation and risk-taking comes at a huge cost to future prosperity. --Why the economy needed a fiscal stimulus to recover from the crisis. Bishop and Green show how economic dogmatists of the Right, who opposed the stimulus, got it wrong, but warn that those on the Left who want the stimulus to run and run could usher in a new era of high inflation. --Why company bosses became too focused on short-term results and did not see the crisis coming. The Road from Ruin shows how we can get business leaders to put the interests of society ahead of their own pay-packets. --The danger of focusing on the financial symptoms of the crisis without tackling the underlying economic causes, such as the world operating on the dollar standard. Bishop and Green show why the role of the dollar as the world's reserve currency is not just a problem for the rest of the world but for the United States as well. --Why many of capitalism's champions--especially the advocates of the efficient market hypothesis--lost touch with reality. The Road from Ruin provides insights into new ideas in economics that recognize how the complexity and irrationality of the human beings who make up the economy can be harnessed to build a better capitalism. Remarkably, the issues we face today have presented themselves in one form or another over the past three centuries. Matthew Bishop and Michael Green skillfully draw both the lessons learned and prescriptions for reform to prevent another catastrophic meltdown and put America back on top. From the Hardcover edition.

Bioprocessing Piping and Equipment Design

Author: William M. (Bill) Huitt
Publisher: John Wiley & Sons
ISBN: 9781119284253
Release Date: 2016-09-23
Genre: Technology & Engineering

The only comprehensive and authoritative reference guide to the ASME Bioprocessing Piping and Equipment (BPE) standard This is a companion guide to the ASME Bioprocessing Piping and Equipment (BPE) Standard and explains what lies behind many of the requirements and recommendations within that industry standard. Following an introductory narrative to the Standard's early history, industry related codes and standards are explained; the design and engineering aspects cover construction materials, both metallic and nonmetallic; then components, fabrication, assembly and installation of piping systems are explored. Examination, Inspection and Testing then precede the ASME BPE certification process, concluding with a discussion on system design. The author draws on many years' experience and insights from first-hand involvement in the field of industrial piping design, engineering, construction, and management, which includes the bioprocessing industry. The reader will learn why dimensions and tolerances, process instrumentation, and material selection play such an integral part in the manufacture of components and instrumentation. This easy to understand and navigate guide will assist engineers (design, piping, chemical, etc.) who need to understand the basis for much of the Standard’s content, as do the contractors and inspectors who have to meet and validate compliance with the BPE Standard.

Infiltrated How to Stop the Insiders and Activists Who Are Exploiting the Financial Crisis to Control Our Lives and Our Fortunes

Author: Jay W. Richards
Publisher: McGraw Hill Professional
ISBN: 9780071816960
Release Date: 2013-08-06
Genre: Business & Economics

What Every American Needs to Know About the War on Free Enterprise--and Freedom Itself America: be warned. A new wave of financial reformers has infiltrated our public institutions at both the state and national levels. A growing army of self-proclaimed activists, philanthropists, and politicians has infiltrated not only the Consumer Financial Protection Bureau, but the FDIC, the Treasury, and other regulatory agencies. This explosive new book from New York Times bestselling author Jay W. Richards reveals the shocking truth about: The latest financial regulations—what every consumer and businessperson needs to know The Dodd-Frank Reform Act—how it targets the wrong people and problems Elizabeth Warren and the Consumer Financial Protection Bureau—what they’re really up to Consumer credit and debt—why we need to stop blaming the banks The war against free enterprise—what you can do to fight back This startling account walks you through America’s government and financial industry from the inside out—exposing the surprising history, the colorful characters, and the earthshaking events that got us where we are today. You’ll meet the political ideologues and extremists whose good intentions paved the road to financial hell. You’ll witness the “blame game” in action, as politicians and the media use the 2008 meltdown as an excuse to further their own agendas. You’ll learn about the terrible consequences that sweeping government reforms have on small businesses and other industries that had nothing to do with the financial crisis. Finally, you’ll find a special resource section of positive actions and ideas to help you stand up and speak out for your rights. America is at a crossroads. It is time for us to choose between stricter government control that limits our freedom or a more open free market that is the key to prosperity. This book could make all the difference. FREE ENTERPRISE IS UNDER ATTACK. THIS BOOK IS AMERICA’S WAKE-UP CALL. “Big government statists have created a destructive myth that deregulation and greed caused the financial crisis. Richards demonstrates that altruistic government policies supported by crony socialists were the primary cause of the crisis. It is important to debunk the statist myth, because it has been the justification for extremely harmful public policies.” John Allison, President and CEO, Cato Institute, and New York Times bestselling author of The Financial Crisis and the Free Market Cure “Infiltrated strips the pretense of compassion from ‘community action’ and rips away the patina of idealism from housing ‘fairness’ hustles. . . . While naming the names and crimes of housing ‘charity’ scammers, Richards expounds an inspiring liberation philosophy of true economic compassion and win-win economic growth for all.” George Gilder, author of Knowledge and Power “Fearless and brilliant. Dr. Richards boldly addresses important consumer lending issues in a detailed and exhaustive manner. You may not like his conclusions, but to detractors I say prove him wrong. The absolute best book of its kind.” Harold A. Black, PhD, Smith Professor of Finance (Emeritus), University of Tennessee “If you want to know why the popular wisdom about the causes and effects of the financial crisis is mostly wrong, and how such myths will help facilitate similar crises in the future, Jay Richards’s Infiltrated is an eye-opener.” Samuel Gregg, author of Becoming Europe

The Death of Money

Author: James Rickards
Publisher: Penguin
ISBN: 9781101637241
Release Date: 2014-04-08
Genre: Business & Economics

The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar. The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos. James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.

The Meaning of Evil

Author: James Sias
Publisher: Springer
ISBN: 9781137568229
Release Date: 2016-09-07
Genre: Philosophy

In this book, James Sias investigates the psychologies of those who have acted in ways widely regarded as evil, and uses this psychological data as a basis for developing his own theory of evil. Sometimes, he claims, an action is so horrific and despicable that a term like “wrong” seems to fall short of capturing its moral status. Likewise, occasionally a person’s character is corrupt in such a way that ordinary trait terms like “selfish” or “insensitive,” or more general labels like “bad” or “immoral,” seem inadequate. In such cases, we often resort to calling the person or action “evil.” But what does this term mean? What is it that makes a person or action morally evil? Taking a cue from Hannah Arendt, Sias argues that this sort of evil is essentially a matter of regarding others as “morally superfluous.” In other words, evil is a matter of utter moral disregard. In the course of developing and defending this view, Sias also describes and critiques a number of prominent theories of evil proposed by philosophers in recent years.

The Subprime Solution

Author: Robert J. Shiller
Publisher: Princeton University Press
ISBN: 9780691156323
Release Date: 2012
Genre: Business & Economics

A best-selling economist reveals the origins of the subprime mortgage crisis and puts forward bold measures to resolve it by restructuring the institutional foundations of the financial system in a thoughtful study by the author of Irrational Exuberance. First serial, The Atlantic.

Financial Fresh Start

Author: Shari Olefson
Publisher: AMACOM
ISBN: 9780814432303
Release Date: 2013-02-20
Genre: Business & Economics

From depleted retirement accounts to underwater homes, it's been gloomy news for years. But the picture will get much brighter for those who take advantage of the laws and reforms enacted in the wake of the banking, real estate, and economic meltdown. The Dodd-Frank Act. The Making Home Affordable Program. The Consumer Financial Protection Bureau. These are just a few examples of the significant but little-understood changes that offer people an unprecedented chance to set things right with their credit, savings and investments, employment, housing, retirement and more. Financial Fresh Start explains it all-simplifying the complicated reforms and motivating readers to shake off their malaise and radically improve their long-term financial prospects. Written by a dynamic author with a unique blend of legal, financial, and real estate expertise, the book's big-picture lens spans the spectrum of money matters, and delivers clear, actionable answers to questions such as: * How can you repair your credit quickly and avoid high finance costs? * What are the safest places for saving and investing? * Can you legally avoid repaying what you owe? * Will your home ever be worth what you paid for it? * Is there life after foreclosure? * Are you missing out on programs that can put money in your pockets? * Is it possible to make up for recent losses and still retire on time? * And more Big corporations and the mega-wealthy have professionals to keep them abreast of the latest regulations. Now, everyday people can learn what the new rules really mean to them with the expert guidance and practical solutions in Financial Fresh Start.

A Fighting Chance

Author: Elizabeth Warren
Publisher: Macmillan
ISBN: 9781627790529
Release Date: 2014-04-22
Genre: Biography & Autobiography

A chronicle of the Massachusetts senator's career in Washington describes her childhood pursuit of an education, early exposure to the dysfunctional political process, advocacy of better bankruptcy laws, and run for public office.

13 Bankers

Author: Simon Johnson
Publisher: Vintage
ISBN: 9780307476609
Release Date: 2011-01
Genre: Business & Economics

Provides historical context for the 2008 financial crisis and proposes a radical solution, the megabanks deemed "too big to fail" must be made smaller.--

Financial Justice

Author: Larry Kirsch
Publisher: Praeger Pub Text
ISBN: 1440829519
Release Date: 2013
Genre: Business & Economics

This provocative and accessible narrative recounts the inside story of how a broad-based people's campaign was mobilized and subsequently succeeded in pushing Congress to create a consumer financial regulator with clout.

The Global Social Crisis

Author: United Nations
Publisher: UN
ISBN: MINN:31951D03404215Y
Release Date: 2011
Genre: Business & Economics

During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.

Busted Life Inside the Great Mortgage Meltdown

Author: Edmund L. Andrews
Publisher: W. W. Norton & Company
ISBN: 0393071286
Release Date: 2009-05-22
Genre: Business & Economics

The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. In surprisingly short order, he amassed a staggering amount of debt and reached the edge of bankruptcy. In Busted, Andrew bluntly recounts his misadventures in mortgages and goes one step further to describe the brokers, lenders, Wall Street players, and Washington policymakers who helped bring that money to his door. The result is a penetrating and often acerbic look at the binge and bust that nearly bankrupted the United States. Enabled by know-nothing complacency in Washington, Wall Street wizards used "collateralized debt obligations," "conduits," and other inscrutable financial "innovations" to put American home financing into hyperdrive. Millions of Americans abandoned the safety of thirty-year, fixed-rate mortgages and loaded up on debt. While regulators insisted that the markets knew best, Wall Street firms fragmented and repackaged unsound loans into securities that the rating agencies stamped with triple-A seals of approval. Andrews describes a remarkably democratic debacle that made fools out of people up and down the financial food chain. From a confessional meeting with Alan Greenspan to a trek through the McMansion bubble of the OC, he maps the arc of the Frankenstein loans that brought the American economy to the brink. With on-the-ground reporting from the frothiest quarters of the crisis, Andrews locates what is likely to be the high-water mark in America's long-term embrace of higher borrowing, higher risk-taking, and the fervent belief in the possibility of easy profits.