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

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 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.

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

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.

Financial Fresh Start

Author: Shari B. Olefson
Publisher: AMACOM Div American Mgmt Assn
ISBN: 9780814432297
Release Date: 2013
Genre: Business & Economics

Provides information about how to escape from financial problems and get a fresh start, from avoiding overdraft fees to disputing credit report errors.

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 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.

The Road to Ruin

Author: James Rickards
Publisher: Penguin
ISBN: 9781591848080
Release Date: 2016
Genre: Business & Economics

"A drumbeat is sounding among the global elites. The signs of a coming financial crisis, one exponentially bigger than the last, are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits"--

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.

Fixing Global Finance

Author: Martin Wolf
Publisher: JHU Press
ISBN: 9780801898433
Release Date: 2010-07-01
Genre: Business & Economics

Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."

Reset

Author: Kurt Andersen
Publisher: Random House
ISBN: 1588369641
Release Date: 2009-07-28
Genre: Business & Economics

“This is the end of the world as we’ve known it,” Kurt Andersen writes in Reset. “But it isn’t the end of the world.” In this smart and refreshingly hopeful book, Andersen–a brilliant analyst and synthesizer of historical and cultural trends, as well as a bestselling novelist and host of public radio’s Studio 360–shows us why the current economic crisis is actually a moment of great opportunity to get ourselves and our nation back on track. Historically, America has always shifted between wild, exuberant speculation and steady, sober hard work, as well as back and forth between economic booms and busts, and between right and left politically. This is one of the rare moments when all these cycles shift dramatically and simultaneously–a moment when complacency ends, ossified structures loosen up, and enormous positive change is possible. The shock to the system can enable each of us to rethink certain habits and focus more on the things that make us authentically happy. The present flux can enable us as a society to consolidate the enormous gains of the last several decades in areas such as technology, crime prevention, women’s and civil rights, and the democratization of the planet. We can reap the fruits of a revival of realism and pragmatism at home and abroad. As we enter a new era of post-party-line common sense, we can start to reinvent hopelessly broken systems–in health care, education, climate change, and more–and rediscover some of the old-fashioned American values of which we’ve lost sight. In Reset, Andersen explains how we’ve done it before and why we are about to do it again–and better than ever. From the Hardcover edition.

Financial Crisis Inquiry Report

Author: Phil Angelides
Publisher: DIANE Publishing
ISBN: 9781437980721
Release Date: 2011-03-01
Genre:

The Financial Crisis Inquiry Commission was created to "examine the causes of the current financial and economic crisis in the U.S." In this report, the Commission presents the results of its examination and its conclusions as to the causes of the crisis. More than two years after the worst of the financial crisis, our economy continues to experience the aftershocks. Millions of Americans have lost their jobs and their homes, and the economy is still struggling to rebound. This report is intended to provide a historical accounting of what brought our financial system and economy to a precipice and to help policy makers and the public better understand how this calamity came to be. Charts and tables. This is a print on demand report.

The Econocracy

Author: Joe Earle
Publisher: Penguin UK
ISBN: 9780141986883
Release Date: 2017-07-06
Genre: Political Science

A century ago, the idea of 'the economy' didn't exist. Now economics is the supreme ideology of our time, with its own rules and language. The trouble is, most of us can't speak it. This is damaging democracy. Dangerous agendas are hidden inside mathematical wrappers; controversial policies are presented as 'proven' by the models of economic 'science'. Government is being turned over to a publicly unaccountable technocratic elite. The Econocracy reveals that economics is too important to be left to the economists - and shows us how we can begin to participate more fully in the decisions which affect all our futures.