Too Big to Fail

Author: Andrew Ross Sorkin
Publisher: Penguin
ISBN: 9781101443248
Release Date: 2010-09-07
Genre: Business & Economics

Brand New for 2018: an updated edition featuring a new afterword to mark the 10th anniversary of the financial crisis The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film “Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.

The Crisis of Capitalist Democracy

Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 0674055748
Release Date: 2010-03-31
Genre: Business & Economics

Judge Posner continues to react to the current economic crisis and reflect upon the impact on our views and reliance on capitalism. Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another.

Saving the Market from Itself

Author: Christopher Mitchell
Publisher: Cambridge University Press
ISBN: 9781107159235
Release Date: 2016-10-25
Genre: Business & Economics

This book examines how different interbank relationships produced more generous bank bailouts in Germany than in the US or UK.

Rethinking Risk in National Security

Author: Michael J. Mazarr
Publisher: Springer
ISBN: 9781349918430
Release Date: 2016-05-18
Genre: Political Science

This book examines the role of risk management in the recent financial crisis and applies lessons from there to the national security realm. It rethinks the way risk contributes to strategy, with insights relevant to practitioners and scholars in national security as well as business. Over the past few years, the concept of risk has become one of the most commonly discussed issues in national security planning. And yet the experiences of the 2007-2008 financial crisis demonstrated critical limitations in institutional efforts to control risk. The most elaborate and complex risk procedures could not cure skewed incentives, cognitive biases, groupthink, and a dozen other human factors that led companies to take excessive risk. By embracing risk management, the national security enterprise may be turning to a discipline just as it has been discredited.

When Small Countries Crash

Author: Scott B. MacDonald
Publisher: Transaction Publishers
ISBN: 9781412843980
Release Date: 2011-12-31
Genre: Business & Economics

The public is fascinated with financial crashes. Historians portray the roar of an angry mob toppling presidents or prime ministers and destroying the property of those who are regarded as malefactors. And certainly, financial crisis is often a factor in political change. It is often overlooked, but nonetheless significant that one of the major causes for the French Revolution was the poor state of finances, with the nation coming to bankruptcy. Large systemic financial crises create history. Various actors, big and small, become caught in the drama, contributing to it in their own special way. When Small Countries Crash seeks to capture some of the drama of financial collapses and their impact on small countries, which the authors define as populations under 10 million, generally 5-6 million. MacDonald and Novo have selected countries that have had a financial crisis in the national economy; that included key actors; and where access to reliable data is available. As the authors demonstrate, the story of small countries suffering the costs of financial missteps is long and painful. They argue that smaller economies tend to be more vulnerable to economic shocks, many of which are externally generated. Small economies confront particular challenges in terms of economies of scale, diversification, and depth of expertise and workforce. The chapters in this absorbing book focus on Iceland, Latvia, Ireland, the Caribbean, Scotland, Finland, and Albania. This in-depth study is unique in its close look at financial disasters in countries that have, until now, been overlooked.

The Power of Inaction

Author: Cornelia Woll
Publisher: Cornell University Press
ISBN: 9780801471148
Release Date: 2014-04-17
Genre: Political Science

Bank bailouts in the aftermath of the collapse of Lehman Brothers and the onset of the Great Recession brought into sharp relief the power that the global financial sector holds over national politics, and provoked widespread public outrage. In The Power of Inaction, Cornelia Woll details the varying relationships between financial institutions and national governments by comparing national bank rescue schemes in the United States and Europe. Woll starts with a broad overview of bank bailouts in more than twenty countries. Using extensive interviews conducted with bankers, lawmakers, and other key players, she then examines three pairs of countries where similar outcomes might be expected: the United States and United Kingdom, France and Germany, Ireland and Denmark. She finds, however, substantial variation within these pairs. In some cases the financial sector is intimately involved in the design of bailout packages; elsewhere it chooses to remain at arm’s length. Such differences are often ascribed to one of two conditions: either the state is strong and can impose terms, or the state is weak and corrupted by industry lobbying. Woll presents a third option, where the inaction of the financial sector critically shapes the design of bailout packages in favor of the industry. She demonstrates that financial institutions were most powerful in those settings where they could avoid a joint response and force national policymakers to deal with banks on a piecemeal basis. The power to remain collectively inactive, she argues, has had important consequences for bailout arrangements and ultimately affected how the public and private sectors have shared the cost burden of these massive policy decisions.

Global and Regional Problems

Author: Professor Pami Aalto
Publisher: Ashgate Publishing, Ltd.
ISBN: 9781409476580
Release Date: 2013-04-28
Genre: Political Science

Distinctive due to explicit and systematically developed links between international relations (IR) and related disciplines, this book addresses global and regional interactions and the complex policy problems that often characterise this agenda. Such enhanced communication is crucial for improving the capacity of IR to engage with concrete issues that today are of high policy relevance for international organisations, states, diplomats, mediators and humankind in general. Whilst the authors do not reject the present IR, they offer a wider research agenda with new directions intended not only for those IR scholars who are unsatisfied with the analytical power of the current discipline, but also for those working on 'international', 'foreign', 'global' or 'interregional' issues in other disciplines and fields of research. In this instance they pay particular attention to linking up with peace research, international political economy (IPE) and cultural political economy (CPE), sociology, political geography, development studies, linguistics, cultural studies, environmental studies and energy research, gender studies, and traditions of area studies.

After the Music Stopped

Author: Alan S. Blinder
Publisher: Penguin
ISBN: 9781101605875
Release Date: 2013-01-24
Genre: Business & Economics

New York Times Bestseller One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Bull by the Horns

Author: Sheila Bair
Publisher: Simon and Schuster
ISBN: 9781451672503
Release Date: 2012-09-25
Genre: Business & Economics

NEW YORK TIMES and WALL STREET JOURNAL BESTSELLER The former FDIC chairwoman, and one of the first people to acknowledge the full risk of subprime loans, offers a unique perspective on the financial crisis. Appointed by George W. Bush as the chairman of the Federal Deposit Insurance Corporation (FDIC) in 2006, Sheila Bair witnessed the origins of the financial crisis and in 2008 became—along with Hank Paulson, Ben Bernanke, and Timothy Geithner—one of the key public servants trying to repair the damage to the global economy. Bull by the Horns is her remarkable and refreshingly honest account of that contentious time and the struggle for reform that followed and continues to this day.

Stewardship

Author: John G. Taft
Publisher: John Wiley & Sons
ISBN: 9781118237267
Release Date: 2012-02-07
Genre: Business & Economics

A compelling argument for why stewardship of wealth and service to others should be our highest financial priority Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship—which he has come to define as "serving others"—as a core principle for the financial services industry, the global financial system, and society at large. By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardship's core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges. Argues for a return towards stewardship, with financial services companies doing right by their customers Analyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alike Inspired by Taft's experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates From the man who made the decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing what's right for their customers.

Bad News

Author: Anya Schiffrin
Publisher: The New Press
ISBN: 9781595586308
Release Date: 2010-12-07
Genre: Social Science

Leading scholars and journalists assess the media’s failure to see the financial crisis coming. “A sort of All the President’s Men for our time” (Kirkus Reviews). Where was the business press in the weeks and months leading up to the deepest financial crisis since the Great Depression? As our economy unraveled, journalists struggled to keep up with the story of the century, grappling with an alphabet soup of derivatives, backroom deals, and toxic financial instruments. But many fault the media itself for having helped to create the bubble in the first place. Did the press fail its mandate as an engine of truth by buying into the hubris and exuberance of the preceding decades? Bad News is a foundational text for navigating a controversy that will be studied for years to come. With contributions from leading journalists and academics—including Nobel Laureate Joseph Stiglitz, International Consortium of Investigative Journalists’ senior editor Dean Starkman, and the New York Times’ European economics correspondent Peter S. Goodman—this collection presents a complex debate in a highly accessible format for anyone from curious readers and scholars to journalists themselves. And ultimately, the questions it raises illuminate the heated debate about the media’s role as guardians of our democracy. “There are three 24-hour financial networks. All their slogans are like, ‘We know what’s going on on Wall Street.’ But then you turn it on during the crisis, and they’re like, ‘We don’t know what’s going on.’ It’d be like turning on the Weather Channel in a hurricane and they’re just doing this: [shuddering] ‘Why am I wet?! What’s happening to me? And it’s so windy!’” —Jon Stewart “Thorough, hard-hitting, and admirably balanced.” —James Ledbetter, editor in charge, Reuters

The Gospel of Yes

Author: Mike Glenn
Publisher: WaterBrook
ISBN: 9780307730480
Release Date: 2012-06-05
Genre: Religion

God would like a word with you What you believe about God affects the way you approach life—often in ways you don’t realize. Are you convinced that God limits you, or liberates you? Is he more interested in correcting you or connecting with you? And when you hit a rough spot and start looking for help, do you believe God is against you or on your side? In The Gospel of Yes, Mike Glenn reveals God’s most powerful word, which opens our eyes to everything he does. That word is YES. God said “yes” to creating a world for us to live in and “yes” to inviting us into a relationship with him. No matter what we face in life, the best way to live is captured in one word: yes. When you live in God’s “yes” you find your identity, your true value, and your unique purpose on earth. You can stop trying to be someone else and enjoy being yourself as you join with God in doing the work of his kingdom. When God looks at you he always says “yes.” It’s time to live like you know it. Includes Discussion Questions for Personal and Group Use.

The Watchdog That Didn t Bark

Author: Dean Starkman
Publisher: Columbia University Press
ISBN: 9780231536288
Release Date: 2014-01-07
Genre: Business & Economics

In this sweeping, incisive post mortem, Dean Starkman exposes the critical shortcomings that softened coverage in the business press during the mortgage era and the years leading up to the financial collapse of 2008. He locates the roots of the problem in the origin of business news as a market messaging service for investors in the early twentieth century. This access-dependent strain of journalism was soon opposed by the grand, sweeping work of the muckrakers. Propelled by the innovations of Bernard Kilgore, the great postwar editor of the Wall Street Journal, these two genres merged when mainstream American news organizations institutionalized muckraking in the 1960s, creating a powerful guardian of the public interest. Yet as the mortgage era dawned, deep cultural and structural shifts—some unavoidable, some self-inflicted—eroded journalism's appetite for its role as watchdog. The result was a deafening silence about systemic corruption in the financial industry. Tragically, this silence grew only more profound as the mortgage madness reached its terrible apogee from 2004 through 2006. Starkman frames his analysis in a broad argument about journalism itself, dividing the profession into two competing approaches—access reporting and accountability reporting—which rely on entirely different sources and produce radically different representations of reality. As Starkman explains, access journalism came to dominate business reporting in the 1990s, a process he calls "CNBCization," and rather than examining risky, even corrupt, corporate behavior, mainstream reporters focused on profiling executives and informing investors. Starkman concludes with a critique of the digital-news ideology and corporate influence, which threaten to further undermine investigative reporting, and he shows how financial coverage, and journalism as a whole, can reclaim its bite.

Crisis

Author: Alan Bollard
Publisher: Auckland University Press
ISBN: 9781869407650
Release Date: 2013-10-01
Genre: Business & Economics

From Basel to the Beehive, through rate cuts and conference calls, Reserve Bank Governor Alan Bollard's bestselling Crisis was a first-hand account of the global financial and economic meltdown. Now, two years on from the book's first publication, this new edition brings the story up to date. Crisis takes readers from the overheated markets of 2007, through the collapse of investment banks and stressful times for numerous economics in 2008 and 2009, and on to a fragile recovery in New Zealand and the world since 2010. In two additional chapters for this updated edition, Alan Bollard reveals how New Zealand grappled with the impact of debt crises in the United States and then in Europe — as well as with the devastating effects of the Christchurch earthquakes. Bad news on the Reuters screen, emergency meetings and urgent decisions, making sure Christchurch has enough cash and ATMs: Crisis captures the drama of events as politicians, bankers and government officials struggle to deal with the worst financial crisis since the Great Depression.

We the People

Author: Michael P Fangman M.D.
Publisher: Xlibris Corporation
ISBN: 9781479721955
Release Date: 2012-10-09
Genre: Political Science

In WE THE PEOPLE, A DOCTORS HANDBOOK ., Michael P Fangman M.D. gives the United States anything but a clean bill of health. In a far reaching commentary youll never hear on Meet the Press; medical problem-solving and common sense are compared to political patrimony in the face of dire systemic problems. The paralysis of Washington DC is exposed for what it is - Machiavellian greed and irresponsibility; flagrant denial that their broken partisan political system is threatening to kill our American way of life. He explains how leadership and accountability have been replaced in Washington DC by extremism and myopic ideology; insinuated with crony capitalism and seeking domination through polarized elections and money. We the People- who rely on DC to maintain a society where hard work should afford us our constitutions most basic goal, promotion of the The General Welfare, are increasingly irrelevant. The arrogance of todays leadership is unprecedented and must end. But his message is one of confidence that the wisdom, productivity, ethical standards and vitality of the American people can be harnessed and must prevail over partisan political corruption and crony capitalism. In the end, the Handbook shows the reader how WE THE PEOPLE can empower ourselves with knowledge and unity, to exercise our Constitutional rights and reshape our own future as a team.