A Failure of Capitalism The Crisis of and the Descent Into Depression The financial and economic crisis that began in is the most alarming of our lifetime because of the warp speed at which it is occurring How could it have happened especially after all that we ve
Title: A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression
Author: Richard A. Posner
The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp speed at which it is occurring How could it have happened, especially after all that we ve learned from the Great Depression Why wasn t it anticipated so that remedial steps could be taken to avoid or mitigate it What can be done to reverse a slide into a full bThe financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp speed at which it is occurring How could it have happened, especially after all that we ve learned from the Great Depression Why wasn t it anticipated so that remedial steps could be taken to avoid or mitigate it What can be done to reverse a slide into a full blown depression Why have the responses to date of the government and the economics profession been so lackluster Richard Posner presents a concise and non technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed This is a book for intelligent generalists that will interest specialists as well.Among the facts and causes Posner identifies are excess savingsflowing in from Asia and the reckless lowering of interest rates by theFederal Reserve Board the relation between executive compensation, short term profit goals, and risky lending the housing bubble fuelled bylow interest rates, aggressive mortgage marketing, and loose regulations the low savings rate of American people and the highly leveraged balance sheets of large financial institutions.Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression the monetarist that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation and the Keynesian that the depression was the product of a credit binge in the 1920 s, a stock market crash, and the ensuing downward spiral in economic activity Posner concludes that the pendulum swung too far and that our financial markets need to be heavily regulated.Read Richard Posner s blog, and his latest article in The Atlantic.
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[PDF] Download ↠ A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression | by ☆ Richard A. Posner
Richard A. Posner109Richard A. Posner
Title: [PDF] Download ↠ A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression | by ☆ Richard A. Posner
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