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Political Bubbles

Financial Crises and the Failure of American Democracy

McCarty, Nolan M.

(Book - 2013)
Average Rating: 2.5 stars out of 5.
Political Bubbles
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Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.
Publisher: Princeton :, Princeton University Press,, 2013
ISBN: 0691145016
9780691145013
0691145016
9780691145013
Branch Call Number: HB3717 2008 .M34 2013
Characteristics: x, 356 pages : illustrations ; 24 cm
Additional Contributors: Rosenthal, Howard 1939-
Poole, Keith T.

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Aug 30, 2013
  • StarGladiator rated this: 0.5 stars out of 5.

"..real estate-generated financial bubble and the 2008 financial crisis.." There was no "real-estate generated financial bubble" but there was an incredible scam of epic proportions, involving the sale of trillions to hundreds of trillions of dollars of credit derivatives based upon a mere billions of loans, and the residential mortgage loans were but a drop in the bucket among ALL the loans (corporate, commercial, et cetera) out there and involved. Next, the sold unregulated insurance (credit default swaps) to the tune of trillions of dollars with hundreds of trillions of dollars in potential payouts - - which was why interbank loans froze up, and the meltdown ensued. Which is also why the top banksters have junk paper, or credit derivatives, they claim is valuable, but everyone knows is worthless - - arithmetically speaking of course (but one must comprehend arithmetic!). [Just Google "vice.com" and also "Larry Summers memo" and the article by Greg Palast will fully explain the criminal conspiracy over the preceding 20 years!]

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