Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future

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Robert W. Kolb
John Wiley & Sons, Sep 9, 2010 - Business & Economics - 1024 pages
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The world's best financial minds help us understand today's financial crisis

With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why.

Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps.

  • Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions
  • Examines the market collapse in detail and explores safeguards to stop future crises
  • Encompasses the most up-to-date analysis from today's leading financial minds

We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

 

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Contents

Contents
9
The Political
17
What Went Wrong?
31
The Global Crisis and Its Origins
51
Understanding the Subprime Financial Crisis
69
Causes and Consequences of
77
Ten Myths about Subprime Mortgages
87
How Did We Get Here and Where
95
The Problem of Regulation
325
The Demise of the United Kingdoms Northern Rock
345
Curbing Optimism in Managerial Estimates Through
361
Credit Rating Organizations Their Role in the Current
377
Financial Regulation Behavioral Finance and
391
SecondaryManagement Conflicts
419
The Financial Crisis and the Systemic Failure
427
Privatizing Profit
437

The Causes
103
Making Sense of the Subprime Crisis
109
Miraculous Financial Engineering or Legacy Assets?
119
The Making and Ending of the Financial Crisis
125
Causes
133
Sequence of Asset Bubbles and the Global
139
Borrowers
147
The SingleFamily Mortgage Industry in the Internet
163
What We Have Learned From
181
The Process of Securitization
197
from Subprime Loans
217
The Incentives of Mortgage Servicers and Designing
231
The Contribution of Structured Finance to
239
The Pitfalls of OriginatetoDistribute
267
Risk Management and Mismanagement
275
Risk Management Failures During
283
The Outsourcing of Financial Regulation
293
The Future of Risk Modeling
301
What Happened to Risk Management During
307
Risk Management Lessons from the Global Financial
317
Disclosures Failure in the Subprime Mortgage Crisis
443
The Federal Reserve Monetary Policy
451
The Greenspan and Bernanke Federal Reserve Roles
461
U S Monetary
475
The Transformation of the Federal Reserve System
483
Implications of the Crisis for
493
Credit Contagion From Counterparty Risk
509
The Equity Risk Premium Amid a Global
525
An Icelandic Saga
545
Implications
559
Illiquidity
579
Fiscal Policy for the Crisis
587
The Future of Securitization
595
Modification of Mortgages in Bankruptcy
601
The Shadow Bankruptcy System
609
Reregulating Fannie Mae and Freddie Mac
617
Would Greater Regulation of Hedge Funds Reduce
625
Regulating Credit Default Swaps
633
Index
641
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About the author (2010)

ROBERT W. KOLB is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University, Chicago. Before this, he was the assistant dean, Business and Society, and director, Center for Business and Society, at the University of Colorado at Boulder and department chairman at the University of Miami. Kolb has authored over twenty books on finance, derivatives, and futures, as well as numerous articles in leading finance journals.

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