In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them.
Anteprima libro ». Cosa dicono le persone - Scrivi una recensione. LibraryThing Review Recensione dell'utente - rivkat - LibraryThing Its organization falters in places, and while it gives a fair amount of intellectual history it expects you to understand a lot of finance jargon, but this is a fresh take on the economic collapse Pagine selezionate Indice.
Indice analitico. Yves Smith Anteprima limitata - Yves Smith Anteprima non disponibile - Parole e frasi comuni accounting activity allowed assets assume assumptions authorities banks become behavior better billion blog bonds borrowing called capital cash chapter companies consumer corporate cost created credit default swaps crisis currency deal debt demand derivatives discuss dollar economics economists effect equity fact fail fall Federal firms free markets funds future growth hedge funds higher hold idea important income increase industry instance interest investment investment banks investors lead less limited loans look losses lower major March means measures mortgages move neoclassical operations particular position practice problem profits reason regulators result risk role securities sell short simply started structured subprime theory trade tranches Treasury turn United Wall Street York.
Informazioni sull'autore Yves Smith is creator of the influential blog, Naked Capitalism, a top ranked economics and finance blog with over , unique visitors each month. If everybody in the industry becomes greedy, the customer has nowhere to go. Firms that are willing to short-term optimise can pay their people better short-term. So what if it blows up every six or seven years?
Everybody walks off with winnings and leaves the loss to everybody else. We now have a very bad model operating. Could you elaborate? Obama blew the opportunity he had when he came into office — that was the time when broad-ranging reform could have been proposed.
The public wanted the pain to be shared. More aggressive measures could have been taken to reduce the risk-taking of the industry. You blame market failure on inadequate regulation. In the US, certain cohorts of people like blaming Freddie and Fannie. But India, which has a tougher regulated market, escaped the consumer housing bubble. Unfortunately, banks have learnt that product complexity is one of their best friends. It operates that way in credit cards, real estate, debt products and certainly derivates.
So integrity is the root of the problem? Yes, particularly in the US. What makes you believe that economics is a con? It comes back to economics as a discipline. Lo que mencionamos acerca de los libros es aplicable a todos los formatos que incluimos. Innovador — Puede esperar encontrar algunas ideas y perspectivas verdaderamente nuevas sobre productos o tendencias nuevas.
Neoclassical economists contend that the economy naturally seeks equilibrium, an optimal point where the supply of goods and services equals the demand. This intellectual view has encouraged politicians to deregulate markets to make them more competitive and efficient. But deregulation of financial markets has been a failed experiment in freeing banks and investment firms, says financial writer Yves Smith.
She argues, convincingly, that the global financial crisis that began in has provided ample justification for greater regulation of banks and other related institutions. Yves Smith the pen name of financial writer Susan Webber established Naked Capitalism, a website focused on economics and finance. In his influential book, The Wealth of Nations , Adam Smith popularized the classical economic concept of market equilibrium.
His use of such an evocative metaphor was typical of the times; economics was a social science prior to the 20th century. Today, respected economists take a much more mathematical approach to their field.
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