03648cam a2200433 a 4500 36452 36452 BJBSDDR 20230410105426.0 ta 090209s2009 mau b 001 0 eng 9780674035140 (alk. paper) 0674035143 (alk. paper) CDX 9567220 NLGGC 318140004 BWX R1783939 AU@ 000043811001 NZ1 12895864 UNITY 120068575 LGL 0674035143 (OCoLC)ocn299711513 (OCoLC)299711513 DLC DLC spa spa n-us--- HB 3722 P855f 2009 330.973 22 Posner, Richard A. A failure of capitalism : the crisis of '08 and the descent into depression / Richard A. Posner. Cambridge, Mass. : Harvard University Press, 2009. xix, 346 p. ; 19 cm. Includes bibliographical references (p. 333-336) and index. Preface -- 1: Depression and its proximate causes -- 2: Crisis in banking -- 3: Underlying causes -- 4: Why a depression was not anticipated -- 5: Government responds -- 6: Silver lining? -- 7: What we are learning about capitalism and government -- 8: Economics profession asleep at the switch -- 9: Apportioning blame -- 10: Way forward -- 11: Future of conservatism -- Conclusion -- Further readings -- Index. From the Publisher: 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-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 savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fueled by low 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 more heavily regulated. Financial crises United States. Crisis financiera Estados Unidos 88 United States Economic conditions 2001-2009. Estados Unidos Condiciones económicas 2001-2009. 2346 lcc BK mfcruz 0 0 0 0 CS BJB BJB CS 2023-04-10 0 HB 3722 P855f 2009 00000071201 2018-10-24 00:00:00 1 2018-10-24 BK