03081cam a2200337 i 4500003000800000005001700008007000300025008004100028020003900069020003600108035001300144040001800157041000800175042000800183043001200191050002400203082001700227100004700244245013200291260005200423300003100475504006800506505036100574520151300935650005902448650006302507650006002570650006002630700002002690700003302710BJBSDDR20230404125847.0ta121109s2013    njuad    b    001 0 eng    a9780691145013 (cloth : alk. paper)  a0691145016 (cloth : alk. paper)  a17524743  aDLCbengcDLC  aspa  apcc  an-us---14aHB 3717bM478p 201300a330.973/09311 aMcCarty, Nolan M.d1967-q(Nolan Matthew),10aPolitical bubbles :bfinancial crises and the failure of American democracy /cNolan McCarty, Keith T. Poole, Howard Rosenthal. 1aPrinceton :bPrinceton University Press,c2013.  ax, 356 p. :bill. ;c24 cm  aIncludes bibliographical references (p. [305]-326) and indexes.0 ap.1. The political bubble : why Washington allows financial crises to occur -- Bubble expectations -- Ideology -- Interests -- Institutions -- The political bubble of the crisis of 2008 -- p.2. Pops : why Washington delays in solving financial crises -- Historical lessons of the responses to pops -- The pop of 2008 -- "Pop"ulism -- How to waste a crisis.  aBehind 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. 0aGlobal Financial Crisis, 2008-2009xPolitical aspects. 4aCrisis financiera global, 2008-2009xAspectos políticos. 0aFinancial criseszUnited StatesxHistoryy21st century. 4aCrisis financierazEstados UnidosxHistoriaySiglo XXI.1 aPoole, Keith T.1 aRosenthal, Howard L.,d1939-