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Political Bubbles : Financial Crises and the Failure of American Democracy

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Title: Political Bubbles : Financial Crises and the Failure of American Democracy
Description: How governmental failure led to the 2008 financial crisis—and what needs to be done to avoid another similar event 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.
Authors: Nolan McCarty, Keith T. Poole, Howard Rosenthal
Resource Type: eBook.
Subjects: Global Financial Crisis, 2008-2009--Political aspects, Financial crises--United States--History--21st century
Categories: POLITICAL SCIENCE / History & Theory, BUSINESS & ECONOMICS / Economics / General, POLITICAL SCIENCE / Political Ideologies / Democracy, POLITICAL SCIENCE / Political Economy, POLITICAL SCIENCE / Political Ideologies / General
Database: eBook Collection (EBSCOhost)
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Header DbId: nlebk
DbLabel: eBook Collection (EBSCOhost)
An: 543149
RelevancyScore: 1051
AccessLevel: 6
PubType: eBook
PubTypeId: ebook
PreciseRelevancyScore: 1050.81640625
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  Label: Title
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  Data: Political Bubbles : Financial Crises and the Failure of American Democracy
– Name: Abstract
  Label: Description
  Group: Ab
  Data: How governmental failure led to the 2008 financial crisis—and what needs to be done to avoid another similar event 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.
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  Label: Authors
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  Data: <searchLink fieldCode="AR" term="%22Nolan+McCarty%22">Nolan McCarty</searchLink><br /><searchLink fieldCode="AR" term="%22Keith+T%2E+Poole%22">Keith T. Poole</searchLink><br /><searchLink fieldCode="AR" term="%22Howard+Rosenthal%22">Howard Rosenthal</searchLink>
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  Data: <searchLink fieldCode="DE" term="%22Global+Financial+Crisis%2C+2008-2009--Political+aspects%22">Global Financial Crisis, 2008-2009--Political aspects</searchLink><br /><searchLink fieldCode="DE" term="%22Financial+crises--United+States--History--21st+century%22">Financial crises--United States--History--21st century</searchLink>
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RecordInfo BibRecord:
  BibEntity:
    Classifications:
      – Code: 330.9730931
        Scheme: ddc
        Type: prePub
    Languages:
      – Code: eng
        Text: English
    Subjects:
      – SubjectFull: Global Financial Crisis, 2008-2009--Political aspects
        Type: general
      – SubjectFull: Financial crises--United States--History--21st century
        Type: general
    Titles:
      – TitleFull: Political Bubbles : Financial Crises and the Failure of American Democracy
        Type: main
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      – PersonEntity:
          Name:
            NameFull: Nolan McCarty
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          Name:
            NameFull: Keith T. Poole
      – PersonEntity:
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            NameFull: Howard Rosenthal
      – PersonEntity:
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            NameFull: Nolan McCarty
      – PersonEntity:
          Name:
            NameFull: Keith T. Poole
      – PersonEntity:
          Name:
            NameFull: Howard Rosenthal
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          Dates:
            – D: 01
              M: 01
              Type: published
              Y: 2013
            – D: 04
              M: 02
              Type: profile
              Y: 2014
          Identifiers:
            – Type: isbn-print
              Value: 9780691145013
            – Type: isbn-print
              Value: 9780691165721
            – Type: isbn-electronic
              Value: 9781400846399
          Titles:
            – TitleFull: Political Bubbles : Financial Crises and the Failure of American Democracy
              Type: main
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