Wasting a Crisis

Why Securities Regulation Fails

Author: Paul G. Mahoney

Publisher: University of Chicago Press

ISBN: 022623665X

Category: Law

Page: 208

View: 8015

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The recent financial crisis led to sweeping reforms that inspired countless references to the financial reforms of the New Deal. Comparable to the reforms of the New Deal in both scope and scale, the 2,300-page Dodd-Frank Act of 2010—the main regulatory reform package introduced in the United States—also shared with New Deal reforms the assumption that the underlying cause of the crisis was misbehavior by securities market participants, exacerbated by lax regulatory oversight. With Wasting a Crisis, Paul G. Mahoney offers persuasive research to show that this now almost universally accepted narrative of market failure—broadly similar across financial crises—is formulated by political actors hoping to deflect blame from prior policy errors. Drawing on a cache of data, from congressional investigations, litigation, regulatory reports, and filings to stock quotes from the 1920s and ’30s, Mahoney moves beyond the received wisdom about the financial reforms of the New Deal, showing that lax regulation was not a substantial cause of the financial problems of the Great Depression. As new regulations were formed around this narrative of market failure, not only were the majority largely ineffective, they were also often counterproductive, consolidating market share in the hands of leading financial firms. An overview of twenty-first-century securities reforms from the same analytic perspective, including Dodd-Frank and the Sarbanes-Oxley Act of 2002, shows a similar pattern and suggests that they too may offer little benefit to investors and some measurable harm.
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The Oxford Handbook of Legal History

Author: Markus D. Dubber,Christopher Tomlins

Publisher: Oxford University Press

ISBN: 0192513141

Category: Law

Page: 1152

View: 5677

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Some of the most exciting and innovative legal scholarship has been driven by historical curiosity. Legal history today comes in a fascinating array of shapes and sizes, from microhistory to global intellectual history. Legal history has expanded beyond traditional parochial boundaries to become increasingly international and comparative in scope and orientation. Drawing on scholarship from around the world, and representing a variety of methodological approaches, areas of expertise, and research agendas, this timely compendium takes stock of legal history and methodology and reflects on the various modes of the historical analysis of law, past, present, and future. Part I explores the relationship between legal history and other disciplinary perspectives including economic, philosophical, comparative, literary, and rhetorical analysis of law. Part II considers various approaches to legal history, including legal history as doctrinal, intellectual, or social history. Part III focuses on the interrelation between legal history and jurisprudence by investigating the role and conception of historical inquiry in various models, schools, and movements of legal thought. Part IV traces the place and pursuit of historical analysis in various legal systems and traditions across time, cultures, and space. Finally, Part V narrows the Handbooks focus to explore several examples of legal history in action, including its use in various legal doctrinal contexts.
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Federal securities law reporter

federal regulation of securities : laws, regulations, forms, rulings and decisions currently supplemented and indexed

Author: Commerce Clearing House

Publisher: N.A

ISBN: N.A

Category: Mutual funds

Page: N.A

View: 7057

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Political Bubbles

Financial Crises and the Failure of American Democracy

Author: Nolan McCarty,Keith T. Poole,Howard Rosenthal

Publisher: Princeton University Press

ISBN: 0691145016

Category: Political Science

Page: 368

View: 8128

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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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Auction rate securities market

a review of problems and potential resolutions : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, second session, September 18, 2008

Author: United States. Congress. House. Committee on Financial Services

Publisher: Government Printing Office

ISBN: N.A

Category: Business & Economics

Page: 223

View: 5731

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Waste, fraud, abuse, and mismanagement

hearings before the Task Force on Housing and Infrastructure of the Committee on the Budget, House of Representatives, One Hundred Sixth Congress, second session, hearings held in Washington, DC, April 13, May 25, June 9, and July 25, 2000

Author: United States. Congress. House. Committee on the Budget. Task Force on Housing and Infrastructure

Publisher: N.A

ISBN: N.A

Category: Travel

Page: 245

View: 2102

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The Committee to Destroy the World

Inside the Plot to Unleash a Super Crash on the Global Economy

Author: Michael E. Lewitt

Publisher: John Wiley & Sons

ISBN: 1119183545

Category: Business & Economics

Page: 448

View: 8569

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An updated examination of what's weakening the U.S. economy, and how to fix it The Committee to Destroy the World: Inside the Plot to Unleash a Super Crash on the Global Economy is a passionate and informed analysis of the struggling global economy. In this masterfully conceived and executed work, Michael Lewitt, one of Wall Street's most respected market strategists and money managers, updates his groundbreaking examination of the causes of the 2008 crisis and argues that economic and geopolitical conditions are even more unstable today. His analysis arrives in time for the impending economic and geopolitical debates of the 2016 election season. Lewitt explains in detail how debt has now overrun the world's capacity, how federal policies of the past few decades have created a downward vortex sapping growth and vitality from the American economy, and how greed and corruption are preventing reform. The financial crisis created tens of trillions of debt, leaving investors to pay a huge price for these policy failures: The highest asset inflation we've seen in our lifetimes, although the government claims there isn't enough inflation More than $2 trillion of stock buybacks funded with low cost debt that are artificially inflating stock prices The Federal Reserve and other global central banks becoming the largest buyers of government debt in order to suppress interest rates An M&A boom resulting from companies needing to find growth outside of their core businesses While the financial media misses the story, Lewitt pulls no punches explaining how all of these trends are leading to the brink of another crisis. Lewitt lays out a survival plan for the average investor to protect their assets when the debt bubble bursts. The first edition of this book expressed hope that policymakers would not let the financial crisis go to waste. This book urges investors to learn from the crushed hope and take action before the next crisis.
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