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Ebooks Debt Spiral : How Credit Failed Capitalism PDF by Martin Lowy for free Category: Financial Crises & Disasters
The author of the book: Martin Lowy
Edition: Public Policy Press
Date of issue: 15 Oct 2009
EAN: 0615318290
ISBN: 9780615318295
Language: English
Format files: Epub, PDF
The size of the: 14.95 MB
City - Country: United States

Full description of the book Debt Spiral : How Credit Failed Capitalism:

Debt Spiral is the only book you need to understand the financial crisis of 2007-2009. Excessive debt and its twin, excessive financial leverage, were the culprits, but that is a superficial answer. What caused the excessive debt and leverage is the story. It is a story that goes back to laws enacted in the Depression and progresses through seven decades of public policies that meant to do right but ended up setting the stage for the most recent financial crisis. Macroeconomic imbalances, including federal budget deficits and adverse trade flows set the stage. Federal Reserve Board policies pumped up the PDF boom. Complex financial instruments backed by subprime loans helped to create a housing bubble. The rating agencies turned the switch on the whole shebang. When the bad loans came to light, the public and institutions quickly lost confidence in overleveraged banks, and the financial world ground to a halt.

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About the author Martin Lowy

Martin Lowy, author of High Rollers: Inside the S&L Debacle, a New York Times Notable Book of the Year, and three other books, has studied banks and bank regulation for four decades. Originally a practicing corporate and banking lawyer, he became a banker, author, and high-tech entrepreneur. As a lawyer, he represented banks and regulators, as well as corporations and a an international accounting firm. This extensive and varied background gives him a unique perspective on what made the crisis of 2007 through 2009 so severe. He is a graduate of Amherst College and Yale Law School.

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