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Full Description
WHAT HAVE WE LEARNED FROM THE FINANCIAL CRISIS?NOTHING.The informative bestseller that shows us where our economy went wrong-and what we can do about it-with a timely new introduction.One of the most important books to emerge from the 2008 economic crisis, this powerful wake-up call from financial expert John Allison has become a classic in the field. Now, in light of emerging global trends and shakeups in the stock market, the book's message is more timely than ever: The government should stop trying to fix our economy. The free market is our best and only hope. In this eye-opening book, Allison reveals:*How the Federal Reserve has even more power than before the Great Recession-and why this is a problem.*How Wall Street has been wrongly blamed for our slow economic recovery-and why it's Washington's fault.*How government regulations like Dodd Frank have burdened banks-and stifled growth.*How socialized medicine and entitlements drive up costs-and how government policies exacerbate unemployment and income inequality.*Why free market capitalism offers a proven cure for our economy-and how to make it work for all Americans.
Contents
Introduction to the Paperback EditionIntroduction1: Fundamental Themes2: What Happened?3: Government Monetary Policy: The Fed as the Primary Cause4: FDIC Insurance: The Background Cause5: Government Housing Policy: The Proximate Cause6: The Essential Role of Banks in a Complex Economy: The Liquidity Challenge7: The Residential Real-Estate-Market Bubble and Financial-Market Stress8: Failure of the Rating Agencies: The Subprime Mortgage Market and Its Impact on Capital Markets9: Pick-a-Payment Mortgages: A Toxic Product of FDIC Insurance Coverage10: How Freddie and Fannie Grew to Dominate the Home Mortgage Lending Business11: Fair-Value Accounting and Wealth Destruction12: Derivatives and Shadow Banking: A Misunderstanding13: The Myth that "Deregulation" Caused the Financial Crisis14: How the SEC Made Matters Worse15: Market Corrections Are Necessary, but Panics Are Destructive and Avoidable16: TARP (Troubled Asset Relief Program)17: What We Could Have--and Should Have--Done18: The Cure for the Banking Industry: Systematically Move Toward Pure Capitalism19: Some Political Cures: Government Policy20: Our Short-Term Path and How to End Unemployment21: The Deepest Cause Is Philosophical22: The Cure Is Also Philosophical23: How the United States Could Go Broke24: The Need for Principled Action25: ConclusionNotesIndexAcknowledgmentsNER(01): WOW
