Senseless Panic : How Washington Failed America

Format:

Book

Author/Creator:

Isaac , William M.

Contributor:

Meyer, Philip C., Contributor.

Volcker, Paul A., Contributor.

Language:

English

Subjects (All):

Bank failures--United States--History.

Global Financial Crisis, 2008-2009.

Savings and loan association failures--United States--History.

Savings and Loan Bailout, 1989-1995.

Local Subjects:

Bank failures--United States--History.

Global Financial Crisis, 2008-2009.

Savings and loan association failures--United States--History.

Savings and Loan Bailout, 1989-1995.

Physical Description:

1 online resource (238 p.)

Edition:

1st ed.

Place of Publication:

Hoboken : Wiley, 2012.

Language Note:

English

Summary:

The truth about the 2008 economic crisis from a Washington insider The 1980's opened with the prime interest rate at an astonishing 21.5 percent, leading to a severe recession with unemployment reaching nearly 11 percent. Depression-like conditions befell the country, the entire thrift industry was badly insolvent and the major money center banks were loaded with third world debt. Some 3,000 bank and thrifts failed, including nine of Texas' ten largest, and Continental Illinois, which, at the time, was the seventh largest bank in the nation. These severe conditions were not only handle

Contents:

Senseless Panic: How Washington Failed America; Contents; Foreword; Acknowledgments; Introduction; Part One: No Calm Before the Storm; Chapter 1: Home Alone; Chapter 2: The Early Years (1978 - 1981); Chapter 3: The Savings Bank and S&L Crises; Chapter 4: Penn Square Fails; Chapter 5: The Butcher Empire Collapses; Chapter 6: Deposit Insurance Reform/Tackling Wall Street; Chapter 7: Continental Illinois Topples; Chapter 8: Preparing to Leave; Chapter 9: Lessons Learned; Part Two: Here We Go Again; Chapter 10: Policy Mistakes-1989 through 2007; Mark-to-Market Accounting

Deposit Insurance Premiums Prompt Corrective Action; Mathematical Capital Models; Loan Securitization; Loan Loss Reserves; Leverage on Wall Street; Deregulation of Short Sellers; Repeal of Glass-Steagall; Uncontrolled Growth of Freddie and Fannie; Monetary Policy; Chapter 11: The Subprime Mortgage Problem; Chapter 12: SEC and FASB Blunders; Chapter 13: Schizophrenic Failure Resolution; Bear Stearns; IndyMac Bank; Fannie Mae and Freddie Mac; Lehman Brothers; American International Group (AIG); Washington Mutual (WaMu); Chapter 14: The 700 Billion Bailout; Chapter 15: Never Again

Systemic Risk Council Too Big to Fail; Restore Glass-Steagall; Consolidate and Strengthen Bank Supervision; Increase Capital, Reserve, and Liquidity Requirements; Eliminate Procyclical Rules; Strengthen the SEC and Oversee FASB; Strengthen the FDIC; Resolution Authority; Afterword; Epilogue; The Real Risk in Banks; Have We Solved ""Too Big to Fail""?; The Bailouts Drove Panic; TARP and More Panic; Revamping the Regulatory System; The Mistake of Mark-to-Market Accounting; Why Wells Fargo Had to Take TARP Funds; More Panic from Stress Tests; How to Emerge from the Crisis

Cross-Selling to Reduce Risk The Consequences of the Basel Accords; A Single Banking Regulator?; Authors' Notes on Sources; About the Authors; Index

Notes:

Description based upon print version of record.

ISBN:

1-118-47319-1

1-280-78477-6

9786613695161

1-118-47332-9

OCLC:

797916519